Choosing Between Calgary and Toronto for Small Business

[RajivShrivastav]

Hi all,

I have recently received PR and am struggling through the question of deciding my destination city. I have intention of starting a small business (not sure what but something in Service industry / restaurant / franchise/ )and am trying to make decision to move between Calgary and Toronto. I have lot of friends in Calgary and no one in Toronto, which makes it easier to settle in Calgary but I am not sure about the chances of success in Calgary given the small scale of city and Oil and Gas focus.

Can someone help me understand how does the two city compares in terms of market for small business (getting loans, openness to try new business, growth potential). I will have start completely fresh in both cities but don't want to make two moves as it wastes lot of time and resource in doing so.

Many thanks for any insight.

Rajiv

 

[obib]

In Toronto you have the advantage of higher patronage and more diverse populace

 

[newtone]

You also pay higher taxes in Toronto

 

[RajivShrivastav]

Thanks Guys. This is very helpful.

Any further information will be appreciated

Rajiv

 

[dreamchaser]

Calgary is the fastest growing city among the larger ones. A large proportion of the population in this city is from outside which makes it an attractive retail and and ancillary industries destination. The residential rental vacancy rate is less than 1% which is an Indication of the growth this city has witnessed. I moved here 5 Years ago and can tell you that it was the correct decision and I would not have it any other way. It is not just oil and gas.. It is construction, services etc. the question to ask yourself is where you want to
Compete...in a place that is saturated with new immigrants competing for jobs or to establish yourself in a place that is growing; has lower taxes and overall a better standard of living due to higher disposable incomes. If you are gong to open an Indian restaurant in GTA or a suburb you will be competing hard with hundreds of such mom and pop business ... Just my 2 cents!

 

[RajivShrivastav]

Thanks again.

Very insightful comments. I think I am also bent towards Calgary for the reasons below.

1) Cash rich city and so more disposable income and so more willingness from people to try new things (new business I will start)

2) Fastest growing city of Canada with highest average household income.

3) Full of migrants (will help me settle down initially). I consider this factor as in indicator of willingness of people to help new comers.

4) I know about 3-4 people who have started in similar profile like me but have been able to double their salary (back up plan for me)

5) Resource constraints in city: Indicated by my job search experience + non availability of apartments ( not enough to meet the market needs). This also helps the ambitious folks to choose between available opporutnities.


My concerns:

1) Small population base: Almost six times lower than Toronto so less opportunities.

2) Under developed service industry: (This could be considered positive but I think this creates long lead time for new service-based business as I will have to create market)

3) Very cold for 6-7 months to people don't go out and try at all.


Thanks and will appreciate any flaws found in my thought process.

Rajiv