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Best Business to Start in Nova Scotia: Growth Industries + Top Business Ideas

by Maurice | February 9, 2023

When you think of Nova Scotia, you may think about tourism, agriculture, and fishing. These certainly remain key industries in this Canadian province.

However, the province is embracing other types of industries, helping to diversify Nova Scotia’s economy. Information technology, communications technology, and clean technology are among the fastest growing industries in Nova Scotia.

Having success with a new business partly depends on starting in the right business area. We have some advice for selecting the best business to start in Nova Scotia.


Table of Contents
Why Start a Business in Nova Scotia? Key Stats
Biggest Industries in Nova Scotia
What Kind of Business Should I Start in Nova Scotia?
Best Businesses to Start in Nova Scotia

Manufacturing Business Ideas for Nova Scotia
Home-Based Business Ideas for Nova Scotia
How to Start a Business in Nova Scotia - 8 Steps

Why Start a Business in Nova Scotia? Key Stats

Nova Scotia is a friendly environment for small and medium-sized businesses. In fact, 92% of all businesses in Nova Scotia are businesses of this size, resulting in more than 30,000 small and medium-sized businesses in the province.

The labour force in Nova Scotia has been steadily growing for many years, nearing its all-time high at almost 514,000 people in late 2022.
Employment in Nova Scotia was also near an all-time high of about 483,000 people in late 2022.

The number of
active businesses in Nova Scotia increased 2.1% from late 2021 to late 2022, showing a continuation of improving economic conditions. Nova Scotia’s business growth numbers are nearly identical to the numbers for all of Canada.

All these numbers contribute to a robustly growing economy in Nova Scotia. The province’s
real GDP growth from 2021 to 2022 was 6.2%, ahead of the 5.0% GDP growth in all of Canada during the same period.

Another reason to consider starting a business in Nova Scotia is the presence of Halifax, which has a metro
population of almost 440,000. It is one of the largest cities along Canada’s East Coast, which means you have a large potential customer base and pool of potential employees.

Biggest Industries in Nova Scotia

When you are considering starting a business in Nova Scotia, studying the strongest industries in the province can give you a leg up in having success. You could directly provide goods or services to those industries, or you could focus on a niche area related to some of those industries.

Traditionally,
Nova Scotia’s economy relies on resource-based industries, including fishing, agriculture, and forestry. In fact, Nova Scotia is one of the world’s largest exporters of Christmas trees, lobsters, and berries.

Nova Scotia’s economy continues to diversify, though, as it embraces more sectors of the market related to technology. These include areas like information and communications technology.

According to
Statista, the largest industries in Nova Scotia, as determined by percentage of the province’s GDP, are:

  • Real estate, 16.4%
  • Public administration, 13.1%
  • Health care and social assistance, 10.9%
  • Manufacturing, 7.3%
  • Educational services, 6.9%
  • Retail, 6.8%
  • Construction, 6.5%
  • Finance and insurance, 6.1%
  • Professional, scientific, and technical services, 5.1%
  • Wholesale trade, 3.2%

What Kind of Business Should I Start in Nova Scotia?

If you are struggling to come up with a business idea in which you have confidence, you aren’t alone. Developing brilliant business ideas isn’t easy, or we’d all be millionaires!

It may help to think about it analytically. Run your business ideas through the three stages of business development – Niche, Offer, and Channel (or NOC).

  • Niche

Niche is the industry in which you want to start the business. You can pick a niche in which you have some familiarity, but it’s more important to focus on items like:

  • Your ability to solve problems that people in that industry are having.
  • The strength of the industry and of your niche in it.
  • A built-in customer base receptive to your goods or services.
  • A niche where competitors are rare or where you can outperform them.
  • Offer

Offer is the products or the services that you will provide for customers initially. (Remember, there’s always room to expand as you have more success!) Consider:

  • The primary needs that your potential customers have.
  • The ways you can meet those needs better than anyone else.
  • The products you can develop yourself or can purchase and resell.
  • The services you can provide yourself or can hire others to provide on your behalf.

If your customer base calls for it, you may end up choosing to provide both goods and services.

  • Channel

Channel is the manner by which you will make your goods and services available to your customers, including:

  • Through a physical storefront
  • Through a website
  • Through both a physical location and an internet store
  • Through in-person or telephone salespeople

Certainly, there are other aspects of business development, such as marketing, hiring employees, and finding start-up money. However, using the principles of NOC can help you figure out which type of business has the best chance at success for you.

Best Businesses to Start in Nova Scotia

When trying to develop a business idea in Nova Scotia, you may want to stick close to the primary industries the province supports. We mentioned some of the more traditional industries earlier, including fishing, agriculture, forestry, petroleum production, and mining.

