The Best Areas for Startups in Canada: Where and How to Build a Profitable Business
Startups keep improving their business models and are highly innovative. Their flexibility allows them to adapt do changes in the market, as well as to new technologies. Startup-friendly cities are usually cities that have decent flight connections if a face-to-face meeting with investors or customers is needed.
Canada offers some fantastic cities for starting a business, thanks to its community leaders and entrepreneurs who are ready to take on risks and collaborate. There are many different industries and fields in Canada that are great for launching startups, like eCommerce, food, cybersecurity, online casinos in Canada like casinosworld.ca, and so on.
Canada can be a great place to start a business thanks to its natural resources, its well-educated workforce, the fact that it welcomes workers from all over the globe and that its technology scene is on the rise. Canada has a number of renowned technology institutions and universities, and its cities are often placed on lists as one of the best places to live in the world.
Today, we will look at what are the best areas for startups in Canada, and we’ll go through how to start a business in Canada step by step.
A big chunk of the population of Toronto is of foreign original, making it one of the most multicultural cities in the world. This makes the city a great location for businesses to interact with an international marketplace. Toronto is the largest city in Canada, and it also is the country’s financial, industrial, commercial, and tech hub.
Toronto also has a huge pool of tech-focused and creative engineering students coming from numerous universities. Many famous companies like FreshBooks, Wattpad, KIK, 500px, and Shopify, all are located in Toronto.
Toronto is also an alluring choice for entrepreneurs that are looking for assistance in research and development. Research and development in this city have a significantly lower cost than it does in other cities like Boston, New York, or Silicon Valley. The Canadian government offers assistance by providing refunds on research and development investments.
Vancouver is a rainy city located on the west coast with amazing natural scenery and a very vibrant culture. This well-connected international city is home to some world-famous startups like slack and Hootsuite. Vancouver is close to business centers like Silicon Valley and Seattle, which enables a constant flow of talented people between the cities.
According to the Economist, Vancouver is one of the best places to live in the world. Placed between the Pacific Ocean and the mountains, this city offers amazing views of places like the North Shore mountains, False Creek, and downtown Vancouver.
Although oil and the energy sector in general play a huge role in this city’s economy, this city is evolving quickly, so this leaves plenty of space for starting a business. Besides oil, Edmonton is also a leader in Canada for some other industries as well, like digital media and biotechnology. This city is a great place for entrepreneurs and startups to thrive.
Edmonton constantly contributes with talented employees on the job market, thanks to its high number of post-secondary schools. TEC Edmonton and Startup Edmonton are startup incubators which drive a strong innovation culture and continuously help the city’s business community go forward.
If you’re looking for places in Alberta, you also might want to check out Calgary, which has a very entrepreneurial and established business landscape.
A report by Compass detailed many of the advantages or starting a business in Waterloo, including factors like funding, performance, growth, and so on. The report says that this city, with a population of only half a million, ranks #25 in the Global Startup Ecosystem Ranking 2015. Waterloo also has a community where the local government supports startups in the area, while the local startups back each other. The University of Waterloo located in this city has a very highly respected engineering program, and a large number of undergraduate students. Many businesses rely on this University for acquiring new employees.
Montreal is one of the best cities in Canada for starting a business, thanks to the fact that it has one of Canada’s largest economies. Montreal has a great community which can be contributed to incubators and non-profits like Notman House and Montreal NewTech, as well as startup events like Startup Fest. One of the biggest perks of starting up in Montreal is that the cost of living is really low, which allows the startups located there to keep their costs low and not worry about the cost of living. Montreal’s technical institutes and universities also help build its reputation as a great city for startups.
Even though every entrepreneur and startups have different priorities and needs, the above-mentioned cities are great places if you’re looking to start a business in Canada.
To start a business, you will first need to make sure that you have assessed your business readiness and that you are, in fact, ready to start your own company.
Come up with a good business idea, and make sure you prepare a business plan. Watch current trends, study your skills, and test the idea before investing money into it. Through the business plan, you will be able to thoroughly examine the market, the industry for your business, as well as the products. A business plan will also provide you with something to present to lenders and investors.
Choose a name for your business which will be memorable, simple, and interesting.
In Canada, there are three basic forms of business ownership: a corporation, partnership, and sole proprietors. Within these three, there are several more options. Decide which form of business ownership is suitable for your business.
Then, it’s time to think about financing. Even though there are some business owners which decide to invest their own money, many others consider options like government grants and debt financing. Choose which form of financing fits you.
Finally, it’s time to register your business in the selected territory/province and start working!