How to Improve Your BC Business Plan When Applying for the Owner Operator Program

How to Improve Your BC Business Plan When Applying for the Owner Operator Program

Immigrating to British Columbia, Canada on a work permit that progresses swiftly into Permanent Residence is possible with the LMIA Owner Operation Program. However, this application process requires a well-crafted BC business plan. The BC Business Plan is critical to showcase your background and vision to positively impact the purchased business. Read on…

British Columbia is one of the fastest growing provinces of Canada. It is one of the top spots where entrepreneurship is flourishing. However, like many other parts around the globe, BC is also facing demographic challenges like ageing. There are many old entrepreneurs who are looking for retirement with no succession plans in place. It is creating immense opportunities for budding entrepreneurs who want to take over and grow already existing businesses to new heights.

Requisites of an LMIA Owner Operator Program in BC Labour Market Impact Assessment (LMIA) Owner Operator Program is an endeavour that works wonders for such foreign entrepreneurs. The owner operator program allows a foreign entrepreneur who has purchased a business in BC to obtain work permit within the organization.

The key requisites of owning an existing business in BC, Canada includes – - Must have a minimum personal net worth of CAD 600,000 and make an eligible investment of minimum CAD 200,000 in the business 20 months before arriving in BC. This minimum investment can be made to purchase, operate and improve the existing business in BC. - Must show adequate funds to retain employment with wages equal to or more than BC’s minimum wage.

- Create and hire at least one Canadian citizen or PR within 14 months of your business operations.

- Active involvement in the business in a position that aligns with your experience and qualification to contribute towards its growth.

- Proficiency in English/ French language with a minimum of Canadian Language Benchmark (CLB 4) in the language test.

- If you want to partner with someone to co-register the business, the co-registrant(s) must provide their complete background information with qualification, experience and net-worth.

- Come up with a well-thought-out BC business plan that proves the viability and scope of growth of your business. Besides this, it will also aid in assessing the economic benefit of the business to the province and country at large.

BC Business Plan The comprehensive BC Business Plan is a must when applying for an LMIA Owner Operator Program in BC. To make a winning BC business plan, it is recommended to make an exploratory visit to BC to learn about the local business environment and evaluate the business opportunities. It will help you make local connections and understand the nitty-gritty of running a business in BC. This BC business plan must include – Business concept – The BC business plan must open up with the business concept, shedding light on the vision and mission of the business. It must explain the main focus of the business, its products or services, ownership structure and scope of growth.

Market Research – To create a captivating marketing strategy, a thoroughly conducted market research is imperative. It will determine the demographics in order to smartly strategize a plan to capture and win customer loyalty. In addition to this, market research will help in understanding your competitors better, so that you can place and position your products and services for success.

Investment Breakdown & Financial Projections – A well laid BC business plan will focus on numbers that can add weight to it. Investment breakdown in terms of operations, wages, and improvement while projecting financial growth shows your seriousness and sincerity of taking the business to next level.

Job Creation – Creating employment opportunities for locals especially the Canadian citizens or Permanent Residence proves that your business works in the benefit of the local area and province as a whole.

If you are interested in buying an already existing business in BC, you must conduct your due diligence.

Taking the help of professionals can prove to be beneficial to ensure that you meet the eligibility criteria. Moreover, their expertise of writing a well laid BC business plan can open new doors of success through Owner Operator Program.