Getting Started With Your Business

Dear Trailblazers,

Thank you to the 800 subscribers who have signed up for this newsletter. I deeply appreciate your vote of confidence. This week we will explore how to get started with your business. Ideas may be a dime a dozen but when it comes to settling on one for a business, it can be hard to find a good business idea, especially when you are new to a country.

How can you get a good business idea?

Many immigrants come to Canada with the primary goal of securing a job. They might have a valuable skillset or domain expertise, but they often think, “I’m just not ready for business; let me get a job and achieve financial security first.” As a result, they can spend 6-12 months searching for employment.

What if, instead of spending months job hunting, you started a business today?

You might wonder, “What business should I start?” Look around you—what do people need? What personal pain points have you experienced? Check questions people have on Google Trends, Reddit groups, WhatsApp groups, online job listings, etc. Identify what organizations or individuals are seeking that you can provide today.

It might not be clear at first, and that’s okay. It wasn’t clear for me either. But I started anyway. My candid advice: Just start! Refine your idea and value proposition as you go. It's best if you can start with low financial commitment.

Setting up the business

If you have a skill gap, consider finding a co-founder. Where can you find one? Join an accelerator or an entrepreneurship support program, attend Startup events, and make it known that you're looking for a co-founder with specific skills. Be clear on the skill set you are seeking.

Wondering if to incorporate your business?

Incorporation offers immense benefits, from lower taxes compared to personal income, to reduced personal risk exposure, to being eligible for more opportunities. Whether you set up as a sole proprietor or an corporation depends on your business goals. I was initially unclear about the Canadian incorporation process, so I used Ownr for a seamless experience. For more information on incorporation, visit Ownr (Get a $50 discount with code RC-LER10O7XQZ).

How can you find customers for your business?

Start with family and friends. My husband was our first customer at Dgytal Inc. Then I joined an association and got my next customer. I wrote about my business online and got a third customer. Attending events brought in even more customers. During this time, I was still figuring out my business website and social media pages. I hadn't started generating leads online or doing significant digital marketing. I didn't even have 100% clarity on my value proposition. But I was out in the field, speaking to people, meeting startups, and attending events.

Today, my focus is completely different from what I started with. It's been exactly six months since we incorporated, and we only just hit our "aha" moment regarding our value proposition and differentiation. But throughout this period, I kept pushing forward, and month after month, my business made money, grinding through the confusion.

Go out and let the market help you refine your idea or business. If you wait until you have everything clear, you may never start. Share your business on personal platforms. Own it. Embody it. Leverage your family and friends to give you the boost you need to start.

Surviving the Early Stages

The biggest challenge you may face is how to make it through the rough patch before the business can pay you. It has been six months for me, and I am yet to earn an official income from my business. How have I survived? Savings, support from my husband, and other income streams. I invest in domains as a hobby, and occasionally, selling one helps. I also speak professionally and have had several paid speaking engagements in the last six months, which has helped keep me afloat. Having some savings to fall back on and a supportive partner has been crucial.

Do you have other skill sets that can generate income while you build your business? Do you have savings or a support network? It is important to have a plan for staying afloat while navigating the early stages of your business.

On Opportunities and Rejections

There are many opportunities available for new entrepreneurs. You will probably get rejected for many of them. If you're not getting rejections often, you're not trying hard enough. I have applied for grants, accelerators, and pitching contests where I had very low chances of success. While I wasn't successful with most, working on each application helped refine my business model. I also met amazing people who I have stayed in touch with. If you only go for the opportunities you are sure to win, you will shortchange yourself significantly. Apply for as many opportunities as you are eligible for. Take the learnings, and sometimes the winnings.

Keep showing up and refining your value proposition until you hit the sweet spot.

Explore startup grants, accelerators, and loans offered by the Canadian Government. A great resource is the Business Benefits Finder.

Policies to keep in mind

• Working from Home: A percentage of your rent can be attributed as a business expense depending on the space you work from. For more information, check the Canada Revenue Agency guidelines.
• Register for HST: Keep your receipts, and you can get any company-expensed HST back, as you only need to pay the differential. Learn more about HST registration and claims on the Government of Canada website.

Note: This is not financial advice. Speak to a registered advisor for advice.

Platform of the Week: Developing Young Leaders of Tomorrow, Today (DYLOTT)

An excellent platform for entrepreneurs with a policy or diplomacy background. Keep an eye out for their upcoming cohort.

Upcoming Event: Coaching & Coffee #onthePORCH

Hosted by Porch , it will hold on July 18th at OneEleven Toronto. It features experts in VC, Startup law, Marketing, and Pitching, and aims to support immigrant entrepreneurs and professionals in Canada. Register for the Porch event here. Network and learn from top executives like:

• Chris Greenfield: MD OneEleven
• Katie Dolgin: CEO Found People
• Chris Terrio: CEO Global Network
• Neil W. : Founder and CEO of PORCH ??

Business Spotlight: CropMind Inc

CropMind is an AgriTech innovator providing AI and computer vision solutions to help farmers automate tasks and generate insights to reduce labor costs, improve yield predictions, and optimize resource allocation. Their software solution automates tree segmentation, labeling, and fruit counting, making it 25 times faster than current practices. It also improves yield prediction and resource allocation by 30%.

Led by the ambitious CEO Damilare O. Odumosu, M.Eng. they developed a working MVP, completed a successful pilot study across farms in Canada and the U.S., signed strategic partnerships with farmers' associations, and are now raising funds to scale. CropMind is one to watch out for in the AgriTech AI space.

Question of the Week: What is stopping you from getting started?

I hope that after reading this newsletter, your answer is "Nothing", and I wish you the very best as you start and grow a successful business in Canada.

"The best way to predict the future is to create it." - Peter Drucker

Until next week, keep innovating and growing.

Yours,

Chidinma Akaniro