There are plenty of reasons to do business in Richmond. We are a vibrant, diverse community projecting a population growth of 40,000 by 2040.
Industry chooses Richmond as its base - we are home to five of the 10 biggest software companies in British Columbia. Local retail sales are expected to grow by 13 per cent to $3.4 billion in 2014. Future plans for Richmond include a luxury outlet mall on Sea Island and a Walmart in the city centre. Furthermore, a National Household Survey, released earlier this year found that 40,705 out of Richmond's 73,770 commuters don't leave the city's boundaries to get to work. This is truly a great city to live and work.
In 2013, the City of Richmond issued 1,666 business licenses.
We spoke to some of our chamber members, whose businesses are new to Richmond to see what drew them to our city and which challenges they face:
AlphaSafe Deposit Box Inc.
Parminder Virk, CEO AlphaSafe is the first non-bank safe deposit box facility in western Canada. In addition to the 24/7 access, the customer enjoys the security and privacy of a Swiss bank with the convenience of an ATM machine. Users can access the box on their own terms without having to abide by the time constraints and long lines of financial institutions.
How long has AlphaSafe been in Richmond?
We had our grand opening on Nov. 22, 2013 with Mayor Malcolm Brodie and MLA John Yap conducting the ribbon cutting ceremony.
Why did you choose Richmond as your location?
Central Richmond met our demographic requirements for a high affluent immigration population, high density residential areas plus large numbers of small businesses and having other financial institutions in close proximity. They would have the biggest requirement for:
. Small Businesses: Data backup, Documents, Valuables.
Commodity Businesses: Inventory and supplies.
Immigrant population: Passports, Valuables, Important documents, private data and information
This segment of the population is under served and would be willing to pay the premium pricing to maximize their time and secure their valuables
What do you think the main challenges are for new businesses in Richmond?
Depending on the type of business, the first thing to understand is the bylaws and getting buy-in from the City is very important. Secondly, Richmond has a large immigration base so understanding their needs and behaviors is also a key part to getting on and doing business with everyone. It takes time to build trust with the public
What do you like about doing business in Richmond?
We like the progressive nature of City Hall. Our innovative product was accepted very enthusiastically by everyone. Also, the Richmond Chamber of Commerce has been very helpful in getting us introduced to the business community.
How have you been able to connect with fellow business owners?
We have used the Richmond Chamber of Commerce directory to implement an awareness campaign and also attended most of their networking functions. This is still ongoing.
How would you like your business to develop in the next five years?
We would like to expand to more locations throughout the Lower Mainland.
What do you think aspiring entrepreneurs should know about business in Richmond?
Due to Richmond's cultural diversity there is a uniqueness to connecting with the local consumers. New businesses have to spend the time to understand this if they want to succeed here.
Spirit of Math Schools Inc.
Nathan Langen, Regional Manager Spirit of Math Schools is Canada's largest "after-school school" exclusively for high performing students in Grades 1 to 11. SMS offers so much more than tutoring. The unique drill system, curriculum, problem-solving and cooperative group work together to provide an all encompassing program that has produced many top Canadian math students for more than 25 years.
How long has Spirit of Math been in Richmond? How long has it existed in Canada?
Spirit of Math has been in Richmond since September 2013. Spirit of Math is a Canadian company and the curriculum was first being developed 26 years ago in the classroom. Spirit of Math was incorporated in 1995 and has been expanding due to the demand from
parents.
Why did you choose Richmond as your first school on the west coast?
Richmond is very similar to Willowdale (a sub-division in Toronto) where Spirit of Math first started, and currently has its headquarters. Richmond is our first corporate campus because the demographics are so similar to that of Willowdale, and so marketing and meeting the needs of future clients would be much easier. People in Richmond place family values and quality education at the top of their list - so do we.
What do you think the main challenges are for new businesses in Richmond?
The biggest challenge is making sure that people understand who you are, especially when your standards are very high and when it deals with education. Coming from Toronto, the main challenges are the cultural differences, as it's almost like doing business in another country. We have invested time and money into knowing how to do business with people from various parts of Asia, along with how to advertise to them.
What do you like about doing business in Richmond?
I like the sense of community; everyone is willing to help out new businesses.
How have you been able to connect with fellow business owners?
I have connected with fellow business owners by attending networking events, simply walking into a store, and, because people are so willing to help me out, sometimes they just connect me with someone over email.
How are you reaching customers?
The best way to attract more clients is through word of mouth. This is why making connections and keeping our high standards are so important to me - a referral can mean exponential growth.
How do you see Spirit of Math developing in the next five years?
I cannot speak for the rest of Canada or the world, however, my goal is to open a permanent location in Richmond and also make it our West Coast head office. Next year we plan to develop the Lower Mainland even further by opening another three campuses. By December 2014, I will evaluate our situation and decide whether or not it is the right time to move down into Seattle, or expand further in the Lower Mainland.
What do you think aspiring entrepreneurs should know about business in Richmond?
Know your demographics. Richmond has a very large portion of it's population who are new to Canada and do not speak English. This means it's important to know the difference between traditional and simplified Chinese, and to also understand how business is done in the Lower Mainland - I can assure you that it is a lot different than in Toronto.
Stuck
Mark Leung, Daniel Chen & Randy Lowe, Founders Stuck is a full service branding firm that specializes in getting people stuck onto brands and setting brands apart from their competitors.
How long has Stuck been in Richmond?
How long have you been working full time? Stuck moved into its Richmond office in the summer of 2011 and the three founders began working full-time at the start of 2012.
What are your backgrounds and how did you decide to go into business for yourselves?
We like to describe ourselves as an "A-team" of branding, given our vastly different backgrounds. Dan is a mixed media graduate from Emily Carr. Randy is a naturally gifted and self-taught web designer and developer. And I have always been a creative writer, despite having worked three years as a litigator in a national law firm. The three of us formed Stuck when we discovered that we shared a passion for using creativity and strategic thinking in the business world.
Why Richmond?
Honestly, it was mostly out of convenience. But we also realized that our vision for Richmond as a bridge between Asian and Western cultures matched our own corporate mission to develop brands that unify people no matter how different they might be.
What do you think the main challenges are for new businesses in Richmond?
It's easy to feel alone and apart from the general community. The challenge is to connect with other business owners and your customers and be convinced that the health of your business plays an important role for the health of the city as a whole. I think most new business owners feel like they're climbing up a mountain by themselves, when that doesn't have to be the case at all.
What do you like about business in Richmond?
Despite there being a lot of big businesses in Richmond, there remains a small community feeling. Business can be corporate and still feel casual most of the time. Plus, you can't go wrong with the wide selection of delicious Asian food available on every corner.
How have you been able to connect with fellow business owners?
The Richmond chamber has been a huge help. Before we joined the chamber, we weren't sure how to best meet other businesses and grow our network. But now, networking is as easy and fun as simply attending the next chamber event.
How do you reach customers?
Historically, it's been through word-of-mouth and referrals, but Stuck is now embarking into a new season where we're starting to market ourselves.
Where do you want to be in five years?
We would love to continue helping modernize the brands in Richmond. There's still a lot of work to do, but we're confident that we can help transform the brand culture in this beautiful city.
What do you think aspiring entrepreneurs should know about business in Richmond?
There may be a lot of "traditional" brands and businesses in Richmond, but we believe that Stuck is a testament that a new generation of young, fresh and influential brands are making Richmond their home.
