If you’re considering starting a retail business, Canada is one of the best places for you. The country ranked high on the list of countries with ease of doing business. Whether you’re hoping your retail business becomes Walmart someday or you wish to only put joy in the face of your few customers, how you start matters.
The retail business isn’t all about getting a few commodities and selling them to people for profit. There is a process for any startup in Canada, and you’d do well to adhere to them. Moreover, with stiff competition in the Canadian retail market, you must know how to start your business on the right foot. Here is how to go about it.
Do a Market Research
With over 38 million people and a booming economy, there’s a lot of potential for businesses to grow in Canada. But, if you’re not familiar with the market here, it will be difficult to know what products are in demand.
Knowing the right products to sell will help you stock your shelves with items that people actually want to buy. Not all products are legal in Canada. So, before you start selling any products, ensure the products are within the purview of the law. This way, your business will have a legal framework to run without any hassle.
Pick a Business Location
No doubt, Canada has a stable economy and infrastructure to help your business flourish. But with 13 provinces, you’d have to conduct proper research to determine the best space and location for your retail business.
There are so many things to consider when choosing a location for your business in this country. First, consider the population of the area. Know if the place is sparsely or densely populated before you erect a structure anywhere. Also, consider the income of the people in the area. This will give you an idea of the kind of goods or services you can render.
In all, ensure you go for a place with—low corporate tax, considerable cost of living, affordable labor wages, and availability of workforce.
Choose a Business Name
Having a business name can be a bit challenging because you have to choose a name that’s not trademarked. Choosing an existing name can incur a fine or closure of your business. To prevent this, you check for already existing business names on the internet before making your decision. You also check Canada’s business registries for available names.
However, ensure your brand name doesn’t have any tribal or religious undertone. And let it reflect your services so that potential customers can quickly understand what it does.
Have a Business Plan
A business plan is a very vital part of getting your business launched. It serves as a roadmap for growing your business and also helps get start-up finance. Find out the right business plan template for startups in Canada.
Register Your Business
Registering your business in Canada varies by province. In most provinces, you can complete your registration by mail, online, or in person. Your registration should be approved between one to 35 days. This timeline depends on the method of registration and of course, the province. But, if your registration is done at the federal level, it takes about five business working days.
The cost of registration also varies. While you can spend up to $ 380 to register your business in British Columbia, it may only cost just $60 to register in Ontario. So, do proper research to know how much a business is registered in your preferred province.
Obtain Permit and Licenses
Everyone knows there are 13 provinces in Canada and each has its regulations, costs, and documents for retail start-ups. So, before you open your doors and start selling, you should obtain the appropriate licenses and permit for your business.
The license for your business depends on what the province recommends and the type of business you’re opening. The easiest way to know the right license and permit is by visiting BizPal—a free online platform supported by federal, provincial/ territorial, and municipal governments.
You can visit the business registry or corporate services departments in your province to have a clear understanding of how much your licensing would cost.
Get Funding and Support
If your business idea is right and your business plan is set, but you lack finance for your enterprise, no worry, Canada got your back. Multiple funds are available for retail businesses in Canada for both immigrants and citizens.
BDC Is a dedicated bank created to give robust funding to all Canadian entrepreneurs. Another devoted funding platform for your business is Community Futures.
To qualify for funding, check your community futures office for more details. With so many others to choose from, make sure you’ve done proper research to know which one will best work for the success of your enterprise.
Wrapping Up
Whether you’re starting a new retail business or you’re just moving internationally, Canada offers lots of incredible opportunities for everybody including the Brits. But if you’re a Brit and you’re still asking, can a British citizen live in Canada? Don’t fret!
A British citizen can live and start a retail business in Canada. You can even become a permanent citizen in the country by obtaining a permit similar to the UK indefinite leave to remain in Canada.
Just, ensure you consult experts like Birmingham immigration lawyer. And follow all the steps we’ve shared above to launch your retail business successfully in Canada.