Additionally, the provincial government of Nova Scotia has identified
11 industry sectors that it believes are poised for growth, including:

  • Advanced manufacturing: Businesses that take advantage of the natural resources and minerals in Nova Scotia.
  • Agri-food: Businesses related to agriculture that results in food, including the growing of fruits, vegetables, and grains.
  • Businesses of diversity: Businesses owned by aboriginal peoples, indigenous peoples, disabled people, minorities, women, veterans, and LGBT+ people.
  • Clean technology: A history of wind and solar power generation and access to natural resources make Nova Scotia a world leader in clean tech development.
  • Digital media: Nova Scotia offers cost-competitive talent and resources for digital media producers, including video game developers.
  • Financial services: Nova Scotia has a strong financial services industry supporting middle and back office operations.
  • Information communications and technology: Businesses related to all aspects of IT and digital communications, including data analytics.
  • Life sciences: Scientists operating in Nova Scotia have access to world-class research and development facilities and modern business incubator facilities.
  • Naval defence: Nova Scotia has many companies working in areas like naval defence, shipbuilding, aerospace, cyber security, and simulation training.
  • Ocean technology: Businesses related to aquaculture, ocean science, and marine transportation.
  • Seafood: Businesses related to fish harvesting, seafood processing, and seafood export.

You may want to start a business related to one of the traditional industries or to one of the growth industry sectors. Sticking with these areas gives you a greater chance of either having an established potential base of customers or of entering an industry poised for quick growth.

For example, even if you don’t work directly in agriculture or fishing, you might be able to provide goods and services that support those areas of the economy. Perhaps you can service and repair equipment that these industries require.

Manufacturing Business Ideas for Nova Scotia

  • A woodworking business that can take advantage of Nova Scotia’s forestry industry.
  • A custom computer building business that can tap into the communications and IT industry.
  • A microbrewery business that could take advantage of Nova Scotia’s strong tourism industry.
  • An organic fertilizer manufacturing business that could take advantage of Nova Scotia’s agriculture sector.
  • A parts manufacturing business that could supply marine repair and ag equipment repair services.
  • A food processing business that could serve the local fishery and agricultural businesses.

Home-Based Business Ideas for Nova Scotia

  • A freelance writer could blog about Nova Scotia’s tourism opportunities or about a niche area, such as Nova Scotia’s support for immigrant business entrepreneurs.
  • A freelance photographer or videographer could serve local companies with professional-level media for advertising or websites.
  • You could start a bed and breakfast in your home to supply Nova Scotia’s tourism industry.
  • You could sell products from your home that are sourced and made in Nova Scotia, sending these unique local items to others across Canada or the world.
  • A repairperson could start a home-based business to serve commercial and residential customers with power tool repair and with snow-related removal and recreational equipment repair.
  • An IT consultant could work on a contract basis with companies looking to maximize their investments in communications and technology.
  • You could start a home-based services business, such as a childcare provider, a caterer, a pet groomer, a hair stylist, or a translator.

How to Start a Business in Nova Scotia - 8 Steps

The steps for starting a small business in Nova Scotia aren’t complex, but they do require some legwork on your part.

  1. 1
    Create the Business Idea

Use some of the tips we outlined earlier to figure out which industry or niche makes the most sense for you. After you identify areas where you can fulfill a need, create a set of goals for your business.

  1. 2
    Study Your Niche Area

It can be helpful to study statistics related to your preferred business area. The Small Business Hub provides data from the Canadian census. It can provide data tailored to Nova Scotia or even to Halifax.

  1. 3
    Create the Business Plan

A business plan is extremely helpful both for you and for any potential financiers. The plan shows how you expect the business to operate and to make money. (Turning a profit is an extremely important step!) Creating the plan forces you to think about multiple areas of the business. You may find that your overall business idea needs further tweaking. When seeking funding, you may find that the quality of your business plan is the make or break factor.

  1. 4
    Buy a Business or Start From Scratch

Starting a business can be a daunting task, requiring quite a bit of research and time. If you have a passion for this type of business, you may enjoy the steps required. If you’d rather find another option that involves less legwork, though, consider buying an existing business. You still need to do extensive research on the business, but this option has some advantages in terms of time.

  1. 5
    Find a Business Location

Location is another important aspect of your business. If you choose to have a brick-and-mortar location, finding a location close to your customers that’s also welcoming to new customers is important. In Nova Scotia, you will want to consider whether to operate a business in Halifax or in a more rural area. Running an online business from your home is possible, too, if you have the space and technology available.

  1. 6
    Register Your Business

Before you can start operating, you must register your business with the provincial government in Nova Scotia. During the registration process, you will select a unique business name and determine the operational structure of the business. Access Nova Scotia has specific information about this process.

  1. 7
    Find Licences and Permits You Need

Depending on the type of business you select, you may need to hold certain provincial or local permits to operate legally. The BizPaL service helps you figure out what you need.

  1. 8
    Seek Support in Nova Scotia

Should you need help with any aspect of starting or registering your business, Nova Scotia has numerous resources that you can access.

Related posts:

Nova Scotia Small Business: Complete Guide for Entrepreneurs
How to Start a Business in Nova Scotia (2023): Step-by-Step Guide for New Entrepreneurs
Incorporating a Business in Nova Scotia: Step-by-Step Guide for New Entrepreneurs
How to Register a Business in Nova Scotia: Step-by-Step Guide for New Entrepreneurs

About Maurice

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.

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