04 Nov My Experience Doing Business in Canada vs. Third World Countries
Considering my young age (I’m 25), I’m very lucky to have had the opportunity to do—and watch my father do—business in a few different countries. Continents, actually.
We have done business in Iran, countries in West Africa, Central America and in Canada. Doing business in different countries, with different systems and mentalities, brings a lot of joy and experience.
I’d like to share some of the differences, perks and cons of making money in a country like Canada vs. making money in countries like Iran and Togo. I will also explain which is my favourite and why.
Doing business in Canada:
- High financial risk
- Very expensive in terms of start up funds, rent, and all other overheads
- Extremely competitive (especially Toronto)
- Takes much longer to succeed
- High wages
- High taxes
- High labour costs for the business owner
- Always at risk of other big companies taking over the industry
- Happier employees
- Contributing to the well being of the society because of those high taxes
- Healthier life in terms of pollution, water, etc…
- Quality of life
- Reliable contractors
- Government guaranteed loans
Doing business in 3rd world countries:
- Unhappy employees
- No safety
- Dealing with a broken society
- In danger of all sorts of diseases
- Low quality of life
- No insurance
- Unreliable contractors
- No loans, all cash
- Low risk for your money
- Cheap to start up
- Low wages
- Quick success
- Friendlier people
- Low taxes
- Less labour as a business owner (or none)
- More opportunity for growth
These are very common areas of pros and cons that any entrepreneur who has done it both ways will tell you. So if you’re considering doing business overseas, I hope I’ve been able to give you a general idea of what it’s actually like.
Now, for my personal opinion
I prefer doing business in Canada for many reasons: I grew up in Toronto and I feel the personal need to give back to this beautiful city. Being an employee or an employer is a service to this country that I’d love to give.
Paying taxes does hurt, but not when you think of the services we receive, like the public schools we went to, the beautiful healthcare system that we have, the angels that plow the snow off the roads overnight.
I also enjoy the fact that wages here are a lot fairer than other countries that I mentioned. Yes, still a work in progress since Toronto is an expensive city to live in, but trust me, take a trip to Togo and you’ll know what I mean. You start appreciating what it’s like to be able to pay rent and put food on the table by working 40 hours a week.
Also, the quality of life is a big factor for me. The respect that we have for each other, the clean air, the lovely cafes and the safety (I know it’s going downhill a bit but still 50x better).
What does that mean at NOBO?
Here at NOBO, we honour the Canadian values and the Canadian way of doing business. I love coming into the office space, making coffee and thinking about the impact we have on our beautiful country.
If you’d like to be a part of it, if you’d like to join me in a conversation about this topic, book a tour and let’s do it. Or, if you’d like to come have a coffee and just talk business, I welcome that too.