How to run a successful small business in Canada

To make a living in a new country, it is common for Koreans to open up a small business. These include small scale operations such as convenience stores, dry cleaners, restaurants and travel agencies. Opening a business of your own is not easy. To make it work, what should you know?

No matter what country you live in, running a small business is a demanding task. Most people can’t even image the amount of work and challenge involved in running a small business unless they’ve experienced it themselves. It takes a serious amount of dedication and commitment to open a small business, so what steps should you take to succeed?

There are numerous cases of success, but there are also unfortunately as many cases of failures (if not more) when it comes to running a small businesses in Canada. Most small business owners work hard and are proud of the fact that they control their own business fate, but the downturn of the economy and unfair government policies are taking a toll on the wellbeing of small business. Let’s consider some of the factors that may directly and indirectly influence your small business operations.

Interviewing a C-Store in Whitby, Ontario

 

Who are your customers?

Often, Korean small business owners will include in their initial business plan, ideas that will bring in the local community – execution of these plans, however, is poor. The format and design of the business, ends up showing a business stuck in the middle of being neither characteristically Korean nor Canadian.

You need to clarify and understand your customers in order to succeed. Identifying your target audience will help you plan and execute details, such as customizing the list of products for sale, location of your store, and the training of your staff. For example, if your store caters to English speaking customers but your staffs are not able to speak any English and all the signs around your store are in Korean, it would be safe to say that your business will probably not fare as well.

The shopping patterns and spending habits differ from culture to culture. You must be aware of these subtle differences in order to quickly adjust to a new business environment.

 

Always maintain friendliness and professionalism towards your customers

There have been times, when I’ve refused to return to a Korean store or businesses because of the horrible service or a lack of professionalism I experienced. Trust between the merchant and the customers are also crucial to the success of your business. Once your business integrity comes into question, it will be nearly impossible to mend. Be honest with your customers with pricing and with service.

Sometimes Koreans prefer visiting Korean-owned operations not only because it’s easier to converse, but also because the business cultures and mindset that we are accustomed to from living in Korea is present. However, objectively speaking, there may not be an advantage as a consumer to shop in Korean stores when it comes to product selection or pricing. Therefore, if your store caters to Koreans, it is all the more reason to review the service and product quality of your business so our own Korean customers do not get turned-off by their shopping experience. Even if your store does not cater to Koreans only, the same practice should be applied.

 

Consider Canadian culture

Let’s say you opened up a restaurant in Japan. If you or your staff were over-doting with the customers and continued to try and engage them in conversation, your customers would probably never come back again as they might feel like their personal space has been invaded. However, North American culture the opposite tends to be true. Here in Canada, your customers appreciate recognition when they visit your store. This is one of the most important foundations of running a successful business – by recognizing the local culture and building an appropriate level of personal connections with your customers. This will make them want to return again and again.

It is imperative that you recognize the subtle differences in the business cultures. If you are able to adapt a more diverse approach to business and turn the typical Korean way of thinking into a business advantage, it will surely boost your business’s reputation.

 

Respect the Canadian laws and the local policies

In Canada, the laws and policies related to age-verification, food safety, work place hazards and employee protection are taken very seriously. Also, it is important to be an honest tax-paying citizen especially when so many transactions in small businesses are done with cash. Altering the tax report can cause serious consequences such as a fine, closure and even jail time.

One may think that Canada is less strict on tax audits than in Korea. This may be true but that does not mean that you should take a chance. If you are caught, the consequences of felony are much harsher in Canada than in Korea.

The best way to keep your business successful is to respect Canadian laws and policies.

 

Success takes time

We see a lot of business success stories on TV and in the papers. There are over 10,000 convenience stores across Ontario, and Korean-owned stores occupy more than 30 percent of the pie. Out of these, how many of us are truly successful?

It goes without saying that we all want our businesses to succeed. However, success does not come overnight. It takes countless days of honest work to be successful – the process itself should also be rewarding. Do not overstretch yourself by taking out the kind of loan you cannot afford. It is more important that you have full control over your business and expand slowly. Before you know it, you will feeling the benefits of success, couldn’t have even dreamed about a few years ago.

A famous American educator and writer Amos Bronson Alcott once said, “Success is sweet and sweeter if long delayed and gotten through many struggles and defeats.” In my experience, it is true that slow and steady wins the race. Most businesses that only focus on quick fixes and fast returns do not last as long as the ones that understands the basics to make its foundations strong.