13 Profitable Home-Based Business Ideas for Entrepreneurs In Nunavut

by Grace Santos

31 January 2024

In Nunavut, exploring home-based business opportunities can be a rewarding venture, especially for those looking to capitalize on the unique regional market. After extensive research on what’s trending and profitable in Canada, it’s clear that many home-based business ideas require significant investment. However, we’ve identified a selection of viable home-based business ideas that require minimal to no initial investment, tailored specifically for residents of Nunavut.

PDF Download:
Get Funding Potential For The 13 Businesses

Starting a Home-Based Small Business in Nunavut: Key Considerations

Assess your interests, available time, suitability, and financial capacity.
Remember, a home-based business may require more time and effort compared to a traditional business due to lower startup costs.

Promising Home-Based Business Ideas for Nunavut Residents

Blogging: Start a blog on a niche topic relevant to Nunavut’s culture, environment, or lifestyle. Monetize through advertising, product sales, or email marketing. Startup cost: under $100.
Online Selling: Utilize platforms like Facebook Marketplace or Nunavut’s local online forums to sell products. Dropshipping is a low-investment option. Startup cost: under $100.
Property Rental: Use platforms like Airbnb to rent out space in your home, especially during peak tourist seasons in Nunavut. Income potential varies based on location and property type.
Ride-Sharing/ Food Delivery Services: If you have a vehicle, consider joining ride-sharing or food delivery services prevalent in Nunavut’s larger communities.
Freelance Writing: With digital media growth, content creation for websites and blogs is in high demand. Writing about Nunavut’s unique lifestyle, culture, and environment can be particularly profitable.
Thrift Store and Garage Sale Reselling: Purchase items from local thrift stores or garage sales and resell them online for a profit.
E-commerce via eBay, Etsy, Amazon: Sell unique Nunavut crafts, artwork, or local products online.
Home Inspection Services: With a certification, offer home inspection services, a growing need in Nunavut’s developing housing market.
Tutoring Services: Offer online or in-person tutoring in subjects you’re skilled in, catering to both children and adults.
Christmas Decorations Business: Seasonal business opportunity for decorating homes during the festive season.
Mobile Oil Change and Car Washes: Offer convenient vehicle maintenance services at customers’ homes.
Home-Based Daycare: If you enjoy working with children, consider starting a daycare service at home.
Photography: Utilize Nunavut’s stunning landscapes and wildlife for a photography business.
Cleaning Services: Start a cleaning business catering to residential and commercial clients.

Each of these ideas has been selected for their feasibility in Nunavut, considering the unique geographic and cultural context. For anyone in Nunavut looking to start a small business, remember the importance of a solid business plan as your first step.

Funding and Support for Your Nunavut Home-Based Business

Explore funding options available specifically for Nunavut entrepreneurs.
Seek local business support networks to guide you through the startup process.

To download a guide on funding potential for these 13 business ideas and get more insights tailored for Nunavut, click the link below: [Download Funding Potential Guide]

Don’t Forget About Your Starting Your Business:
Get Funding Potential For The 13 Businesses

These ideas are just a starting point. With creativity and local market understanding, you can adapt these concepts to create a successful home-based business in Nunavut.

Business Advice, Business Planning

Nunavut Government Funding Checklist

by Grace Santos

31 January 2024

Download the Nunavut Government Funding Checklist

The Canadian Government Funding Checklist is a super easy way to follow an exact checklist of items to help you and your small business secure the needed funding via government of Nunavut programs and options. Take a moment to fill out the form below to get the free checklist and start the government funding process for your own small business.

Nunavut Government Funding Checklist Details

As a small business owner in Nunavut , or if you are considering getting into business, the one thing that you will likely need, especially in today’s climate, is funding for your business. The Canadian government provides great resources (money), to help individuals start and expand their businesses, in order to boost the economy, to create jobs and to help support the entrepreneurial spirit across the country.

That being said, the process of getting government funding isn’t always simple to understand or follow.

The checklist created here by Nunavut Startups will help you confirm on 4 key points, to ensure your success with government funding for your own small business:

Your business plan
The funding needs
Starting the funding search
The funding applications

Sounds simple; however over 80% of government funding applications are refused, or denied due to issues found within each of these 4 steps.

The checklist that you can download below, will explain in clear detail, the key points surrounding each of the 4 steps, and will guide you to ensure you avoid the common mistakes as you push your way through the funding obstacles – to get funded!

