Wondering which business you should start in Canada? Well In this post, we’ll explore the best businesses to start in Canada. With all the possible options from low-cost startups to potentially lucrative enterprises. We’ll look at current trends, profitability, and investment requirements to help you make an informed decision.
But first look at the chart below showing how many business in Canada Open and Close Monthly (Data from Jan 2022- May 2024)
Source- Statistics Canada
Overall Best Businesses to Start in Canada
Looking to kick off your entrepreneurial journey? You’re in luck! Canada’s bustling economy offers many opportunities for savvy business minds. Let’s dive into some of the best businesses you can start right here in Canada, eh?
Catering or Ready-to-Eat Meal Prep
Love Cooking and preparing meals for others? Catering might be your golden ticket! There’s been a significant uptick in catering businesses over the past few years. The best part? You can start right from your own kitchen, as long as you’re meeting Canada’s food safety standards. It’s a tasty way to turn your culinary passion into profit!
With growing Canadian Population, this industry is expanding rapidly. Many people are starting their Catering and Meal prep business from their homes.
Food Trucks
Food truck businesses have been booming across Canada in the last couple of years. Why? They require less initial investment compared to a brick-and-mortar restaurant.
You can rev up your very own food truck business with as little as $50,000. It’s a great way to test the waters of the food industry without breaking the bank.
To start, you may need a get a License to operate a Food truck from your city where your are planning to start.
Cleaning Businesses
As Canada’s population grows, so does the demand for cleaning services. It’s a straightforward service business that doesn’t require specialized expertise. Plus, it’s easy to scale up by hiring more cleaners as your client base expands. Whether it’s residential, commercial, or specialized cleaning, there’s always a market for sparkling spaces!
Social Media Marketing or Content Marketing
Are you a social media whiz? Do you have a knack for creating eye-catching posts and videos that people can’t help but engage with? Then social media or content marketing might be your calling. Start by providing value to clients and continuously upgrade your skills through online courses.
Remember, investing in yourself is the biggest investment you can make!
E-commerce Store
Got a great product idea? Why not sell it online? Setting up an e-commerce business is easier than ever and doesn’t require a massive investment. In fact, you can start with as little as $1 a month on platforms like Shopify. It’s a flexible way to reach customers across Canada and beyond!
Landscaping and Yard Maintenance
If you love the outdoors and have a green thumb, landscaping business and yard maintenance could be your ideal business. While you’ll need some equipment to get started, you can always rent gear in the beginning to keep costs down. It’s a great way to blend your love for nature with entrepreneurship! To get Leads you can try advertising on Meta or go with Google Local Service Ads.
Most Profitable Businesses in Canada
Now, let’s talk about the big bucks, shall we? While passion is important, we can’t ignore the allure of a hefty profit margin. Here are some of the most profitable businesses that you can do in Canada-
Real Estate
It’s no secret that Canadian real estate prices have been soaring higher than a maple leaf in the wind. While this might make homeowners and renters wince, it’s music to the ears of those in the real estate business.
According to Statista– “This segment is anticipated to grow at an annual rate of 3.71% from 2024 to 2029, resulting in a market volume of US$10.16tn by 2029.”
Real estate isn’t just about buying and selling properties (though that’s certainly lucrative). You could dive into:
Real estate investing
Property management
Mortgage brokerage
Even with the market cooling a tad, there’s still good money to be made. In fact, real estate businesses saw an average profit margin of 46.5% in 2019. That’s enough to make anyone say “Holy smokes!”
Storage and Transportation
Ever wonder where all that stuff Canadians accumulate goes? Into storage, of course! And how does it get there? Transportation!
Canada’s storage and transportation industry is as vast as our prairies. If you’ve got knowledge of this industry and some capital to invest, you might want to consider:
Starting a moving company
Opening a storage facility
Launching a logistics business
According to the Government of Canada, in 2016, over 86% of transportation and storage businesses were profitable, with annual revenues topping $279,000. Not too shabby, eh?
Remember, while these industries can be highly profitable, they also require significant investment and expertise. But if you’re up for the challenge, they could be your ticket to financial success.
