In one of our recent articles, we explained the best businesses you can start in Canada as an immigrant. In today’s post, we will be sharing the 10 most profitable businesses you can go into in Canada.
These businesses are for Canadians who do not mind investing lots of money. Also, you can start the business in any province as these businesses are not confined to a particular area.
The businesses listed here are ranging from production business, retail business or service business. So you can be free to choose the business that suits you and your financial capabilities.
Starting a business in Canada is not like starting a business in any country in the world. The country is well civilized and well regulated by the government. To start any business in Canada, there are requirements you need to have.
We have mentioned them in the other article but we will briefly list them here.
Requirements to Start a Business in Canada
1. Business Plan
To start a successful business in Canada you need a business plan. Having this helps you to be properly informed about the business you want to start. It also makes sure you do not run into losses as a newbie.
2. Business License
To operate a legal business in Canada you need a business license. To acquire this, you need to register your business on the Canadian Revenue Agency Website.
3. Business Location
Except the kind of business you are operating is an online business that is when you do not need a business location. A business location helps your customers to come to your shop and patronize you. How much you spend to rent a shop or office in Canada depends on many factors.
You will need capital to start these businesses whether big or small. We will not advise you to borrow money to start rather we will advise you to start small and as time goes by get investors to fund the business.
There’s nothing like having passion for what you do. On the days you make losses it is your passion for your business that will keep you going. Passion makes you consistent and persistent in what you do.
10 Most Profitable Business Ideas in Canada
Which Canadian business is the most profitable? This is the list below.
1. Auto Mechanic Business
Auto mechanic business is one of the most successful businesses in Canada. This is because of the number of cars used by individuals and families in the country. The country’s citizens usually use two types of automobiles.
They use mechanical and electric cars. Depending on how these cars are used, they need servicing from time to time and parts replacement. This is where you come in as an auto mechanic business.
You can repair these cars and make good money. Before starting this business you need to learn how to repair cars. You can either learn how to repair luxury cars and regular cars. This is up to you.
After learning for some months or a year and you are certified you can start your auto mechanic business. Auto mechanic business is one of the most profitable service rendering businesses in Canada at the moment.
2. Clothing Business
Clothing business is one of the most profitable businesses in Canada. There are many aspects in this business. You can go into the manufacturing of clothes (having a fashion brand) or go into the wholesale or retail aspect. Either way the business is lucrative.
To start this business, you need to conduct your market survey. After that, get a good business plan. Capital is also important in this business. A location is also needed to sell your clothes except you want to sell them online and do deliveries.
In the clothing business you will make money every day because you are being patronized daily.
3. Jewelry Business
Although a capital intensive business jewelry business is another profitable business in Canada. With the right information from where you will be buying your jewelry from and the right resources you can start a jewelry business.
In your jewelry business you can sell necklaces, earrings, rings, bracelets, and ankle chains and more. The jewelry business is a big business. Canadian men and women will buy your jewelry especially couple that want to get married.
To start a jewelry business you need a safe place in any province in Canada and a secured shop.
4. Beauty Salon
If you do not know, the beauty salon business is another top profitable business to start in Canada. You can start a beauty salon business or decide to start a unisex business instead.
The best part about this business is you can make good money especially from the blacks that love to plait their hair and from the men that want to barb their hair and groom their beards. Asides from this, you can start a wig or hair extension business alongside to diversify.
This business will also cater for the blacks since they love to wear wigs.
5. Restaurant Business
Food is very important, especially cooked food. Canada being a fast paced country has made the average person busy – not having time to cook. Therefore, this has made restaurants sell food 24/7 round the clock to make sure food is always available.
To start a restaurant business in Canada you need to be licensed. Asides from this, you need to be able to cook. If you cannot cook you will need the services of a chef. The location of your restaurant business plays a significant role in how successful your restaurant will be.
The requirements for a restaurant can be very high so if you cannot meet up with them you can simply start a bar or night club business instead.
6. Fashion Business
When we explained the clothing business as one of the most profitable businesses earlier we mentioned creating a fashion brand as a simple way to make money. Starting a fashion brand is another business that can be successful if you design your clothes yourself.
This process consumes a lot of time but it is worth it because of the returns you can get from the business in the near future. A huge capital is needed to start a fashion business in Canada. If you do not have the funds, you have to get funders that will fund business.
7. Advertising Agency
With the digital development in the world you can start an advertising agency in Canada to help business owners and celebrities to promote their products. This business is profitable because most small and medium scale businesses do not know how to promote their business especially online.
Some of them also want to advertise on billboards in cities in Canada but do not know how to go about it. As an advertising agency you can help businesses to get on all advertising platforms.
You can start your marketing agency from home because this business is a low investment business but to look more serious minded you need a location – an office for operation.
8. CCTV Installation and Maintenance Business
CCTV installation and maintenance is another profitable business in Canada that requires low investment. Security is paramount in Canada. Many rich and middle income earners want to feel safe in their homes and offices.
This is where you came in as an installer. You can help install CCTV in these places and get paid for it. As a company you can also run maintenance for your customers and make money from it. Before you can start a CCTV installation and maintenance business you need to learn how to install cameras first.
9. Real Estate Business
Real estate business is another profitable business idea in Canada. If you have huge capital at your disposal this might be the best business you can invest your money in. The main reason why real estate is always in demand is because many people must live a place to stay and be comfortable.
The high and middle income earners in the country want to live in the best condos and homes. To start a real estate business in Canada you can start with buying and selling apartments and as time goes by go into the sales of houses.
10. Interior Design Business
It is impossible for real estate to thrive without interior designers. Interior designers are responsible for how homes look on the inside. When houses are built interior designers turn the houses into homes by making them look conducive.
Before starting this business you need to learn it first. You can run a course on it first to get certified. Interior design business is one of the businesses in Canada with low investment.
Among all the businesses we mentioned above if you are wondering which Canadian business is the most profitable we will recommend real estate business. Although the business demands huge capital, its returns on investment are massive.