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Why bother even trying when you can be sure you'll be bullied by whatever monopolies dominate your industry while our politicians stand idly by.
Our governments are only interested in keeping the established companies healthy and strong. It's mind bogglingly short sighted.
This. Exactly this. Either they'll buy your company or they run you out of town. We have quasi monopolies across so many sectors in Canada, is ridiculous. And that's why the cost of living is so damn high.
Canada is 3 monopolies in a trench coat. The only independent ISP in Ontario is on it's last legs, and most places have only one option for electricity and natural gas.
Hard and risky to start a lot of businesses when retail rent is $7k-$10k per month and landlords want personal indemnity even if you're incorporated
Beat me to it. It's astounding that the BDC doesn't note the most obvious reason folks won't start a business: if you're already in a financially precarious position--as are many particulaly among younger cohorts--then starting a business looks like madness.
I don't understand how they expect anyone to start a business when savings are decimated by inflation, and wages are considerably less than the US.
Sure, wages are higher, but no health care. When you start a business there, unless you come from money or have VC, you really are taking a huge risk without health insurance. There are things in Canada that are so much better.
Hell, I can't imagine operating in the US litigation culture as a business owner. You'd need so much insurance haha.
Great, so we've got healthcare but instead face ruinous debt to be able to afford a business space or home.
That trade-off has gotten progressively worse over time, with the affordability of property and essentials going up while the quality/availability of healthcare has gone down.
If you're comparing Toronto to Minneapolis or something, sure, you'll find a cheaper place in the US. You could also compare to SF Bay Area and find that there's places in the US that suck for cost of living too. And there's places in Canada that don't suck. I don't mean to be a dick, but have you considered relocating someplace cheaper?
I suppose I'm the exception to the rule. I started my own business during COVID, and it's going well. Tired as fuck, and not enough time for R&R, but it's going well. I'm fortunate that I set up a really niche business with one real competitor established in this market in Canada -- so there was room to disrupt. I also moved to Winnipeg to start up, where I can have a mortgage payment that is small enough to survive the first few years of business.
But I can't imagine trying to start a business in Toronto or Vancouver unless you're born into money. The risk of not being able to afford the cost of living is way too high. Nevermind trying to find a place to operate your business from...
Now I'm kinda curious what this niche business is. No worries if sharing would risk doxing you though.
I'm on Lemmy with my real name, so self-doxxing ;)
Geophysical instruments -- think ground penetrating radars and the like.
Suddenly, sales are up 15% and traffic to the company website is up 300%.
Haha, unlikely. Like I said, niche. :)
I'm 26 and I've been running my own IT and computer repair business for 6 years out of commercial space. It's rough and I'm not doing well financially. I've learned a lot though, so maybe being 65k in debt was worth it?
That's harsh. But probably a fair lesson. Revenue streams are important, and debt snowballs if you don't have enough revenue. It's okay to take debt if it means growth at a rate that is faster than your interest rates. But you've really got to have a plan for that debt.
Three years in and our debt to earnings ratio is now very good, but the first few months after startup were really hairy, what with the capital on my house wagered...
Much, much higher cost of entry on everything and the people with the money to even approach it are mostly owned by other corporations. I don't see this as at all surprising.