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 the province, industries of the future, 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.
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
- 1Consider your strengths:
- 2How to follow governmental rules:
- 3Take 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:
- 4Plan 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.
- 5Find 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.
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. 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
A few different marketplaces exist that cater primarily to people looking to buy or sell a business in New Brunswick, including:
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:
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:
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:
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:
- 1Pick the legal structure to use, such as proprietorship, corporation, or partnership.
- 2Come up with a business name you want to use.
- 3Use a NUANS name search firm in New Brunswick to ensure your business name is unique and available.
- 4Review the results from the search.
- 5Submit the application for your business name with New Brunswick.
- 6The 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:
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
Joining a business association may give you special advertising opportunities, as well as access to mentors.
To seek information about businesses operating in New Brunswick, check out these online news organizations.
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