Vancouver Startup Economy Impacts Service Providers
Why Vancouver “Startup City” is Startup Capital of North America?
The City provides programs and services to support new business initiatives. Of the top 10 cities on Nestpick, a global relocation website, Vancouver scored the highest on immigration tolerance and start-up density. 30% of Vancouver’s entrepreneurs are immigrants, compared to the global average of 19%.
The City has positioned Vancouver as a Startup City and in the Vancouver Economic Commission (VEC) report, high-growth sectors such as Tech, Digital Entertainment & Interactive, and the Green Economy are driving its fast growing economy – the greenest and most resilient in Canada. The VEC’s work underpins this modern economy, increasing the flow of capital from target markets, boosting the availability of top talent, connecting Vancouver businesses to domestic and international markets.
While Vancouver is sometimes viewed as a hub unto itself, entrepreneurs and innovators have the space and freedom to truly think “outside the box” in a way they might not do elsewhere.
Growing Number of Vancouver Startup Hubs
Vancouver, BC also has a growing number of startup hubs with resources to help startup businesses grow with access to funding, professional services and more! These startup hubs are usually in or near the downtown core. Many of these startups are in technology, with an increased demand for service providers .
- BC’s tech hub is also located in downtown Vancouver, a proven factor in increasing overall productivity
- The sector includes: Software as a Service (SaaS), social media, business intelligence, security and financial tech, e-commerce and web technologies to take businesses online.
- The BC government announced a $100-million BC Tech Fund in 2016 to help BC tech companies access the early stage venture capital to grow and stay in BC, help diversify the economy and create high-paying jobs.
Vancouver High Cost of Living Impacts Service Providers
The Economist Intelligence Unit has named Vancouver the most expensive city to live in North America and a 2014 study by consultancy Demographia cited it as the second-least affordable housing market in the world after Hong Kong. The biggest contributor to these rising housing prices are immigrants not only arriving with great wealth, but continue to earn high incomes outside of Canada. This accumulation and access to money and its investment in Vancouver property have a lead to a “decoupling of housing from local labour market participation.
Therefore, if you’re a service provider, solopreneur, consultant, coach, trainer, speaker or author, it’s important to find a way to include a residual or referral program that is complementary to your own services when you’re trading time for dollars. Your time is not scaleable. Therefore, you need a referral program that helps you generate an additional income stream.
A service provider in Vancouver, Canada can hustle hard and earn about $100K per year alone with hourly rates for consulting and / or coaching. But to exceed an annual income of $200K, $500K or more, there needs to be a back-end system for multiple streams of income. This revenue may start off small, but can grow with significance by leveraging the internet and online automation tools with a startup online. This requires entrepreneurial thinking.
How and Why Solopreneurs Startup Businesses?
Whether immigrant or local, the single biggest factor in a solopreneur’s success, is their mindset: how to think outside the box and their reason why.
Why are you starting your business? What would you like to achieve? How will your business help others (and yourselves) get more of what you want out of life? Remember this quote:
“He who has a why can endure any how.”— Friedrich Nietzsche
As an entrepreneur, you’re going to have challenges along the way. The first challenge will be with changing the way you do things. And the one thing we know for sure about the human mind, is that it’s the ultimate rationalizing device.
The moment you try and do something outside of your comfort zone, your mind starts to come up with all kinds of seemingly logical and valid points about why it’s a bad idea. This kind of resistance may seem completely normal. But you can’t succumb to it if you want to be successful.
Think Outside the Box to Differentiate Yourself
The biggest challenge new solopreneurs have with their startups is mindset, especially if they come from an employee background. Although I consider myself to be a creative person, 20 plus years of employee conditioning made it a challenge to “think outside the box” as an entrepreneur.
Even if you are following a proven system, it’s important to have a unique approach that is your “personal branding”. It won’t work if you follow a proven formula exactly as the same as thousands of others. That’s because there is no differentiation between your brand and all the other copycats. In other words, why would your prospect choose you over your competition? What are you bringing to the table that your competitors are not?
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