5 Best Small Business Opportunities in Canada in 2021
Looking for business opportunities in Canada? Look no further. We have compiled a list of the 5 best small business ideas that are poised for significant growth despite the slow economic growth rate.
Whatever your background, with the right vision and work ethic, you can find a profitable business opportunity that matches your unique skills. These five areas are worth considering if you are starting a new business.
Transportation and Storage
The transportation and warehousing industry includes passenger transportation services and freight forwarding, as well as warehousing and storage of products. A good thing about this industry is that you can start small, buy a single truck and solicit a handful of customers, then you can easily grow by hiring more drivers and putting more trucks on the road as you go. clientele grows.
Don’t think you should limit your services to trucking. Transportation companies also make money on Canada’s waterways. Storage is another option that lets you start small, renting out modest warehouse space and growing at your own pace.
According to the Canadian government, over 86% of small and medium-sized businesses engaged in transportation and warehousing were profitable in 2016, with average annual revenues exceeding $ 279,000.
Another corollary of a thriving economy is that people buy and rent homes, condos, and offices. As businesses grow and expand, they need new workers to fill vacancies. Some of these workers are recruited from a distance, settle in the town, and put down roots to start their new careers.
Real estate professionals help people buy and sell properties, manage rental or investment real estate, and act as an intermediary between buyers and sellers. If you like to keep your fingers on the pulse of your local market and are good with people, a real estate business could be your ticket to a lucrative career.
With a profit margin of 46.5% in 2019 and a growing rental industry, real estate businesses in Canada tend to be profitable. Almost all Canadian real estate companies are small to medium-sized, with less than 1% having more than 99 employees.
Fitness and Recreational Sports Centres
If you have a passion for fitness and a passion for people, you could turn your love for exercise and health into a lucrative small business. Boutique fitness centers are growing all over North America, giving large, impersonal chains serious competition as a de facto place to go for a workout.
Whether your passion is CrossFit, kickboxing, martial arts, yoga, or some other fitness trend, choosing the right location for your business and knowing how to market it can quickly make it a success.
In 2015, the Canadian government reported that approximately 70% of the country’s fitness and recreational sports centers were profitable. For those who did well, the profits were high, to the tune of $ 312,000 in average annual earnings – the highest amount of any industry featured. The bottom line is that this industry takes a lot of dedication and hard work, but if you put that on the table, the sky’s the limit.
Waste Management and Remediation
An inevitable by-product of a growing economy is the accumulation of waste; As businesses grow, more paper is used, old electronics are thrown away in favor of newer models, construction debris accumulates due to the addition of new offices, etc. This is not great for the environment, and luckily, every day more and more companies are accepting their role in promoting a sustainable future for all and taking proactive steps to reduce waste generation. Waste never goes away, which means there are plenty of opportunities for environmentally conscious entrepreneurs to help the planet and make big profits.
More than 86% of small and medium-sized businesses in this sector made profits in 2015.
Professional Financial Services
Do you have professional financial skills, such as accounting, financial management, bookkeeping, or financial advice? If so, you might consider starting a small business where you sell your knowledge and expertise as human capital. If you can help businesses save on taxes or streamline their accounting and payroll processes, you can find clients to pay you generously for your skills and expertise.
Another benefit of a professional financial services business is that if you are a lifelong learner, you can constantly update your skills to make sure you stay in demand no matter which direction the economic winds are moving or what news. technology comes down the pike.
Since 2019, small and medium-sized professional services companies have been doing well in Canada, with a growth rate of 1.9% since 2018.
Starting a small business gives you the autonomy to be in charge of your destiny and your success, and it allows you to turn your passion into a lifelong career. There are many industries in which you can be successful as an entrepreneur in Canada; the key is to find the right one for you.
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