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Toronto is an excellent place to start a business. The biggest and fastest-growing city in Canada, Toronto has a vast and varied demographic of people who demand many different products and services.
The city is also known for its world-class schools, colleges, universities, and training institutes, giving any business a large talent pool to draw from.
The sprawling city also has a healthy economy. For example, it creates more tech jobs than Silicon Valley, New York, and the Bay Area. Toronto businesses also have plenty of support and incentives from the government.
Additionally, there’s a direct flight from Pearson International Airport to business hubs such as Vancouver, San Francisco, London, or New York. With so much potential for your business to prosper in Toronto, it’s a good idea for you to take the following steps:
Be Thorough in your Market Research
With so many opportunities in Toronto, it’s a good idea to find your niche. Study current market trends to check what products and services are in demand and identify your potential clients. Conduct surveys and opinion polls to check if there’s enough demand to sustain your business.
Hire a Good Small Business Accountant
You should partner with a Toronto accountant for small business that can provide you support in the accounting and taxation fields. The right team will do the heavy lifting, so you don’t have to worry about keeping track of your earnings, expenses, payroll, etc.
They should also help you with small business registration in Ontario and business licenses so you can hit the ground running. A reputable firm may also offer consulting services for small businesses so you can develop the right strategy.
Pick a Suitable Structure
You should check the government’s website to decide if you want to start a sole proprietorship, partnership, or corporation. Each structure has its share of benefits, so choose wisely.
Develop the Right Roadmap
You need the right business plan that leverages your market research to find a way to your goals. You must also identify your strengths and weaknesses to stay prepared. A solid business plan can also help you secure funding. In Toronto, there are several financing options:
- Traditional Lenders: A big bank will examine your assets, personal credit score, business plan, experience, expertise, and more before approving a long-term loan. Please note that it takes a bank several months to support such a loan.
- Online Lenders: Although a reputable online lender may not provide enough funds to start a business, they'll undoubtedly offer short-term loans. An unconventional lender is a good option in case you need a bridge loan to meet operational costs while waiting for an installment.
- Angel Investors: If you have an exciting business plan, you may attract funding from an angel investor. Of course, such an investor usually requires equity in your business.
- Venture Capitalist: There are a few venture capitalist companies in the city that specialize in investing in small companies with potential.
There’s plenty you need to do before you’re ready to start a business in Toronto. Partner with the right professionals and be proactive to give yourself the best chance to launch a successful company.