Many people dream of being an entrepreneur. Owning your own business, being in charge of your hours, work, clients, and more — it’s a big dream! Starting a business isn’t easy, but you can do it with some hard work and creativity.
The question is, what kind of business should you start? A great business idea can be hard to find, and it all depends on your skills and what you want to do.
What are some of the best small business ideas you can start in Canada today? Let’s take a look at what it takes to start a business and along with some great profitable business ideas.
What Business Can I Start in Canada?
The good news is that Canada is a great country for starting a business. There are some rules, but it’s still one of the top three countries in the world for startups.
Before you start looking at specific business ideas, you need to answer some questions.
- Are you an expert in any field? What are you passionate about?
- Do you have the time management skills to run a business?
- Do you want to run an online business, or run a physical store?
- Is there a customer base willing to pay for what you offer?
- What are your income goals? Do you want side business ideas or to earn tens of thousands of dollars?
- How much does it cost to get a specific business up and running?
- What business structure makes sense for your business idea?
The goal with any business plan is to find a problem that people have and provide a solution that people are willing to pay for. Small businesses aren’t either, though! Make sure you can afford the startup costs and that the business can make money.
It’s a good idea to start small. Start your company as a part time side business and let it naturally grow into a full-time pursuit. Small businesses designed to succeed will grow over time.
Business Ideas Away From Home
While many small business owners run at-home businesses, some prefer to create a business plan for a business away from home. One idea is a physical store. This might involve selling coffee, flowers, or antiques. The business model for these ideas is to find a property you can afford to lease, invest in inventory, and start selling your goods to customers.
You might decide, instead, to join an existing business as a franchisee. When you own a franchise, you get a lot of support and marketing from your parent company. In return, you pay a portion of your profits to them.
Of course, this type of small business idea can be quite expensive. If you don’t have a lot of money, this type of business venture might be out of reach.
If you want to work away from home and keep your budget lower, you might want to start a small business driving for money. You can drive for Uber, Lyft, or a grocery delivery service. This allows you to set your own hours and be available when you like, but you’re not stuck at home. Instead, you get to enjoy fresh air while making money!
Home Business Ideas
To save money and keep things simple, why not consider businesses to start that you can operate at home? There are a lot of things you can do without ever leaving your house. These small business ideas can be a side business and may eventually bring in a steady income!
Social Media Consultant
If you love social media and are active on a variety of platforms, you could set up a consulting business offering businesses advice about their online marketing. Social media is essential for most companies who want to cultivate an audience and build their brand. Being a social media business owner can be a side business or you can do it full-time.
If you’re naturally organized and love helping others succeed, being a virtual assistant is a natural fit. This is one of the best home based businesses because everything you need is available at home: a computer, a strong internet connection, and the ability to do video and voice calls. If you are reliable, dependable, and provide excellent customer service, you can make good money as a virtual assistant.
Do you have specific life or business experience that you want to use to help others? If you answered yes, coaching is a great business to start. You can start your business with a website, strong content marketing to get the word out, and word of mouth marketing. The experience you’ve had in your life can make a difference for someone. Whether you want to get certified as a specific type of coach or just share from your heart, this is a great side business that could grow into more.
If you are good with technology and have a creative flair, why not start a side business as a website designer? Building websites allows you to work on a variety of projects, and there’s always demand for great website design. As a service provider, you can choose how many clients you work with and what you charge for each project. This small business plan can grow into a full-time income over time.
Selling Online Courses
If you have a lot of experience or expertise in an area, you might decide to sell online courses, This can be more profitable than being a coach because you create the course one time and can sell it over and over. Being able to help lots of people from a single effort is one of the most profitable business ideas! As people complete your course, they will share recommendations with their friends, bringing in more customers. A lot of successful business owners have used this type of business to build a brand as an in-demand expert.
Run an Online Store
If you’d like to sell a physical product but don’t have the funding — or desire — to run a brick-and-mortar store, consider becoming an online seller! There are a lot of success stories of people who started selling crafts or antiques or other items online and had a great side business. A small business owner can start on a third-party site, but eventually you’ll want to be the website owner of your online store. That way you can make the rules and keep all of your profits!
Considerations For Running a Small Business
Many people want to become business owners, but the truth is that even the best business plan for great business ideas needs help along the way. As you look at online business ideas for your side business, think about where you need help and the team you’ll need to assist you.
You’ll probably want a professional for tax preparation and other accounting work, like preparing balance sheets and revenue statements. Every business owner needs to know where they are in their business journey and how to grow from there. Even when you put together the right business plan, it takes time to succeed. The right accounting help will ensure your business idea is successful.
As your business grows, you may also want help with marketing. Getting started you might be able to do everything yourself, and that’s a great way to start. However, as you grow, you’ll have more to do as a business owner. You’ll want to consider outsourcing your marketing so you can focus on your business idea.
If you want to start getting more attention for your business, take a look at your online marketing. Consider getting help with search engine optimization (SEO) and other ways to promote your business online. For example, you might need consistent social media posts, regular content for your blog, and other content for your website.
There’s no way to make everything work, every day, by yourself. The first time you feel yourself getting burned out or overwhelmed, reach out for help.
What Business Will You Start in 2021?
Now that you know you can build a business around your passions, your expertise, or both, where will you start? There’s no need to make 2021 like every other year that’s come before it. Instead, explore your business idea. Do research on the target audience and the budget you need. Then, bring your business idea to life!
If you need marketing assistance for your small or medium-sized business, we’re here to help. Contact us today for more information!