15 Lucrative & Profitable Businesses to Start in Canada in 2024

There are different businesses, and the lucrative ones are important. Businesses are hard to manage, especially when on a large scale. Of course, you will have to start small, and in a digital age, you can start online using e-commerce. The most important thing is selecting a lucrative and profitable business that will sell in your vicinity. Here are some 15 lucrative and profitable businesses to start in Canada in 2024.

1. Pet sitting

A lot of people have pets, but taking good care of them may be a real challenge when you’re busy. Pet sitting is a service that comes in handy in this situation.

In the absence of their owners, you may offer all-encompassing care for pets by taking on the role of a pet sitter. Included in this category are activities such as eating, exercising, and, if necessary, medication administration. Thanks to the adaptability of this company model, you can do your job without ever having to set foot in an office.

Pet sitting might be a great side hustle for someone who loves animals and wants some control over their schedule. By adapting your services to the individual requirements of each customer and their dogs, you can develop a profitable pet care business that responds to the rising need in your local community.

2. Marketing consultancy

Offering marketing and advertising consulting services can be a lucrative venture for those with limited work experience. Online courses can help acquire new skills and start a consulting business with minimal initial investment.

Canadian business owners are highly in demand for these services, often willing to pay a premium for improved marketing tactics and customer acquisition. This type of company structure allows for the creation of a successful consulting firm that caters to local entrepreneurs’ diverse needs.

With minimal initial costs and high return potential, a marketing consultancy firm is an excellent choice for Canadian entrepreneurs. By developing a valuable service with the necessary skills and a smart strategy, you can help other organizations achieve their growth goals.

3. Photography

Photography can be a creative and financially rewarding venture for those interested in nature, weddings, or corporate events. To succeed, invest in high-quality gear, attend seminars, and obtain insurance and contracts with clients. In Canada, the photography industry is profitable, with experienced photographers earning $250/hour.

However, competition has increased due to more people taking good photos. Differentiating services and creating an effective marketing plan can help stand out. Setting up a home studio or offering on-location services can be an option.

Being adaptable and having technical knowledge is essential, as well as business savvy and an innate talent for capturing meaningful moments for clients. If you’re passionate about photography and live in Canada, you can make a living doing what you love.

4. Food Truck

Food trucks are a low-priced alternative to chain restaurants. Starting a food truck company requires investment in a vehicle, culinary equipment, and local authorities’ permissions. One of the medium cost lucrative Businesses to Start in Canada

Success depends on creating a tempting cuisine that appeals to the demographic. Specialization in a specific cuisine can help stand out from the crowd. Canadian food trucks offer a fun, portable meal option for entrepreneurs who love cooking and enjoy engaging with diverse consumers.

This business idea allows them to use their cooking skills while leveraging the portability of a food truck company.

5. 3D Printing

The 3D printing market offers numerous opportunities for businesses to capitalize on its rapid growth. Starting a 3D printing business from home allows for minimal overhead expenses and a focus on providing excellent products and services.

Being updated on technological and material developments is crucial for success in Canada, as it allows for rapid prototyping for product designers, production for corporations, and personalized items for consumers.

Establishing strategic relationships with local manufacturers, designers, and other key players can strengthen your market position and access to a wider client base. To set your company apart, a strong brand and marketing strategy is essential, along with digital platforms, participation in industry events, and a robust online presence. By integrating technical knowledge with sound business sense and an emphasis on the client, you can carve out a niche in the booming 3D printing industry in Canada.

6. Selling Digital Products

The digital economy has offered entrepreneurs several opportunities to monetize their talents and knowledge through creative digital goods. The scalability of digital products allows for reduced additional expenses, resulting in higher revenues.

To begin a successful digital product business, target a certain niche or demographic and provide customized solutions. Use platforms such as e-commerce websites, online marketplaces, and digital distribution methods to simplify the process of selling digital items to Canadian consumers and companies.

Creating a strong brand identity and adopting efficient marketing methods will increase awareness and sales of your digital items. Engage with your target audience using social media, email campaigns, and content marketing to build trust and establish yourself as an expert in your subject.

By seizing the proper opportunities, Canadian entrepreneurs may develop a sustainable and scalable firm that capitalizes on their creativity, expertise, and entrepreneurial spirit.

7. Online Tutor and Coaching

Starting an online coaching or tutoring business can provide both freedom and financial success. To begin, determine your expertise in a field and obtain necessary credentials, such as certifications or teaching licenses.

A reliable laptop and constant internet connection are essential for effective teaching. Provide interesting lesson plans, interactive presentations, and extra materials to help students learn more effectively.

Utilize online marketplaces like Skillshare or Udemy to offer courses, or create a website for advertising and customer engagement. Engage in social media to showcase skills and connect with more people.

Working as a virtual coach or instructor offers flexibility in choosing hours and working from any location. Set a price plan, either hourly or fixed per course, and promote your services. The potential for passive income and low entry barriers make this business path attractive.

Online teaching and coaching can be a great way to put your skills to use while also providing the freedom to set your hours and earn your own money.