The bottom line? Whether you’re passionate about properties or have a knack for logistics, there’s money to be made in Canada’s booming industries. Just make sure to do your homework, create a solid business plan, and maybe consult with a financial advisor before taking the plunge.
After all, in the world of business, it’s not just about working hard – it’s about working smart.
Home based Best Small business ideas in Canada
If you are looking to start your own business based out from your Home. Here are some killer online business ideas you can start right from your couch (or kitchen table, if you’re feeling fancy):
Bookkeeping and Payroll Services: Got a head for numbers? Help small businesses keep their finances in check. It’s like being a money superhero, but with less spandex and more spreadsheets.
Freelance Writing: If you’ve got a way with words, why not put them to work? From blog posts to product descriptions, there’s always someone looking for a wordsmith.
Virtual Assistant: Be the right-hand person for busy professionals. It’s like being a superhero sidekick, but you get to choose your own costume.
Online Tutoring: Share your smarts with students worldwide. It’s like being a teacher, but you can do it in your PJs (just don’t tell the kids).
Affiliate Marketing: Promote other people’s products and earn a commission. You can join in from thousands of affiliate programs from where you can make your First online earning.
Pet Sitting or Dog Walking Business: Turn your love for furry friends into cash. It’s like having a zoo, but you get paid for it!
There are lot of apps and websites where you can sign up and connect with people who are looking for people, who can take care of their pets.
Handmade Crafts: Etsy is calling all you crafty folks! Sell your creations online and turn your hobby into a hustle.
Social Media Management: Help businesses nail their online presence. It’s like being a digital puppet master, but less creepy and more profitable.
Remember, the beauty of home-based businesses is the flexibility. You can start small, test the waters, and scale up as you go. Plus, your commute is just a few steps to your home office (or couch). So why not give it a shot? Your million-dollar idea might be waiting right there in your living room!
New Business Side Hustles Business Ideas You can start in 2024
Freelancing: If you have got a skill? Use it to make some extra cash! Whether you like writing, love graphics design, or a coding, there’s someone out there willing to pay for your expertise. Platforms like Upwork and Fiverr are your new best friends. Freelancing is also the best way to test the waters and see if you like something and can make it into a business.
POD (Print on Demand): If you have got killer designs in your mind but do not want the hassle of managing inventory? Print on Demand business is right for you! Slap your custom designs or thoughts on t-shirts, mugs, or even shower curtains, and let someone else handle the shipping. There are many Print on Demand sites, where you can sign up, upload your designs and start selling.
Blogging: Got opinions? (Who doesn’t?) Turn your thoughts into cash! Pick a niche you’re passionate about, start typing, and watch the ad revenue roll in. Just remember, it takes time to run a successful blog. So, just focus and keep writing about the topics that you love and provide information to the readers.
Mobile Car Wash and Detailing: If you like cleaning and like working on cars then, why not turn your obsession into cash? People love their cars almost as much as they hate cleaning them. Swoop in with your bucket and sponge and save the day!
Local Handyman: If you’re the person everyone calls when their shelf falls down, it’s time to start charging! From fixing leaky faucets to assembling IKEA furniture, there’s always someone in need of your skills. You can distribute Flyers in your neighborhood to start getting leads.
Online Courses and Coaching: Are you an expert in something? Anything? Great! Now you can Package that knowledge into an online course or coaching service. Remember, if you can do it, you can teach it!
Start a YouTube Channel: Got a face for radio and a voice for silent films? And you are comfortable on Camera? Perfect! Starting a YouTube channel is a really good opportunity specially when YouTube’s Algorithm is promoting small channels . Whether you’re unboxing products, reviewing movies, or teaching people how to juggle flaming torches (not recommended), there’s an audience out there for you.
Businesses You Can Start with a $50,000 Investment
Got $50,000 burning a hole in your pocket? That’s a solid chunk of change to kickstart your entrepreneurial dreams in Canada. Let’s explore some exciting business ideas you can launch without breaking the bank:
3D Printing ($10-$50k): Jump into the future with a 3D printing business. From prototypes to custom figurines, the possibilities are endless!
Dance Studio ($10-$50k): Got rhythm? Share your passion and help others find their groove.
Bakery ($10k-$50k): Whip up success with your culinary creations. Who can resist the smell of fresh bread?
