Toronto is an environment where entrepreneurs can thrive; the whole package, in one place, and that’s unusual in all the world. A huge part of the city’s success can be attributed to its diverse population, bringing together mixed skill sets and experiences.
If you’re considering starting a business in Toronto then you’re halfway there! In this article we’ll discuss why Toronto is one of the best cities on earth to start a company, and how a Toronto business plan writer can take your business from concept to reality.
Here are our top five reasons why you should start your business right here in Toronto:
1. Recruit from the Most Diverse City on Earth
Toronto was crowned as the most multicultural city in the world by BBC Radio in 2016, after London’s Mayor Sadiq Khan offered up his own city for the title. So, how is Toronto so incredibly multicultural?
Academics: with four universities, four colleges, and 128 specialized research centres, this city is an attractive place for international students to study, live and gain valuable experience.
Toronto is known as a cultural haven for foreign entrepreneurs to pursue innovative and disruptive ideas. With the city’s official motto, “Diversity is our strength”, Torontonians know that diversity both fosters innovation and is good for business.
2. Strong Economics to Support Toronto Startups
Where other Canadian cities have focused on being known as “green cities”, Toronto is unique in that developing a strong economy has been our primary focus, but just how well has our efforts paid off? Here are a few statistics to give you an idea:
- 38% of Canada’s business headquarters are located in Toronto, Ontario
- Toronto is 18.5% of Canada’s total GDP
- Toronto hosts a CDN$332 billion economy
- Nearly 100,000 new immigrants come to the GTA each year
- A diverse population with over 51% foreign-born citizens
- Toronto is Canada’s business and financial capital, a growing financial hub in North America, and a top ten global financial centre.
- Toronto’s Gross Domestic Product (GDP) growth is significantly outpacing the national average. The Toronto region’s GDP has grown by an average of 2.4 percent annually since 2009 compared to a national rate of 1.8%. In 2017, the Toronto region’s GDP grew by approximately 3.3%
- Fourth-largest city in North America
- Third-largest tech sector in North America
- Second-largest financial centre in North America
- Second-largest food and beverage industry in North America
Toronto is competitive in almost every industry from technology and life sciences to green energy; from fashion and design to food and beverage; from film and television production to music and digital media. Toronto’s rich industrial diversity drives growth, innovation and cross-sectoral synergies and knowledge spillovers.
3. Draw From a Deep Pool of Top Talent
Toronto was recently named one of “the world’s most innovative cities”, and for good reason. Our city is currently home to 3,000 to 4,100 active tech startups and that number is only growing.
It’s important to ask yourself where things are happening, not where things have happened. The Silicon Valley is no longer the innovation hub it once was.
Today, international talent is choosing Toronto as a playground for creativity, spawning new ideas and processes. With four years of the past US administration, people have had a chance to visit Toronto as a once “secondary option”, but now Toronto is the place to be for the best and brightest minds. By starting your company in Toronto you’ll have access to this incredible pool of talent.
4. Access to Strong Government Support
The Canadian federal government has taken steps to support Canada’s tech sector in many ways, from grants, to youth employment programs and other incentives. Additionally, Canada’s universal healthcare is also a positive for the sector, as the US’ private healthcare system has been known to widen the entrepreneurial gap.
As Toronto’s tech sector continues to boom, the federal government will continue to spot the city as an opportunity for innovation, and an opportunity for higher paying jobs. Part of Toronto’s international appeal is attributed to its safe and supportive government.
5. Secure Top-Level Venture Capital Investments
In the past five years venture capitalists have shifted their focus from the Silicon Valley to other parts of the globe. Most recently, the city of Toronto has gained attention from VC’s. The spotlight has shifted to “the six” for a variety of reasons, but mainly the fact that local entrepreneurs are looking to solve global problems, and if successful they will reap substantial returns.
Business Plan Writers in Toronto Can Help
We know Toronto is an amazing place to start a company, but how can you ensure your startup will be successful? There is so much to executing on a startup from market research, to planning, to funding and execution.
