Survival tips for newcomers starting a business

Published on Thu, 08/04/2011 by Royal Bank of Canada
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Many newcomers come to Canada with the dream of owning their own business. With the proper knowledge and advice, this dream can become a reality.

If you are thinking of starting a business in Canada, it's important to know the resources available to help get you started. Federal and provincial governments, along with many financial institutions, offer special programs, services and support to help newcomers become successful business owners in Canada.

"Upon arrival in Canada, many newcomers may look to starting a business as the best way to obtain a steady income and way of life," says Camon Mak, director, Multicultural Markets, Royal Bank of Canada. "While building a successful, profitable business takes patience, determination and focus, with the right guidance and advice it is achievable."

Mak offers three tips for success:

  1. Find a small business advisor who understands your needs as a newcomer and can provide you with the appropriate advice to help your business succeed.
  2. Ask your business advisor where to look for information on understanding local market opportunities for your new venture.
  3. Speak with your advisor about connecting with important resources, such as an accountant, lawyer and government service representatives.

More advice is available on the RBC Immigrating to Canada website at http://www.rbc.com/canada/index.html. You can also download a copy of Starting a Business Guidebook (http://www.rbcroyalbank.com/sme/index.html).

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