Most Profitable Business Industry In Canada As At 2021

While economic growth has slowed to 1.5% in 2019 , there is still no doubt that small businesses can succeed with the right idea and agility.

Whatever your background, with the right vision and work ethic, you can find a profitable business opportunity that matches your unique skills. These five industries are worth considering if you are starting a new business.

Waste management And Remediation

An inevitable byproduct of a growing economy is the accumulation of waste; as businesses grow, more paper is used, old electronics are discarded in favor of newer models, construction debris accumulates due to the addition of new office space, etc. This is not good for the environment, and fortunately, more and more companies are accepting their role in promoting a sustainable future for all of us every day and are taking proactive steps to reduce waste production. Waste never goes away, which means there are plenty of opportunities for environmentally conscious entrepreneurs to help the planet and make a good profit while doing so.

More than 86% of small and medium-sized businesses in this industry made a profit in 2015.

Transportation and Storage

The transportation and warehousing industry includes passenger transportation services and freight forwarding, as well as warehousing and storage of products. One good thing about this industry is that you can start small, buy a single truck and solicit a handful of customers, and then you can easily expand by hiring more drivers and putting more trucks on the road as your customer base grows.

Don’t think you have to limit your services to trucking. Transportation companies are also making money on Canada’s waterways. Storage is another option that allows you to start small, rent a modest warehouse space and grow at your own pace.

According to the Canadian government, more than 86% of small and medium-sized businesses engaged in transportation and warehousing were profitable in 2016, with average annual revenues exceeding $279,000.

Professional Financial Services

Do you have professional financial skills, such as accounting, financial management, bookkeeping or financial consulting? If so, you may want to consider starting a small business in which you sell your own knowledge and expertise as human capital. If you can help businesses save on taxes or streamline their accounting and payroll processes, you can find clients who pay you handsomely for your skills and expertise.

Another benefit of a professional financial services business is that if you are a lifelong learner, you can constantly update your skills to ensure you stay in demand, no matter which way the economic winds shift or what new technology arrives.

In 2019, small and medium-sized professional services firms are doing well in this country, with a 1.9% growth rate since 2018.

Fitness And Recreational Sports Centers

If you have a passion for fitness and a passion for people, you could turn your love for exercise and health into a lucrative small business. Boutique fitness centers are popping up all over North America, giving large, impersonal gym chains serious competition as the de facto place to go in.

Whether your passion is CrossFit, kickboxing, martial arts, yoga or another fitness trend, by choosing the right location for your business and knowing how to market it, you can quickly make it a success.

In 2015, the Canadian government reports that about 70 percent of fitness and recreational sports centers in the country were profitable. For those that did well, profits were solid , to the tune of $312,000 in average annual revenue – the highest of any industry described. The point is that this industry requires a lot of dedication and hard work, but if you put that on the table, the sky is the limit.

Starting a small business gives you the autonomy to be in charge of your own destiny and success, and it allows you to turn your passion into a lifetime career. There are many industries in which you can succeed as an entrepreneur in Canada; the key is to find the one that is right for you.

Real Estate

Another corollary of a thriving economy comes from people buying and renting homes, condos and offices. As businesses grow and expand, they need new workers to fill vacant positions. Some of these workers are recruited remotely, move to the city and put down roots to start their new careers.

Real estate professionals help people buy and sell properties, manage rental or investment properties and serve as intermediaries between buyers and sellers. If you like to keep your finger on the pulse of your local market and are good with people, a real estate business could be your ticket to a lucrative career.

With a 46.5% profit margin in 2019 and a growing leasing industry, real estate businesses in Canada tend to be profitable. Almost all Canadian real estate businesses are small and medium-sized, with less than 1% having more than 99 employees.

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