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5 Reasons to Start your Business in Newfoundland and Labrador Today

A lot of people are distracted lately by the price of oil, provincial budgets, and the Muskrat Falls project. What many people aren’t paying attention to are the opportunities available in this province for businesses to start and grow. It’s important to remember, Newfoundland and Labrador is dominated by small businesses. They’re what keep the economy moving and entrepreneurs, like you, are the ones that are making things happen. If you’ve ever considered starting a business, there’s no better time than now, and here are 5 reasons why starting in Newfoundland and Labrador should be top of mind:

  1. Import vs Export: Newfoundland and Labrador imports far more than it exports. Although it can be expensive to import products for this very reason, there are shipping containers leaving this province empty. What does that mean? That means there’s huge opportunity to manufacture and export a product to the rest of Canada or anywhere else in the world.
  2. The Exchange RateHave you looked at the loonie lately? Most see a dip and get concerned that shopping stateside is now more expensive. What you should be thinking about is what you can sell to our counterparts to the south. If you’re selling to the states right now, the odds are ever in your favour. With the current exchange you can get close to 20%+ boost in profit. What products or services do you have that can be marketed to the states?
  3. Labour Market: Newfoundland and Labrador has always had a dedicated and loyal workforce. Companies have moved here for that specific reason. There’s a tremendous amount of local talent and resources in Newfoundland and Labrador. Look around you and take advantage of it.
  4. Developing Industries: Newfoundland and Labrador hasn’t yet met its potential in development, in fact, we’ve barely scratched the surface. Our landscape provides huge opportunity for adventure and eco tourism. Our limited food supply leaves huge opportunity in agriculture as more people want fresher, readily available foods. Our aging population leaves huge opportunity to provide services to that demographic which aren’t currently being met. The list goes on…
  5. Technology has no boundaries: Small businesses can embrace technology and use it to their advantage whether that means selling online, developing an app, or creating something else entirely different. The infrastructure is here and so is the support to help you make your technological dream a reality.

Want to see more? Click here to read Are you Meant to Be an Entrepreneur?

Interested in starting your business today?  Click here to Meet Our Coordinators and learn how they can help you get started!

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