Canada's business landscape is full of opportunity and is perfect for budding entrepreneurs.
Are you looking for profitable business ideas in Canada for 2024? Then keep reading. We'll take a look at the best businesses to start today.
Here's a quick look at the top 50 best business ideas in Canada:
- Popular businesses include dropshipping, affiliate marketing, and creating digital products.
- Interested in service-based businesses? Consider tutoring, personal training, or pet services.
- Home-based businesses, like freelance copywriting or being a virtual assistant, could be right up your alley.
- Have a talent for crafts? Handcrafted goods or food and beverage businesses could be your ticket to success.
- For creative people, consider photography, graphic design, or event planning for your business idea.
- If going green is your vibe, think sustainable products, waste management, or green landscaping services.
Online Business Ideas
The digital era has opened up the gates to so many new money-making opportunities. This is particularly true for small business ideas that are online. Let's explore some of the most profitable online business ideas in Canada: Dropshipping, Affiliate Marketing, and Selling Digital Products.
Dropshipping: think about a business where another team deals with product storage and shipping, while you focus on marketing and customer relations. Dropshipping has a low startup cost, is hands-off, and can make money to grow quickly.
Another type of dropshipping is called print-on-demand. Third-party suppliers make and ship items like clothes and accessories when ordered. However, make sure to always sample an item before you sell them to customers.
Setting up an online dropshipping store is easy with eCommerce sites like Shopify, BigCommerce. You can work with trusted dropshipping suppliers like Spocket, and DropCommerce, which can serve the Canadian market with ease.
Affiliate marketing: earn money by promoting, and selling items or services online. Find an affiliate program that matches your area of interest, and sign up to get started. Commission rates vary from 5% to 50% depending on the product you sell.
Big affiliate programs in Canada include:
These programs can help you to make money. By combining your marketing work with the right affiliate program, you can create a profitable business in no time.
Selling Digital Products
Selling digital items like ebooks, online courses, or software is a profitable business idea with small overhead costs and big profit margins. Digital products can be music, courses, podcasts, and templates. To succeed, create top-quality, useful digital products that meet your target audience's needs.
To reach people worldwide and increase your earnings, think about using platforms like Gumroad, Teachable, and Etsy to sell your digital items. With the right marketing plan, you can take your business idea and change your love for creating digital content into a successful and profitable business opportunity.
If you're looking for a more practical approach, service-based businesses give lots of chances to use your skills and passions. Let's look at three popular service-based small business ideas in Canada: Tutoring, Personal Training, and Pet Services. Also, starting a consulting business can be a profitable choice if you're an expert in a specific area.
Tutoring is a great way to assist students of all ages achieve their educational targets. If you find that appealing, then tutoring could be one of the best small business ideas for you.
Tutoring is booming in Canada, with people teaching different subjects or skills, either face-to-face or online. Kicking off a tutoring business is fairly easy and needs a small investment. As a personal tutor, you can earn anywhere from $30 to $90 an hour, based on your experience and the subject you're teaching.
By finding your special skills and the students you want to help, you can build a tutoring business that brings in money and helps students reach their study targets. Providing tailored, one-to-one tutoring can make you stand out from the crowd and keep your students coming back.
People have recognized the importance of good health (and health insurance) due to the events that happened during COVID, which is partially why personal training is in high demand right now. If you decide to offer a personal training service, you can either do it in person or through virtual training sessions, catering to various clients and preferences. Personal trainers have an average wage that is higher than most other occupations in the same sector, which is around $28.58 per hour.
You can try the following steps to maximize your income:
- Connect with people closer to you
- Set up your gym
- Offer online courses or virtual training sessions to reach more people
If you use these strategies and plan things out well, it is not hard for your business to thrive.
As pet ownership continues to grow in Canada, pet service businesses, such as dog walking business, grooming, or pet sitting, can be started with minimal investment. Canadians’ spending on pets, pet food, pet insurance, and veterinary care increased by 17.1% from 2018 to 2021, signaling a promising market for pet service providers.
