Is Vancouver a good place to start a business?

Starting a business is a very risky decision. You have about a 50/50 chance to either fail or to succussed. Aside from business plans, ideas, and workforce, location often plays a huge role in business success. Canada as a whole country is an excellent place to start a business. You are now probably wondering where you should move with relocation companies Canada offers and start your business. Well, one good option would be Vancouver. It has a strong and diverse economy, a highly skilled workforce, good infrastructure, and a supportive business community. Vancouver also has a reputation for being a progressive and innovative city, with a thriving tech sector and a growing number of startups. However, like any city or region, there are also challenges to consider. Therefore, the answer to the question is Vancouver a good place to start a business is not so simple.

Is Vancouver a good place to start a business?

There are a lot of things to know about Vancouver. First, the city is located in British Columbia and it’s the most populous city in this area with a population of about 660 000. It is certainly a better option to start your business in a big city such as Vancouver where you have almost limitless resources and future clients. Moving to Vancouver, or anywhere else in Canada, is not as challenging as one may imagine. There are many great relocation services Canada movers offer to help you with your relocation. Vancouver is a bustling city due to a variety of characteristics, including its diverse population and thriving economy. The reasons to open your business in Vancouver are the following:

• Strong economy
• Education
• Proximity to major business centers
• Financial initiatives
• Human resources
• Quality of life

Vancouver is one of the best cities for business in Canada

Economy of Vancouver

Before you start a business in a certain city, you need first to research about economy and business scene. Some businesses have better success in certain cities than others. The most successful businesses in Vancouver are the tech industry, film, construction, import/export, etc. Vancouver is striving to become the greenest city in the world, so don’t be surprised to see the verb green in many industries. For this reason, the economy of Vancouver can be also described as a green economy which means financial development without endangering nature. However, Vancouver has one of the most dynamic economies in Canada. The biggest reason for this claim is the Port of Vancouver which is an official gateway to the Pacific Rim. But the biggest industries in Vancouver currently are forestry and tourism. Therefore, if your business is linked with one of these, you should be moving from Edmonton to Vancouver.

Proximity to other major business centers

While Vancouver is one of the major centers in Canada and it lacks almost nothing, it is still nice to be close to other major business centers. For example, the most notable major business centers close to Vancouver are Silicon Valley and Seattle. The distance between Seattle and Vancouver is around 230km while between Seattle and Ottawa is close to 4500km. So, this could be a good reason for moving from Ottawa to Vancouver among many others. Due to its strategic location on Canada’s west coast, British Columbia and Vancouver serve as commercial hubs for both North America and the Asia-Pacific area. Thanks to different agreements and partnerships, businesses with operations in British Columbia have duty-free access to the largest markets in Asia, North America, and Europe. Moving your business to Vancouver is one step closer to the global market.

Vancouver is close to other financial and business centers such as Seattle

Skilled workers are one of the reasons why is Vancouver a good place to start a business

You probably won’t open a business where you do all the work. At first, you will hire a couple of employees to help you grow your business. As your business becomes more successful, you will need more people to hire. However, the business can’t grow without skilled workers. Most young professionals are living in bigger cities as they try to find a job after college. Only a small number of young professionals return to their homes and live there. Therefore, you will find much easier skilled professionals in a big city such as Vancouver for your business. Additionally, if you are not a huge fan of large cities, then Vancouver is the right city for you. While Vancouver is a big city, it’s still smaller than Montreal which has a population of almost 2 million. Therefore, moving from Montreal to Vancouver could be a good decision for you.

Quality of life

While your main focus will probably be your business at the beginning, you still need to live. Vancouver has one of the best living standards in Canada and rarely any city can compare to it. The main problem is the living costs. Vancouver is a very expensive city for living in and has similar living expenses as Toronto. Both cities have the highest living costs in Canada which are expected from cities their size and reputation. However, living styles in Toronto and Vancouver are completely different. For example, Toronto is a typical metropolis in that it feels like a concrete jungle. While there are many wonderful natural areas in and around Toronto, Vancouver is on a completely different level. It’s not unexpected that many people are moving from Toronto to Vancouver because of the clean air, the coast, the mountains, and the easy access to world-class hiking, kayaking, and snowboarding.

Financial initiatives

One of the reasons to consider Vancouver a good place to start a business is financial initiatives. By some calculations, there are around 78 000 small businesses in Vancouver. The city has many programs and initiatives to help small business owners to open and manage their businesses. Additionally, Canada as the country has many great business grants and financing options for different types of businesses. Currently, the most popular businesses in Vancouver are startups. Vancouver holds the 15th best city in the world to start a tech company. Additionally, the city has one of the fastest-growing software businesses in the world. The largest gaming developers in the world now call Vancouver home. Students are graduating from Vancouver schools with general specializations in 3-D graphics, game creation, and programming.

