Starting a business is one of the most rewarding experiences. It grants you independence from the daily 9 to 5 job. It can also be financially lucrative. However, not all businesses end up being successful. Resultantly, you may lose your entire savings which is a major risk. Nevertheless, success does not come without any risks.

According to Innovation, Science and Economic Development Canada, between 2012 and 2016, there were 95,940 businesses registered in the country annually. While it highlights the entrepreneurial spirit of the people, this statistic must be analysed carefully. During the same period, 90,120 businesses on average closed each year.

So, if you wish to start your own business, you need to be careful. In our opinion, the most important thing when starting a business is not the investment available or the marketing plan. Instead, it is the idea. Most businesses fail because there was no market for the product or service being offered.

Therefore, this article lists the top 5 business ideas to start in Canada.

Top 10 Businesses in Canada

1. Marketing Agency

What’s the first step after starting a business? Naturally, the next step involves marketing the business to the target audience. Not every individual or business has the know-how required for marketing. Therefore, they have two options. First is to hire a marketing professional. The second is to engage a marketing agency.

Hence, there is significant potential for a marketing agency. The learning curve is not high either. With plenty of online courses available, you can learn all there is to know about marketing, especially digital marketing. There is no investment required as you can start your agency from the comfort of your home.

Once you find a steady stream of clients, you can start thinking about hiring resources and getting an office. Until then, keep your expenses low. We recommend focusing one service initially. It will help you gain valuable experience. Over time, you can start offering other services.

Here’s a list of top digital marketing companies in Toronto. Study them in detail to understand how they work. This little exercise can help you identify points of differentiation for your own agency.

Learning Curve: Medium

Investment: $500 - $2,500

2. Mobile Car Wash

You may have seen videos of car detailers going to other peoples’ houses and detailing their vehicles. The video starts with a dirty looking vehicle and the person narrating what they will do to make the car look good as new. It turns out that mobile car wash or detailing is in high demand these days.

Not everyone has the time to go out to a detailing shop and wait to get their car serviced. Mobile car wash offers convenience. This business does require a certain amount of investment. You will either need to buy a van or a large vehicle in which you can carry all your equipment. Opt for used vehicles rather than buy a new one.

In addition to it, you need to be passionate about cars. You need to know which products to use and which to avoid depending on the vehicle. Otherwise, you may damage a car component. Considering the high prices of vehicles, that’s the last thing you would want for your new business.

Learning Curve: Low

Investment: $20,000 - $30,000

3. Real Estate Agent

If you search ‘real estate in Canada’, you will come to know that real estate prices are quite high. On top of it, availability is another concern. Let’s not delve into the causes of the crisis. Instead, let’s focus on the business opportunity. As an agent, your job is to help people buy and sell properties.

This business is perfect for those that have strong people skills. With practice and dedication, you can learn this skill quite easily. Before you set up your real estate website or social media presence, you will need to get a license. The license is not free of charge and requires you to take an exam. The process can take anywhere from 12 to 18 months.

Learning Curve: High

Investment: $3,500 to $7,000

4. Affiliate Marketing

Running a marketing agency and affiliate marketing are two different things. In affiliate marketing, you sign up for an affiliate program, obtain the affiliate link, and then promote that link. The most popular affiliate marketing program is ‘Amazon Associates’. Signing up for it is quite easy.

Based on our experience, the best approach to affiliate marketing is through a website. Write detailed blogs on the products/services you wish to promote. You can opt to promote the link through your social media profile as well. If you research a little, you will come to know that people have taken up affiliate marketing as a full-time business career.

Indeed, there is a lot of potential in it. Nevertheless, like any other business, it requires considerable hard work. One thing that differentiates this business idea from others is that it requires little to no investment at all. All you need to do is set up a website, learn to navigate it, and that’s it.

Learning Curve: Very Low

Investment: $500 – $1,000

5. Sell Digital Products

If you have good design skills, consider selling digital products. You may be wondering what are digital products? Well, they can include anything, including designs and templates people can download to use. For instance, you can design a wedding card and then offer it for sale. There are dedicated marketplaces for it such as Etsy.

The alternative is to set up your own website and then start offering the products there. We won’t recommend going down this route initially. Instead, build your portfolio and reputation before setting up your own website. You can even create templates related to your professional background.

Suppose you are a Project Management graduate. In that case, you can offer templates such as cost management, schedule management, scope management, or even Gantt Charts. Of course, you must learn how to differentiate your templates from the countless available for free. Otherwise, it offers no value.

Learning Curve: Low

Investment: $0

Conclusion

It concludes our article on the top 5 business ideas to start in Canada. These businesses do not require considerable investments and they can be set up from home. We do recommend drafting a comprehensive business plan which covers every aspect before moving forward. It can help you overcome challenges and plan for uncertainties effectively.