Starting a business in Canada offers exciting opportunities for entrepreneurs, with nearly 100,000 new small businesses launching each year. According to the Government of Canada, from 2014 to 2018, an average of 97,640 businesses were created annually. However, success isn’t guaranteed, with an average of 89,227 businesses closing each year. To ensure your business thrives, it’s crucial to start with the right idea and plan carefully.

If you’re eager to establish your own business and enjoy the freedom of setting your schedule, choosing the right venture is essential. Whether you’re new to entrepreneurship or just relocating to Canada, this guide will help you identify some of the best industries and most profitable business ideas in 2024. Plus, we’ll explore how to secure funding to make your dream a reality.

While many options are available, choosing something you're passionate about can be the key to success. Whether it's launching a catering service, a mobile car wash, or a pet care business, pursuing what you love will set you on the right path. Of course, you’ll need capital to start, but with the right support, the opportunities are endless. Let’s dive into some of the top business ideas in Canada for 2024.

Best Businesses to Start in Canada

The best business for one person may not be the best for someone else. But if you’re looking for ventures that require a relatively small investment and offer good income potential, here are four great options:

1. Catering

Food is a universal connector, making catering a fantastic small business idea. Whether it’s for birthdays, weddings, or corporate events, people are always in need of delicious meals for their gatherings. The startup costs can be manageable, especially if you opt to rent a commercial kitchen rather than invest in a food truck. With strong marketing and a social media presence, catering can quickly become a profitable venture for anyone passionate about cooking and service.

2. Mobile Car Wash

If you love cars and want a flexible schedule, starting a mobile car wash business could be a lucrative opportunity. With an investment as low as $25,000, you can offer on-the-go services to customers at their homes or offices, allowing you to tap into a convenient and in-demand service.

3. Cleaning Services

Cleaning may not be glamorous, but it’s certainly a necessity. Whether it’s residential, commercial, or specialty cleaning like window or air-duct services, people are often willing to pay for professional cleaning help. A cleaning business is relatively easy to scale as you acquire new clients and contracts, making it a simple yet rewarding option.

4. Marketing Consulting

If you have experience in marketing or advertising, starting a consulting business can be an excellent way to leverage your expertise. With low startup costs, you can offer marketing services to small businesses looking to grow. Even if you’re not a seasoned expert, taking a few online courses can help you build the skills needed to get started.

Most Profitable Businesses in Canada

When considering your next business venture, profitability is a key factor. Here are three industries in Canada that tend to offer high returns:

1. Real Estate

Real estate continues to be a profitable industry in Canada, despite occasional slowdowns. Whether you become a real estate agent, property manager, or investor, there are multiple avenues to explore. According to IBISWorld, real estate businesses in Canada saw an average profit margin of 46.5% in 2019, making it a great long-term option.

2. Transportation and Storage

As long as trade exists, transportation will remain a vital industry. Alongside transportation, the storage industry continues to grow, as companies and individuals need places to store goods. With over 86% of transportation and storage businesses profitable in 2016, this is a solid industry to explore.

3. Waste Management

In our consumer-driven society, waste management is becoming increasingly important. Businesses are continually seeking ways to dispose of waste more efficiently and sustainably. In 2015, over 86% of waste management businesses were profitable, making it an industry worth considering for long-term success.



Businesses You Can Start With $50,000 in Canada

If you have around $50,000 to invest, several exciting business opportunities become available. Here are a few you can consider:

Mobile Coffee Kiosk: With an investment of $25,000-$50,000, you can start your own coffee kiosk or truck and serve gourmet coffee on the go.

3D Printing Services: Starting a 3D printing business requires $10,000-$50,000 and can serve a range of industries.

Dance Studio: Launching a dance studio could cost between $10,000-$50,000 and caters to various age groups and skill levels.

Catering: With an investment as low as $5,000, catering offers flexibility and high demand.

Food Truck: This popular option requires $35,000-$75,000 in startup costs, with the potential to serve various events and locations.

Businesses You Can Start With $100,000 in Canada

For those with more capital, a wider range of business ideas becomes feasible. Some of the top ventures include:

Coffee Shop: A classic business idea that requires $50,000-$125,000 in startup funds.

Auto Repair: Starting your own auto repair shop could cost between $50,000 and $110,000, serving a consistent need.

Beauty Business: Launching a salon or other beauty services could require an investment of $50,000-$100,000.

Most In-Demand Businesses in Canada

Demand is a critical factor when starting a business. Some of the most in-demand industries in Canada include:

Software Development

E-Commerce

Real Estate

Construction

Healthcare

These industries continue to grow and provide ample opportunities for new entrepreneurs to thrive.

Starting a business in Canada is an exciting opportunity, especially in 2024, with many profitable industries and in-demand services. Whether you choose catering, real estate, or marketing consulting, success depends on your passion, skills, and careful planning. And if you're looking for funding to get started, platforms like GoPeerFunding can help turn your entrepreneurial dreams into reality.