Nova Scotia is known for lobster, blueberries, and the stunning Cabot Trail.
But did you know Nova Scotia also has a growing population and some unique business opportunities?
In this guide we cover everything you need to know about business in Nova Scotia - from major industries to how to start a business in Nova Scotia resources to support your business.
Nova Scotia is known for lobster, blueberries, and the stunning Cabot Trail
But did you know Nova Scotia also has a growing population and some unique business opportunities?
In this guide we cover everything you need to know about business in Nova Scotia – from major industries to how to start a business in Nova Scotia to resources to support your business.
Major Industries in Nova Scotia
Nova Scotia’s economy has traditionally been resource-based, consisting of fishing, coal mining, paper, mining, and agriculture. In the past several decades, offshore oil and gas has also contributed to the economy.
Newer industries in Nova Scotia include defence and aerospace, filmmaking, and information & communication technology.
Rounding out the province’s industries is tourism, which contributes over $2.5 billion to the provincial economy.
Best Business to Start in Nova Scotia: 11 Promising Industries
In addition to the traditional industries mentioned above, Nova Scotia has 11 priority sectors that build on the province’s existing strengths and are promoted by the provincial government:
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- Ocean industries
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- Seafood
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- Agri-Food
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- Naval defence
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- Information and Communications Technology
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- Digital media
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- Film & television production
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- Advanced manufacturing
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- Clean technology
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- Financial services
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- Life sciences
These industries take advantage of the labour force’s existing skill set, the knowledge base of local universities, as well as funding programs offered by the provincial government.
If you’re thinking about starting a manufacturing business (especially one that’s focused on exports), these 11 industries are an excellent place to start. If you’re thinking about starting a services business, consider how you can serve existing businesses that operate in these industries.
How to Start a Business in Nova Scotia: Step-by-Step Instructions
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- The niche (industry) you want to be in
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- The offer(s) that you will sell to your customers
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- Brainstorm solutions to pressing problems
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- Decide if you will manufacture a product or provide a service
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- Which business channel you want to operate in (online or in-person)
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- The type of business you should register (sole proprietorship, partnership, or corporation)
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- The licenses & permits you’ll need to operate your business
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- Regulations that apply to your industry
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- Taxes that your business will have to pay
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- Insurance to protect your business
A good business plan will give you a clear vision of the path you need to take to start and grow your business. Elements of a good business plan include a description of your:
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- Target audience and their needs
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- Competitive landscape
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- Planned products and/or services (offers)
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- Value proposition
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- Financial projections
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- Start-up costs
Start-ups need money! There are grants, loans, and many other types of funding available for businesses in Nova Scotia
Mentors and professionals such as accountants and lawyers can provide invaluable advice on the steps to set up your business and the mistakes to avoid.
Small Business Grants Nova Scotia: X Top Grants to Start & Grow Your Nova Scotia Business
Did you know there are X grants available for businesses in Nova Scotia?
How about X low-interest loans, wage subsidies, tax credits, and other types of financial incentives?
Our database of financial incentives for Nova Scotia businesses in the largest, most complete on the market. Here is just a small sample of the incentives available right now:
There are dozens of start-up grants available to aspiring entrepreneurs in Nova Scotia, including grants offered by the provincial government, federal government, and non-profits. Here’s a sample:
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- Small Business Reopening and Support Grant Nova Scotia
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- Nova Scotia Small Business Impact Grant
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- Etc.
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- Etc.
Women entrepreneurs have lots of places to find support for their start-ups or growing businesses. Here’s a sample of financial incentives from our database
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There are many federal and provincial programs available to black Nova Scotians to start and grow a business. Here are a few:
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Sometimes a loan is the quickest and easiest way to get funding to start or grow a business. Even better, there are low-interest (and no-interest) loans available to Nova Scotia entrepreneurs. Here are a few of the best loan programs:
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Business for Sale Nova Scotia: Business Opportunities in Nova Scotia
Once you’ve decided the industry you’d like to enter, how do you get started?
