Toronto, Canada, is one of the most dynamic cities in North America, and for a good reason. This vibrant city offers excellent opportunities for entrepreneurs looking to start their own businesses. From its diverse population to its thriving economy, Toronto has all the ingredients needed to make your business venture a success. In this article, we’ll explore ten reasons that make Toronto an ideal location to start your business.
1. Robust Economy
The Greater Toronto Area (GTA) has one of the strongest economies of any metropolitan area in North America. It boasts a high GDP per capita and consistently ranks as one of the top places in the world for economic growth. In 2020, Toronto was ranked 2nd in the Global Cities Outlook, another indication that when you launch your business in Toronto, you can be sure you’ll have plenty of customers and resources at your disposal.
“Toronto’s success is due in large part to the strength and significant growth of its financial industry,” Jennifer Reynolds, president and CEO of Toronto Finance International, told Toronto.Ca.
“Toronto is the second largest financial centre in North America, which serves as an engine for the economic growth of the city and an anchor for our excellent talent base, enviable quality of life and highly competitive business environment,” she added.
2. Diverse Population
Toronto is home to nearly three million people from all walks of life. More than half of the city’s population is foreign-born, making it one of the most ethnically diverse cities in the world. This diversity makes Toronto an ideal location for entrepreneurs who want to bring their unique ideas and products to a wide variety of customers — something that isn’t possible in smaller cities with less diverse populations. This diversity opens up countless business opportunities catering to different cultures and tastes. Whether you’re selling food or services, there is always an eager audience to tap into. Despite being such a diverse city, Toronto is also one of the safest cities in North America. It has consistently ranked as one of the lowest when it comes to crime rates, not just in Canada but also globally, which makes it a great place to live and do business without having to worry about safety risks.
3. Accessible Resources
Starting a business requires access to certain resources such as capital, legal advice, and customer service support. Fortunately, Toronto provides plenty of options when it comes to these needs – from incubators and accelerators like MaRS Discovery District to angel investors like Grand Challenges Canada or even government grants like FedDev Ontario.
Last year, the New York Times published an extensive article entitled “Toronto, the Quietly Booming Tech Town.” The article explained how major tech companies like Microsoft, Apple, Amazon, and Google had all set up shop in Toronto due to its high-quality talent pool and access to the resources needed to launch successful businesses.
“As the tech industry continues to expand, and communities all over the world compete for tech jobs outside Silicon Valley, many executives, investors, and entrepreneurs are promoting warm climes like Austin and Miami as the next big tech hubs,” the article read. “But they are tiny tech communities compared with the new hub growing in the cool air along the shore of Lake Ontario.”
4. International Business University
Aspiring entrepreneurs seeking specialized training can take advantage of International Business University (IBU). Located in downtown Toronto, IBU offers full-time programs covering everything from marketing and financial management courses to courses focused on understanding how international markets work, – giving students an edge when it comes time for them to launch their businesses or grow entrepreneurial companies. International students who graduate from IBU are eligible for a temporary work permit for up to three years, which gives them ample time to start their own ventures or join existing businesses.
5. Easy Accessibility
Being located in the heart of downtown also makes it easy for entrepreneurs in Toronto to access potential customers from other parts of Canada or even around the world since Pearson International Airport is just a short drive away. Plus, with great public transportation like subways and buses running throughout the city, getting around town has never been easier. With Toronto’s close proximity to other major cities like Montreal and Ottawa, entrepreneurs in Toronto can also easily expand their businesses into those markets when the time is right.
6. Networking Opportunities
One of the most important aspects when starting a business is making connections with potential partners or investors – something that is made much easier thanks to Toronto’s large network of co-working spaces, networking events and conferences that occur throughout the year, such as Collision Conference or TechTO monthly meetup events!
7. Low-Cost Living
The cost of living in Toronto isn’t as expensive compared with other major cities like New York City or London, making it easier for entrepreneurs who are just starting out on their journey. They won’t have to worry about spending too much money on rent or groceries while they focus on building their business empire. LivingCost.org provides an excellent comparative breakdown of living costs between New York and Toronto, which shows, for example, that the cost of living is 59% more expensive in NYC than in Toronto – meaning aspiring entrepreneurs won’t have to worry about draining their bank accounts too quickly.
8. Government Support Programs
The Canadian government supports small businesses by offering programs such as Startup Canada, which provide funding opportunities for aspiring entrepreneurs who need help getting started with their venture – something that can be invaluable when launching your own company. Moreover, the Canadian Small Business Financing Act supports small businesses that need help accessing capital through loan guarantees.
9. Cultural Hubs & Innovation Spaces
Another great thing about starting a business in Toronto is being able to take advantage of its many cultural hubs, such as Harbourfront Centre, where creative minds can come together and share ideas – making it easier than ever before for entrepreneurs looking for inspiration. With numerous innovation spaces in the city, entrepreneurs can collaborate with others to bring their ideas to life.
10. Inspiring Ambiance
Last but not least – don’t forget about how inspiring it can be living in this amazing city surrounded by talented individuals working hard towards achieving success – something that will no doubt motivate any entrepreneur during those tough times when they’re trying their best but feeling overwhelmed by everything they have yet to accomplish. According to the latest report by The Economist, Toronto ranks as one of the world’s most livable cities. The Economist Report looks into the culture, stability, healthcare, infrastructure, and education to determine this rating.
In short, Toronto is the perfect city for entrepreneurs and aspiring business owners looking to build their empires! With its world-renowned universities, easy accessibility, networking opportunities, low cost of living, and government support programs, there are so many reasons why starting a business in Toronto might be right up your alley and there’s no better time than now! Take advantage of all the resources available here – whether it’s connecting with industry professionals at networking events or taking advantage of government grants–and get ready to become part of this vibrant city’s bustling entrepreneurial ecosystem! A great place filled with immense possibilities awaits you!
