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What to consider when thinking of having own business in Canada

I am working on my long term goal in Canada as I am planning to stay here more than 5 years. I want to have my own business for travel company although I know there’re many competitive companies out there. #travel #financial-planning # #JULY20

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Steve’s Answer

I don't know if you are already working in the travel industry but finding someone already running their own business to talk to would be a good next step to learn more and make sure it's something you really want to do. As far as it being competitive I believe you can still be successful if you are passionate and develop a thoughtful business plan with a unique service offering. If you're truly passionate about providing the best possible travel experience for your customers you will certainly fair well among the competition. Good luck!

Steve recommends the following next steps:

Talk to people already running their own travel company and another other research so you know as much as possible about the industry
Develop a business plan
Save money and reduce expenses as much as possible to help during start up of your new business
Establish a support system of family, friends, mentors to help you along the way
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Christine’s Answer

Congratulations on setting a goal and working on the steps to make it happen. I suggest you build a business case that looks at the total market opportunity over the next 5 years for the travel business. I believe the travel industry has been negatively impacted by the COVID and that will need to be addressed. You need to look at all of the travel venues, ie, air, hotel, cruise, resort, etc... In your business case, look at revenue potential vs. cost for the total market opportunity in Canada. The business case should include information on your competitors to identify any threats, both long term and short term. You also need to look at any tax or regulatory implications for businesses in Canada. The exciting part of the business case will be marketing plan and new ways you can reach new customers using social media, advertising, etc... You can really differentiate yourself with new business ideas and trends. Overall, how can you make the customer experience awesome? Focus a lot of time on that as your may rely on referrals as a great way to grow your business. Best of luck!

Christine recommends the following next steps:

Identify target market
Develop business case - revenue vs. cost
Identify competitors
Outline marketing plan
Research tax and regulatory implications and COVID impacts to your business model
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