Get instant access to the Nunavut Government Funding Checklist [FREE]

https://www.nunavutstartups.org/purchase/

Small Business Grant

Small Business Success Grant Program

by admin

19 July 2023

“Unlock Your Success Story: Propel Your Small Business Forward with the Small Business Success Grant“

Provided by: SBSG Canada

Current Stage Deadline: September 8th, 2023

Apply via the Funding Database

The early stages of a startup can often be the most challenging.

SBSG understands that getting your new business off the ground can be an exhilarating yet challenging journey. The Small Business Success Grant Program, which offers up to $1,500 in non-refundable funding, is designed to support small businesses like yours and help you turn your great ideas into successful ventures.

Small Business Success Grant Overview

The Small Business Success Grant is a program specifically created for new, for-profit, privately owned businesses located in Nunavut.

If your business has generated no more than $10,000 in annual revenues, you’re eligible to apply. What’s even better? You can use this grant as you see fit to further the growth of your business. There are absolutely no strings attached!

Here’s a sneak peek into what this program offers:

$1,500 – a Non-Refundable / Non-Repayable Grant
No credit checks required – or minimum revenue requirements
Grant Writer Not Needed
No Restrictions on how you can use the funds
Matching Contributions are not required to be eligible

Applying to the Small Business Success Grant Program is unlike any other program currently available – as it is available to you with the bare minimum in requirements and eligibility.

WANT TO LEARN MORE?

Finding Government Funding For Your Small Business

CLICK HERE FOR DETAILS

SBSG Program Eligibility Criteria

To qualify for the Small Business Success Grant, you must meet the following criteria:

Your Location:

Your business must be located in Nunavut.

Business Age:

Your business should be less than 1 year old – from the registration date.

Revenue:

Your business should have generated no more than $10,000 in revenue since its inception

Registration:

Your business registration process should be completed. This can be done via federal or provincial incorporation or a Canadian resident sole proprietorship.

Documents:

You must provide a complete business plan and PitchDeck presentation to be considered.

Membership:

You must have a valid membership with Nunavut Startups, which you register for here – or submit a $20 application if you are a non-member.

Securing a grant can significantly boost your business’ potential by providing the much-needed capital to move your startup forward.
Whether it’s for purchasing essential equipment, funding marketing efforts, managing cash flow, or covering payroll, the grant can cater to various needs.

The Small Business Success Grant provides an excellent opportunity for Canadian entrepreneurs. Unlike other grant programs, there are no
strings attached. You can use the funds as you see fit to drive your business growth.

Application Process

To start the application process for the Small Business Success Grant offered by SBSG.ca, complete the initial form found on the website to put in the request. Shortly after, the application steps will be emailed to you.

Along with your completed application form, compile all the necessary documents and information and submit your application before the deadline presented on sbsg.ca

Remember, providing accurate information and a well-prepared business plan is essential to increase your chances of receiving the grant. The application process is straightforward, and no professional grant writer is needed.

Good luck with your application!

Frequently Asked Questions

What is the Small Business Success Grant?

The Small Business Success Grant is a funding program offered by Canada Startups, providing up to $1,500 in non-refundable funds to new, for-profit, privately-owned businesses in Nunavut.

Who can apply for the grant?

To be eligible for this grant, your business must be less than a year old, located in Nunavut, have an annual revenue of no more than $10,000, and be either federally or provincially incorporated or a Canadian resident sole proprietorship.

How can I use the grant funds?

The grant money can be used for any business-related expense, including purchasing equipment, marketing and advertising, managing cash flow, covering payroll, and more. There are no restrictions on how you can spend the funds

Do I need to have good credit to apply for the grant?

No, a credit check is not required for the application. This grant program aims to support new businesses and does not require a credit check or a minimum revenue requirement.

Do I need to hire a grant writer to apply?

No, you do not need to hire a grant writer. The application process for the Small Business Success Grant is simple and straightforward.

When is the application deadline?

The next deadline to submit applications for the Small Business Success Grant program is September 8th, 2023.

How competitive is this grant?

Grants are generally competitive, as they are a popular form of funding, especially for new businesses. However, the exact level of competition varies based on the number of applications received during each application period.

Do I have to repay the grant?

No, the grant is non-refundable, meaning you do not have to repay the money

How can I apply for the grant?

To apply for the grant, you need to complete and submit the application form, along with the required documents and information, on the Nunavut Startups website before the application deadline.

Can I apply for the grant if my business is not incorporated?

Yes, you can apply if you are a Canadian resident sole proprietor. However, the business registration process must be completed.

Application Checklist

It is always a good idea to follow a checklist to determine that you have all that you need to successfully apply for the grant program.

