Business Ideas North America and Caribbean

The Best 5 Profitable Business Ideas to Start in Canada for 2021

canada flag with mountain range view
  • In 2020, 284,387 new immigrants arrived in Canada. The country had 492,533 international students, 321,743 international work permit holders
  • The country is now experiencing an AI boom with many multinationals like Google, Microsoft, Facebook, and Huawei spending millions on research hubs in Quebec, Ontario, Alberta, and Toronto
  • The market has grown by an average 10% month-on-month in sales as around 1.5 million Canadians used cannabis in 2018. This is expected to increase to 7.5 million by 2023

Canada is a rapidly developing economy. The country has exceptional market potential and favourable regulations for entrepreneurs, immigrants and foreigners looking to invest. This makes it a great place for people wanting to start a new business. Here are the most profitable business ideas for you to startup.

Immigration consultancy

Canada has one of the highest immigration rates per population worldwide, which has been increasing since 2000. According to Statistic, in 2020, 284,387 new immigrants arrived in Canada. The country had 492,533 international students, 321,743 international work permit holders, and 46,286 immigrants on temporary work permits. This is a massive market for any entrepreneur to tap into. 

The entire process of moving to a new country to live, work and study is highly stressful. Many people will pay anything to make the process smooth. A consultancy business will require more in-depth industry knowledge and stronger networks, the more services you provide. You can begin low-cost by marketing about immigration opportunities overseas and work as a middle-man to link immigrants to government departments, employers, and universities for a sales fee. Once established, you can expand the business to provide more services like post-settlement support. 

Artificial Intelligence (AI) solutions

The growth in AI being used in software, products and services across all industries is a global trend. Canada is an AI world leader. Toronto state has one of the highest concentrations of AI startups worldwide

Canada launched NextAI, an innovation hub for entrepreneurs and researchers to commercialise AI technology. Then, in 2017 its government promised CA$950 million to develop superhubs and a pan-Canadian AI strategy to promote AI progress. The country is now experiencing an AI boom with many multinationals like Google, Microsoft, Facebook, and Huawei spending millions on research hubs in Quebec, Ontario, Alberta, and Toronto.

Starting up an AI solutions company are endless could be costly, but the Canadian government and IT companies can offer you grants and loans to help out. If you are willing to take the leap, the possibilities of earning money and profit on a global scale are endless. 

IT skills coaching and training

There has been an IT skills shortage in Canada for some time. According to Randstad Canada, which is an IT recruitment consultant, the most in-demand jobs are:

  • Developers and Programmers
  • IT Project Manager
  • Quality Assurance Analyst
  • Data Analyst
  • IT Business Analyst
  • Senior Software Engineer
  • Network Administrator
  • Technical Support Specialist

This shortage is driving immigration programmes for IT workers in some Canadian states. In Ontario, the Immigrant Nominee Program (OINP) started holding draws for immigrants with IT experience. In British Columbia, the Provincial Nominee Program (BC PNP) lengthened its tech pilot to June 2020.

There are simply not enough companies offering proper IT training to cut the skills shortage, so the government is looking abroad. Starting up a company that provides IT training using digital training materials and classroom learning will be very profitable. And because technology is continuously advancing, people will need to advance their skills too. Your business can make money long-term.

Financial advisor

Canada’s finance and insurance industry, dominated by small and medium-sized enterprises (SMEs) grew by 1.9% in 2019 despite the Covid pandemic. It’s a strong and resilient industry. Many consumers usually go directly to banks or other providers for loans, grants, and wealth management without speaking to advisors and middle-men. If you have good finance skills or are knowledgeable about industry providers and products, you can startup an advisory to help customers find the best financial deals.

Big opportunities exist to help immigrants looking to live, study, work or set up businesses. You can expand the advisor to serve these customers and foreign companies. Many international companies are continually looking to pursue Canadian joint ventures and projects, especially in infrastructure, finance, and domestic third-markets.  

Cannabis – any type of business

In 2018 Canada became the second country in the world after Uruguay to legalise cannabis. The market has grown by an average 10% month-on-month in sales as around 1.5 million Canadians used cannabis in 2018. This is expected to increase to 7.5 million by 2023 despite legislation still evolving in the industry and across states.

As the industry is new, there are opportunities to provide goods and services for every aspect of the end-to-end customer journey of buying cannabis products. From agricultural farming or home growing to IT data or software services, marketing, investing, and business management. You don’t have to start up a business in the traditional route of being a cannabis recreational-use grower, or a products seller of oils, sprays, or medical goods. Establishing your startup as an early adopter now means you can build a reputable brand to get more customers in the future.

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