Exploring Possibilities: Best Business to Start in Newfoundland and Labrador
Thinking about starting a business in Newfoundland and Labrador? You’re not alone. With its rich culture, natural resources, and growing market, it’s becoming a hotspot for entrepreneurs.
Small businesses already make up over 98% of all enterprises here, according to the Government of Canada. This region is a prime location for innovation and growth.
In this article, we’ll explore the top business opportunities in Newfoundland and Labrador, with practical insights and advice. Whether you’re interested in tourism, tech, or sustainable fisheries, we’ve got you covered.
1. Understanding Newfoundland and Labrador’s Economy
Newfoundland and Labrador’s economy is diverse and dynamic, with several key sectors driving growth and employment. You’ll find opportunities in both traditional industries and emerging markets.
Key Economic Sectors
Newfoundland and Labrador’s economy is built on a foundation of natural resources and traditional industries. The province is well-known for its thriving mining and petroleum sectors, which offer substantial business prospects.
You’ll also find robust opportunities in agriculture, tourism, fishery, and forestry. These sectors have long been pillars of the local economy and continue to provide valuable business openings.
For entrepreneurs, it’s crucial to recognize that success isn’t limited to these established industries. The province’s economic landscape is evolving, creating new niches for innovative business ideas.
Market Trends and Consumer Demand
As you explore business opportunities in Newfoundland and Labrador, it’s essential to stay attuned to current market trends and consumer preferences. The province’s small business sector is particularly vibrant, with over 15,278 small businesses operating as of December 2022.
You’ll notice a growing demand for local products and services, reflecting a trend towards supporting community-based enterprises. Tourism-related businesses are also seeing increased interest, as visitors seek authentic experiences unique to the region.
Technology and innovation are driving new market opportunities. You might consider how your business idea can leverage these trends to meet evolving consumer needs in the province.
2. Identifying Business Opportunities
Newfoundland and Labrador offers diverse possibilities for entrepreneurs. You’ll find promising sectors and unique regional advantages to leverage as you start your venture.
Emerging Industries
Technology and innovation are reshaping Newfoundland and Labrador’s business landscape. You can explore opportunities in offshore oil and gas, renewable energy, and ocean technology.
The province’s growing tech sector welcomes startups in software development, digital media, and IT services. Consider tapping into the burgeoning clean tech industry, focusing on sustainable solutions for the region’s traditional sectors.
Healthcare and biotechnology present exciting prospects, especially in research and development tied to the province’s unique marine resources.

Local Resources and Competitive Advantages
Newfoundland and Labrador’s natural bounty provides a strong foundation for various businesses. You can capitalize on the thriving tourism industry, offering eco-tours, cultural experiences, or adventure tourism services. The province’s rich fishing grounds support opportunities in sustainable seafood processing and aquaculture. Consider value-added products that showcase local ingredients.
Your business can benefit from Newfoundland and Labrador’s strategic location for international trade. Look into logistics, shipping, or export-oriented ventures. Leverage the province’s skilled workforce and research institutions to create innovative products or services. You’ll find support for new businesses in rural areas, presenting unique growth opportunities.
3. Major Industries in Newfoundland
Newfoundland boasts a dynamic and thriving economy, powered by key industries that drive both growth and employment. These sectors capitalize on the province’s rich natural resources, strategic geographic location, and a culture of innovation, making it a hub of opportunity and progress.
Ocean Tech
Ocean technology is a rapidly growing sector in Newfoundland. You’ll find cutting-edge companies developing marine robotics, underwater imaging systems, and offshore safety equipment. The province’s Cold Ocean and Deep Sea Research and Development Centre supports innovation in this field.
Marine biotechnology is another exciting area, with firms creating products from seaweed and other ocean organisms. Aquaculture technology is also advancing, improving fish farming methods and sustainability. Newfoundland’s expertise in harsh ocean environments has global applications. Local companies are exporting their knowledge and products worldwide, from Arctic shipping solutions to deep-sea exploration tools.
Natural Resources & Offshore Energy
Newfoundland’s offshore oil and gas industry is a major economic driver. You’ll find that the province accounts for 14% of Canada’s conventional light crude oil production. The Hibernia, Terra Nova, and Hebron oil fields are significant contributors to this sector.
