While Toronto isn’t the capital city of Canada (it is the provincial capital of Ontario), it is the most populous Canadian city. It’s also one of the greatest business centers in North America, making it a great city for aspiring entrepreneurs looking to start a new business. Because of its diversity, Toronto is a great city for any kind of business, but here are the top 10 (in alphabetical order) best business ideas to consider.
Cleaning is a business idea that not many people may think of, but it’s a very lucrative business that provides steady returns. Toronto is a busy city filled with busy individuals who may not have enough time on their hands to clean, so starting a cleaning service for homes and businesses can be very profitable. Of course, you’ll have to know the basics of cleaning and invest in quality cleaning supplies and products.
There’s always some type of event going on in Toronto, and you can take advantage of this by opening an event planning service. You can choose to plan large-scale events, such as music and film events, or smaller events, like weddings.
Now that COVID-19 restrictions in Canada have eased up, more and more people are both returning to and trying out the gym for the first time. The pandemic has also encouraged more people to take better care of their health, so starting a fitness center is a very profitable idea. You can offer classes like bodybuilding, yoga, pilates, aerobics, and many other areas of fitness.
Like fitness centers, hair salons were also closed during the pandemic, leaving many people to wash, cut, and care for their hair at home. While some were good at it, others struggled, and the demand for salons has gone up as well. Make sure to hire skilled beauticians in all areas of hair care to be able to provide a full range of services to your clients.
Laundry and dry-cleaning services are good business ideas if you’re in the city of Toronto. Not everyone may have a washer and dryer in their apartments/homes, and dry cleaning is a specialty service that many people can’t do at home. As with a cleaning service, you’ll need to invest in high-quality materials.
Because we live in a very digital world, IT specialists are needed all over the world, and Toronto is no exception. IT consulting involves knowledge of cloud computing, software development and management, and cybersecurity. If you possess all of these skills and more, consider opening an IT consultancy business in Toronto.
The COVID-19 pandemic also caused many businesses to shut down, forcing a lot of people to figure out how to work from home— and you can start your own work-from-home business. Examples of simple home-based businesses you can start in Toronto include:
- Virtual Assistant
- Paid survey jobs
You can also look into e-commerce or selling items for another company from your home. You can choose to sell electronics, clothing, or even food and supplements.
Canada is a very pet-friendly country, with around 60% of the population being pet owners. With that being said, opening a pet store can be a very profitable business idea in Toronto. To increase your profits, you can offer grooming services in addition to selling pet toys, food, and accessories.
Restaurants can be a hit or miss as a startup business anywhere in the world, so it’s important to do your research and know the area before opening one. As for Toronto, some of the most popular cuisines include:
- Sushi pizza
- Peameal bacon sandwiches
- Ketchup chips
- Caesar cocktails
- Butter tarts
Bars, cafes, and bakeries are also good restaurant startup ideas. You also have the option to buy an existing restaurant in Toronto, which gives you an edge because the area is already familiar with the restaurant.
Finally, because Toronto is Canada’s epicenter for business startups, you can start a tax consultant business for these businesses. If you’re an experienced accountant and are familiar with Canada’s business tax policies, then this can be a profitable business.
As with any business idea, it’s imperative that you do research on the industry and the market for this type of business in Toronto. This will increase your chances of running a successful business.