In Canada, start-up opportunities abound, whether you are an immigrant, resident, or Canadian citizen. Many start-ups focus on artisan and organic foods, brickwork and masonry, senior care, grocery home delivery, and other areas.
Business Opportunities for Entrepreneurs and Start-up Businesses
The market for gluten-free foods is growing in Canada, and even fast food chains began to diversify their menus and food choices. A growing number of small businesses also offer gluten-free products such as sandwiches, soups, bread, pizzas, and desserts. A grocery home delivery business is another option to look into, and there are different ways to go about it. One is to deliver meal kits or restaurant meals and cater to different categories of people, i.e. employees, retirees in senior housing, etc. Another option is to advertise your business online and offer customers the option to create shopping lists. A third idea is to start a business that caters to the needs of the elderly. In fact, there are plenty of franchise opportunities to look into, for example, a franchise specializing in asset liquidation, downsizing, relocation, and other services. Other ideas for your start-up business include starting a housekeeping company or a security company, mobile pet grooming, offering self-storage units, and many others.
Assistance and Financing under Different Programs
There are different government programs that help entrepreneurs and start-up businesses, including coaching and mentorship programs. Business plan writing workshops, marketing workshops, and accounting and budgeting seminars are also offered. The Canadian Youth Business Foundation also offers support and mentoring to start a successful business. Public funds are available in the form of financial assistance, grants, and contributions, and there are different programs to look into. Examples include the Alberta Media Fund, Agriculture Development Fund, Accessible Technology Program, and many others. Programs and incentives vary depending on the amount required and the purpose of financing, i.e. whether it is training employees, increasing efficiency or productivity, buying machinery or equipment, minimizing pollution, etc. Other forms of financing include wage subsidies, tax credits and refunds, cash advances and loan guarantees, and equity investments. Loan guarantees, for instance, help new businesses gain access to affordable financing. There are different programs to consider, including the Community Futures Program, Buyer Financing, Entrepreneur Loan Program, and others.
Loans by Banks, Credit Unions, and Other Private Loan Providers
Credit unions, caisses populaires, banks, and finance companies offer equipment lines of credit, small business loans, credit cards, and other financial solutions. Big banks in Canada offer the full array of financing options such as term, start-up, mid-term, and short-term loans as well as commercial mortgages and operating loans. Operating lines of credit are also available to help businesses increase their cash flow. Term loans with variable and fixed rates allow customers to invest in business equipment or renovate or buy capital assets or property. Many financial institutions feature term loans with lower than average variable rates. Another option is to apply for equipment leasing and financing. There are different financial solutions to consider, including third-party agreements, sale and leasebacks, conditional sales contracts, leases, and leasing lines of credits. The goal is to help businesses grow and expand and help them improve their cash flow. Asset based lending is also offered in different forms, including commercial mortgages, letters of credit, and equipment lines of credit. Some financial institutions also feature revolving lines of credit. Collateral is required in the form of real estate, equipment or machinery, inventory, accounts receivable, or another asset of value. A business credit card is yet another option to pay for day-to-day and operating expenses such as supplies, payroll, upgrades, and so on.