For new and upcoming businesses, the Toronto market comes with its unique share challenges.
Creating a business is an exciting and creative process, especially in Canada’s largest city. Still, it’s important to keep in mind the challenges that come with starting a new business in a city that is already saturated with local brands.
In a diverse city that attracts millions worldwide, here’s how you can stand out in Toronto.
Organize Your Finances
Whether you’ve been in the business for a while or have just begun, it’s essential to have your finances in a row. With the help of a Toronto small business accountant, you will be able to better determine how much you can spend on the different contributing factors to your business’ success like staffing, marketing, interior and more. Enlisting the help of a professional financial advisor will also give you back more time to focus on running the business. Once you have your financial plan in order, you’ll be better prepared to take your business to the streets of Toronto.
Offer Something Special
It seems obvious, but with thousands of businesses to choose from in the city, you want to stand out. Creating a niche product that others don’t have will entice people to visit the store because you will be the only one around with it. This can also help word-of-mouth marketing and will also allow you to hone in on a unique offering that you can become known for.
Social Media Presence
One key factor to a stand-out business is its social media presence. Successful companies are active, engaged, and offer something exciting to followers to produce a buzz in stores or online. If you’ve been on Facebook, Twitter, and Instagram only, it’s time to expand to the world of TikTok, where your business can appear on everyone in Toronto’s “For You Page.” You may also want to consider working with local influencers, and Toronto businesses have plenty of professional bloggers based in Toronto to choose from.
Nowadays, the more quirky and eccentric your business’ interior is, the more likely it will attract customers. Social media enthusiasts flock to the newest aesthetic businesses in town for photo ops. When you have a space that people want to take photos in, it will increase the likelihood of getting tagged and generating social media buzz.
With so much going on in Toronto, you want to attract customers in traditional and untraditional ways. Nothing stops a pedestrian like a funny pun on a message board, and the right statement could compel people in. For eCommerce businesses, a good pun on your homepage will get the online shopper one step closer to checkout.
Know Your Area
Different areas in Toronto attract different customers. If you open your business in The Junction, for example, a gentrified neighborhood, it is far out of the downtown core and may not attract as many people as you’d like. If you’d like to make a profit, and who doesn’t, it’s important to know your customers and the Toronto area to compare and contrast where your business will best stand out. This will generate the traffic you are looking for, whether foot traffic, drive-through traffic, or even online traffic.
Go to Local Parks & Events
The city of Toronto has plenty of parks and events to canvass your product or service. Meeting your customers in person (when it’s safe to do so) will significantly benefit your business by better understanding who your business attracts. You can create a questionnaire with questions like:
- How much would you pay for this product or service?
- Would you recommend it to your friends and family?
- What makes a business stand out to you?
The answers to these questions can better your business, allow you to target your market, and give you a better sense of what Toronto shoppers are looking for.