Published by Leonardo Calcagno

If you’ve been considering making the switch to be a business owner in Canada, you might be disappointed after checking out the rising rental rates. However, there is a way you can avoid major overhead costs by simply starting an online business. Of course, this has its own fair share of challenges, like lower visibility. But let’s take a bit of a deeper look at the current state of costs in Canada and how you can become a thriving online entrepreneur. 

Reasons to Start an Online Business in Canada

Starting an online business comes with a plethora of advantages, starting with the fact that you can reach customers beyond Canada. As such, this would mean that you automatically broaden your client base, thus increasing your odds of turning a profit. 

Moreover, you won’t have to worry about physical limitations that would require you to offer fewer products. To illustrate this, let’s take an example from an industry that has made a turn to the digital, that of casinos. 

Now, you can find online casinos that offer a large variety of games like slots, thanks to the lack of the aforementioned physical limitations. This means that users have access to hundreds of diverse options, increasing the odds of them finding games that fit their preferences. And this is applicable to any digital company. By offering a wider range of services and/or products, you can cater to a wider scope of people. 

Flexibility is another key benefit, one that pertains not only to your clientele but also to you and your employees. An online enterprise would allow you to work from anywhere in Canada and even when you’re abroad. In turn, this could help foster a better work-life balance, making it easier to attract the best talent across the country and beyond.

One of the top reasons businesses seek funding is expenses toward their property. This not only includes rent but also things such as property tax and maintenance. By choosing to go online, you won’t have to worry about paying the high cost of rent. Instead, you can focus your resources on expanding your business by improving your services and/or products.

How to Start an Online Business in Canada

Now that we’ve covered the why, let’s get into the how. Creating an online business from scratch requires a lot of research and planning. If you don’t already have an idea as to what niche you’re planning to enter, make sure to pick one that aligns with your skill set, what you’re passionate about, and current market trends.

Next, make sure to look into your target audience and analyze your competitors. The former will make it easier to provide better options for your clients, while the latter could provide you with inspiration as to what you should or shouldn’t do.

All of this will work as great foundational knowledge to craft a solid business plan. Write down your goals, along with realistic timelines. You should also include a budget for initial costs, like site development and inventory, if you’re planning to provide physical products.

Don’t forget to register your business, which you can do online through the official Canadian government website. This will grant you a business number (BN) for tax purposes, thus allowing you to legally launch your business and obtain any necessary permissions. And you can find all the necessary information on how to do this directly on the aforementioned platform.

The last steps will simply require you to create an online presence and market your company accordingly. A website will act as the foundation for this, and you can either opt to use website-creating tools like Shopify or hire a professional to build a site for you if you don’t have the ability to do so yourself. 

To maximize your reach, you should make it SEO friendly and then promote it via social media platforms that are most used by your target demographic. Additionally, consider leveraging other marketing strategies, such as email marketing and online ads, to attract and retain clients. By combining all of this, you’ll be well on your way to building a strong online presence and expanding your client base.

Conclusion 

As it stands, everything is going up in Canada, including the rental rates, due to the high demand for space. So, why not save yourself some money by leaping into the world of online business? As they say, there’s no better time than the present, so if you’ve been considering starting a business for a while, now’s the time to take the leap.