Catering ($5k-$50k): Turn your love for cooking into a thriving business. From corporate events to weddings, good food is always in demand.
Food Truck ($35k-$75k): Hit the road with your culinary creations. It’s a restaurant on wheels!
Pet-Related Business ($5k-$30k): From grooming to pet sitting, our furry friends always need care.
Editing Services ($0k-$10k): Got an eye for detail? Help others polish their writing to perfection.
Tanning Salon ($50k): Help Canadians get that sun-kissed glow, even in the depths of winter.
Fitness Boutique ($20k-$50k): Flex those entrepreneurial muscles with a niche fitness studio.
Vending Machines ($2k-$50k): A classic passive income stream. Stock ’em up and watch the loonies roll in!
Remember, these are just starting points. Your passion, market research, and business savvy can turn any of these ideas into a thriving enterprise.
Businesses You Can Start with a $100,000 Investment
Now, if you’ve got a cool $100k to invest, you’re playing in a different league. Here are some businesses you could consider:
Auto Repair ($55k to $125k investment) Got a passion for cars and a knack for fixing things? An auto repair shop could be your road to success. With Canadians keeping their cars longer, there’s always demand for skilled mechanics. If you ask me, it’s the best business opportunity if you have some money to invest and you know how to run a auto repair shop.
Beauty Business ($50k to $100k investment) From hair salons to spas, there’s been a lot of growth in this Industry. You can see that lot of people, they started their nail tech, makeup and waxing right from their homes but if you want to take it to the next level. Opening up a Proper Salon or Spa have lot more opportunities for growth.
Accounting Services ($50k to $100k investment) Numbers your thing? Every business needs a good accountant. With the right qualifications, you could be the financial guru entrepreneurs turn to.
Event Planning ($20k to $100k) If you love organizing and have an eye for detail, event planning could be your calling. From weddings to corporate gatherings, there’s always a celebration to plan.
All the businesses listed require a bit more capital, but they also offer potential for higher returns. Remember, the key to success isn’t just having money to invest – it’s about smart planning, understanding your market, and being ready to put in the work.
Whether you’re starting with $50k or $100k, the Canadian business landscape is ripe with opportunities. So, polish up that business plan, practice your pitch, and get ready to make your mark. Who knows? Your business might just become the next Canadian success story!
Factors to Consider When Choosing a Business Idea
Picking the right business isn’t just about the money. Here are some key factors to keep in mind:
Your Passions and Skills: Choose a business that aligns with what you love and what you’re good at. It’ll make the journey much more enjoyable. If you like working on something and doesn’t get tired from it, you should probably make a business out of it.
Market Demand: Is there a need for your product or service? Research your target market thoroughly. Check the market trends from tools like Google Trends.
Initial Investment: Be realistic about your budget. Don’t stretch yourself too thin right out of the gate. If you don’t have a budget you should go for online business opportunities to you can do without any investment other than having a smartphone or a Laptop which most people have.
Growth Potential: Look for businesses with room to expand, you don’t want get into a market which is declining. You want your venture to grow with you.
Tips for Success in Starting a Business in Canada
Do Your Homework: Research is key. Understand your industry, your competitors, and your potential customers.
Know the Rules: Each province has its own regulations. Make sure you’re compliant from day one.
Craft a Solid Business Plan: This is your roadmap to success. Take the time to make it comprehensive.
Network, Network, Network: Build relationships in your industry. You never know where your next opportunity might come from.
Embrace Technology: Use digital tools to streamline your operations and reach more customers.
Be Patient: Success rarely happens overnight. Stay focused on your goals and keep pushing forward.
Conclusion Starting a business in Canada is an exciting journey.
From food trucks to real estate, the opportunities are as vast as our beautiful country. Remember, the “best” business is the one that fits your skills, passions, and goals. It’s the one you’re willing to pour your heart and soul into.
So, whether you’re starting with $50k or $100k, whether you’re in bustling Toronto or scenic Vancouver, there’s a business opportunity waiting for you. Take that first step. Do your research, make your plan, and go for it.
If you need help with Marketing or Website Design for your Business. Contact us and we will be happy to help!
