Making the decision to move from a foreign country to BC or elsewhere in Canada can be both exciting and overwhelming – especially if you are an entrepreneur with hopes of rebuilding your business outside your country of origin.
You worked hard attaining higher education and or developing your business with hopes of entering another country to start a new life filled with new economic opportunities. But when you finally arrive, challenges await and your joy could turn into frustration.
Catch this example of a common challenge business owners face when they arrive to BC and Canada, and three essential tips to help you establish your business again.
Financing, a Common Obstacle
An example of a potential roadblock is sourcing sufficient financing for your business. You may have some resources to help get you started with your business, but you may still be in need of some financial help.
To solve this, you may head to your local bank, with the assumption that your past experience, savings and good credit history should be enough to get a small start-up loan. However, if English isn’t your first language, communicating could be difficult. Additionally, banks often require considerable Canadian work experience and credit history to approve you for a business loan.
After this, you may find yourself walking away, asking yourself what your next step should be. How do you overcome obstacles like differences in business culture and practices, financial opportunity, regulation, taxation and so on?
But this example doesn’t have to end this way. Keep reading for ways you can build your business in your new home.
Three Tips to Reestablish Your Business
1. Ask for Alternative Options before Walking Away
When you’re first faced with an obstacle, such as being denied a loan at the bank, it can be very discouraging. You may feel a sense of hopelessness, and want to start heading towards the door for a quick exit, but don’t leave yet!
If the person you are trying to work with doesn’t offer you an alternative option, ask them for some suggestions. If they do not speak your language, always ask for someone who does. Although this person may not be available right away, in most cases they can be made available to you through an appointment.
2. Research Existing Immigrant Networks
If you are not connected with community groups from your country of origin, try searching the web for existing immigrant networks that support entrepreneurship in your area, such as:
- Professional immigrant networks
- Ethno-cultural Chambers of Commerce
- Local immigration partnerships
- Immigrant investor support groups
3. Go with Confidence to Get Connected
It’s easy to feel isolated when you arrive in a new country, especially when you’re unsure of its processes and customs. But don’t give up!
Find someone who’s already been through the challenges of bringing their business to BC or Canada. They are likely to be able to share some insight with you that will help you feel more comfortable and more confident.
Potential sources of assistance include:
- Business mentors in your community
- Immigrant entrepreneur lawyers
- General business consultants
- Business start-up coaches
Starting a business has its obstacles, but reestablishing one in a new country can be even more challenging. But when you feel discouraged, just remember that you built it before, and you can build it again.
Even if you may have to do business differently or chose another type of business altogether, you are an entrepreneur at heart. Once you have had an opportunity to learn what’s out there for you, the same drive and determination that led you to a new home will also lead you to your success.
Are you taking advantage of Small Business BC’s wide selection of seminars for entrepreneurs and small to medium-sized business owners? Space is limited, so don’t miss your chance to register today.