Frequently Asked Questions About the Business Idea Selection Service
We came across many potential business immigration applicants who knew they wanted to migrate to Canada and knew how much they could invest. However, they knew very little about the Canadian market or, often, the selection criteria of eligible immigration programs. This service was created to address that struggle precisely.
We recently hosted a highly successful webinar on the top questions asked by our partners, and we were thrilled by the amount of interest in this service. In general, we’ve seen this business idea selection service growing in popularity, especially as immigration processing in Canada begins to pick back up.
Here are some of the most asked questions about our service to provide a deeper understanding so you know if the service is right for you or, if you are an immigration consultant or lawyer, your applicants.
What is the Business Idea Selection service?
This is a service meant for hopeful business immigrants in Canada who want to start a new business, know what immigration path they want to apply under and what investment amount they have to work with, but do not know what business they want to start.
How does the Business Idea Selection service work?
In order to come up with the best ideas for the candidate, we follow a 5-step process. This is a brief description of each step. More detailed information is provided in the questions and answers below.
Step 1 – Gathering Information – In addition to the applicant’s resume, we provide a thorough questionnaire to gather further information to fully understand the applicant’s background, interests, business immigration path, and investment amount.
Step 2 – Brainstorming Session – We prepare a long list of roughly 15-20 business ideas based on the initial information provided and meet with the applicant to narrow this list down to about 5 ideas.
Step 3 – Research & Evaluation – We conduct market research and thoroughly evaluate the top five ideas to determine the best 1-2 ideas.
Step 4 – Business Idea Selection Report – We prepare and provide a written report with our top recommendations, including the data that led us to those decisions.
Step 5 – Decision – The client makes the final decision of which business idea to pursue.
How do you narrow the long list (15-20 ideas) to the short list (~5 ideas)?
There are four main criteria used to narrow the long list. This includes the level of investment required, alignment to the business immigration program criteria, the applicant’s interest in the specific idea, and the risk/complexity of the business.
How do you narrow the short list (~5 ideas) to the final recommendations (1-2 ideas)?
The short-listed ideas are compared via a quantified evaluation matrix. Based on information from paid, trusted market research data sources like Ibis World, each industry is analyzed according to the following criteria which are weighted appropriately to result in a comparable score for each:
- annual growth (previous 5 years)
- projected annual growth (upcoming 5 years)
- impact on jobs
- competition level
- capital intensity
- technology change
- regulation level
- barriers to entry
What is included in the final Business Idea Selection Report?
The final report will cover in detail the selection process, including an Excel attachment of all selection and scoring criteria. It then presents detailed market information for the top ideas, including recommendations for locations in which to open the business, to facilitate the applicant making their decision.
Do you offer the Business Idea Selection service for all business immigration programs?
No. This service is only offered for the Provincial Nominee Program and LMIA Owner Operator program.
Do you choose the business idea for the applicant?
No. As the applicant is responsible for developing and running the business, the final decision must be made by them. We merely offer suggestions based on the applicant’s interest, background, market research, and an evaluation of the program for business types that are most likely to succeed.
Do you recommend existing businesses to purchase or franchise opportunities?
We only recommend new businesses to start. If the applicant is interested in purchasing an existing business or opening a franchise, they should work with a business broker.
How much does the Idea Selection service cost?
The price for this service is $3,500 CAD
If you or your client are in need of the Business Idea Selection Service, please reach out once the business immigration program is chosen, the investment amount is established, and an updated resume is prepared. Please also feel free to contact us if you have additional questions about this program or any other Joorney service.
Disclaimer: Joorney Business Plans Canada is not an immigration consultant, lawyer or advisor and cannot be held responsible for damages incurred from the use of information in this article. If you require more information about a program, please contact a registered immigration professional.