The Most Promising Business Opportunities In Canada
There’s never been a better time to explore new business opportunities in Canada.
With economic growth expected to rise in Canada throughout 2017—including a 2% growth in GDP—the outlook is positive. Couple that with the incredibly powerful connectivity of our world, and you’ve got the perfect conditions to explore new business opportunities in Canada.
Capital and a variety of government grants and tax credits are also encouraging many would-be entrepreneurs to take the leap.
If you’re on the fence about going into business, now is the time to do it. Keep reading for a closer look at a few promising business opportunities in Canada.
What kind of business should you start?
This is always the hardest part of the process—knowing where to start.
It should go without saying that you should start with what you know. If you have experience in a field that could translate into a business opportunity, go for it.
But, if you’re thinking of diving into a business you know nothing about, you may want to think twice. You will, after all, be putting your own money and possibly someone else’s cash at risk. So be careful.
If you’re still in the planning stages of your entrepreneurial journey and just need some ideas to get you going, here are a few business opportunities in Canada that are great options right now.
You don’t need to read an article to know that e-commerce is big business. E-commerce has all but eclipsed traditional brick and mortar storefronts in many markets and shows no signs of slowing down.
While giants like Amazon dominate the e-commerce marketplace, there are still plenty of needs that can be met by smaller retailers. There’s also plenty of money to be made selling your own products on Amazon or other marketplaces.
With a low barrier to entry, e-commerce is a good place for new entrepreneurs or those without specialized skills to get started and, hands down, one of the best business opportunities in Canada right now.
Investing in or selling real estate is one of those things that is just not going to go away or become unprofitable. If history is any guide, then it’s pretty clear that those who own property tend to have a greater degree of wealth and security.
That being said, investing in or selling real estate isn’t without risk, but if you’re careful, do your homework, or learn from someone with experience it can be a very profitable business.
In order to sell real estate, you will need to seek out training and obtain a licence, so be prepared to do a little work before you dive in.
Canadians love their pets—especially dogs. For many pet owners, caring for and pampering their animals is a top priority. Why not take advantage of this lucrative niche?
The great thing about the pet services business is that there are so many opportunities within it. From a pet daycare to a dog walking or grooming service, the opportunities are endless.
The great thing about this business opportunity is that you probably won’t need specialized experience or training—just a love for animals. A pet services business is definitely a great business opportunities in Canada.
Independent financial advisors or brokers offer a number of financial and insurance products and services to clients. If you have experience in the world of finance, striking out on your own could be a great business opportunity.
Depending on what you’d like to offer, this one will require special licences or certifications, so having some experience in the field is probably a good idea.
Computer or Mobile Device Repair Service
Computers, phones, tablets … we’ve all got them. And, unfortunately, they all seem to break or have problems at some point.
So why not be the guy, or gal, to fix them?
The device and computer repair business are booming. From individuals to large corporations or government agencies there’s plenty of places to ply your trade.
You may want to seek out some training or certifications if you choose this route, but most of what you’ll need to know can be self-taught or be learned from someone with more experience. Either way, this is one of the best business opportunities in Canada going right now.
If you’re located in a large urban area, you know there’s no shortage of items that need to be delivered to and from both businesses and individuals.
A courier service is another low barrier to entry business that can be started by someone with little or no experience in the field. You just need transportation and clients.
Housekeeping or Cleaning Service
Much like real estate, cleaning services are one of those businesses that are not likely to go away. Boom or bust, there’s a lot of things to keep clean in our society.
With a cleaning business, you could serve residential customers, commercial, or both. The possibilities are quite broad in this business and the customer base is massive.
While it may not sound glamorous, a cleaning business is easy to start and find customers for. You don’t need special training or licences, just a willingness to work, cleaning supplies and equipment.
Bicycle Repair Business
The popularity of bicycles has really surged in the past 20 years—especially in urban areas. Bikes have become a vital form of transportation and fun for many Canadians.
If you’re a fan of bikes and know your way around one, opening your own repair business may be a viable business option for you.
While special training is not necessarily required, it may help to earn one of the industry standard certifications.
Mobile App Development
With the proliferation of smartphones and tablets, the app market is booming. While it may seem like a tough market to break into, just remember that many successful apps have come from small developers.
If you have a background in software development or a penchant for managing projects, app development is one of the strongest business opportunities in Canada, or anywhere, right now.
While this option may not sound like the most glamorous, forward thinking business idea, hair salons fulfill a need for many people.
Think about it: do you cut your own hair? Does anyone you know cut their own hair?
Probably not. But, you probably do shell out money month after month for haircuts and styling. No matter what the economy looks like, men and women everywhere will be pulling together the money to pay for a haircut.
Opening a hair salon is a little bit more of an endeavour than many of the other options covered in this list, but could really pay off in the long run.
Opening up a taxi service probably isn’t the greatest idea in the age of Uber, but there are plenty of other transportation service businesses thriving right now.
Some transportation service businesses to consider are medical transport, bus services, and trucking.
Many of these industries require special permits and licensing, so make sure you do your research if you don’t know the industry.
Event Planning Services
Here’s another tried and true service that’s easy for most people to start.
You’ll need a solid understanding of how events like weddings are planned and managed, but beyond that, you do not need special training.
You might want to start small, but getting off the ground with event planning won’t be difficult.
If you’re a fitness guru, here’s your outlet.
The fitness industry has been booming for years and looks likely to continue that trend well into the future. With the sedentary nature of the western workplace and lifestyle, people are always looking for help to combat obesity and poor health.
Personal trainers are typically licensed, but it’s not a lengthy process. If you already have a good understanding of fitness and the industry, you can get up and running pretty quickly.
Maintaining a nicely manicured lawn is hard work. And it’s work that many people simply don’t like to do.
Much like a cleaning service, landscaping is not glamorous work. But it’s a service people need and are willing to pay for.
If you’re capable of doing the work and can afford some equipment, it’s not hard to get started and learn the trade.
If you’ve been in the workforce for any amount of time, you have likely developed a set of skills and proficiencies. No matter how trivial you may think your skillset is, it’s worth something to someone.
If your employer is already paying you to do it, the odds are pretty good that someone else needs a skill you have and is willing to pay for it.
If you’re having trouble coming up with a business, make a list of the skills you have and take a look at some of the popular freelance websites—like Freelancer—to see if there’s a market for them. You don’t have to limit yourself to these marketplaces, but they can give you a good idea of the types of work available.
With our rapidly changing world, freelancing is a growing opportunity in Canada.
Find a few ideas worth considering?
If you did, great. If not, hopefully, this list got you thinking about the opportunities available. This list is really only a small sample of what’s available.
The world is your oyster when it comes to business opportunities right now.
If you do have an idea and are ready to start exploring names for your business, check out our free NUANS preliminary search.
Once you’ve picked a name, you’re one step closer to registering and getting your business off the ground.