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Business Aids

All of the links below could be beneficial to you as an EDO or any person in business trying to complete a specific project. You can download each of these forms and use them as a guideline when filling out an application, starting a business, or simply trying to understand business terminology.

How to Start a Business in Nunavut

  • The Department of Economic Development & Transportation has developed a business guide called Seven Steps to Help you Start Your Business. This guide provides the basic information you should know so that your efforts to create a new business can be rewarded and you won’t get tied up in “red tape”.

    You can either download your own PDF copy of the Guide in English or a PDF copy of the Guide in Inuktitut.  If you prefer, click on one of these links to take you to the online version in both Inuktitut and English.

Business Calculators

  • To help calculate some of the key information you need when developing a Business Plan, try using the following Business Calculators that can be found on Nunavut Business Credit Corporation’s website.

  • For information about applying for Nunavut Business Credit Corporation’s credit facilities, please call 1 888 758 0038 or email credit@nbcc.nu.ca

  • Cash Flow Calculator
    • Having adequate cash flow is essential to keep your business running. If you run out of available cash, you run the risk of not being able to meet your current obligations such as your payroll, accounts payable and loan payments. Use this calculator to help you determine the cash flow generated by your business.
  • Starting Cost Calculator
    • How much money do you need to start a business?
      • The basic starting costs calculator can help you to quickly estimate your costs.
    • ​How will different expenses determine the costs of opening your business? Use the starting costs calculator to estimate different kinds of necessary expenses, including:
      • Expenses required before you open your business, such as legal costs, design, business supplies, etc.
      • Sufficient money and cash assets in the bank -- this is required to finance initial costs and support your new business until it can break even.
      • Other needed assets such as inventory, computers, furniture, office equipment and commercial space.
  • Break-Even Calculator
    • A break-even analysis should be part of most business plans, especially for start-up companies. This analysis helps you to determine how much revenue is needed to cover all your costs, both fixed and variable.  In this model, you can see both how much revenue (X) is needed to break even, and how many units must be sold in order to generate this revenue. This allows you to readily calculate your profit margins as any revenue above this break-even level.

  • BRCC's Virtual Office Guide

    • At the 2012 Nunavut Trade Show, the BRCC launched the Virtual Office Guide. This was in response to concerns from their members that one of the biggest challenges facing small businesses in Nunavut, particularly in the communities outside of the three regional centers, is the inability for owners and managers to manage their businesses when not in their home communities. When attending meetings, training sessions, trade shows or conferences, business owners may find their businesses unattended while they attend these events that are intended to grow or expand their business networks and learn ways to improve their skills. With the present potential to be weathered out of a community following attendance at an event, business owners are often away even longer than intended. If they had the ability to run aspects of their business at a distance, this would be advantageous to the business owners and being away would not present set‐backs to essential administrative tasks that all businesses require. In this day and age, business owners should and must be able to run parts of their business at a distance with digital technologies that are available. Tools are now developed to support virtual offices – where owners can access and grow their businesses even when not physically present in their own communities. In essence, a business owner can have a Virtual Office that can be accessed anywhere with only an internet connection.  

    • This Virtual Office document serves as a guide to business owners in Nunavut that anyone can use either in its entirety or by picking just the components that are needed.

    • Click this link to take you to the online version in English.