Despite facing significant adversity as a result of the pandemic and its impact on the economy, entrepreneurial spirit in Toronto continues to flourish. Highlighted by the most recent RBC Small Business Poll, Canadian business aspirations have hit a four-year high with 24% of business owners polled having started a business during the pandemic. As countless stories emerge of new entrepreneurial opportunities, business in Toronto is being increasingly portrayed as a viable and accessible city for entrepreneurial investment. As the economy readjusts, the growth of small businesses will be a critical driving force for job creation and employment as well as economic recovery, stability, and growth.
Location
Toronto is a city of neighbourhoods; every block has its quirks, idiosyncrasies, and perpetual charm. Residents take pride in their space, and many choose to support their neighbours by shopping locally instead of relying on dominant retail chains. Such a sense of place arises from the conscious effort of the city’s diverse community and is one of the many reasons why small business in Toronto has seen such impressive growth in recent years. Adding so much to the local area, small businesses are not only relied upon for day-to-day services, but they help to create a sense of local identity and community.
One of the most significant ways in which small businesses have been given the support to flourish is through the implementation of local Business Improvement Areas. Associations of businesses with the responsibility for promoting local retail ensure that they market themselves in the most effective way possible to the surrounding community. Since then, other BIAs have sprung up to represent some of Toronto’s most iconic neighbourhoods, such as the Kingsway and the Annex, contributing towards the civic ‘greening’ efforts of the city, alongside organised street festivals and infrastructure planning.
The city’s ‘Shop the Neighbourhood’ scheme has also been a noteworthy initiative organised by the Yellow Pages to support small-scale retail. Previously just a one-day event around Black Friday (a popular and busy weekend for shoppers), this occasion in intended to encourage residents to invest in their communities and make local purchases to support the economy in Toronto on a micro scale. When starting a new venture, success relies in part on being able to mobilise and capitalise on new ideas alongside a commitment to innovation, something that there is an abundance of in the people of Toronto.
Economy
Toronto is the second largest financial centre in North America, serving as an engine for the economic growth of the city and as a solid foundation for the impressive talent base, enviable quality of life, and ambitious business environment. Competitive in almost every major business sector, the scope for small business growth in Toronto is vast. With a culture of collaboration at the heart of innovation, support and investment for start-ups is significant with over 60 incubators and accelerators providing support across the city. Small business owners can access resources that help facilitate strategic partnerships across the board from technology and food manufacturing to music and design. There are also various funding options that help to prop up the economy in Toronto such as grants, incentives, and rebates offered by the government for individuals who require additional support.
Those impacted by COVID-19 are also entitled to receive aid from the Toronto Main Street Recovery and Rebuild Initiative whereby small businesses that are essential to the vitality of Toronto’s main streets are able to apply for government funded support and grants. Not only can this encourage individuals to pursue new vocations but do so with the confidence that their efforts will be met with enriching capital. As the pandemic has accelerated the proliferation of digital technology within many small businesses, continuing to increase an online presence can be challenging. Without access to high-speed internet connectivity that large companies can affordably take for granted, smaller organisations can face disadvantages in the post-pandemic world. Thankfully, the introduction of the Canada Digital Adoption Programme has allowed individuals to benefit from grants and interest-free loans to increase e-commerce capabilities and accelerate adjustments to new technology. Such support is one of the reasons why the entrepreneurial spirit has flourished amongst Torontonians as small businesses can afford to be adaptable with many reinvigorating their businesses in order to thrive in the face of adversity.
Multiculturalism
Recognised by both the United Nations and the BBC as the most diverse city in the world, Toronto is setting the benchmark for diversity and urban multiculturalism. With over 250 ethnicities and 170 languages represented throughout the Toronto Region, this city has diversity woven into every aspect of life, from food and drink to festivals and businesses. Acknowledged as the most educated city in the world by the OECD, the access to talent in Canada and specifically Toronto is unmatched. The impact of such innovative strength has elevated business in Toronto to a globally competitive scale, equipping individuals with the ability to network and connect in one of the most talented and inspiring cities.
Individuals as well as small businesses here are encouraged by Canada’s openness to ethnic and religious minorities and promotion of LGBTQ rights, ensuring that those who may have once faced adversity are equipped with the resources they need to succeed. Numerous studies have confirmed that the more diversity, the stronger the innovation in any working space.
Toronto has proven that the tenacity of small business, coupled with the right capital from government and community, suggests that these firms can be the economic driving force of a strong and successful economy.
As business in Toronto continues to flourish, why not discover some of our best serviced apartments in Toronto and take a trip to this waterfront city. Check out our blog on the 14 Impressive Sights you have to see in Toronto and plan ahead for your next trip to the city.
