Starting a business in Edmonton is not an easy task. From finance to human resource to tapping into the market, you are going to face an uphill battle of startup challenges in Edmonton. Each one is going to be exciting and frustrating at the same time. However, by knowing the challenges the Edmonton business community faces before hand, you can be prepared to tackle each of these challenges.
#1. Financing is a challenge
Most of the startups in Edmonton have a challenge when it comes to accessing financing. The problem is that, the U.S. funds still make more than twice the investment in companies than domestic funds.As a result, domestic companies secure much less capital than their U.S. counterparts, according to a 2011 Thomson Reuters study commissioned by the Canadian Venture Capital and Private Equity Association. Accessing finance is is one of the major startup challenges in Edmonton. While cities like New York, Toronto and Vancouver have a healthy dose of willing investors, Edmonton’s investor community still has to grow.
#2. Skilled workers wanted
The biggest of the startup challenges in Edmonton is a lack of business skills and training. Many band members have good ideas, but they haven’t planned it out or don’t have the skills. According to Rob Crow, a senior person who regularly runs business-planning workshops for the band’s members, “many would-be entrepreneurs become disillusioned once they realize what is involved.”
“Since the industry isn’t in our backyard, it has been hard to attract businesses here and keep our trained workers,” says Carol Wildcat, who travels 20 kilometers, each way to get to the band’s economic development office in Hobbema.”
Without sufficient skilled works, you can’t expand your enterprise at the rate you want.
#3. Paperwork Hackles Present
Starting a business in Edmonton cannot be done without paperwork.
Step 1:The business has to be registered at the Corporate Registry, Service Alberta. Register your company with the Workers’ Compensation Board. In addition to registering your business, you might need municipal, provincial, and federal business licenses and permits, depending on the type of business you are starting.
Step 2: You need to contact the Canada Revenue Agency to obtain an employer’s account number for Employment Insurance and Canada Pension Plan deductions.
Step 3: You have to comply with the pertinent labor regulations, contacting the Employment Standards Branch of Employment and Immigration of the Government of Alberta.
Step 4: You also have to adhere to any government regulations that apply for your business.
Some professions and trades, such as accounting, law, and electricians, also have professional regulatory bodies. If you want to start a business in these industries, you will need to adhere to their requirements and regulations.
All of these hoops that you are required to jump through is time-consuming, requires you to be run around government buildings and tackle a lot of paperwork, rather than deal with a single window process to start your business.
#4. Lack of being Market savvy
While Edmonton has a growing and vibrant market, it is not a market of early adopters. This makes it a challenge for businesses to introduce new concepts and ideas. A ready market is critical for Edmonton business to prove to investors that there are potential customers out there that need to be tapped into.
Whether you’re looking for the list of challenges to be dealt with before starting a business in Edmonton or Alberta, or you might have started Edmonton Business, has the best remedies when it comes to startup challenges in Edmonton.