i live in Downtown Vancouver. Almost everyday , I see a small business shutting down their doors... WHY? I’ve been talking to a few owners, mostly say because of high lease , taxes, salaries .. I was thinking about opening a small business , but after what I’ve been seeing I am so reluctant and discouraged now. Any feedback from anyone? Thank you
Why are a lott of small businesses closing down in Vancouver?
- Thread starter andrew999929
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BC4life
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Think online. Unless you have a very unique product/service with high margins and limited competition, setting up a brick and mortar business nowadays is a tough endeavour. I have started my accounting firm in Canada and all my operations are done online, other than the few onsite visits to local clients. Many of my clients also operate online (in consulting, ecommerce etc.). There is no way I could have made it so far with limited startup funds considering the high rental costs in Toronto. Operating primarily online also give you access to a larger potential market than having a local store.
Hi, I am setting up accounting business (home based/online) in Vancouver, based on my assessment of growth potential in SMEs which is tremendous. One of problem with SMEs is having short life cycle because 50% shut their doors within 5 years of incorporation but on other hand new born businesses are at the same level.
All the best for future venture.
All the best for future venture.