Of all the places to start a businessin 2013, Toronto is without doubt one of the best. Unlike its neighbor to the south, Canada’s economy has remained rock solid. The first few years of a fledgling business is typically the toughest but with the support and resources available to them, individuals launching their own company in Toronto have a higher than average chance of success.
Where to Start
The 2012 census put Toronto’s population at more than 2.6 million, making it the largest city in Canada. With all those potential customers out there the opportunities to grow your business are limitless. Whether you’re starting up a restaurant, a yoga studio, a printing shop or some other type of business, Enterprise Toronto, a city-run public-private alliance, is available to support entrepreneurs. Some of the small business 2013 forum discussions aimed at helping new businesses thrive focus on:
• Developing a business plan
• How to do business with the government
• Networking for Christian women business owners
• Sales training
• Small business opportunities for youth
• Tax information
On June 11, Enterprise Toronto and Constant Contact are scheduled to present a seminar on how to drive new business opportunities through online and social marketing. Topics will include brand awareness, online campaigns and using Pinterest, Google and LinkedIn as sales tools.
Business-to-Business Communications
If you’re a new business owner, or considering becoming one, you’re sure to notice that good information and clear lines of communication are critical in making informed decisions. Trade publications such asPrintCAN rapidly disseminate news of the printing industry, including what companies were bought out, which ones filed for bankruptcy and the latest printing trends. New businesses can learn from established organizations and embrace tips and techniques to maximize profits and increase their customer base.
One example of these techniques is through the use of social media as an effective marketing and communications tool. Vistaprint, a large company with locations in the United States as well as Canada, uses Facebook and Twitter to reach out to existing and potential customers. That’s one option available to you as a business owner, if you choose to incorporate that in your marketing strategy. It’s entirely optional, but many businesses supplementing their website with social media report higher sales figures, greater revenue and a positive public image.
A Favorable Business Climate
Toronto has a highly diversified economy and a low net debt-to-GDP ratio, which results in lower business taxes. Globally this city ranks fifth on tax competitiveness, which includes statutory labor costs and corporate income tax paid. One of the reasons why Toronto is so pro-business is because of its Better Buildings Partnership and funding for new enterprise. Another reason is the city’s Ontario Centre for Excellence, which provides more funding for entrepreneurs looking to expand.
Municipal leaders take seriously the slogan “Enhancing Toronto’s Business Climate – It’s Everybody’s Business,” and in 2007 the City Council approved a status report highlighting initiatives to encourage economic development. Among those initiatives are property tax relief for small and medium-sized neighborhood retail properties and hotel and industrial developments. This level of cooperation spells a win-win situation for Toronto’s business owners.
Also, Toronto is home to some of the world’s top conferences and seminars for small businesses. If you need to learn more on how to successfully run a business if you want to network with other business owners, you simply cannot beat Toronto.
Business Boosters
If you need mentoring and guidance in your new business venture, you’re not alone. There are local volunteers from the business community willing to give of their time and advice. Other sources are:
• Centre for Social Innovation
• Toronto Business Development
• Toronto Fashion Incubator
• Toronto Food Business Incubator
Financial backing for Toronto businesses can even come from other sources outside Canada. The C100 is a nonprofit group of Canadians working in Silicon Valley and using their experience to help their business counterparts back home. C100’s membership includes executives from eBay, Microsoft, Google and Oracle.
In the U.S. more than half of all new businesses fail in the first five years, but Toronto doesn’t have that problem. Starting a business in Canada is easier and simpler than in many other locations, and with the roadblocks removed it’s no wonder so many new companies flock to Toronto. With so much support and financial backing at your fingertips, there’s no reason not to take the plunge.
Featured images:
- License: Image author owned
Janea Jackson is a Canadian business and technology blogger.