British Columbia is aiming to become the most small business-friendly province in Canada, with the government putting together efforts to make the region more attractive to startups.
About 98 per cent of companies in the province fall under the government's definition of {a} small business, which is having 50 employees or less, according to The Province. Of those businesses, the majority have five workers or less.
Government efforts
"I think that when small businesses do well, so does the province," said Naomi Yamamoto, B.C.'s Minister of State for Small Business, as quoted by the news source.
Yamamoto also said that she thinks the provincial government needs to work with business owners in order to maintain an open level of communication that can be beneficial to both sides. Some preliminary ideas to encourage businesses to make their foundations in B.C. include improving roads, tunnels and other infrastructure while also working to keep property taxes low.
B.C. Premier Christy Clark spoke on a similar topic several weeks ago, when she announced that the region's goal was to become Canada's top economic producer. The area is currently leading the nation when it comes to the number of jobs provided by startups, meaning the province is ahead of Alberta with respect to local job growth.
Contributions to society
Small businesses contribute to the local and provincial economy in many ways. In addition to paying taxes, these companies create jobs in the region and provide goods and services to the local area, which can further stimulate economic activity. If the large presence of small businesses remains in B.C. and continues to grow, the province and its citizens may reap the rewards.
Several other organizations are currently striving to keep startups in the province. With small businesses providing more than 50 per cent of the jobs in the private sector and contributing one-third of B.C.'s revenue, it is more than important than ever to keep the startup industry growing, The Province reports. In order for this to happen, the province must foster creative talent in its schools and culture while also making it financially worthwhile to stay in B.C. This effort starts with education, as the small businesses need capable owners and workers to grow.
Students who are interested in pursuing careers in business can enroll in accounting and payroll courses at Vancouver Career College. To find out more information, fill out the form on the right.