Consider Vancouver a good place to start a business if you want to open a software company

Is Vancouver a good place to start a business for its diverse population?

Vancouver might be the most ethnically and linguistically diverse city in Canada. Almost half of the population is not native English speakers. Additionally, almost 50% of native English speakers are not either French or English descendants. Now, you are probably wondering what this has to do with your business and its success. Well, while English is the most commonly spoken language, not all people know it. If you are going to work with foreign business partners, it will be more convenient if you communicate with them in their native language. For example, China is one of the largest markets on the planet, so it would be great for your business if one of your employees knows Chinese. Also, people from different cultures think differently. So, someone might come up with an innovative idea that will launch your business to stardom.

How to open a business in Canada?

Owning and operating your own business may be a thrilling and fulfilling career. As you create something valuable for yourself, your family, and your community, you also have the opportunity to be your own boss. Yet, launching a business is not simple. Almost 40% of newly established companies with one to four employees fail to survive until their fifth birthday. You will need to put in a lot of effort, be well-organized, and be inventive all the time to overcome those odds. Make sure your business idea has the potential for success before you start spending money. There are many competitors in the world. Researching your idea in advance will pay you greatly in the long run. Therefore, when you are starting your business, you should do the following steps:

• Market research
• Business structure
• Business name
• Location
• Plan
• Finances
• Employees

Opening a business is a huge investment and planning

It’s important to research the market before you open your business

You should conduct preliminary market research to pinpoint your target market and comprehend their wants and preferences in order to locate a lucrative business. Also, you should familiarize yourself with the opposition and identify market gaps that your business may fill. Your objective is to identify the ideal product-market fit. For example, Vancouver has one of the most lucrative software markets in the world. So, you can consider Vancouver a good place to start a business if you are working in the tech industry. However, opening a business in the same field as a thousand other people will be challenging. So, before looking for cross Canada moving solutions, you must come up with an idea that is different than others and have the potential to attract future clients and investors. For this reason, it’s a good option to connect with a mentor with great business experience and knowledge of the current job market.

Business structure

Decide on a structure for your new business in the following step. There are three popular business structure options in Canada, each with advantages and disadvantages. The first one is a sole proprietorship which is the most frequent business structure chosen by beginning entrepreneurs because it is informal and simple to set up. With this structure, the operator and the company are treated equally by the law and the tax authorities. The drawback is that the owner is personally responsible for all business operations and obligations. The next is a partnership which is like a sole proprietorship, just that you now divide everything between two partners. The last one is a corporation. When a company is incorporated, ownership shares are created, resulting in a tax and legal separation between the company and its shareholders. This has tax benefits for the owners, offers some liability protection from the corporation’s obligations, etc.

There are different types of business structures in Canada

How to choose a company name?

It’s important to take this step seriously while choosing a name for your company. In fact, you might find that it’s harder than you thought. Your name needs to be correct, memorable, and most importantly, readily available. Choose your name carefully because it frequently shapes people’s first impressions of your business. The name cannot, according to the law, be the same as or substantially similar to an already-used company name or brand. So, it’s crucial to carefully research already-existing business names before choosing one. The majority of businesses must register their company name with the government. But, if a sole proprietorship works under your own legal name and personal bank account, you often do not need to register it. Nowadays, there are so many companies’ names that it feels like everything is already taken. But with a little imagination and creativity, you will soon come up with something new.

How to finance your business?

Money is the main problem in opening a business. While many business owners initially fund entirely with their own funds, the most expanding enterprises eventually seek outside funding. You can also get financial help in two forms such as debt and equity. Debt financing entails borrowing money from a third party that must be repaid. Personal loans and loans from financial institutions both fall under this category of funding. When you borrow money, you must pay interest on it and pay it back in regular installments, which are typically monthly. Equity financing describes investments made in exchange for shares in your company’s ownership. Even though it’s not required to be paid back, an equity investor will probably want to be part of the decision-making process. Also, if you opt for a long distance moving, that will require some financing as welll.

The most challenging part of opening a business is financing it.

Choose your location carefully

Starting a business is very challenging but rewarding. Some businesses depend on the location for their success while others such as tech ones don’t. However, you should still choose a city that has a strong economy and space to open and grow your business. For this reason, you can consider Vancouver a good place to start a business.

References:

https://teleport.org/cities/vancouver/

Living in Vancouver

https://vancouver.ca/files/cov/1-5-economic-structure-gdp-of-metro-vancouver.pdf