Northwest Territories – IndigenousSME Small Business Magazine

The Northwest Territories Small Business Guide:

Your Comprehensive Resource for Launching and Expanding a Business in the Northwest Territories

Now that you’re finally here welcome to the most comprehensive guide on how to launch, manage, and expand a small business in the Northwest Territories. At the CanadianSME Small Business Hub, our mission is to give our users all of the knowledge, tools, and resources they will need to succeed at each stage of their firm’s growth. We have compiled this extensive resource with the goal of assisting your small business in achieving its objectives in the Northwest Territories.

Northwest Territories: A Prosperous Frontier for Entrepreneurs

The Northwest Territories are nationally recognized for its abundant resources and favourable entrepreneurial ecosystem, making it an ideal destination for startups and small businesses seeking to capitalize on the various opportunities offered across its diverse industries. The NWT also boasts entrepreneurial incubators that help entrepreneurs set up businesses or scale their projects from scratch. One such business incubator is EntrepreNorth which aims to empower Indigenous and community-based entrepreneurs.

Natural Economic Landscape

The economy of the Northwest Territories is mainly reliant on natural resources such as diamonds, gold, oil, and gas. This provides a range of business opportunities in the region. The sectors of tourism, arts and crafts, film, and information and communication technologies are experiencing rapid growth as well.

Unique Market Accessibility

The Northwest Territories offer exceptional opportunities to access Northern and Arctic markets. The unique geographic location of this area presents excellent opportunities for businesses looking to operate in remote regions.

Diverse Skilled Workforce

The Northwest Territories take pride in their exceptionally talented and diverse workforce, which is known for its strong traditions of entrepreneurship and self-employment.

Government Fostering Support

The government of the Northwest Territories is keen on creating an environment conducive to conducting business by offering tax incentives, grants, and funding programs. These initiatives are specifically designed to promote growth and innovation in the region. The territory also fosters a supportive ecosystem for technology and innovation.

Quality of Life

The quality of life, the environment, and the variety of recreational opportunities in Canada’s Northwest Territories are all high, thanks to the region’s breathtaking natural beauty.

Explore the Best Available Resources for

SMBs and StartUps in Northwest Territories

NWT Chamber of Commerce

The foundations for Northwest Territories’ Chamber of Commerce were laid in 1973 with the mission to “foster sustainable and progressive business growth through strategic networking and partnerships.” The NWT Chamber of Commerce promotes various opportunities in every business sector and provides a firm ground for entrepreneurs to explore professional relationships. The official website for this organization states, “Working with the Community Chambers, Territorial business organizations and the Canadian Chamber of Commerce, the NWT Chamber advocates and lobbies all levels of government on issues and initiatives impacting the business community in the NT.”

Canadian Federation of Independent Business

The Canadian Federation of Independent Business is another excellent option to turn to when you feel you need some help with your small-scale business in Northwest Territories. Dedicated to helping small firms and entrepreneurs, CFIB is the largest non-profit organization with more than 95,000 members.

The CFIB plays a vital role in advocating for small-scale businesses, whether with the government or politicians. Additionally, they provide specific business tools and practical resources plus on-call counsellors if you still have a doubt.

Yellowknife Chamber of Commerce

Yellowknife, the capital of the Northwest Territories, contributes vibrantly towards the economy of Canada. And furthering the interests of the residents, the Yellowknife Chamber of Commerce works actively in advocating for the businesses present in the city. They strive “to be a leader in the continued improvement and development of a strong Yellowknife business community in order to support a diversified economy and sustainable growth.”

The Business Development and Investment Corporation (BDIC)

The NWT Business Development and Investment Corporation (BDIC) is working to build a stronger, more resilient business sector in the Northwest Territories. We have been supporting Northern entrepreneurs and businesses since 2005.

Business Development Bank of Canada (BDC)

At BDC, we know business owners. We’ve been working with them for more than 75 years. We know their challenges and we understand their needs. And we want them to grow and succeed.

Futurpreneur Canada

Futurpreneur has been fueling the entrepreneurial passions of Canada’s young enterprise for over two decades. We are the only national, non-proﬁt organization that provides ﬁnancing, mentoring and support tools to aspiring business owners aged 18-39. Our internationally recognized mentoring program hand matches young entrepreneurs with a business expert from a network of more than 2,600 volunteer mentors.

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