Make Money In New Brunswick

There are many ways to make money in New Brunswick, Canada. The province has a business-friendly environment, with opportunities in traditional industries and emerging sectors.

Entrepreneurs can take advantage of the region's natural beauty and natural resources, with agriculture, aquaculture, and fisheries being key industries. New Brunswick also has a growing tech sector, with a focus on advanced manufacturing and information and communications technology.

The government offers grants, loans, and other financial incentives to support businesses and economic growth. These include grants for specific audiences, such as Indigenous, women, and Black entrepreneurs, as well as grants for activities, industries, and regions.

For those looking to work for themselves, there are options for freelancing, consulting, and starting a side hustle. Online opportunities include playing games, completing surveys, testing apps, writing, virtual assistance, and streaming.

For those looking to invest, there are options to buy an existing business or franchise or to start a new business from scratch.

Explore grants and loans for new businesses

Grants and loans are two different types of funding options. The most significant difference between the two is that grants do not need to be repaid, while loans do. Grants are typically awarded through a competitive process and are intended to support specific initiatives, industries, audiences, or geographic locations. On the other hand, loans are usually provided by banks or other financial institutions, and borrowers are required to pay back the loan amount with interest.

Grant organisations, including government ministries, aim to promote job creation and economic growth. To achieve this goal, they often provide grants to businesses that support specific audiences, activities, industries, or regions.

Business Grants for Audiences

Governments recognise that there are certain groups of people who are not well represented in small businesses, including Indigenous, women, and Black entrepreneurs. To address this, they have established financial incentive programs and grants to support these groups.

Business Grants for Activities

A number of activities underpin the success of most businesses, and there are grant programs to support them. Key activities include the purchase of equipment and business expansion (for example, exporting).

Business Grants for Industries

Governments often target specific industries for support, then provide grants and other types of funding for hiring, training, export development, and more. Some of the top industries in New Brunswick that receive support include advanced manufacturing and information and communications technology (ICT).

Business Grants for Regions

Funding organisations might target specific geographic regions for support to increase employment and economic growth.

Eligibility for New Brunswick Business Grants

While grants are available for entrepreneurs and businesses of many different backgrounds and industries, there are a few eligibility criteria that are most common:

• Incorporation: While grants exist for sole proprietorships and partnerships, there are more funding programs available for incorporated businesses.
• Time in business: There are more grants available for startups than for more established businesses. However, established businesses are more likely to qualify for cash programs.
• Established revenue: Many grant programs want to see a track record before they will give you non-repayable funds.

Understand the costs of starting a business

Starting a business in New Brunswick involves various costs, and it's important to understand these expenses before embarking on your entrepreneurial journey. Here are four to six paragraphs detailing the costs of starting a business in the province:

The costs of starting a business in New Brunswick can vary significantly depending on the type of business you want to establish. For example, a large agricultural farm may require up to $150,000 in startup costs, while a small agricultural farm may only need up to $10,000. Other businesses, like consulting or freelance writing, may have lower startup costs of around $1,000 or less. Understanding the specific requirements and expenses associated with your chosen industry is crucial.

There are two main categories of costs to consider: one-time startup costs and ongoing operational costs. One-time costs are expenses you'll incur when setting up your business, such as building or remodelling a site, registering your business, and obtaining the necessary licences and permits. Ongoing costs, on the other hand, are the regular expenses you'll need to cover to keep your business running, including inventory restocking, rent, interest on business loans, business organization memberships, upgrades, and general office expenses.

When it comes to registering your business, New Brunswick offers a helpful tool called the Business Structures Wizard. This free resource guides entrepreneurs through the process of choosing the appropriate business structure, such as a sole proprietorship, general partnership, or NB Corporation. It provides clarity on the implications of different choices, including liability, and simplifies access to information and government services. Additionally, you'll need to consider the cost of registering your business name, which is a requirement in New Brunswick.

Another essential cost to factor in is the expense of obtaining the necessary licences and permits. These may include local, provincial, and federal permits and licences, depending on the nature of your business. It's important to consult resources like BizPaL, an online database that can help you navigate the requirements for your specific business type. Additionally, if your business is located in one of New Brunswick's major cities, such as Saint John, Moncton, or Fredericton, you may need to obtain additional local permits and licences.

While not all businesses will incur the same costs, it's crucial to conduct thorough research and create a comprehensive business plan to understand the financial requirements of your venture. This plan should include a detailed breakdown of startup costs, projected results, and financing options. It's also beneficial to seek advice from other entrepreneurs or business experts in New Brunswick who can provide insights and guidance on navigating the financial aspects of starting a business in the province.

Understanding the costs of starting a business in New Brunswick is a crucial step in your entrepreneurial journey. By considering the varying expenses, you can develop a well-informed business plan and secure the necessary financing to turn your vision into a successful reality.

Develop a business plan

Developing a business plan is crucial for the success of your enterprise. It helps you secure loans and funding, and it gives you a sense of direction and control over your business. A business plan is also a great way to keep track of your progress and goals, and to manage any bumps in the road.

