With the rise of the internet and digital technologies, it has become easier than ever to turn a passion or skill into a profitable venture.
Every year, nearly 100,000 entrepreneurs launch their own small business in Canada.
According to the Government of Canada website, between 2014 and 2018, the average number of small businesses created in the country was 97,640.
There is endless opportunity in this great country to start your own business. However, just because you start a business, doesn’t mean it will succeed. The average number of small businesses that dissolve in Canada is 89,227.
So, if you’re looking to start your own company, what do you do to ensure its success?
One of the most effective strategies is to start with the right business idea.
In this article, we’ll cover everything you need to know about the best businesses to start in Canada even if you’re new to the country.
You’ll learn what the best industries are, what the most profitable businesses are, and how you can secure funding to start a business here.
With that said though, the best business that you can start is something you are good at like, a catering business, car wash business or lawn mowing. You’re going to need some capital to start your business, depending on what you choose to start. There are plenty of different ideas and options to still consider, so let’s dive in.
This big list of profitable business ideas provides a great entry point whether you are a beginner, a self-starter, or anyone with a tight timeline.
1. Catering
One of the most profitable businesses today, the catering market was predicted in late 2022 to reach $3.78 billion.It is a low-investment business idea where your startup costs can range from $5,000 to $50,000, depending on the type of catering business.
Register your business and obtain the required permits and licences. Create a menu based on your target market and provide packages and custom requests.
Catering services in Canada earn an average of $57,174 a year.
If there’s one thing all people love—it’s food. It’s something that brings people together. And, when people are brought together for other reasons, such as a celebration, there’s always food involved.
That’s why catering is one of the best businesses you can start with a small investment. Catering isn’t only needed for birthdays and weddings. But, they’re also great for small get-togethers and parties.
If you have a passion for cooking and an attitude of serving, then this could be the perfect business for you. Plus, it can pay really well.
2. Provide HVAC Services
The Heating, Ventilation, and Air Conditioning (HVAC) industry continues to thrive as people constantly need heating, cooling, and ventilation in their homes and businesses all year through.To start an HVAC business, check with your city or municipality for the needed permits or licences. As HVAC is regulated, technicians must be fully certified and have completed apprenticeship programs.
Experienced HVAC technicians in Canada can earn up to $85,800 a year, while the average salary is $466,360 per year or $34.03 per hour.
3. Mobile Car Wash Services
With an investment as low as $25,000, you could start your own mobile car washing business.If you have a passion for cars, and you want the freedom and flexibility that comes from owning your own business, then a car wash business could be a great opportunity.
4. Set Up a Coffee Stand
Coffee continues to be a big business in Canada, with the hot coffee market valued at $23 billion in 2021. It is the best business in Canada for immigrants and locals who love coffee.You can start your own coffee stand or purchase a coffee cart business for approximately $20,000.
To set up a cafe in Canada, register your business, obtain licences or permits from your city or municipality, pass inspection, and get approval.
The national average income of cafe owners in Canada is $49,785 a year.
5. Exam Coaching
Exam stress is a major issue for numerous students, resulting in anxiety and physical symptoms. Coaching services for exams can offer valuable assistance to those who are struggling.By becoming an exam coach, you can teach effective techniques to help students manage their stress levels and improve their memory recall abilities.
Under your guidance, students can learn to use breathing exercises and other strategies to ease their nerves during exams.
Furthermore, you can assist them in developing and executing effective study plans in preparation for their exams.
6. Cleaning Business
Cleaning can be one of the most inconvenient tasks for people. In fact, so many people despise cleaning that they’re willing to pay other people to do it for them.That’s where the opportunity is for a potential business owner.
You can start a cleaning business in a variety of niches. You could concentrate on home cleaning, office cleaning, window cleaning, or even air-duct cleaning. It’s a relatively simple service business that could easily be scaled by hiring cleaners and gaining new recurring contracts.
7. Provide Technology Repair Services
Experts predict the electronics and computer repair industry revenue to reach $1.7 billion in 2026, with technology repair companies achieving higher profits by specializing in niche services.To enter the technology repair trade, you must obtain specific certifications, such as CompTIA A+ or Server+, which allow you to work with businesses.
The average base salary of an electronics technician in Canada is $24 per hour. In Burnaby, BC, the hourly rate is $37.53.
8. Offer Accounting Services
Accounting is a sought-after and financially rewarding career in Canada, with the Government’s Job Bank expecting strong prospects for accountants until 2028.To start an accounting business in Canada, you can take advantage of the strong demand and promising financial rewards in this field. Register your practice, apply for an Employer Identification Number (EIN), obtain insurance, and acquire the necessary permits and licenses.
According to the Government's Job Bank, accountants are expected to have strong job prospects in Canada until 2028.
In Ontario, the average salary for a Certified Public Accountant (CPA) is $185,000, while the median salary is $130,000.
To launch an accounting business, register your practice, apply for an employer identification number (EIN), get insurance, and obtain the required permits and licenses.
What Business Can You Start With 50k in Canada?
The truth is, you need to have money to make money. This holds true for starting your own business.And, while some businesses require hundreds of thousands of dollars—or even millions to start up, you can launch a wide variety of businesses with as little as $50,000.
Here are some of the best businesses you can start with $50k in Canada:
- Gourmet Coffee Kiosk (Mobile Coffee)
- 3D Printing
- Dance Studio
- Bakery
- Catering
- Food Truck
- Pet Related Business
- Editing Services
- Tanning Salon
- Fitness Boutique
- Vending Machines
- CBD Business / CBD Vending
- Cell Phone Repair
- Co-Working Space
If you need help funding your business venture, click here.
Work From Home Businesses and Side Hustles
If you’re looking for work from home business, or even a side hustle, with today’s technology, the sky’s the limit. With that in mind, here are some of the most popular and most popular options.
- Freelance writing
- Transcribing
- Becoming a virtual assistant
- Teaching languages
- Narrating Audiobooks
