The global pandemic is, thankfully, a diminishing memory. However, the effects of the pandemic continue to influence the decisions made by people every day.
According to statistics, 114 million people lost their jobs in 2020 due to COVID-19. Canada is known to have accounted for 2 million of those jobs in April 2020.
For many, the economic downturn and subsequent financial issues pushed them to rethink their approach to life. Alongside re-evaluating what was important to them, many Canadians chose to invest in their own business.
Today, there are several excellent businesses for sale in Edmonton. Alternatively, if you have the motivation and a great idea, you can start from scratch.
Why Edmonton, Alberta?
Canada is a big country. There are over 1.2 million small businesses operating in the country. Of those, 155,000 are based in Alberta. This makes it the fourth biggest location for small businesses. That’s an attractive start. Here are five other reasons why you should invest in a business in Edmonton, Alberta.
1. Diverse Options
Edmonton is the capital city of Alberta and has an excellent reputation as a leader in energy extraction. This energy focus has driven investment in the city and its infrastructure.
The result is thriving industries as diverse as technology and agriculture. The city is a hub for various industries, which means you’ll find a business worth investing in. Alternatively, you can start your own business and compete with the local talent.
2. Impressive Infrastructure
Edmonton has invested heavily in infrastructure. This is designed to make it easier for businesses to operate. It’s worked as an increasing number of businesses are being attracted to the area.
Best of all, the vision for the infrastructure is long-term. You can expect to see improvements for decades to come. The city is upgrading the transport system; boosting businesses and individuals, and promoting the best use of land in the area.
In short, a business in Edmonton will become easier to run and will still be able to attract an array of customers.
Crucially, the Edmonton government is offering a business support plan. This ensures businesses, especially new businesses, have a single point of contact to access all the necessary resources and benefits.
3. Government Support
The government isn’t just improving the ease of establishing and running businesses. The City of Edmonton has an array of grants designed to support new and established businesses.
The funds are available for startups, especially if they are in specific niches. You can also access these grants to help your business support the local community! Maintaining the culture is essential, as is offering a service needed by the local community.
The City of Edmonton is keen to support small businesses and help them become successful. They offer a useful service where businesses can pool resources, making it easier for all small businesses to access the services they need.
It’s also worth noting that KPMG rated Edmonton as having the second-lowest business cost of all North American cities. There are no provincial retail sales taxes, no provincial capital gains tax or payroll taxes. In addition, the gasoline tax is one of the lowest in Canada.
4. Environmentally Credentials
Customers generally like businesses which are seen as caring about the environment. The City of Edmonton is currently transitioning to low-carbon status. They are focused on renewable energy and improving the environment for future generations.
Businesses can expect support when trying to achieve the same goal. Specifically, there are financial incentives. Naturally, it will help if you try to craft an eco-friendly workplace.
In other words, thanks to support from the local government, your Edmonton business can help improve the environment. That won’t just feel good, it will also encourage customers to use you.
5. Growth Potential
Edmonton grew faster than any other Canadian city after the global pandemic. This was a testimony to the local government and their implementation of policies to help local businesses.
The GDP has continued to grow at an average of 5% per annum, even after the majority of the pandemic effects have worn off. Businesses are attracted to the city because of the low corporate tax rates and the lack of sales tax.
Unemployment rates are also dropping as more people are employed. This reflects the growing market in this area. That can help any business establish itself and flourish.
In short, whether you invest in an existing business or create your own, Edmonton can offer an attractive business environment.
Summing Up
Edmonton City Council is working hard to make the city an attractive place to do business. It has low rates and taxes, a supportive community, and great environmental credentials.
Everything is geared up to help your business become successful. All you have to do is decide whether to invest in an existing business or start a new one.
