Starting a small business in Pembroke, Ontario
Pembroke, Ontario is a small but growing community located in Renfrew County, about 150 km northwest of Ottawa. The city has a population of approximately 14,000 people and is known for its strong sense of community, beautiful natural surroundings, and growing economy.
One of the main advantages of Pembroke for small businesses is the low cost of living and doing business in the city. The cost of renting commercial properties, buying land, or living in Pembroke is considerably lower than in larger cities such as Ottawa or Toronto, making it an attractive location for entrepreneurs looking to start a business.
Pembroke also has a thriving tourism industry, thanks in part to its location on the Ottawa River and its close proximities to numerous provincial parks and hiking trails. This presents opportunities for businesses in the hospitality, food and beverage, and outdoor recreation sectors.
Additionally, Pembroke is home to a number of successful small businesses, including boutique stores, artisanal bakeries, and independent restaurants. This indicates that there is potential for small businesses to succeed in Pembroke and carve out a niche for themselves.
Overall, Pembroke presents an attractive option for small business owners looking for a community-oriented, affordable location with ample opportunities for growth and success.
Want to speak with a small business expert in Pembroke, Ontario – call 1-800-288-9691
How to start a small business in Pembroke, Ontario
So, if you’re looking to start a small business in Pembroke, here are some steps to get started:
1. Do market research: Before starting any business, it’s important to understand the market you’re entering. Research the local competition and determine the demand for your product or service.
2. Develop a business plan: Once you have a good understanding of the market, develop a business plan that outlines your goals, strategy, and financial projections. This will help you secure financing from banks or investors.
3. Register your business: Register your business and obtain any necessary permits or licenses. Check the local government’s website for more information.
4. Secure funding: Determine how much money you’ll need to start your business and explore funding options such as loans, grants, and crowdfunding.
5. Find a location: Look for a commercial space that matches your budget and needs. Downtown Pembroke has a mix of storefronts and office spaces available for rent.
6. Build a website and create social media accounts: A strong online presence is crucial for any business in today’s digital age. Build a website and create social media accounts to promote your business and engage with customers.
7. Hire employees: As your business grows, you may need to hire employees. Be sure to comply with local labor laws and regulations.
Starting a small business in Pembroke is a great opportunity to be a part of a growing community while keeping startup costs low. With the right research, resources, and strategy, you can build a successful business that serves the community and thrives for years to come.
Create a formal business plan for your small business in Pembroke, Ontario using the Business Plan Builder Tool.
Cost of starting a business in Pembroke, Ontario
The cost of starting a business in Pembroke will vary depending on several factors such as the type of business, location, and size. However, there are some common costs associated with starting any business, including:
1. Business registration and permits: Registering your business and obtaining any necessary licenses or permits can cost anywhere from $100 to $1,000 depending on the type of business and location.
2. Rent: The cost of renting a commercial space in Pembroke will depend on the location and size of the space. A small retail space could cost around $500 per month, while a larger space could cost upwards of $1,500 per month.
3. Equipment and supplies: Depending on the type of business, you may need to purchase equipment and supplies, which can range from a few hundred to tens of thousands of dollars.
4. Marketing and advertising: To promote your business, you’ll need to invest in marketing and advertising. This could include creating a website, creating signage, and purchasing advertisements, which can cost several thousand dollars.
5. Employee salaries and benefits: If you plan to hire employees, you’ll need to factor in their salaries and benefits, which will depend on their position and experience.
Overall, the cost of starting a business in Pembroke can range from a few thousand dollars to tens of thousands of dollars. It’s important to create a detailed business plan and budget and to research all costs associated with starting a business before making any investments.
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 Pembroke, Ontario for your small business.
Popular small business ideas in Pembroke, Ontario
Some popular businesses to start in Pembroke, Ontario include:
1. Hospitality industry: Pembroke is a popular tourist destination, making the hospitality industry a viable option. Starting a hotel, bed and breakfast, or restaurant can be a profitable business.
2. Retail businesses: Retail businesses such as clothing stores, gift shops, and specialty food stores can also do well in Pembroke.
3. Health and wellness businesses: With an emphasis on wellness, starting a gym, yoga studio, or other health-related business can be successful.
4. Real estate: With a growing population, real estate businesses such as property management and real estate sales and rentals can also be lucrative.
5. Service businesses: Pembroke and the surrounding areas have a need for service-based businesses such as plumbing, electrical, and lawn care.
Need funding for your small business?
It’s important to conduct thorough market research to determine the viability of any business idea in Pembroke, and to consult with professionals such as lawyers, accountants, and business consultants before making any major investments.
How to apply for government funding in Pembroke, Ontario
Here are the steps to apply for government funding for your small business in Pembroke, Ontario:
1. Research available funding options: There are several funding options available for small businesses in Ontario, including grants, loans, and tax credits. Research the available options and determine which funding program best fits your business needs.
2. Check your eligibility: Each funding program has specific eligibility criteria that you must meet before applying. Review the eligibility requirements for each program to determine if your business meets the criteria.
3. Prepare a business plan: A well-written business plan is essential when applying for government funding. Your business plan should include details about your business, financial projections, marketing strategies, and how you plan to use the funding.
4. Submit your application: Once you’ve reviewed all of the funding options and determined your eligibility, you can submit your application. Be sure to include all required documentation and ensure your application is complete and accurate.
5. Follow up with the funding agency: After you submit your application, follow up with the funding agency to ensure your application is being reviewed. They may also require additional information or documentation, so be sure to respond promptly to any requests.
6. If approved, use the funds wisely: If your application is approved, use the funds wisely to grow and improve your business. Follow the funding agency’s guidelines and reporting requirements to ensure compliance.
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 Pembroke, Ontario inside and out!