The Nunavut Small Business Guide:
A Comprehensive Resource for Establishing a Flourishing Business in Nunavut
Welcome to our comprehensive guide, a great resource for individuals seeking to establish, manage, and grow a small enterprise within the region of Nunavut. Our team at CanadianSME Small Business Hub is dedicated to offering essential tools, resources, and insights that can effectively help you navigate every stage of your entrepreneurial voyage. The Nunavut Small Business Guide provides holistic support and information to facilitate the success of businesses operating in Canada’s northernmost territory.
It wouldn’t be entirely wrong to state that the most desirable aspect of the province of Nunavut is its abundant natural resources and reliable entrepreneurial ecosystem. This region offers a unique backdrop for startups and small enterprises seeking to capitalize on the prospects presented by its multifaceted industries. Nunavut is renowned worldwide for traditional prints and carvings. Plus, industries such as tourism, mining and mineral exploration, art & crafts, hunting and trapping and fishing offer a plethora of small business opportunities.
Since the economy of Nunavut is predominantly reliant on sectors such as mining, fisheries, tourism, and arts and crafts. These industries have always presented a range of potential business prospects, and innovation is the need of the hour in all these industries. This is why the regional government’s active participation in the territory’s economy has been nothing but encouraging and favourable for both new and seasoned entrepreneurs.
The remote geographical positioning and ample natural beauty of Nunavut can potentially make this region the tourism and culture hub. What’s more, this region presents distinct prospects for enterprises capable of meeting the region’s demands and capitalizing on its resources.
Nunavut is characterized by a youthful and expanding population demonstrating a notable inclination towards entrepreneurship and self-employment.
Like all provincial governments, the government of Nunavut also effectively encourages an environment that supports business. They achieve this by implementing a range of grants and funding programs strategically aimed at stimulating growth and fostering innovation, thereby helping create more opportunities and better business prospects.
Nunavut represents the true essence of the Canadian northern region, which is why it’s nicknamed the Great White North. With its breathtaking arctic terrains and cold climate, this province offers a unique way of life, rich in Inuit culture and heritage. Despite the severe winters, the residents of Nunavut are the most friendly and warm people who always come up with unique business ideas and ways to contribute to the larger community and the provincial economy.
Explore the Best Available Resources for
SMBs and StartUps in Nunavut
Baffin Regional Chamber of Commerce
Representing the concerns of the businesses in Nunavut, the Baffin Regional Chamber of Commerce’s mission “is a non-partisan organization established to foster, promote and improve business development in a responsible manner while providing value to members through benefits, partnerships, communications, advocacy and initiatives.” The Baffin Regional Chamber of Commerce promotes a healthy economic climate by providing benefits and resources to all its members.
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 Nunavut. 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.
Iqaluit Chamber of Commerce
The capital of Nunavut, Iqaluit is famous for its tundra valleys and ice-capped mountains. Working hard to keep the economy going, the businesses in Iqaluit hugely depend upon the tourism industry as well. To help these business owners get the right tools in order to function properly, the Iqaluit Chamber of Commerce represents their interests to the federal government. Acting as a bridge between the government and entrepreneurs, the Iqaluit Chamber of Commerce “ensures that the needs of Iqaluit businesses are being met.
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.
Kitikmeot Community Futures Inc. (KCFI)
Kitikmeot Community Futures Inc. (KCFI) is a lending agency focused on creating and maintaining small businesses in the region. As a non-profit corporation our mandate is to create and/or maintain employment in the region by promoting and assisting new viable small businesses or helping existing businesses through a wide range of services from strategic planning and monitoring, technical and advisory services, business counseling and assistance by providing loans
Nunavut Economic Developers Association (NEDA)
The Nunavut Economic Developers Association assists Community Economic Development Officers in each municipality. It provides the officers with professional development, networking, advocacy and the exchange of information and ideas.