By offering services tailored to the needs of pet owners in your area, you can tap into the lucrative pet industry and establish a thriving business. Expanding your services to include personalized pet products, like those offered by Perkie Prints, can further enhance the appeal of your own business and generate additional revenue.
It will only take a little investment for you to start a pet service business in Canada since pet ownership has increased rapidly over the past few years. On top of providing tailored service to pet owners near you, you can also sell personalized pet products like those offered by Perkie Prints, which is great for creating a profitable business.
Exploring small businesses? Consider home-based ones for low startup costs and flexible operation. Here are three top choices in Canada: Freelance Copywriting, Virtual Assistance, and Handcrafted Goods creation.
Freelance copywriting offers benefits such as:
- Operating from home
- Deciding your pricing
- Providing varied services (website content, email marketing, ad copy)
- Working with diverse clients and sectors
- Freelance copywriters' income ranges from $25-$100 per hour. A website and online portfolio help in client acquisition.
Virtual assistants do office work tasks from home. They answer emails, keep schedules, and manage social media stuff. This service is popular in Canada and they can earn around $25.64 an hour.
If you want to become an expert in providing virtual assistance, you should have a specific skill to help a certain type of customer. Being a virtual assistant means you can make money while you stay at home.
Handcrafted items like jewelry, clothing, or home decor, can be quite profitable if you are looking to start your own business. Online platforms like Etsy, Shopify, and Instagram allow you to showcase your creations to people around the globe.
Your passion can bring in a lot of profit with the low starting cost and high growth potential provided by this home-based business.
Food and Beverage Businesses
The food and beverage sector has loads of opportunities for business-minded folks in Canada. Let's dive into three promising ideas: Catering Services, Food Trucks, and Coffee Stands.
Catering services, a low-investment business, cater to events like weddings, corporate gatherings, or parties. It's a profitable industry in Canada, with an average annual income of about $57,174.
Diverse menu options and superior service can set your catering business apart in the competitive food sector. Adding event planning or equipment rental services can enhance your own business appeal and boost income.
Food trucks can be less costly than traditional restaurants and provide the flexibility of location changes and event participation for the best businesses. Food truck owners could benefit from:
- Reduced setup costs
- Extended customer reach
- Event participation opportunities
- High earnings potential with some making up to $500,000 annually in Canada
Unique food offerings and good service can establish a loyal customer base and grow the business. Finding popular spots and events can maximize earnings and make the food truck a local go-to.
The coffee sector is growing in Canada, and coffee carts require less investment than a full cafe. They have less maintenance cost and can provide service to a larger group of people, bringing in good revenue.
By serving good coffee and top-level service, your coffee cart can start to create a loyal customer base. If you want to increase your earning even further, you can try adding specialty drinks, pastries, or light meals to your menu.
Creative Business Ideas
Artistic minds can find lucrative options in creative businesses. You have the talents and the passion, now is the time to make them profitable. Let's dive into three popular creative business options in Canada: Photography, Graphic Design, and Event Planning. Photography allows you to profit from your passion.
You might have the skills already, but equipment is equally important.
Photography enterprises can serve various needs, like portrait, wedding, or commercial shoots. There's ample growth space in the field with options to sell prints or conduct workshops.
Developing a unique photography business license with style and top-notch service can draw a broad client base. A robust portfolio and smart marketing strategies can make your photography venture a popular and reliable choice.
Graphic design businesses offer service ranges like logo design, branding, or web design. With a unique style and excellent service, a diverse client base can be attracted. A good portfolio & smart marketing help establish a graphic design business as a trusted service provider. Up-to-date industry trends & skills development can help businesses flourish in a competitive market.
Event planning businesses can specialize in planning and coordinating events such as weddings, corporate functions, or parties. With a well-crafted business plan, opportunities for growth and expansion are achievable, allowing event planners to generate significant revenue by providing exceptional service and creating unforgettable experiences for their clients.
By developing strong relationships with vendors and venues, your event planning business can establish a reputation for excellence and reliability. Expanding your services to include event design, catering, or entertainment can further enhance the appeal of your own and generate additional revenue.
