As an entrepreneur, it’s only natural to set your sights on growing and expanding your business after a few successful years of operation. Whether you’re opening a second, fifth, or tenth location, you may decide to venture out beyond the Greater Toronto Area and explore new markets.
As seasoned veterans of commercial real estate in Ontario, we’ve helped countless entrepreneurs find the perfect property in virtually every type of market. For business owners in Toronto, here are our top five reasons why you should consider expanding your business to communities outside of the GTA.
1. Amazing Markets & Communities
While it may be the largest city, there’s a whole lot more to Ontario than just Toronto. Whether you go east, west, south, or north, there are countless communities, towns, and cities that will make a great fit for your business. If you’re unsure which markets might make the best fit for your business, talk to a commercial real estate agent. With a finger on the pulse of several markets around the province, they can help you identify strategic opportunities for your expansion.
2. Growth Projections
Many of Ontario’s other towns and cities already have vibrant cultural cores, and as they continue to grow and welcome new residents, there will be even greater demand and support for local businesses. As indicated by federal immigration targets, Canada is set to welcome more than one million newcomers within the next few years, with many arriving here in Ontario. This growth will further strengthen the economies of communities located outside of the GTA.
Opening your next location outside of the Greater Toronto Area doesn’t mean sacrificing the big city dynamic. Click here for our list of 7 Reasons You Should Open a Restaurant in Ottawa.
3. Affordable Real Estate
While the residential market makes headlines more often, commercial real estate in Toronto is just as competitive. One of the advantages of expanding your business beyond the GTA is that it can help you cut back on your commercial real estate costs, whether you choose to lease or purchase your business space.
Generally speaking, most towns and cities outside of the GTA offer spacious, high-quality commercial real estate listings that work for any type of business or vision. Don’t forget, the most efficient way to find the perfect space for your business is with a dedicated commercial real estate agent.
Thinking of opening a second location for your business outside of Toronto? Check out these blog posts for helpful insights.
- How Opening a Second Location For Your Restaurant is Different Than Your First
- 5 Central Ontario Towns to Open Your Next Restaurant
- Everything You Need to Know About Opening a Business in Cottage Country
4. Access to Labour
It’s no secret that Toronto has one of the highest costs of living in North America – beyond just the realm of commercial real estate. For many small business owners in the GTA, particularly those in the restaurant industry, the escalating costs of everyday essentials have made it more difficult to attract and retain employees. In some cases, businesses are directly bidding against each other to find staff members, cutting costs where possible.
While there may be no immediate solution to these challenges, things are a little better outside of the city. In fact, in some of the province’s most affordable areas, a “living wage” (the calculated hourly wage needed to afford the basic costs of living) is almost five dollars less than in Toronto. As a business owner, this can make it easier and faster to find staff members for your next location.
Are you feeling the heat of labour shortages as a business owner? Click here to read our blog post on the topic.
5. Expand Your Brand Awareness
At the core of any healthy business is a base of loyal customers who help to spread the word about your brand. If you’re looking to expand and open another location, chances are you’ve been fairly successful in attracting new customers while keeping your existing ones happy. Thanks to the rapport and goodwill you’ve built with your customers, your brand could already be the centre of many word-of-mouth recommendations.
When you expand your business beyond the GTA, you’re also expanding your brand awareness. Tapping into a completely fresh market allows you to capture new customers and spread the word even further. While continuing to build and maintain your name within the GTA, relocation allows you to maximize your brand reach, opening doors for expansion into other markets down the road.
Ready to realize your full potential and expand your business? As commercial real estate experts, we’ve got the tools and know-how to help you be successful. Click here to send us an email.