One option is to buy an existing business. While it will cost you more upfront than starting a business from scratch, buying a business will get you up and running faster.
There a several places to find a business for sale in Nova Scotia:
An online business marketplace is basically an online classified ads website specifically for businesses. The most popular businesses-for-sale websites include the following:
More and more real estate brokerages are adding businesses for sale to existing inventory of homes for sale. Here are some online brokerage sites to check out:
Business owners who don’t want to pay a commission will often advertise on classified ads sites. Here are the most popular:
A business broker is the equivalent of a real estate agent – they act as a middleman between buyers and sellers.
The benefits of using a business broker to buy a business include:
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- Tailored service. A business broker can quickly target a business using your precise criteria
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- Find businesses not on the market. Through their word-of-mouth network, a business broker might know of a business that isn’t yet listed for sale.
Here are some top Nova Scotia business brokers to check out:
Registering a business in Nova Scotia involves the following steps:
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- Choose a legal structure (proprietorship, corporation, or partnership)
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- Choose a business name
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- Do a name search (to confirm that the name is available)
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- Reserve your business name
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- Register your business (online or in-person)
Answers to FAQs:
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- Do I need to register my business in Nova Scotia?
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- Registering a business name in Nova Scotia
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- Business name search NS
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- Nova Scotia business registry
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- Nova Scotia business entity search
Depending on the industry you’ll be operating in, you might need specific licenses and permits to run a business in Nova Scotia.
You can find out which licenses and permits you need from the following websites:
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- BizPal allows you to do an online search for the permits and licenses you’ll need for your Nova Scotia business
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- Nova Scotia Permits Directory is a 1990s-era web page (but it still works!) that is organized by industry
Answers to FAQs:
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- What is a business license?
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- What types of business licenses are there?
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- How do I know what licenses I need for my business?
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- What is the cost of a business license in Nova Scotia?
Business insurance might seem like a boring topic, but it’s critical for avoiding financial ruin (who hasn’t heard about a small business being sued when a customer slips on the ice outside their premises?).
While the Nova Scotia government does not require most businesses to have insurance, there are several types of insurance that are recommended to protect your business:
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- General liability insurance, which protects against on-premise accidents and other claims
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- Business property insurance, which protects against damage to your property
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- Product liability insurance (if you manufacture a product)
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- Errors and omissions insurance (if you operate a professional services business)
You might be disappointed to learn that there are laws and regulations that businesses in Nova Scotia must follow. The main laws are:
Business tax is an important and complicated topic, and we recommend you seek the help of a professional to sort through it.
Here are some resources to get you started:
Current corporation tax rate in Nova Scotia: 2.5% – 14%.
Nova Scotia has seen a record number of immigrants recently, including economic immigrants.
Part of that surge has been through the Nova Scotia Entrepreneur Stream of the Nova Scotia Nominee Program.
To learn more about how to migrate to Nova Scotia as an entrepreneur, read our guide to Nova Scotia Business Immigration.
Small Business Resources in Nova Scotia
There are lots of support resources for small businesses in Nova Scotia. Here are some of the best ones:
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- Business Navigators Nova Scotia help you “navigate” the process of starting a business in Nova Scotia
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- Nova Scotia Association of CBDCs (Community Business Development Corporations) provides financial support (loans, loan guarantees and equity financing) and in-kind support (advice, training, etc.) to small businesses in 13 communities throughout Nova Scotia.
You can find the contact info for all 13 Nova Scotia CBDCs here.
- Nova Scotia Association of CBDCs (Community Business Development Corporations) provides financial support (loans, loan guarantees and equity financing) and in-kind support (advice, training, etc.) to small businesses in 13 communities throughout Nova Scotia.
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- Nova Scotia Business Federation offers marketing services and employee group benefits for small businesses in Nova Scotia
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