In Canada, almost 100,000 entrepreneurs start their businesses each year. There are numerous opportunities to establish your own business in this wonderful country. According to projections, Canada is on track to welcome 1.5 million new citizens by 2027, which means more opportunities for various enterprises to thrive. Starting with the right business idea is one of the most productive tactics. Keep reading to learn the top ten profitable businesses to start in Canada.
1) Tire Store
One of the most profitable businesses in Canada today is owning a tire store. This business covers the retail selling of all types of tires for cars and other autos, and it is typically regarded as profitable. For example, the Canadian Tire Corporation, one of the state’s top tire retailers, had sales of roughly 16.3 billion Canadian dollars in 2021.
2) Spare Parts
This business is highly profitable, with income in the millions of dollars, which is why hundreds of companies in Canada are delving into it. You need to be quite strategic in executing the business and equally consider implementing online and offline services, as this will help boost your visibility and thus attract more customers for your brand.
3) Catering Services
Catering services, mainly outdoor catering services, are in high demand in Canada. You simply need to develop a unique business model, obtain the necessary licenses to operate a restaurant, and finally market this restaurant properly to attract consumers.
4) CCTV Camera Sales
Given the problem that a CCTV camera solves, the CCTV camera business has grown in popularity in Canada in recent years. This business appears to be one of the most profitable in the country.
5) Interior Designing
Interior design is the process of decorating the walls and floors of a building’s interior. This is critical in all buildings because we all value living in a visually appealing environment, which is why interior decorators are in high demand in Canada.
6) Fitness and Recreational Sports Centres
According to the Canadian government, nearly 70% of fitness and recreational sports centers in the country were profitable in 2015. This sector demands a great deal of dedication and hard work, but if you bring that to the table, the sky is the limit.
7) Financial Services for Professionals
If you can help businesses save money on taxes or optimize their accounting and payroll operations, you can find clients who will pay you well for your expertise.
8) Waste Management
Waste accumulation is an inescapable byproduct of a developing economy and population. Waste will never go away. Thus, there will always be opportunities for environmentally-minded companies to benefit the earth while making a nice profit.
9) Event Planning
As a corporate event planner, you’ll organize conferences, networking events, and instructional sessions for businesses across Canada, a demand that will only grow as the population grows.
10) Phone Accessories
Because so many individuals now own cell phones, the market for phone accessories is massive. And there are numerous options for these accessories, including print on demand, handmade, specialty by product category, drop shipping, and more.
There’s a lot more to starting a business in Canada, but with great strategy and study, you can succeed anywhere. You may begin with my fantastic collection of blogs, podcasts, and videos if you want to learn more about such topics. You can also follow me on social media for the latest updates.