New Brunswick Small Business: Complete Guide for Entrepreneurs

ByMaurice

There’s no question New Brunswick is known for its beautiful natural scenery and areas of rugged wilderness.

However, it’s also a great place for starting and growing a successful business.

We put together our guide to New Brunswick small business to highlight some of the existing opportunities in New Brunswick, as well as New Brunswick’s top industries, how to get started in business in New Brunswick, business resources, and more!

Major Industries in New Brunswick

With such an abundance of natural resources, it’s not surprising that the New Brunswick economy relies heavily on manufacturing and exports.

New Brunswick exports refined petroleum, seafood products, pulp, paper, sawmill products, and potash, primarily to the United States.

In the agricultural sector, the province is known for producing blueberries, potatoes, cranberries, apples, and maple syrup.

Other key industries in New Brunswick include electric power transmission, petroleum bulk stations, petroleum wholesaling, and mining, although mining is a far smaller industry than it was several decades ago.

Best Business to Start in New Brunswick: 6 Promising Industries

Although the industries we listed earlier encompass many types of New Brunswick businesses, other industries show promise and a potential for significant growth in the future.

In fact, the provincial government highlights six priority sectors where New Brunswick entrepreneurs may be able to gain a strong foothold.

  • Advanced manufacturing
  • Agritech
  • Cybersecurity
  • Digital health
  • Energy innovation
  • Information and communications technology

New Brunswick highlights its existing infrastructure, its location on the East Coast of Canada, and its capacity to perform highly technical research as important elements aiding its expected growth in these industries.

Businesses related to these industries can keep you on the cutting edge of growth sectors in this province.

Services businesses that relate to these industries also can benefit from the expected growth in these areas.

And, of course, New Brunswick should always maintain its strength as an exporter of agricultural products and natural resources, so businesses related to these areas have proven strong over time.

How to Start a Business in New Brunswick: Step-by-Step Instructions

1. Consider your strengths:

  • Study the industry, or an offshoot of that industry, where you want to work
  • Consider what you can bring to customers
  • Will you provide services to fix key problems?
  • Will you provide goods that allow customers to operate?
  • Do you prefer to run an online-only business, an in-person business, or both?

2. How to follow governmental rules:

  • You can register the business as a sole proprietorship, partnership, or corporation
  • Some businesses require permits and licences to operate legally
  • Some industries must follow local, provincial, and national regulations
  • Most businesses may need to pay taxes of some sort
  • Insurance can help to protect many types of businesses

3. Take the time to write a business plan:

Think of a business plan like a blueprint for operating your business. It discusses the expectations for starting and growing the business. It explains your goals and provides a realistic look at what you are hoping to do. The business plan can include descriptions of:

  • Your expected customer base
  • How you can help customers
  • Other businesses against which you will compete
  • A list of products you plan to offer
  • A list of services you plan to offer
  • Projected profit margins
  • Projections for sales and profits across various time periods
  • Costs to start up the business

4. Plan for raising your start-up costs:

Any new business needs financing to start the process. Raising money is a challenge, but you may be able to seek grants and loans aimed at businesses in New Brunswick.

Check out our big lists of the best funding programs for NB businesses:

5. Find business advice and support:

Seeking help with starting up a business is a common practice, especially for someone who is trying to run a business for the first time. Lawyers, accountants, bankers, and mentors are available in New Brunswick that you can hire to provide advice.

New Brunswick Small Business Grants: Top 10 Grants to Grow Your NB Business

There are hundreds of grants for NB businesses, along with NB business loans, NB wage subsidies, NB business tax credits, and more available for businesses in the province. In the section below we cover some of the best programs:

Start-Up Grants for New Brunswick Businesses

New Brunswick Small Business: 3 Loan Programs to Start & Grow Your New Brunswick Business

Business for Sale New Brunswick: Business Opportunities in New Brunswick

For some people, the idea of starting a business from scratch is daunting. There’s no question that starting a new business can be an uphill battle.