This is where hiring a professional business plan writer can help. Business plan writers work with entrepreneurs to understand their vision, and what their objectives are for the business. Whether the startup is looking for a business plan for investment, bank loan, strategic or immigration purposes.
Regardless of your industry or goals, a business plan writer will work to customize your plan accordingly. Before I explain the benefits of choosing our business plan writing team, I would like to explain the benefits and risks of your other options.
Option 1: Writing a Business Plan Yourself
This option shouldn’t get me so excited, as it’s in no way accretive to our company. For complete transparency, you can absolutely write your business plan yourself. The benefits to writing a business plan yourself include minimal to no costs, and an experience that will challenge you while helping you to better understand your business.
Here are the risks to writing a business plan yourself:
- Substantially lower odds of being approved by your audience whether a financial institution, investor, or government immigration body
- Likelihood that you will miss crucial details, therefore leaving a serious gap in your strategy moving forward
- The time you invest in writing the plan would likely be more useful if used in other areas of your startup
- Parties that may have otherwise have been genuinely interested in your opportunity might be steered away by reading an ineffective business plan
Option 2: Business Plan Software
Using business plan software such as LivePlan has some serious benefits including low costs, ease of use and functionality. In all honesty this is a great cookie cutter solution, but here’s the problem with that – every company is different!
If you’re serious about growing a company that will stand the test of time, technology and unavoidable challenges then do not use business plan software. Business plan software is almost entirely financial focused, and here’s why that is a challenge.
The financials of a business plan come after the executive summary, mission/vision statement, industry analysis, competitor analysis, business strategy, marketing plan, and operational plan have been vetted over and over and over. With business plan software that is never said, the company’s expect for that to be completed and just provide easy to use financial templates.
By all means feel free to utilize business plan software, but remember that cookie cutter solutions create cookie cutter results, and in today’s world you need your business to be a disruptor, not another statistic.
Option 3: Bsbcon Business Plan Writers
Lets first discuss which type of entrepreneur or organization chooses Bsbcon to write them a fully-customized business plan:
- Entrepreneurs with big ideas
- People that like to “do it right the first time”
- Those that want to know their business idea is a proven business concept that has been tested with market research, a thorough industry analysis and financial due-diligence
- Those who seek help implementing their plan for the 6 months following the business plans development
- Entrepreneurs that understand the value of a professional business plan, and are willing to invest in a business plan like they would any other asset of their startup
There’s a few points to describe what type of entrepreneurs choose us, but what is the business plan writing process like for them?
Business Plan Writing Process For Toronto Entrepreneurs
- The individual reaches out by phone +1 (888) 880-1898 or email info@bsbcon.com and tells us about their vision.
- We arrange a time to call, video-call or we email to better understand their project.
- After providing the client with an array of options and offering our thoughts on the best path, the client decides on a either a basic, standard, premium or elite business plan.
- The contract is signed, 50% deposit made by e-transfer or electronic funds transfer (EFT). Project commences.
- We send the client a list of questions to help us write their executive summary. We work with the client to ensure the executive summary is an accurate description of their vision for the business.
- We send another list of questions to help us gauge the clients vision for the rest of their business, this includes: their competition, company positions, management team bio, and the operations of the business.
- Once completed, we review the entire plan with the client looking for any details that are missing or need some ironing out.
- Once completed, we pass the business plan onto our senior editor who looks for any holes in the plan, and does their own independent due-diligence.
- We develop the financial projections with the client.
- We ask for the second of three payments, 25% when the written version is complete.
- The business plan gets passed to our creative director to turn it into a visual presentation.
- The client reviews it, and we make sure they are 110% satisfied. Final payment, 25% is completed and ownership of the plan is transferred to the client.
- We take the business plan to the streets. For the next 6 months we work with the client to ensure they know how to implement every piece of it.
To Conclude Business Plan Writers in Toronto
Just remember you already have so much on your side, by starting a company in Toronto. You can either go half in by doing it yourself, utilizing business plan writing software, or you can fully commit and hire a Toronto business plan writer! We look forward to helping you shape the future.
