We authors are relatively comfortable in offering our insights and opinions on this topic as we have owned and operated quite a number of businesses in Kelowna over the last twenty-five years. These included ventures in the retail, wholesale, manufacturing, real estate and the consulting industries. Based upon this practical and hands-on experience, we would like to offer our entrepreneurial readers a few points of advice.
- Kelowna is a sought after destination with a transitioning job market. This means that high paying jobs are few, and many cashed-up entrepreneurs from other cities are on the constant look-out for business opportunities in our area. They are often experienced business people looking for a lifestyle change. This phenomenon just adds to an already competitive marketplace.
- Check your attitude at the door. Personal experience has shown that many entrepreneurs have come from larger cities with a bit of arrogance about them. They are going to teach us little city people how to do business right. Cracking a new market without a business network is tough enough, so try to cooperate, not criticize.
- Do your homework. There is no better way to ensure your success in business than to do an effective job of your market research before you contemplate a start-up or even the purchase of an existing business. The high turnover in the Kelowna restaurant industry is a testament to this suggestion.
- Kelowna is business friendly. Obstacles to opening a business are no more challenging here than in other centers. In fact, the number of business support organizations are many and of high quality. A few examples include:
Women’s Enterprise Center
Small Business BC
Consider picking up a copy of How Much Money Can I Make? Proven Strategies for Starting, Managing and Exiting a Canadian Small Business by Tim Young. Yes this is a shameless plug, but it does cover eight businesses that were operated in the Kelowna market, so it is quite relevant for those thinking of starting or buying a business here.In closing, one only has to take a walk downtown to feel the buzz. New buildings are going up to accommodate more and more businesses and the employees who work there want to be close to their workplace, shopping, nightlife and the waterfront. The energy is present and the next few years will definitely be an exciting time for the business growth of the millennial generation in Kelowna.
movingtokelowna.net Blog 8-25-17 TNY