How to open a successful small business in Toronto?

Canada Standard
12 Jun 2019, 05:30 GMT+10

To be considered a small business in Canada, it's enough to hire yourself. An entrepreneur may engage in trade or provide services to the public. But not everything is so simple.

Social status

To register an enterprise, hire other people, you need to prove your project importance to society. If the market is oversaturated with specialists of such a profile or level, you can refuse. For example, in Toronto, there is a surplus of doctors, dentists, nurses, lawyers.

State assistance

Canadian authorities have established a favorable regime for small business development. It includes:

- Developed a credit system

- Preferential taxation.

Official statistics

Small business is an integral part of the Canadian economy and plays an important role in it. Currently, 2.4 million small businesses operate in Canada, producing about 50% of private sector output. Most companies are with up to 5 employees. At the same time, it is in about 80% of all jobs in Canada open in such companies.

Favorable areas for small business development

The majority of Canadian small enterprises are employed in: agriculture (13%), professional services (11%), and wholesale and retail trade (11%). At the same time, the service sector is developing most dynamically.

Of the total Canadian small enterprises, 54.7% are owned by men, 14.9% are owned by women; 8% - owned by young entrepreneurs (18-34 years). While young people make up 14% of the entire workforce, this is not the limit. The youth is more fully represented in the new high-tech areas.

An example of a successful small business in Toronto

The company for the repair of complex household appliances Care & Repair provides services at home. The brand has already proven itself through accurate diagnosis and quick replacement of worn parts. The company's specialists work with 30 brands of equipment. Urgent repairs can be obtained immediately on the day of treatment. The unique offer is payment for services only after successful repair and completely free diagnostics!

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