Before you start, it is essential to confirm the following:

Is your business located in Nunavut?
Is your business less than 1 year old?
Ensure you have under $10,000 in revenue
Your business must be registered
Have your valid membership to Nunavut Startups (or be prepared to pay the $20 application processing fee)

In terms of the documentation required to apply; you must have your 3-year financial statements and proper business plan – ensure this is reviewed by an expert and given the go-ahead. Be sure to have your PitchDeck presentation ready to go, and approved by an expert. If you have a website, ensure it is reviewed by an expert to evaluate and increase your chances of success with the Small Business Success Grant.

For added security, you can register as a member of Nunavut Startups here: www.Nunavutstartups.org/purchase – to ensure you can get expert help with your business plan, financials, pitch deck, funding search, and application steps.

Funding

Why You Need a Business Plan to Gain Government Funding

by admin

17 July 2023

Securing the necessary funding to get your business off the ground can be a challenging task. Developing a comprehensive business plan is one effective way to secure financial support. In this article, we will explore the 6 main reasons why having a business plan is crucial when seeking government funding. By understanding the importance of a well-crafted business plan, you can increase your chances of securing the financial resources you need to start and grow your business.

I. State your business goals and objectives clearly

– Outline your long-term vision for your business

– Clearly define your short-term goals and objectives

– Showcase how your business will benefit Nunavut, both economically and socially

To gain government funding, it is essential to clearly articulate your business goals and objectives. A well-defined business plan will allow government agencies to understand how your business aligns with their priorities and how it will contribute to the development of Nunavut. By showcasing the social and economic benefits of your venture, you can make a compelling case for government funding.

II. Demonstrate market demand and feasibility

– Conduct market research to identify potential customers and competitors

– Showcase how your business fills an existing market gap or addresses a specific need

– Provide evidence of market demand for your products or services

Government agencies want to invest in businesses that have a high likelihood of success. By conducting thorough market research and including this information in your business plan, you can demonstrate the feasibility of your business concept. Highlight the potential customer base, identify your competitors, and explain how your business will differentiate itself. This will assure government funders that your business has a viable market and is likely to generate revenue.

III. Develop a detailed financial plan

– Estimate start-up costs and the initial investment needed

– Project revenue and expenses for the first few years of operation

– Highlight your business’s potential profitability and return on investment

A well-structured financial plan is crucial when seeking government funding. It demonstrates that you have carefully considered the financial aspects of your business and have a clear understanding of the financial resources required. Include a detailed breakdown of your start-up costs, such as equipment, inventory, marketing, and personnel. Moreover, provide revenue and expense projections for the first few years of operation to showcase the sustainability and profitability of your business.

IV. Outline your marketing and sales strategies

– Identify your target market and how you plan to reach them

– Develop a marketing strategy that aligns with your business goals

– Showcase your sales projections based on market research

Government funders will want to understand how you plan to market and sell your products or services. Clearly outline your target market and detail how you will reach them through various marketing channels, such as online advertising, social media, or local events. Additionally, demonstrate your understanding of your customer’s needs and buying behaviors to convince government agencies that your business has a solid marketing and sales strategy in place.

V. Explain your operational plan

– Detail the logistical and operational aspects of your business

– Outline your staffing needs and explain the skills and experiences required

– Showcase any partnerships or collaborations that can enhance your operations

Government funders want to ensure that your business is well-prepared to handle logistical and operational challenges. Include a detailed operational plan that outlines how your business will function daily. Explain your staffing needs and highlight any relevant skills and experience required. If you have partnerships or collaborations that can enhance your operations, clearly outline these as well. This will assure government agencies that your business is well-organized and capable of delivering on its promises.

VI. Highlight your commitment to Nunavut’s economic growth and development

– Showcase your dedication to creating job opportunities within the community

– Explain how your business will contribute to the local economy

– Detail any plans for community involvement, such as supporting local suppliers

Government funding often comes with the expectation that the recipient will contribute to the economic growth and development of the region. Highlight how your business plans to create job opportunities within the community and provide training and development for residents. Additionally, explain how your business will contribute to the local economy, whether through local procurement or other initiatives. Demonstrating a strong commitment to Nunavut’s economic well-being will significantly increase your chances of securing government funding.

In the competitive landscape of starting a business in Nunavut, having a well-crafted business plan is essential to gain government funding. By clearly articulating your business goals, demonstrating market demand, providing a detailed financial plan, outlining marketing and sales strategies, explaining the operational plan, and highlighting your commitment to Nunavut’s economic growth and development, you can make a compelling case for financial support. Remember, a comprehensive business plan not only helps secure government funding but also serves as a roadmap for your business’s success.

