What’s In This Email

• Toronto entrepreneurs say they’re moving their startup to the U.S.

• Small business owners are optimistic, but inflation is looming

• Britney’s memoir has the internet buzzing

• $50 Million jackpot winner still wants to work

• Notable spotlight: Aunt Lucy’s Burgers

• Notable plug 🔌

✍️ TAKE NOTE

Toronto Entrepreneurs Say They're Moving Their Startup to the U.S. to Cut Costs

High Definition Studios, a Toronto-born clothing brand, is making a strategic leap to the United States. Founders Noor W and Danijela D attribute this decision to the escalating costs in Toronto. The duo remains grateful to their Toronto community, emphasizing that the move is a business strategy, not a reflection of their local customer base's value.

Key Takeaways

• The brand, launched in 2020 during the pandemic, initially saw success due to increased online shopping.

• Challenges in Toronto include high shipping fees, taxes, and overheads. For instance, local shipping within Toronto costs more than shipping to the U.S.

• The U.S. move is also influenced by a larger fashion-forward community, a more significant influencer scene, and better resources for manufacturing.

• While the founders cherish their Toronto roots and community, they believe the move is essential for the brand's growth and sustainability.

Canadian small business owners optimistic about the future, but inflation and higher interest rates remain top of mind

Canadian small business owners are showcasing resilience and optimism despite the looming economic challenges. According to Scotiabank's fourth annual Path to Impact Report, most entrepreneurs are hopeful about their business's future, even as they grapple with inflation and interest rate pressures. This sentiment is backed by the fact that half of the surveyed business owners feel they're doing better now than during the pandemic's peak. (Scotiabank)

Key Takeaways

• Two-thirds (66%) of small business owners express strong optimism about their business's future.

• 50% of business owners believe they're faring better now than two years ago during the pandemic's height.

• Inflationary pressures and rising interest rates are challenging over half (55%) of small business owners, up from 48% the previous year.

• Businesses also face challenges like supply shortages (24%), meeting demand (23%), and hiring (23%).

• 18% of Canadian business owners have accelerated their digital capabilities in the past year with virtual meetings, robotics, cloud-based platforms, and contactless payment tools.

• AI technology and access to financial advice are seen as pivotal tools for business growth.

• Younger business owners (aged 18-34) anticipate a greater need for financing compared to those over 55.

• 90% of small business owners have sought advice or support in the past two years, with 30% turning to their bank's digital resources.

• Scotiabank offers various tips for small business owners, including ensuring access to capital, securing financing options, investing in digital tools, and seeking tailored advice from knowledgeable advisors.

Aunt Lucy’s Burgers

What started as a pop-up restaurant has quickly surged past what Chieff originally dreamed of and is now a downtown Toronto mainstay.

auntylucysburgers

View more on Instagram

Try one of Aunt Lucy’s delicious burgers

🔌  NOTABLE PLUG

🎙️ Get Into It: (For French Speaking Entrepreneurs) Génération Do It Yourself podcast. We are the average of the people we meet: GDIY is the podcast that dissects the success of people who have taken the plunge. Whether they are entrepreneurs, athletes or even artists, I offer you an insight into their history and daily lives in the form of unfiltered interviews. My goal is to understand their way of thinking, their organization and even their tools and to offer you a real MBA of the failures and successes of these guests. Listen on Apple or Spotify.

📄 Notable Hires: Strategic Cloud Developer @ Google (on-site, Toronto or Montréal)

🎓 Hope This Helps: Hubspot is sharing The Ultimate Guide to Using Chat GPT at Work. Discover the key to unlocking unparalleled productivity with this ultimate guide to revolutionizing your workflow. Plus, 100 prompt ideas to help you unleash the power of generative AI.

🧠 Today We Learned: Sunflowers can help clean radioactive soil. Japan is using this to rehabilitate Fukushima. Almost 10,000 packets of sunflower seeds have been sold to the people of the city.

Beyond Notable Daily
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ABOUT NOTABLE
Notable Life is Canada's hub for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 46,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.