8. Airbnb and Real Estate

Whether you’re looking to rent out a room or your entire home, there are plenty of opportunities to make some extra cash through platforms like Airbnb. The demand for short-term accommodations is on the rise in Canada, where real estate prices are high, so you can take advantage of this trend by offering affordable alternatives to hotels.

You can use your experience managing Airbnb listings to offer property management services to friends and family. This can evolve into a successful real estate business that takes advantage of the industry’s high profitability.

In 2019, the average profit margin was 46.5% according to IBIS World. So, while Airbnb isn’t a full-fledged home-based business, it can be a starting point for expanding into the real estate industry.

Even if the Canadian real estate market has recently slowed, there are still plenty of chances to make money in the field, including property management, real estate investment, mortgage brokering, and even starting your real estate firm.

9. Property Management

Apartment complexes and other rental properties are overseen by property management specialists. Demand for their services tends to spike during recessions since more people opt to rent instead of buying a property because of the skyrocketing expenses.

With the home real estate market showing no signs of slowing down, the property management industry has been booming as of late.

As a result of rising mortgage rates and property prices, fewer people can afford to buy a home, which has led to a decline in the rental vacancy rate.

As a result of this situation, the need for property management services in Canada’s residential real estate market has increased.

These experts are crucial in meeting the changing needs of the housing industry because of the thorough supervision and management they offer for rental homes.

Canada is a great place for aspiring entrepreneurs to start a successful business because of the consistent need for property management services.

10. Renewable Energy Products

Canada is experiencing a surge in demand for environmentally friendly electricity solutions, with renewable energy products like solar panels, wind turbines, and smart home technologies being a popular choice. Entrepreneurs can capitalize on tax credits, incentives, and public concern about climate change to boost sales and establish their company as an authority on renewable energy.

Customizing products to meet different market demands and tastes is essential. Expanding income sources beyond product sales to include installation, maintenance, and consulting can help establish a go-to resource for renewable energy.

By focusing on renewable energy, businesses can contribute to Canada’s green energy revolution and develop a successful, sustainable business.

11. Resume Writings

Professional resume writing services can greatly increase job search success by creating effective resumes and cover letters. Our skilled writers collaborate with job seekers to understand their particular backgrounds and career aspirations, ensuring that their application papers stand out.

If you already have a résumé, we can analyze and improve it to make your qualifications and achievements stand out. By enlisting the help of a third-party resume writer, you may acquire an objective perspective and effectively present your unique value offer.

Consider promoting your resume writing services through multiple means, such as your website, social media platforms, or local recruitment centers, to reach job candidates who are looking for them. A well-written résumé can lead to countless opportunities, having a significant impact on the careers of people looking for a competitive edge in the employment market.

12. Freelance Writing

Canada is experiencing a surge in demand for high-quality web content, leading to a lucrative freelance writing career. With potential earnings of $20 to $200 per piece, the field offers flexibility in working hours and from any location. To launch a successful freelance writing career, it is crucial to create a diverse portfolio showcasing your writing skills.

Advertising your services on platforms like Freelancer, Upwork, and Fiverr can help you reach potential clients. The high demand for skilled freelance writers in Canada means they typically charge $34 or more per hour. To succeed as a freelance writer in Canada, focus on producing consistently high-quality content, expanding your professional network, and advertising your services to a diverse clientele.

13. Home Inspection Business

Canadian home inspectors can turn their leisure activities into successful enterprises by obtaining certification in comprehensive pre-purchase examinations. The improving real estate market has increased demand for these assessments, making it easier to acquire the necessary credentials and develop skills in assessing a house’s soundness, functionality, and general condition.

Starting a home inspection company from home, you can use your expertise while maintaining independence You can establish yourself as an authority in helping people navigate the ins and outs of buying a home, one of the most significant purchases With proper education and credentials, you can make a living in real estate and construction, providing customized inspection services to meet the specific needs of each customer in the ever-changing Canadian real estate market.

14. Childcare or Home Based Day Care

Starting a home-based daycare may be a fulfilling and profitable business opportunity, especially with the increasing demand for excellent childcare services in Canada caused by dual-income families. Providing a loving home for kids satisfies a deep-seated desire while also ensuring financial security.

If you have a lot of experience babysitting or working at children’s camps, such jobs might be great references for a home daycare. This is a great business opportunity for entrepreneurs who have a true passion for dealing with children. Caring for children requires a lot of energy and patience since you’ll be up early most mornings.

profits from a well-managed home-based daycare may be considerable, with possible weekly profits ranging from $100 to $500 per child, depending on your region. For those looking for a rewarding and lucrative business venture, launching a home-based daycare offers both financial possibilities and the personal gratification of providing great care.

15. Delivery Business

Deliveries in Canada can be a profitable home-based business with a potential earnings of around $21 per hour. To start, one needs a current driver’s license, relevant licenses, and a fuel-efficient car. Services like Uber Eats, Lyft, Skip the Dish, and Uber can be used to generate income.

A member of CanadaStartups.org shared their success with a delivery service, earning over $120,000 per year. This versatile, home-based business can capitalize on the increasing demand for food delivery businesses to start in Canada. Starting a delivery business is easy and allows for flexible hours, making it an ideal option for Canadians looking to earn extra money or start a full-time business.