Determine the purpose of your plan:

Are you developing the plan for internal use, or will you be sharing it with potential investors or banks? Knowing your audience will help you tailor your plan accordingly.

Prepare your finances:

If you are seeking external funding, investors and lenders will want to know about your financial situation. They will assess how much money you currently have, how much you need, and your expected income in the future. Be realistic about how much funding you require, and avoid asking for more than you need.

Write a summary:

Summarise the key points of your business plan concisely. This is your opportunity to sell yourself and your business idea, so be sure to include details about your business concept, market, goals, and what sets you apart from competitors.

Don't rush:

Take your time to research and prepare your business plan. If you are unsure, consider seeking advice from a professional who can review your plan and provide guidance.

Regularly review and adapt:

As your business evolves, so should your business plan. Update it periodically to reflect changing circumstances, new markets, products, or services. This will help you stay focused and adapt to new ways of doing business.

Protect your plan:

If you have innovative business practices, you may want to consider asking third parties to sign a confidentiality agreement to protect your ideas. You can also include a disclaimer in your plan, requesting that readers do not disclose its details.

Seek out financing options

When starting a business in New Brunswick, funding is critical. There are several financing options available for entrepreneurs and business owners in the region. Here are some ways to seek out financing options:

Government Grants and Loans

New Brunswick's government provides various grants and loans to support local businesses. These include the Small Business Startup Portal, which offers up to $17,000 in funding to help hire and train staff. Additionally, the province has over 300 grant programs, 147 loan programs, and 231 assistance programs. These programs aim to support entrepreneurship, innovation, and specific industries such as agriculture, aquaculture, and film. The province also offers tools like the Funding Program Database, which provides access to 1,500+ funding programs.

Private Funding

Private funding is another option for businesses in New Brunswick. This can include loans from banks or other financial institutions, as well as investments from private organizations or individuals. When considering private funding, it is essential to understand the loan terms, interest rates, and repayment conditions.

Business Support Organizations

New Brunswick has several business support organizations that provide financial and technical assistance to entrepreneurs. These include Opportunities New Brunswick, which offers programs to help with business planning, establishment, and growth. The New Brunswick Association of Community Business Development Corporations is another resource that provides financial and technical services to local businesses.

Tax Credits and Incentives

The province also offers tax credits and incentives to businesses, such as the Small Business Investor Tax Credit, which encourages investment in local small businesses. Additionally, the Research and Development Tax Credit and the New Brunswick Innovation Foundation Funds can provide additional financial benefits to businesses.

Crowdfunding

Crowdfunding has become an increasingly popular way for businesses to secure financing. This method involves raising small amounts of money from a large number of people, typically through online platforms. It can be an effective way to generate capital while also creating a community of supporters for your business.

Commercial Loans and Mortgages

Commercial loans and mortgages are traditional financing options for businesses looking to purchase real estate, expand their operations, or acquire new equipment. In New Brunswick, business owners can work with their banks or licensed mortgage brokers to secure funding for their ventures.

Find inspiration and advice

Starting a business in New Brunswick can be a daunting task, but there are plenty of resources available to help you get started. Here are some tips and advice to help you on your journey:

• Take advantage of the province's natural beauty and natural resources. Many successful businesses in New Brunswick focus on industries related to these areas, such as agriculture, aquaculture, and fisheries.
• However, don't feel limited to these industries. New Brunswick has a business-friendly environment, so you can explore other areas as well.
• Study the province's largest and growing industries. Tapping into these industries can give you a better chance of success. Some of the established industries in New Brunswick include agriculture, aquaculture, fisheries, education, and early childhood development.
• The New Brunswick provincial government has also identified six priority industry sectors for future investment and growth: advanced manufacturing and information and communications technology.
• Consider your business location carefully. For example, if your business deals with natural resources, a rural area may be ideal. If you're exporting agricultural products, being near a port city might be preferable.
• Decide whether you want to offer goods, services, or both. If you offer goods, you can sell tangible items that you make, harvest, or source from another business. If you offer services, you can perform tasks for your customers that showcase your unique skills.
• Choose between an online store and a physical store. New Brunswick supports both types of businesses, with plenty of real estate options available. Online businesses can benefit from the federal government's funding plan to improve broadband internet in rural areas.
• Develop a strong online presence with a professional-looking website and active social media accounts. This will help potential customers find and trust your business.
• Familiarize yourself with government regulations and required licenses and permits. BizPaL is an online database that can help you understand what you need to operate your business legally.
• Create a detailed business plan to verify your idea, understand the market, calculate startup costs, and project your results. This will also be crucial for obtaining business loans, grants, or financing.
• Seek out financing options such as contributing your own money, finding grants or tax credits, or applying for loans.
• Don't be afraid to seek help and inspiration from others. Consider hiring professionals like lawyers, accountants, or mentors to guide you through the process. Networking with other business owners can also spark new ideas.

Frequently asked questions