Starting a small business in Peterborough, Ontario
Peterborough, Ontario is a medium-sized city located in central Ontario, Canada. It has a population of just over 82,000 people, with a diverse mix of young professionals, families, and retirees.
In terms of small business potential, Peterborough has a lot to offer. The city is home to various organizations and institutions that support entrepreneurship and business development, including the Peterborough & the Kawarthas Economic Development Office, the Innovation Cluster, and Peterborough Chamber of Commerce. These organizations offer resources such as mentorship, funding opportunities, and networking events to help small businesses grow and succeed in the local community.
The city also has a thriving downtown area with a mix of large and small businesses. Peterborough’s proximity to major urban centers, including the Greater Toronto Area, provides businesses with access to a large consumer market while still enjoying the benefits of small town charm and affordability.
In recent years, there has been a growing interest in Peterborough’s food and beverage industry, with several new restaurants and breweries opening up in the area. Additionally, the city has a strong arts and culture scene, with various festivals and events throughout the year that attract both locals and tourists.
Overall, Peterborough, Ontario offers a supportive and diverse environment for small businesses, with opportunities for growth and success in a variety of industries.
Want to speak with a small business expert in Peterborough, Ontario – call 1-800-288-9691
How to start a small business in Peterborough, Ontario
If you are interested in starting a small business in Peterborough, here are some steps you can take:
1. Research your market: Before you can start a business, you need to know if there is a demand for your product or service in the local market. Research your potential customers, competitors, and industry trends to get a better understanding of the market.
2. Develop a business plan: A business plan will help you map out your goals, target audience, marketing strategies, and financial projections. It also serves as a roadmap to help you stay on track as you launch your business.
3. Register your business: You will need to register your business with the Ontario government and obtain any necessary licenses or permits to operate. Visit ServiceOntario’s website to learn more about registering a business in Ontario.
4. Secure funding: Starting a small business requires some capital, so you may need to secure funding from investors, loans, or grants. The Peterborough & the Kawarthas Economic Development Office can help connect you with funding sources and resources.
5. Choose a location: Consider factors such as foot traffic, accessibility, and rent costs when choosing a location for your business. The Innovation Cluster offers co-working and office space for entrepreneurs, with access to resources and networking opportunities.
6. Build your team: If you need employees, start recruiting and interviewing candidates. The Peterborough Chamber of Commerce offers job posting services and networking events for businesses.
7. Launch and market your business: Once everything is in place, it’s time to launch your business and start marketing it to the community. Take advantage of social media, local advertising, and community events to get the word out about your business.
With the support of the Peterborough community and resources available to entrepreneurs, starting a small business in this vibrant city can be a rewarding and successful venture.
Create a formal business plan for your small business in Peterborough, Ontario using the Business Plan Builder Tool.
Cost of starting a business in Peterborough, Ontario
In terms of costs, it will depend on the type of business you are starting and the specific expenses involved. However, here are some general costs to consider:
1. Registration fees: The cost of registering your business with the Ontario government will be around $60.
2. Licenses and permits: Depending on your industry, you may need to obtain certain licenses and permits to operate your business. The cost of these will vary, but you can get more information from the City of Peterborough’s website.
3. Rent or lease: Rent or leasing costs will depend on the location and size of your business. You may also need to pay a security deposit and other fees upfront.
4. Equipment and supplies: This can include everything from computers and furniture to inventory and packaging materials. Make a list of everything you need and research the costs.
5. Marketing and advertising: You’ll need to invest in marketing and advertising to get the word out about your business. This can include creating a website, social media advertising, print materials, and more.
6. Labor costs: If you plan on hiring employees, you’ll need to factor in the costs of salaries, benefits, and payroll expenses.
It’s essential to create a detailed business plan and budget to help you estimate the costs of starting your business. You can also seek advice from the Peterborough & the Kawarthas Economic Development Office, the Innovation Cluster, and the Peterborough Chamber of Commerce to help you plan and budget effectively.
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 Peterborough, Ontario for your small business.
Popular small business ideas in Peterborough, Ontario
As for popular businesses to start in Peterborough, here are some ideas:
1. Cafe or bakery: With a thriving arts scene and a growing foodie culture, opening a cafe or bakery can be a great way to tap into Peterborough’s vibrant community.
2. Retail store: Whether you want to sell clothing, vintage finds, or unique gifts, starting a retail store in downtown Peterborough can be a great way to connect with shoppers and support local artisans.
3. Professional services: From lawyers and accountants to marketing agencies and web developers, there are plenty of opportunities to start a professional services business in Peterborough.
4. Health and wellness: With a focus on healthy living and outdoor activities, there’s a demand for businesses that provide fitness classes, wellness coaching, and related services.
5. Pet care: As a pet-friendly city, Peterborough is a great place to start a pet grooming, training, or daycare business.
6. Tourism and hospitality: With its scenic lakes and parks, Peterborough attracts a lot of tourists. Starting a hotel, bed and breakfast, or tour company can be a great way to tap into this market.
How to apply for government funding in Peterborough, Ontario
Now, for government funding, here are some potential steps to follow:
1. Research federal and provincial funding programs: There are various government funding programs available for small businesses across Canada. Researching these programs can help you identify potential funding opportunities and eligibility requirements.
2. Contact the Peterborough Economic Development: They are a great resource for small businesses in the area and can provide information on funding programs available in the city.
3. Invest in a business plan: Having a well-written business plan can help you not only secure government funding, but also demonstrate to potential investors and lenders that you have a clear strategy for your business.
4. Connect with other entrepreneurs: Joining local business associations and networking with other entrepreneurs in the Peterborough area can help you stay informed about potential funding opportunities and receive support and guidance from peers.
5. Prepare an application: Once you have identified a funding opportunity that you are eligible for, ensure you have all the necessary documents and requirements to apply. Be sure to thoroughly review the program guidelines to ensure your application is strong and meets their requirements.
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 Peterborough, Ontario inside and out!