Starting a small business in Markham, Ontario
Markham, Ontario has been ranked as one of the top places in Canada for small businesses due to several factors. It is a highly diverse community, with a growing population and a thriving economy. Markham is home to several large international corporations, as well as many small businesses and startups. The city has a strong infrastructure to support small business growth, with access to funding and resources.
Markham also has a highly educated and skilled workforce, with a strong emphasis on STEM (Science, Technology, Engineering, and Mathematics) education. This means that businesses in these fields can benefit from a pool of highly skilled talent. Additionally, Markham has a highly connected and active business community, with many networking events and resources available for small business owners.
Overall, Markham offers a supportive and dynamic environment for small businesses, making it an attractive location for entrepreneurs and startups.
Want to speak with a small business expert in Markham, Ontario – call 1-800-288-9691
How to start a small business in Markham, Ontario
Here are some steps to start your small business in Markham:
1. Develop a business plan: Create a detailed business plan that includes your business goals, target audience, marketing strategies, financial projections, and other crucial aspects.
2. Register your business: Register your business with the province of Ontario and obtain necessary licenses and permits. Decide on a legal structure for your business, such as a sole proprietorship, partnership, or corporation.
3. Determine your financing needs: Depending on your business idea, you may need financing to start and grow your business. Explore funding options, such as small business loans, grants, or crowdfunding.
4. Select a location: Choose a strategic location that is accessible to your target audience and fits your business needs. Conduct research on zoning regulations, rental costs, and other factors.
5. Build your brand and online presence: Establish a brand identity for your business and create an online presence through a website and social media channels.
6. Hire the right team: Hire professionals to help you with legal, accounting, or other aspects of your business. Consider hiring employees, contractors, or interns as your business grows.
7. Launch your business: Execute your business plan, advertise your products or services, and start building relationships with customers, suppliers, and business partners.
Starting a small business in Markham requires careful planning, hard work, and dedication. However, with its supportive business environment and ample opportunities, it can be a rewarding and fulfilling experience for entrepreneurs.
Create a formal business plan for your small business in Markham, Ontario using the Business Plan Builder Tool.
Cost of starting a business in Markham, Ontario
The cost of starting a business in Markham varies depending on the type of business you want to start and several other factors. Here are some of the potential costs:
1. Registration fees: You will need to register your business with the province of Ontario, and this will cost you anywhere between $60 to $360.
2. Licenses and permits: Depending on your business type, you may need to obtain various licenses and permits, such as a business license, zoning permit, health and safety permits, etc. These can cost anywhere from $50 to $1000.
3. Legal fees: You may need to hire a lawyer to help you with various legal aspects of your business, such as incorporating your business or drafting contracts. Legal fees vary, but you can expect to pay several thousand dollars.
4. Business location: The cost of renting or buying a business location in Markham varies depending on the size, location, and type of property. You can expect to pay anywhere from $500 to $5000 per month for rent.
5. Equipment and supplies: The cost of equipment and supplies depends on the type of business you want to start. For example, if you are starting a restaurant, you will need to purchase kitchen equipment, tables, chairs, and other supplies. These can cost thousands of dollars.
6. Marketing and advertising: You will need to invest in marketing and advertising to promote your business. This can include creating a website, social media marketing, printing business cards, and flyers. These costs vary, but you can expect to pay anywhere from a few hundred dollars to several thousand dollars.
In conclusion, the cost of starting a business in Markham can range from a few thousand dollars to several hundred thousand dollars, depending on the type of business and various other factors. It’s essential to create a detailed business plan and take the time to research and budget for all essential expenses before starting your business.
Did you know that most startup costs you may have could be covered via government funding? Consider using the Funding Database to find all government grants, government loans, and funding options available in Markham, Ontario for your small business.
Popular small business ideas in Markham, Ontario
Some popular businesses to start in Markham include:
1. IT Services: Markham is home to many IT companies, and starting an IT services business is a popular option. This can include software development, web design, cybersecurity, and more.
2. Food and Beverage: Markham has a diverse population, and starting a restaurant, cafe, or catering business is a popular choice. You can also consider opening a specialty food store, such as a bakery or cheese shop.
3. Health and Wellness: There is a growing demand for health and wellness services in Markham. You can consider starting a gym, yoga studio, spa, or wellness center.
4. Retail: Markham has many shopping centers and retail stores. You can consider starting a clothing boutique, gift shop, or specialty store.
5. Professional Services: Markham is home to many businesses, and starting a professional services business such as accounting, consulting, or legal services can be a profitable option.
6. Education and Tutoring: Many families in Markham are willing to invest in their children’s education. Starting a tutoring or educational services business is a popular option.
Need funding for your small business?
In conclusion, there are many opportunities to start a successful business in Markham. It’s essential to identify a gap in the market, create a solid business plan, and budget for all essential expenses to increase your chances of success.
How to apply for government funding in Markham, Ontario
When it comes to government funding, small business owners in Markham can explore the following options:
1. Canada Small Business Financing Program: This program helps small businesses access loans to purchase equipment, renovate or expand their business, or acquire new technologies. The government guarantees up to 85% of the loan, which makes it easier for businesses to qualify for loans from financial institutions like banks and credit unions.
2. Ontario Business Grants: The Ontario government offers several grants for small businesses, including the Ontario Small Business Support Grant, the Ontario Exporters Fund, and the Northern Ontario Heritage Fund Corporation. These grants can help fund business growth, research and development, export activities, and more.
3. Regional Programs: The City of Markham and the York Region offer several programs and resources to support local businesses. For instance, the York Small Business Enterprise Centre provides entrepreneurs with training, resources, and advice on starting and growing a business in the region.
4. Federal Programs: The federal government offers several programs to support small businesses, including the Canada Emergency Business Account, the Canada Emergency Wage Subsidy, and the Canada Emergency Rent Subsidy. These programs were introduced to help businesses cope with the economic impact of the COVID-19 pandemic.
Small businesses can consult with a business advisor at the Enterprise York Small Business Enterprise Centre to evaluate their funding options and develop a funding strategy that aligns with their business goals.
It can be overwhelming to do it all on your own, so many steps so little time. Be sure to work with an expert who can help you with your business plan, through the funding search and somebody who knows Markham, Ontario inside and out!