Mining is another crucial industry. The province is rich in minerals like iron ore, nickel, and copper. Large-scale operations like the Voisey’s Bay nickel mine provide substantial employment and economic benefits.
Forestry remains important, with sustainable harvesting practices and value-added wood products gaining prominence. The industry is adapting to environmental concerns and market demands.
Renewable Energy
Newfoundland is making strides in renewable energy. The Muskrat Falls hydroelectric project is set to provide clean power to the province and beyond. You’ll see growing interest in wind energy, with several wind farms already operational.
Tidal and wave energy present exciting opportunities, given Newfoundland’s extensive coastline. Research and pilot projects are underway to harness these renewable resources.
Bioenergy from forestry waste and other biomass sources is another area of development. These initiatives aim to reduce reliance on fossil fuels and create new economic opportunities.
Technology & Innovation
Newfoundland’s tech sector is flourishing. You’ll find startups and established companies working on everything from artificial intelligence to ocean mapping software. The province’s universities and colleges are producing skilled graduates to fuel this growth.
Digital health solutions are a particular focus, with firms developing telemedicine platforms and health data management systems. Cybersecurity is another growing field, addressing the increasing need for online protection.
Gaming and digital media companies are also thriving, creating jobs and attracting international attention. The province offers support programs to encourage innovation and entrepreneurship in these high-tech fields.
Film, Arts & Culture
Newfoundland’s unique culture and stunning landscapes make it an attractive destination for film and television production. You’ll find a growing industry of local filmmakers, actors, and production crews.
The province’s rich musical heritage is celebrated and evolving, with traditional and contemporary artists gaining national and international recognition. Visual arts and crafts are also important, with galleries and studios showcasing local talent.
Cultural tourism is on the rise, offering visitors immersive experiences in Newfoundland’s history and traditions. This sector creates opportunities for artisans, tour guides, and small businesses across the province.
Tourism
Tourism is a vital industry in Newfoundland, drawing visitors with its natural beauty and unique culture. You’ll find opportunities in eco-tourism, with whale watching, iceberg tours, and hiking adventures popular among visitors.
Culinary tourism is growing, showcasing local seafood, wild game, and traditional dishes. Boutique hotels, bed and breakfasts, and vacation rentals are expanding to meet increasing demand.
Adventure tourism is thriving, with activities like sea kayaking, rock climbing, and snowmobiling attracting thrill-seekers. Cultural attractions, including museums, historic sites, and festivals, round out the diverse tourism offerings in Newfoundland.
4. Best Business to Start in Newfoundland and Labrador
Newfoundland and Labrador offers diverse opportunities for entrepreneurs. From natural resources to technology and tourism, you’ll find promising industries that align with the province’s strengths and emerging trends.
Seaweed Farming
Seaweed farming is a growing industry in Newfoundland and Labrador. You can capitalize on the province’s vast coastline and clean waters to cultivate various seaweed species. These include dulse, kelp, and nori. Seaweed has numerous applications in food, cosmetics, and pharmaceuticals. You’ll find a ready market for your products both locally and internationally. To get started, you’ll need:
- Proper licenses and permits
- Knowledge of seaweed cultivation techniques
- Equipment for planting and harvesting
- Processing facilities
Consider partnering with local fisheries or marine research institutions to gain expertise and access to resources.
Oceanographic Survey Services
With its strategic location on the Atlantic, Newfoundland and Labrador offers a prime opportunity for oceanographic survey services. Your business can play a vital role in providing crucial data for marine research, offshore energy exploration, environmental monitoring, and fisheries management.
To thrive in the oceanographic survey services field, consider the following:
- Invest in state-of-the-art sonar and mapping equipment, data analysis software, and a seaworthy vessel.
- Hire skilled technicians and marine scientists who can expertly operate the equipment and analyze the collected data.
- Forge strong relationships with government agencies, universities, and private companies to secure contracts and collaborative opportunities.
- Develop a reputation for delivering accurate and reliable data through rigorous quality control measures.
- Stay updated with the latest advancements in oceanographic survey technology and methodologies to provide cutting-edge services.
