A Mini “Business Boom” to End 2023
With the number of new businesses opening in 2023 declining in the last third of the year from September to November, it seemed unlikely that numbers would bounce back to finish off the year. However, we had 14,609 new businesses open up in Canada in December, similar to the numbers we saw back in May or October of 2023.
If we compare these numbers to January 2023, the number of new businesses being opened TRIPLED, as we began the year with 3,410 new businesses.
What’s the reason for the mini “boom?”
For many reasons, opening a new business at the end of the year has its benefits. From avoiding filing during busy office hours to the possibility of tax benefits, smart business owners will often take advantage of opportunities when they arise. Not to mention, the benefit of holiday sales and deals that begin in November. Black Friday sales could benefit your company as you can purchase loads of supplies, devices, and furniture, at a discounted rate. There is also the benefit of opening a new business just in time for the holidays when shoppers are active, which allows you to start your business off on the right foot.
The three most notable upticks in new businesses at the provincial level in December
Even though all Canadian provinces saw an increase in new businesses in December, there were 3 in particular that stood out amongst the crowd.
Ontario led the way with a total of 1,516 new businesses in December—up 27.14% from November—with British Columbia not far behind.
Although Ontario led with the total number of new businesses opened in December, BC’s percentage of new businesses opened in December increased by a whopping 87.79% compared to November, with Alberta at an impressive 61.98% increase as well.
