Do you have questions around starting a business?
We’ll take you step-by-step through everything you need to know when starting a business in Alberta.
By ATB Financial 19 August 2020 3 min read
A vast majority of small business owners — 82 per cent to be specific — say their main source of new business is referrals, according to software company Constant Contact. In addition, a recent report from the Economist Intelligence Unit says informal professional networks are more important for entrepreneurial success than highly-structured entrepreneurial efforts such as incubators and accelerators.
When it comes to building and growing a new business, a strong business network is a must. So for new Canadian entrepreneurs starting out in Alberta, it’s critical they spend time networking and investing in building connections.
“In any business setting, you will go further if you have a strong network," says Ricardo Flores, Entrepreneur Strategist at ATB. “As a new Canadian, you’re new to the country and need to build up your connections. Oftentimes, opportunities arise because you know somebody.”
How much time should you spend networking? Ivan Misner, who founded the world’s largest business networking organization, known as BNI, says you should try to dedicate 6.5 hours a week to growing your connections. Flores adds that it’s not always about quantity of time spent or connections made, but rather, it’s about the quality. “One good connection can be worth its weight in gold,” he says.
“When it comes to networking, there are many different avenues that you can take. New Canadian entrepreneurs have to be smart with how they spend their time because time is limited. So, for any event, be sure to do enough research to understand who is likely to attend and then you can set a target for who you want to meet and the number of connections you want to make,” Flores recommends.
Here are 5 ways for new Canadian entrepreneurs to grow connections in Alberta:
If you are looking for advice on how to grow your professional network as a new Canadian, our ATB Entrepreneur Strategists would be more than happy to connect you with fellow entrepreneurs, industry partners and other helpful resources to help you grow.
We’ll take you step-by-step through everything you need to know when starting a business in Alberta.