As you explore potential business ideas in Newfoundland and Labrador, remember to conduct thorough market research and develop a solid business plan.
Geological Consulting
Newfoundland and Labrador’s rich mineral resources make geological consulting a promising business venture. You can offer expertise in:
- Mineral exploration
- Environmental assessments
- Geotechnical studies
- Mine planning and development
To establish your consultancy:
- Obtain relevant degrees and certifications
- Gain experience in the field
- Build a network of industry contacts
- Invest in geological software and equipment
Focus on providing tailored solutions to mining companies, government agencies, and environmental organizations. Your knowledge will be crucial in sustainable resource development.
Sustainable Timber Products
The province’s forestry industry presents exciting prospects for sustainable timber products. Consider creating eco-friendly alternatives to traditional wood products, including:
- Engineered wood
- Bamboo flooring
- Recycled wood furniture
- Biomass pellets
To kickstart your business, follow these steps:
- Source sustainable materials
- Invest in manufacturing equipment
- Develop unique product designs
- Obtain necessary certifications
- Market your products to environmentally conscious consumers and businesses
Highlight the sustainability and quality of your offerings to stand out in the market and capture the attention of environmentally conscious customers.
Energy Efficiency Audits
With rising energy costs, demand for energy efficiency audits is growing. Your business can help homeowners and companies reduce energy use and costs through services like thermal imaging, air leakage testing, insulation assessments, and energy-saving advice. Here’s how to get started:
- Get Certified: Obtain certifications and training to establish your expertise and build trust with clients.
- Invest in Tools and Software: Use the latest diagnostic tools and software to conduct accurate audits and identify energy-saving opportunities.
- Partner with Contractors: Collaborate with contractors specializing in energy-efficient upgrades to offer clients a full-service solution.
- Provide Clear Reports: Create simple, actionable reports that outline energy-saving opportunities and recommend improvements clients can easily follow.
- Emphasize Savings and Benefits: Highlight the cost savings and environmental benefits of your recommendations, showing clients how energy efficiency leads to long-term savings and a smaller carbon footprint.
Wind Turbine Component Manufacturing
Newfoundland and Labrador’s windy climate makes it the perfect location for wind energy. If you’re interested in entering the wind turbine component manufacturing industry, here are some key steps to succeed:
- Research Wind Turbine Technology: Stay updated on the latest in wind turbine technology to ensure your components meet industry standards.
- Invest in Facilities and Equipment: Build modern manufacturing facilities with advanced machinery for efficient, high-quality production.
- Hire Skilled Engineers and Technicians: Assemble a team with expertise in wind turbine technology to enhance the manufacturing process.
- Build Relationships with Wind Farm Developers: Partner with developers to understand their needs and create tailored components.
- Prioritize Quality and Durability: Focus on durable components that withstand harsh coastal conditions and ensure turbine longevity.
- Collaborate with Local Institutions: Work with educational institutions to train and mentor aspiring engineers and technicians.
Tech Repair and Support Services
As technology becomes more integrated into daily life, tech repair and support services are essential. Your business can offer:
- Smartphone and tablet repairs
- Computer Troubleshooting
- Data recovery services
- IT support for small businesses
To establish your tech support business:
- Gain certifications in various technologies
- Set up a well-equipped repair shop
- Offer both in-shop and on-site services
- Stay updated on the latest tech trends
Provide excellent customer service and quick turnaround times to build a loyal client base. Consider offering workshops to help customers better understand their devices.
3D Printing Services
3D printing is transforming how we create and prototype, with endless possibilities across industries like healthcare (prosthetics, dental models), education (teaching aids), architecture (scale models), and product design (prototypes). To launch your 3D printing business:
- Invest in Quality Technology: Get high-quality 3D printers that deliver precise, intricate designs efficiently.
- Learn 3D Modeling Software: Master 3D modeling tools to create and modify designs tailored to clients’ needs.
- Offer Design Consultations: Guide clients in refining ideas and optimizing designs for successful printing.
- Provide Material Options: Offer a range of printing materials to handle diverse project needs.
- Showcase Your Work: Build a portfolio highlighting your projects and expertise.
