Everyone knows the benefits of having your own business. But very few people understand the challenges that go into it. Indeed, starting a business is always a challenging task. When you add the financial risks to it, a business may not seem any more lucrative than a job. But what we believe is that a business’s success is dependent upon the right idea. If you have the right idea, you will taste success sooner or later. This article discusses the top 10 profitable business ideas in Canada. The ideas are based on meticulous market research, including an in-depth analysis of the country’s macro factors.
Without further ado, let’s start.
Best Business Ideas in Canada
Affiliate Marketing
Yes, we understand and acknowledge that there have been numerous scams in this area. Many individuals and businesses claim to pay thousands of dollars to anyone promoting their business. Undoubtedly, most of them are scams. So, stay as far away from them as possible. But it doesn’t mean that affiliate marketing itself is a scam. You can start earning a sizeable income from the right strategies. Over time, you can say goodbye to your job and rely solely on affiliate marketing income.
Top platforms like Amazon, Best Buy, and others have a very lucrative affiliate program. You may need a website for some, while a social media profile is enough for others. Since these are renowned brands, there is zero risk of scams. We recommend picking a niche that’s popular among the consumers and then building your specialty in it. For instance, there are blogs dedicated to DIY repairs, electronics, and even personal care items.
eCommerce
Canada is a very lucrative market from the eCommerce perspective. If you can start a hustle in eCommerce, you can end up being highly successful. Of course, there are many top eCommerce stores in Canada. But it doesn’t mean that you cannot carve out a share for your own store. Again, you need to identify the right products to sell. In-depth market research can help in this regard. The most popular eCommerce products are electronics and apparel. Refer to our guide on how to start an eCommerce store in Canada for more information.
Drop Shipping
If you don’t have the resources to buy and sell your own products, then we recommend drop shipping. All of us have seen countless ads on how people earn thousands of dollars through this. Surprisingly, not all of it is fake or scams. Drop shipping does have a considerably high potential. In drop shipping, you sell products that are owned, stocked, and shipped by others.
This significantly reduces the financial costs associated with business failure. All you need to do is hire a web development company that can develop a unique, eCommerce website for you. We have already covered ‘How to start a drop shipping business in Canada’. It will provide you with valuable insights and also clear popular misconceptions associated with the drop shipping business.
Mobile Car Detailing
Another popular business is mobile car detailing. Of course, you’ll need to invest in a van or an up-size car to store your equipment. You must dedicate time and effort to this craft to hone your skills. It will help you win over customers, who can be a great source of repeat business. There are well-renowned examples of people easily earning more than $5000 per month from mobile car detailing services. Once you establish a presence, you can hire additional workers.
Real Estate
Canada is notorious for its sky-high real estate prices. However, you can grab a share of this pie by playing your cards right. We recommend acquiring a real estate agent license. You don’t need to own any property. All you will be doing is marketing the property to potential buyers or renters. In case of a successful deal, you will earn a sizeable commission.
Marketing Services
If you have expertise and experience in marketing, you can start your marketing agency. We recommend digital marketing because it has proven to be more popular than digital marketing over the years. Within digital marketing, focus on a specific area rather than offering comprehensive services at the very start. Build a reputation in one service and then expand. It will help you land clients for other services quickly. Existing clients may even recommend you to others, provided your service quality is top-notch.
House and Pet Sitting
As we put an end to the coronavirus chapter, travel has returned to normal levels. When people travel, they need someone to take care of their house or pets until they return. This presents a lucrative business opportunity. You can look after peoples’ homes and pets while they are away. You can even hire others. Ensure they are trustworthy to avoid legal complications.
Become a Handyman
You are bound to be good at putting up fences, painting surfaces, mowing lands, undertaking small repairs, and more. You can pursue this as a full-time business venture. Start offering handyman services to others. Start with your friends and family members before moving to outsiders. The experience will help you understand customer requirements and hone your skills.
Create a Course
If you have a college degree or are highly experienced in a field, create a course and sell it online. It needs to be informative and engaging. You can create the course as a paid eBook or videos which you can upload to YouTube. After a period, you can monetize your channel and start earning from there.
Blogging/ Vlogging
Most people consider it easy, but blogging is quite complex. With millions of blogs set up, you need to be different to stand out from the competition. It means the content needs to be unique, engaging, and highly informative. You can set up a blog through a website, YouTube channel, or even your own social media profile.
Yes, it would take some time to build a loyal audience. But once you manage to do that, endless opportunities await. You can monetize your content, charge fees in exchange for paid ads, and more.
Conclusion
This concludes our article on the top 10 business ideas in Canada. These ideas are neither too complex nor require considerable investments. Nevertheless, they do require time and effort. Remember, setting up a successful business doesn’t happen in a day.