If this describes you, consider purchasing an existing business in New Brunswick (you might even consider a New Brunswick franchise). With an existing business, you have a customer base already in place and potentially some employees or business partners who have experience.

Here are some tips for finding a business that is operating in an area of the market where you want to participate in New Brunswick

Online Business Marketplaces

A few different marketplaces exist that cater primarily to people looking to buy or sell a business in New Brunswick, including:

Real Estate Brokerages

Local real estate brokerages in New Brunswick carry listings for businesses for sale in addition to homes and commercial properties for sale. Some of the brokerages include:

Online Classifieds (For Sale by Owner)

Some New Brunswick business owners may prefer to try to sell their businesses themselves, thereby avoiding paying commission to a real estate broker. Find businesses for sale by owner at places including:

Business Brokers

If you want some help in finding the perfect business to buy in New Brunswick, you may want to hire a firm that serves as a business broker. Some of the benefits of hiring a business broker include:

  • Help with negotiations. The broker can serve as the middleman between you and the person selling the business, making the process go smoother.
  • Find a unique business. Perhaps you want to try to buy a business in a niche area of the market. A broker has the best chance at helping you find a non-traditional business for sale.
  • Jump on new listings. A broker may hear about a new business coming up for sale just before or just as it comes on the market. The broker can help you get a first chance at making a deal.

Multiple business brokers based in New Brunswick are available to help you, if desired, including:

Business Registration in New Brunswick

You need to go through a few steps to properly register a new business in New Brunswick, including the following steps:

  1. Pick the legal structure to use, such as proprietorship, NB corporation, or partnership.
  2. Come up with a business name you want to use.
  3. Use a NUANS name search firm in New Brunswick to ensure your business name is unique and available.
  4. Review the results from the search.
  5. Submit the application for your business name with New Brunswick.
  6. The Corporate Registry will review your proposed name and decide if you can use it.

Business Licences in New Brunswick

Some businesses must obtain licences and permits to be able to operate in New Brunswick. You may need local and provincial licences.

Some resources for learning about the business licences you need in New Brunswick include:

Business Insurance in New Brunswick

Although the provincial government of New Brunswick does not require businesses to carry certain types of insurance, going without insurance coverage is extremely risky. If you hold business loans of any type, your lender may require that you purchase insurance.

Insurance can protect you from a variety of potential losses and liabilities, including:

  • General liability, which protects you if a customer suffers an injury in an accident on your business property.
  • Product liability, which protects you from product malfunctions that harm a customer.
  • Professional liability, which protects you if a client accuses you of professional negligence that leads to a financial loss.
  • Property insurance, which protects you from damage and structural failure at your property.
  • Business interruption insurance, which may protect you from an income loss because of an event out of your control.

Business Laws in New Brunswick

Any business in New Brunswick, whether you are starting it from scratch or you are purchasing it, must follow certain laws and regulations, including:

Business Taxes in New Brunswick

Even if you do not like paying taxes, here’s one way to look at it in a different light: If you are paying taxes, you must be doing something right in your business to generate income!

Some of the laws and regulations related to business taxes in New Brunswick include:

The current provincial corporate tax rate in New Brunswick ranges from 2.5% to 14%.

Additionally, if you hire employees, you must open a payroll account with the federal government.

New Brunswick Business Immigration

Immigration into New Brunswick, both internationally and from other provinces, continues to steadily increase. When immigrants are looking to start a new business, New Brunswick has a series of steps they can follow.

Immigrants also can find resources through the New Brunswick Business Immigration Stream.

Small Business Resources in New Brunswick

When seeking resources for a small business owner in New Brunswick, check out the following options.

New Brunswick Business Directories

General Business Directories

Indigenous-Owned Businesses in New Brunswick

New Brunswick Business Associations & Organizations

Joining a business association may give you special advertising opportunities, as well as access to mentors.

New Brunswick Business News

To seek information about businesses operating in New Brunswick, check out these online news organizations.

Other New Brunswick Resources for Business

Government of New Brunswick Websites

New Brunswick Industry Websites

New Brunswick Industry Legislation

Other New Brunswick Business Links

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.