Ways an Ontario Business Plan Should Differ from a BC Business Plan

1. Ways an Ontario Business Plan Should Differ from a BC Business Plan Ontario and British Columbia are known as a land of opportunities, built by years of hard work of immigrants. So, if you are a prospective immigrant thinking of starting a business in Ontario or BC, opportunities are endless. However, you must know that having a business idea and a goal to achieve is meaningless without a well-written business plan. While they may appear the same on the surface, there are some important ways that an Ontario Business Plan should differ from a BC Business Plan. Multiple Options to Start a Business in Canada Now that you have a wonderful business idea, have you thought of how you want to attain that business? Ontario and BC, being business hubs, offers many lucrative options for starting a business. These are – A new start-up that you want to start from scratch, developing your own products/ services and building a new clientele base. It will need funding and time to reach Return over Investment. Buying an existing small business is another option. It can be a bit heavier on your pocket than a new start-up. Nevertheless, it can be turned around into success much faster with your experience and business acumen. Entering into a franchise business can offer the best of both worlds. A franchise license comes with a well-established brand and an existing parent company that has worked hard on the marketing plan. In addition to this, the parent company often also lends a

2. helping hand in finding the right location and hiring right people for you. Depending upon what you decide and what immigration stream you are going pursue, you will have to file the appropriate legal paperwork with the provincial and Federal Governments. In most cases, the immigration application must be accompanied by a business plan, that meets the stringent requirements of the immigration program. It will be an important deciding factor in your entry to Canada. Importance of Business Plan Business Plan is a live document that gives shape to your idea and brings achievability to your goals. As Antoine de once said that a goal without a plan is just a wish. Therefore, when planning to start a business on a foreign land like Canada, a thoroughly analyzed BC Business Plan or Ontario business plan is a must. It serves 3 imperative purposes – - To gain an accurate and deep understanding of your business, industry, and potential clientele - To keep the focus on the goals and objectives of your business - To attract investors if you are seeking funding. A well-written Ontario or BC Business Plan offers a balanced mix of both opportunities and challenges. It begins with an outstanding business idea and moves forward to concrete, relevant, and more focused viewpoints to build a successful enterprise. How the BC Business Plan and Ontario Business Plan Should Differ Both provinces offer multiple advantages to businesses. Yet, despite their similarities, there are some ways in which the business plan for each will differ. · Market Research – Market research should always include information on the specific province and locale. This is the way in which the Ontario and BC business plan will vary the most. After discussing the full market in the country (if applicable) you will get into detailed information on where you intend to locate the business. This will have a dramatic impact on your client base, especially if you’re in retail, as well as local taxes and other restrictions. · Program Specifics – Your Ontario or BC business plan will also vary in another significant way depending on what business immigration program you are considering. Both of these provinces have very popular provincial nominee programs (PNPs). If you are applying for the BC PNP Concept or OINP Concept you will also want to consider which types of businesses are ineligible and which industries have a priority.

3. While it is true the Ontario and BC business plan will be very similar, these are two of the key considerations for how to approach them differently. Conclusion In nutshell, Ontario and British Columbia are two of the best places to start a new business in Canada and a good business plan can make it achievable for you. So, prepare a business plan that will help you keep track of your business operations to ensure its best chance for success. You can always take the help of professionals to write a good BC or Onatario Business Plan, especially for an immigration case. The professionals like Joorney know how a business plan helps in setting realistic goals, securing funds (if required), clarifying operational requisites, establishing reasonable monetary projections, and measuring business success. So, get in touch with the professionals and make your wish come true!