- Educate Clients: Show clients how 3D printing can transform their industries and create new opportunities.
Art Supply Store
Newfoundland and Labrador’s thriving arts community deserves access to premium supplies. Your art supply store can become a go-to destination for:
- Painters
- Sculptors
- Printmakers
- Students
Offer a diverse selection of products, including:
- High-quality paints and canvases
- Professional-grade drawing materials
- Sculpting tools and versatile clays
- Printmaking essentials
Enhance your store’s appeal by hosting workshops and live demonstrations to engage customers and foster a sense of community. To broaden your reach, consider launching an online store to serve artists across the province.
Photography Studio
Capture Newfoundland and Labrador’s stunning landscapes and vibrant culture with a photography studio. Your services can include:
- Portrait photography
- Wedding photography
- Commercial photography
- Photography workshops
To set up your studio:
- Invest in professional camera equipment
- Create a versatile shooting space
- Develop your unique style
- Build a strong online portfolio
Offer outdoor shoots to showcase the province’s natural beauty. Consider specializing in a niche like wildlife or adventure photography to stand out.
Guided Hiking Tours
Newfoundland and Labrador’s rugged terrain and scenic trails are perfect for guided hiking tours. Your business can offer:
- Multi-day backcountry hikes
- Day trips to popular trails and lookouts
- Customized hikes for small groups
To start your guided hiking business:
- Get certified in wilderness first aid and navigation.
- Develop relationships with local tourism operators.
- Offer a variety of difficulty levels to cater to all skill levels.
- Provide high-quality gear and equipment for rent.
- Promote responsible hiking practices to preserve the environment.
- Share knowledge about the province’s history, flora, and fauna during tours.
Highlight unique features of each hike, such as wildlife sightings or historical landmarks, to attract customers looking for an authentic experience in Newfoundland and Labrador’s great outdoors.
5. Steps to start a business in Newfoundland and Labrador
Starting a business in Newfoundland and Labrador can be an exciting venture with numerous opportunities for success. To get started, follow these key steps:
- Research the Market: Conduct market research to identify potential customers, competition, and industry trends relevant to your business idea.
- Develop a Business Plan: Create a comprehensive business plan outlining your services, target market, financial projections, and marketing strategies. This will serve as a roadmap for your business.
- Choose a Legal Structure: Decide on the legal structure of your business, such as a sole proprietorship, partnership, or corporation, and register your business with the government.
- Secure Funding: Determine how much funding you need to start and operate your business and explore financing options such as loans, grants, or investors.
- Obtain Necessary Permits and Licenses: Research and obtain any necessary permits or licenses required to legally operate your business in Newfoundland and Labrador.
- Set Up Your Business Location: Find a suitable location for your business that is convenient for customers and meets any zoning regulations.
- Hire Employees: Determine if you need to hire employees and follow the necessary steps for hiring and managing them, such as obtaining a business number and registering for payroll deductions.
- Market Your Business: Develop a marketing plan to promote your business and attract customers through various channels such as social media, local events, and partnerships.
- Establish Strong Relationships: Network and build relationships with other businesses, organizations, and individuals in Newfoundland and Labrador to help grow your business.
- Stay Compliant with Regulations: Stay up-to-date on any regulations or laws that may affect your business operations, such as tax laws or health and safety standards.

Thanks to its diverse economy, supportive business climate, and thriving communities, Newfoundland and Labrador offers a fertile ground for entrepreneurs looking to start a successful business.
Frequently Asked Questions
Entrepreneurs in Newfoundland and Labrador have numerous opportunities to start successful businesses. The province offers support programs, grants, and thriving industries for those looking to venture into entrepreneurship.
Resources For The Best Business to Start in Newfoundland and Labrador
Government Resources
- Innovation and Business Investment Programs
- Business Registration Services
- Regional Economic Development Initiatives
- Tax Credits and Incentives
- WorkplaceNL
- Canada Business Network
Industry Resources
- St. John’s Board of Trade
- Hospitality Newfoundland and Labrador
- Atlantic Canada Opportunities Agency (ACOA)
- TechNL
- Ocean Supercluster
- NL Film Development Corporation
- Chambers of Commerce
Other Resources
About the author
Maurice