I came to Canada 35 years ago when the unemployment rate in Canada was so high, and there was a recession happening. Many could not find suitable jobs because of various reasons. NAFTA came into effect at that time when business was moving towards globalization. Larger companies collapsed, and small businesses started booming. We went through a different type of re-structuring.

Amidst the chaos, I was fortunate enough to get job offers and got hired right away. I joined an electrical engineering consulting company in Toronto. However, after working a few months in the firm, I witnessed significant layoffs and employees being terminated on the spot. Every Friday, when our manager walked past our tables, I could see a cold chill on everyone’s face, thinking if they could be next and what they would do if they lost this job. After experiencing this sight for almost a year, I decided that I could not take it anymore and left the company. 

I had a deep desire to start my own business even though I did not have anyone in my family or friends in business. This situation led me to start a company of my own within a year. The business I started failed, and I re-structured and re-stated until I became successful. My previous business experiences taught me how to face challenges and build strategies to thrive in the market and take your business to a 

successful business.

So, what I did differently from others was I simply found out the ‘services that people were looking for,’ and the resources to provide that service, and my business started progressing. 

Aspiring entrepreneurs should first do a feasibility study. 

5 essential things that you cannot miss are:

 You should know if there is a need for your business in the market

 Know who your competitors are. 

 What can you offer better than your competitors?

 Do you have the skills to do it?

 Do you have the resources (finances to manage the business and hire people to do the job)? 

After the feasibility study is done, financial forecasting should be done. You should know the finances required at every stage of the business (start the business, operate, develop clientele, marketing, staff salary, etc.). A business without uniqueness, a proper marketing plan, skilled staff and a strong advertising budget won’t last for long.

It doesn’t matter what you want to sell (services or a product). It is essential to use the right marketing strategy for your business success. Even if you have an established client base, you still need to do some kind of ongoing marketing activities based on the trends and market dynamics to remain competitive. For example, consider the leading beverages; we all know that they are not healthy and it’s just water, sugars, chemicals, artificial flavours, and air, but we are ready to buy and drink them. This is the impact marketing and branding have on individual minds; we have a feeling that even though it’s not healthy, it’s ok to drink them. 

Another way of illustration is if you are setting up a healthy food restaurant. You have to explain to your customers why your prices are expensive compared to others (It could be the quality of meat, vegetables or oil being used in the burger). If each of the foods you are selling will have a healthy alternative, then you may want to show them the health benefits they may have by consuming your food. You should give detailed health benefits on your website and create a QR code for the page so customers can easily access it and are persuaded to try your food. 

Now, with all the uncertainty in the trade situation happening with Canada, people are endorsing Canadian products. But remember, most of the fast-food chains come from the US. We, as Canadian companies, cannot compete with them on a sales quantity basis. We are a smaller economy, so mass production and competing with those larger chains is out of the question. What businesses could do is take advantage of their unique selling point (USP) and cater to the needs of the local market with healthy alternatives. 

One of my clients started a home-based, home-cooked food business and tried to compete with the local stores. As she could not match the local restaurant prices, she kept lowering the prices, and at one point, she was providing food services out of pocket expenses. She called me for advice, and I told her that you cannot compete with established fast-food restaurants and price match. But so many people don’t have time to cook healthy food at home and are keen on eating nutritious food.

Remember, some people are advised to eat healthily by their doctors due to medical conditions, but they don’t have time to cook. Start making food for them, and charge a fee that will count toward your hours of work and profit. Explain to your customers what ingredients are used (like I use avocado oil instead of vegetable oil). Then, start building your client base one step at a time. When you have enough clients, do a financial feasibility study before you invest your money into a commercial production. I recommended my client to do a feasibility study because even though she may have customers to keep her busy right now, the profits may not be enough to support her financially once she has moved into a commercial facility with additional expenses (rent, utility, labor, etc.).

When you are setting up a company, explore the different business models and choose the one that works best for you. Consult a business lawyer and/or your accountant to make the right decision. There are three types of business models people typically register, they are:

Sole Proprietorship: The company will be owned and operated by one person. The owner is solely responsible for all profits, debts and liabilities. 

Partnership: There are multiple owners called partners. Partners are liable for their own and partners’ actions. It’s always advisable to have a proper partnership agreement in place if you are not a sole proprietor. 

Incorporated Business: A business that has been registered as a separate legal entity. It will protect the owners from personal liability and from any business debts.

Planning and commitment is the key to running a successful business. Business Planning should be done before you start or put your investments and resources into the business, and planning should be done at every step. There are businesses thrive during the recession, 

you should find the right one. 

Good Luck with your business venture.