Embarking on the journey of entrepreneurship as a female in Canada comes with unique opportunities and challenges. Though the process of starting a business in Canada is fairly straightforward, here’s a guide with essential details to maximize success.
Female entrepreneurs in Canada can benefit from a variety of resources and support to start and grow their businesses. Some key areas to consider include:
Business Idea & Plan
Every business begins as an idea, which you expand on as you progress through the entrepreneurial process of consistent learning and implementation.
To maximize success, and open your business up to more opportunities, at some point in this journey (the sooner the better), you will need to write a business plan which you will use to:
- Organize your thoughts
- Clarify your idea
- Outline your goals
- Identify the problem your business is solving and for which target market
- Identify and analyze your competition
- Determine marketing channels and strategies
- Create financial projections
- Access funding
Your business plan is used to guide your business decisions. Having clear guidance can save you time, increase your productivity, and increase your revenue-generation potential.
There are many small businesses and large organizations that can help you write your business plan. There are also plenty of free resources available online.
This is not an extensive list, however, I’ve shared a few business plan templates and other resources listed below:
- Futurpreneur
- BDC – Business Development Bank of Canada
- Lean Canvas Business Model Template – This is a one-page business plan.
Business Registration
Remember, as you progress in the business development process, you will gain new insights that may result in slight or major changes to your original idea. Know that this is a natural part of entrepreneurship, embrace it, and be sure to prioritize progress over perfection.
Once you’re more clear on your idea, choose a business structure that best suits your current situation. To help you do this, learn what is necessary for your industry and ensure you do your own research using tools like BizPal to know what government requirements in relation to your business may be like permits and licenses.
Business registration types include:
- Sole proprietorship
- Partnership
- Corporation
You’ll need to register your business name with the appropriate provincial or federal authorities and obtain necessary licenses or permits depending on your industry and location.
You can register your business at local registry agents, or use online tools like Ownr. Ownr is affiliated with one of Canada’s big 5 banks the Royal Bank of Canada also known as RBC and they make it so simple to register a new business online. They have resources and tools available that you would not have access to with a local registry agent. Registering a business can become complicated and costly, especially for new businesses, but online tools like Ownr help to simplify the process and keep startup costs low.
Learn more about registering a business in Canada by watching the video below.
Legal and Financial Advice
Be sure to seek advice from legal and financial professionals like accountants to ensure your business is compliant with regulations and has a solid financial foundation. Lawyers can help you draft contracts, review documents, navigate the world of intellectual property, employment law, and more while a good accountant can not only help you ensure your finances are in order but also share tips for leveraging the financial benefits available to entrepreneurs in Canada.
Government Regulations and Policies
Familiarizing yourself with government regulations and tax policies that specifically affect women entrepreneurs in Canada is crucial. There are tax credits and programs that support female-led businesses. Consulting with a tax advisor who understands these nuances can help you maximize available benefits.
Funding & Financing
Whether you’re bootstrapping, using grants, loans, or have connections to investors, access to funding is crucial for starting and growing a business.
Grants
If you’re interested in grants, you can use the business benefits finder by the Government of Canada to help you narrow down your search for government grants and funding.
Many private businesses also provide grants to businesses that align with their company’s values and mission. You can find them and other opportunities by using search terms like “grants for [enter specific demographic]”.
Loans
Canada has implemented numerous business funding initiatives targeted at female entrepreneurs. Consider exploring programs that aim to provide financial support to women-owned businesses like the:
Startup Canada has a list of organizations in various Canadian Provinces and Territories that provide funding to female entrepreneurs.
Organizations like the Business Development Bank of Canada also known as BDC provide a generous amount of resources for starting or buying a business and getting financing.
You can also get in touch with your preferred bank to learn what options they have for businesses. Remember, your well-thought-out business plan is necessary for the funding/financing process.
Other types of funding
Other funding opportunities include leveraging relationships you currently have like friends and family, or building relationships with angel investors, these are individuals who invest in early-stage businesses. Venture capital, these are firms that invest in high-growth potential businesses.
Building a strong support network
Networking & Mentorship
Great relationships are the key to the business world, so be sure to invest time in connecting with a strong and supportive community that fosters collaboration, mentorship, continuous learning through workshops, and growth. Mentorship programs can be incredibly valuable for guidance, support, and professional growth.
Seek out women-centric business networks like the:
- Women Entrepreneurs of Canada (WEC)
- Canadian Women’s Chamber of Commerce
Take another look at Startup Canada’s list of organizations in various Canadian Provinces and Territories that provide networking and mentorship opportunities to female entrepreneurs.
Ensure your network focuses on empowerment and offers workshops to help women overcome challenges unique to their demographic, such as balancing caregiving responsibilities with business operations.
Marketing and branding
Develop a strong brand identity and marketing strategy. While building a website, utilizing social media, and running online ads are not always necessary for every brand in the beginning, it’s essential to keep your branding strategy in mind. Remember that your brand begins with you, and the perception people have of you, your products, and services. When your business is ready, be sure to leverage digital marketing as a key strategy for reaching your target audience, creating brand awareness, and communicating with your customers. To create a memorable brand, ensure your branding is unique and consistent across all platforms, this includes both physical and digital.
Education and training
Always continue investing in your education. The world is constantly shifting, and so should you, in a strategic way of course, especially as an entrepreneur. There are many resources available to help you develop the skills and knowledge you need to succeed as an entrepreneur. Consider taking business courses, and attending workshops provided by business organizations like a few mentioned earlier in this post. Many people also find joining online communities beneficial. You can find these communities on popular social media platforms like Facebook and so many more.
Remember that what you don’t know you can learn, or hire a competent person or business to complete the task.
Access to resources
Take advantage of resources designed to support female entrepreneurs, such as training programs, workshops, or business accelerators that focus on women-led ventures.
Work-life balance – Building a business with flexibility
It’s challenging enough to balance responsibilities as a single person, women, particularly mothers, may find balancing personal life and entrepreneurship even more challenging. When starting a business, consider creating flexible systems such as remote work models and automation that allow you to manage your personal and professional responsibilities seamlessly. Female entrepreneurs can benefit from tools like childcare tax credits or programs that offer support for businesswomen juggling family life. Consider using the Government of Canada benefits finder for individuals.
Overcoming gender bias and discrimination
It’s essential to be prepared to navigate potential gender bias in industries traditionally dominated by men. Educating yourself on gender equality initiatives and resources can help mitigate this. Advocating for your value, forming alliances with other women in business, and joining women-focused entrepreneurial communities can strengthen your position.
Mental health and wellbeing
Female entrepreneurs, especially those who may face societal pressures or juggle multiple roles, need to prioritize mental well-being. Stress management and mindfulness techniques, along with utilizing female-centered wellness programs can create a solid foundation for business success. Many women in business find success by incorporating wellness into their daily routines, allowing them to maintain resilience in the face of challenges.
Discover ways to “embrace me time” and cater to your mental health.
Final thoughts
Starting a business as a female entrepreneur in Canada can be exciting and empowering it requires determination, support, and the right resources, and with the growing support for female entrepreneurs in Canada, there are more tools available than ever to help you succeed. By addressing these aspects of entrepreneurship as a woman in Canada, you can build a business that not only thrives financially but also aligns with your personal values and lifestyle.
In all that you do, we wish you the best and remember:
Be the “YOU” you love.
Lhook
