Pic above: courtesy Kindel Media, Pexels.
By JUliette Nicolaÿ and Francesca Basta
Entrepreneurship is an empowering choice. It enables newcomer entrepreneurs — those who have immigrated to Canada within the past 10 years and are starting, managing, or expanding a business — to forge their own success, create jobs, and contribute to local economies. However, it comes with its share of complexity from navigating regulatory hurdles, to understanding unfamiliar markets, to managing financial constraints.
To help newcomers looking to start or grow a business, the Canadian Federation of Independent Business (CFIB) explored the experiences of 14 newcomer entrepreneurs in its report, From Challenges to Opportunities: The Newcomer Entrepreneurial Experience in Canada. They offer insights into the strategies that have helped them succeed: a well-calibrated mix of preparation, local support and mentorship.
Strategic preparation and resource management
For newcomers looking to start a business, due diligence is essential. Understanding Canada’s economic landscape, regulations and market structure, can prevent costly missteps. “Take your time. The Canadian market operates differently. Rushing in without due diligence can be disastrous,” one entrepreneur warned. Early-stage business development demands a balance between financial prudence and strategic investment. Many entrepreneurs rely on personal savings, making liquidity management critical. Some emphasized leveraging peer networks and free resources before committing to costly professional services. “Unless you have a lot of money to invest, it’s going to be expensive,” said one entrepreneur, underscoring the risks of depleting funds prematurely. Others, however, advocated for early investment in legal and financial expertise to build a solid foundation. “If you have the means, hiring a lawyer and an accountant from the start saves money in the long run,” a newcomer shared. The right approach depends on resource availability and long-term sustainability.
Regardless of strategy, entrepreneurship is capital-intensive. Thoughtful planning and efficient resource management are crucial for businesses to weather early challenges and adapt when necessary.
Leveraging local support networks
Breaking into Canada’s established business community is a common challenge for newcomer entrepreneurs. Without an extensive network or local work experience, securing clients and partnerships can take time — but investing in building those relationships is well worth it. “Your network is your net worth. Canadian companies are highly network-based,” said one newcomer entrepreneur. Identifying industry events, online platforms and local organizations helped entrepreneurs forge key connections and access community support from the start. Newcomer entrepreneurs interviewed by CFIB found success by leveraging networks such as PORCH, a community for international entrepreneurs in North America or Calgary Catholic Immigration Society, a settlement agency that offers training and education programs for newcomer entrepreneurs, or the Diverse Entrepreneurs Business Incubator operated by DIVERSEcity Community Resources Society in Surrey, B.C. These organizations provided essential networking opportunities, mentorship and resources ultimately offering a crucial boost to their business. “Find organizations near you that can help you push forward,” encouraged an entrepreneur.
The power of mentorship
While Canada offers a wealth of business resources, the ecosystem can be difficult to navigate. Many newcomers initially found themselves operating in isolation. “I was left to figure things out on my own and I made a lot of mistakes,” recalled one entrepreneur. Having a mentor familiar with Canadian business practices can significantly ease the learning curve. From taxation and financing to government grants, mentors offer insights that reduce costly trial and error. Finding the right mentor takes effort. “There are a lot of great mentors ready to advise, but you have to find them,” one entrepreneur emphasized. Proactively seeking mentorship through industry events, professional networks and business incubators can unlock valuable guidance that translates into tangible success.
Building sustainable success
Newcomers who take a proactive approach — planning financially, expanding their networks and learning from mentors — can turn early challenges into stepping stones. Canada values entrepreneurial resilience and innovation, giving resourceful newcomers the chance to thrive. Believe in your vision, take strategic steps and go for it.
Juliette Nicolaÿ is a bilingual policy analyst and Francesca Basta is a research analyst for the Canadian Federation of Independent Business (CFIB). CFIB is Canada’s largest association of small and medium-sized businesses with 100,000 members across every industry and region. Learn more at cfib.ca.
