7 Lucrative Business Opportunities in Canada

Advertisement

Many businesses are battling with the aftermath of the coronavirus pandemic which affected the economies of nearly every nation. It’s reassuring that small businesses still stand a chance to thrive in this era.

You don’t have to ditch your small business idea you intend to launch upon your arrival in Canada. However, it’s imperative to have a compelling vision, test the idea and come with impeccable work ethic. Try to also discover the industry and business idea that’s best for you.

Advertisement

That being said, here are the top 7 profitable industries and business opportunities in Canada right now.

1      Real Estate

It’s common for a country to experience an influx of new workers in a booming economy. These individuals and their employers will need new homes and office spaces. Some of the roles of real estate experts include helping individuals to buy or sell properties and managing rentals.

Advertisement

They also connect buyers to sellers and vice versa. You should consider delving into the real estate world if you have sound communication skills with an in-depth knowledge of the real estate market

2 Transportation and Storage

This industry revolves around warehousing, transporting passengers, storing products, and shipping goods. There’s no need to have millions of dollars before you can start this business. It’s better to start with a few clients and a truck, expansion can follow later.

Avoid focusing on trucking alone as time goes on. Providing storage facilities and the Canada waterways is lucrative too.

3       Waste Management and Remediation

Waste is inevitable in a thriving economy. Business expansion usually leads to the accumulation of waste in different forms such as construction debris, paper, and outdated electronic devices. The good thing is that a lot of businesses are taking deliberate steps towards a green environment.

Be rest assured that you have tons of opportunities if you’re environmentally conscious and you’re considering this industry. This is because the waste will never go into extinction.

4       Professional Financial Services

Nothing should stop you from monetizing your financial skills in Canada if they are top-notch. The in-demand skills are bookkeeping, accounting, financial consulting, and management. Many professionals in this industry understand that learning should be a continuous process. You can develop your small business idea around any niche and help brands organize their accounting and reduce monthly taxes.

5       Agriculture

The agricultural industry in Canada contributes about $49 billion to the country’s GDP. There is currently a high demand for foreign workers such as butchers, farmworkers, and truck drivers.

The best provinces you can live if you’re considering this sector are Manitoba, Ontario, British Columbia, Alberta, and Saskatchewan.

6       Accommodation and Food Services

Although this sector is among the most affected industries due to the pandemic, it’s recovering slowly as restrictions are being relaxed gradually. The tourism and hospitality industry has a demand for competent workers that can provide excellent services.

In case you’re planning to launch a business idea in this sector, consider provinces such as Saskatchewan, Nova Scotia, Manitoba, Labrador, British Columbia, and Prince Edward Island.

7       Fitness and Recreational Sports Centres

Several fitness centers in Canada raked a profit of around $312,000 in 2015. Fitness enthusiasts can turn their passion into a money-making venture. Ensure that you chose the best location for your brand and master the art of both online and traditional marketing.  

Success is guaranteed if you’re ready to work smartly and remain dedicated.

The COVID-19 lockdown had a rippling effect on individuals and different organizations. However, Canada is supporting permanent residents and citizens support in different ways. Entrepreneurs are not left out and the prospect look promising for business oriented immigrants.

Apart from relief that is available to the business sector, some financial institutions roll out interest-free loans to small businesses. There’s hardly any sound business idea that won’t survive in this type of environment. Your business will flourish in the country regardless of your gender.

4 comments
Leave a Reply

Your email address will not be published.

You May Also Like