As the demand for environmentally conscious products and services continues to grow, eco-friendly businesses present a promising opportunity for entrepreneurs in Canada. Let’s explore three eco-friendly small business ideas: Sustainable Products, Waste Management, and Green Landscaping.
Sustainable Products are products that are designed to be reused, recycled, or composted.
Selling sustainable products, such as reusable bags, eco-friendly cleaning products, or ethically sourced clothing, can tap into the growing market for environmentally friendly goods. By offering unique, high-quality sustainable products, you can attract a loyal customer base and generate revenue.
Consider partnering with eco-conscious suppliers and manufacturers to ensure the highest quality and sustainability of your products. By promoting your commitment to environmental responsibility, your sustainable products business can thrive in a competitive market.
Waste management businesses, including cleaning businesses, can offer services such as recycling, composting, or sustainable disposal solutions, catering to both residential and commercial clients. By providing environmentally conscious waste management services, your cleaning business can contribute to a cleaner, greener future.
Partnering with local organizations, businesses, and municipalities can help establish your waste management business as a trusted service provider. By implementing effective marketing strategies and continually improving your services, your waste management and cleaning business can grow and make a positive impact on the environment.
Green landscaping businesses can focus on eco-friendly practices, such as using native plants, conserving water, or implementing sustainable design principles, to cater to environmentally conscious clients. By offering unique, sustainable landscaping solutions, you can attract a diverse range of clients and generate revenue.
Collaborating with local nurseries, suppliers, and environmental organizations can help establish your green landscaping business as a trusted, eco-friendly service provider. By promoting your commitment to sustainability, your green landscaping business can thrive and contribute to a healthier, more beautiful environment.
From online ventures to eco-friendly innovations, the Canadian market offers a wealth of diverse and successful business ideas and opportunities for entrepreneurs. By identifying your passions, skills, and target market, you can turn your dream business idea into a thriving, successful venture in Canada. Embrace the possibilities and embark on the exciting journey of entrepreneurship.
Remember to insure your future along the way. If you ever need health insurance (or life insurance) as an entrepreneur, feel free to reach out to a Dundas Life licensed advisor today.
Frequently Asked Questions
Which business is most profitable in Canada?
Based on the data in 2024, Payroll & Bookkeeping Businesses, Dairy Farming Businesses, Hotel Businesses, Restaurant Businesses, Construction Businesses, Automotive Businesses, Landscaping Businesses, and Plastic Product Manufacturing Businesses are the most profitable businesses in Canada.
These businesses have seen the highest growth in profits over the past few years, and are expected to continue to be the most profitable business in the future. They are also relatively low-risk investments, making them attractive to potential investors.
Investors should consider these businesses when looking for a profitable venture. With the right strategy and management, these businesses can provide a steady stream of income.
What business can I start in Canada with as little money?
Starting a small business in Canada doesn’t have to be expensive. Whether it’s creating your own online store or offering virtual services, there are numerous options available to get started with minimal upfront costs.
From setting up a business bank account and website to finding the right suppliers, there are plenty of resources available to help entrepreneurs get their businesses off the ground. With the right way.
What businesses are booming in Canada?
The booming industries in Canada in 2024 are travel agencies, semiconductor machinery manufacturing, scheduled air transportation, hotels & motels, e-commerce & online auctions, movie theatres, and cannabis production.
What are some popular business ideas online in Canada for 2024?
With Dropshipping, Affiliate Marketing, and Selling Digital Products becoming more popular in Canada, now is the perfect time to consider starting your own business online.
Starting an online business can be a great way to make money and build a successful business. With the right strategies and tools, you can create a profitable business that can be run from anywhere in the world.
There are many different types of types.
What are some examples of service-based businesses?
Tutoring, Personal Training, and Pet Services are all great examples of service-based businesses that provide invaluable services to their customers.
These businesses often require a lot of time and effort to run, but they can be incredibly rewarding and profitable. They can also provide a great source of income for those who are looking to supplement their existing income or start a business.