Canada offers great opportunities for entrepreneurs. So, if you are planning to start a business in Canada then, you’re going in the right direction. There is a great scope for starting the most profitable business in Canada as competition is considerably lesser. Before you start your own business, it is important to understand what are the most profitable businesses in Canada.
List of Most profitable business in Canada
- Transportation business
- Business support service businesses
- Real estate business
- Food business
- Accommodation business
- Banking and finance business
1. Transportation business
The transportation business is one of the most profitable businesses in Canada. It includes every kind of company that moves things or people from location A to location B. Even though early investment in the transport business is high, you will be able to break even in a comparatively short period of time.
Types of companies that come under the transportation business:
- Taxi services based on apps
- Courier services
- Goods transportation
2. Business support service businesses
Unlike transport businesses, support service businesses are of B2B (business to business) type. Here you will be having other businesses as your clients and the services that you provide to them will be the product of your company. No company can do all the work all by themselves. So, in many ways companies depend on other companies to make operations more efficient.
Cybersecurity is one of the examples of support service businesses. You can clearly observe that the transportation industry may not have people who can protect their websites. So, it is easier for them to depend on a cybersecurity company that will do the job for them and in return pay them for their services.
Types of companies that come under business support services businesses:
- Cybersecurity
- Advertisement
- Marketing
3. Real estate business
As far as there are humans, real estate business will survive. Everyone wants a roof over their heads. Whether you’re looking for a new home or you want an office for your business, it all comes under real estate businesses. There is a huge variation in types of real estate work though. Depending on the amount of initial investment you’re ready to do, you can choose the type of business that you want to start.
Types of companies that come under real estate businesses:
- Development
- Brokerage
- Property management
4. Food business
The food business is an evergreen business. Starting from a local cookie shop to a chain of restaurants, you can start a food business of any level that you want. You can either start a b2b food business or a b2c, both are profitable as far as you’re providing quality and taste.
In the food business, the risk of running out of business is comparatively less because the demand for food will always be there. So, it is important to choose the type of food products you’re getting involved in. At some places sushi restaurants may be profitable but at other places, they may not be profitable. You need to understand the locality before choosing.
Types of companies that come under the food business:
- Fast food centers
- Cafes
- Restaurants
5. Accommodation business
Accommodation business is another one of the most profitable businesses in Canada because of the tourism industry. Same as food businesses you can either choose to start a hostel or you can also start a chain of hotels across the country or world.
Accommodation business is a huge part of the travel industry and as more and more people are being able to travel. The accommodation business is a great option to build a profitable business.
Types of companies that come under the accommodation business:
- Hotels
- RV rentals and sales
- Hostels
6. Banking and finance business
The most profitable business in Canada is the banking business. Even though starting a bank is a very long procedure, it can be very profitable if it succeeds. You need to have knowledge about finance to get into the banking business. Early investment is very high in the banking business.
If you have knowledge of finance then you can also start a consultancy firm. It may not be as profitable as banks but it certainly is one of the great options to step into the finance market.
Starting an insurance company is another great option for people who are good at finance. When you’re planning to start a business in the finance field, you may require have licenses. So, be prepared for that before considering to start a banking or finance business.
Types of companies that come under the banking and finance business:
- Wealth management and planning firms
- Brokerage firms
- Commercial banks
- Investment banks
- Insurance companies