Funding

How to Apply for Government Grants in Nunavut

by Tyler Bailey

13 October 2022

It can be difficult to apply for government grants if you’ve never done it before.

However, there is no cause for alarm!

Here, you’ll find a step-by-step approach to securing the capital your company need for success.

To begin, you must determine which federal funding initiatives you qualify for.

If you own a business in Nunavut, you may qualify for one of the many grants and programs offered by the provincial government.

Spend some time researching the many business grants and programs offered by the provincial government of Nunavut to determine which ones are the greatest fit for your company’s needs.

Examples of popular sources of financing are:

Government Grants:

Money from the government is given to private companies, nonprofits, and individuals to assist them meet a specific need.

Research and development, extending into new markets, and product creation are all examples of such aims.

Applicants for government grants are usually evaluated on the basis of their demonstrated merit, or ability to benefit from the grant money.

The various grant categories are as follows:

Non repayable government grants are one of the most common types of grants available.

These grants are given to businesses or individuals without the expectation of repayment, meaning that you don’t have to pay the money back once you receive it.

There are a few different types of non repayable government grants, including:

Grants for small businesses:

Government grants are available to help new and existing small enterprises get off the ground.
These funds can be put toward a number of different endeavours, including the acquisition of new tools or the hire of additional staff.

Grants for research and development: Grants for research and development are offered to businesses that are looking to conduct innovative research and develop new products or services.

This type of grant can be used to cover the costs of conducting research, such as hiring consultants or purchasing lab equipment.

Grants for women entrepreneurs: Women business owners can apply for grants to help them get started or expand their businesses. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

Grants for Indigenous entrepreneurs: Natives, Inuit, and Métis business owners who are just getting started or looking to expand their operations can apply for one of many available grants for Indigenous entrepreneurs. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

In addition to these, there are startup grants, business expansion grants and skills training grants.

One time and renewable government grants are another type of grant that is available.

One time grants are typically awarded for a specific project or purpose, and are not renewable once they have been used up.

On the other hand, renewable grants are ongoing and can be used for a variety of purposes over an extended period of time.

The most common type of renewable grant is a operating grant, which is given to businesses on an annual basis to help cover the costs of running their business.

Partial contribution grants are another type of grant that is available.

Partial contribution grants are typically given to businesses or individuals who are unable to fully cover the costs of a project on their own.

The Nunavut government will partially fund the project, and the business or individual will be responsible for covering the rest of the costs.

Matching grants are another type of grant that is available.

Matching grants are typically given to businesses or individuals who are able to raise a certain amount of money on their own.

The Nunavut government will then match the funds that have been raised, and the business or individual will be responsible for covering the rest of the costs.

Government Loans

Loans from the government are essentially loans from the government to private companies or people.

These loans are preferred by businesses because their interest rates are cheaper than those offered by banks.

Several distinct varieties of federal loans exist, including:

Loans for small businesses: these financing options exist to help established enterprises with limited resources grow. New machinery or personnel are only two examples of how these loans might be put to good use.

Startup loans: Lending assistance is available for new firms in the form of startup loans.
Loans of this type might be put for things like business permits and first advertising costs.

Business expansion loans: Loans for business expansion are available for companies who want to grow their operations. These loans can be used to pay for everything from the lease on a larger office to the salaries of new employees.

Skills training loans: Skills training loans are offered to businesses that are looking to provide training for their employees. These loans can be used to cover the costs of training, such as hiring instructors or purchasing educational materials.

In addition to these, there are also loans for specific business sectors, such as agriculture, tourism, and manufacturing.

Remember that government loans can often come in the form of no interest, or low-interest options, as well as government-guaranteed loans.

Government loan programs typically have more flexible eligibility requirements than traditional bank loans, making them a more accessible option for businesses.

The next step

After determining which government funding options are right for, be it a government grant or a government loan it’s time to start preparing your application.

The most important part of your application will be your business plan.

This is your opportunity to sell the government on why your business is worth investing in. Make sure to include detailed information on your business model, target market, and financial projections. If you have any existing customers or clients, be sure to mention them as well!

A good tool to use to develop your business plan is the business plan builder tool. It is created to guide you step by step based on what Nunavut government funding agencies want to see.

Once you’ve assembled all of the required documentation, it’s time to submit your application.

The best way to do this is online, through the government’s official website. You’ll need to create an account and fill out all of the necessary information before you can submit your application.

As each funding program/applicaton may have a different application method – be sure to work with an expert to get help with the process.

Applying for government grants can seem like a daunting task, but it doesn’t have to be! By following this simple guide, you’ll be well on your way to getting the funding your business needs to grow and succeed. good luck!