Top 10 business ideas for Toronto Canada
Toronto is a big city with the highest population in the whole Canada. As per 2014 census, around 2.8 million people inhabited this beautiful city of Ontario province of Canada.
With this kind population stats, it becomes one of the best cities to start your own business. Here is our list of Top 10 business ideas for Toronto Canada.
1. Day Caring service: Day caring service in great demand in Toronto. Working parents are finding it really difficult to take care of their kids, especially after school hours.
Most of the working parents drop their wards at their schools but are desperately looking for some help to pick kids from school and take care of them, when they are working in their respective offices. You can go through The Business Idea Factory which is very helpful World-Class System for Creating Successful Business Ideas.
In cities like Toronto, a middle-income family having an infant and a toddler would pay $36,000 a year for Day Caring Services and this cost is even more than the tuition fees being paid by the students of universities.
Now you can well imagine the potential of business in this particular niche. As per the recent studies, Toronto has the highest fees for infants which is around $1,649 a month, for toddlers parents shell out around $1,375 a month, and if you talk about preschoolers the amount is not less than $1,150 a month.
2. Tea or coffee shop: Six cities including Toronto, North York, Scarborough, Etobicoke, York and the Borough of East York were amalgamated in 1998 to form a new city or present Toronto.
This big city attracts a large number of tourist every year. Not just tourists many immigrants find it the best place to restart their new life.
Now that means small tea or coffee shop is need of the hour to keep them up and active to work, earn and live in a city like Toronto.
Small tea or coffee shop anywhere in Toronto will have a good business, there is no doubt about this at all.
3. E-commerce: Selling things online is the best business these days. To begin with, start selling on eBay and then move on to Amazon or bigger platform.
If you can find the reliable source of inventory, you may plan your very own online store. Staring with getting products from local sales or shelf clearings, you may increase your level by contacting direct manufacturers or wholesalers to get better margins.
These days there are companies ready to ship products on your behalf and at your own set price, the only thing you need to do is marketing.
Here are three important tips for you :
– Focus on a niche of users: This is the most important point one must keep in mind, instead of rushing to start new portal with almost everything, it’s better to focus on the small niche of users first and move step by step.
– Choose right technology platform: There are large number of platforms available these days, right from open source to highly customized one.
One should look at the budget but should also give heritage to the solid platform built on reliable technology, because if after putting in hard labor and money, you manage to get traffic and your platforms give up at that particular time, means disaster only.
– Social media marketing plan: Good online business needs equally good Social media campaign.
It is always advisable to spend more on digital marketing, especially social media marketing for your any kind of E-commerce platform because it’s not only the cheap but also the most effective method for online platforms.
4. Cleaning Service: Cleaning business has huge potential in this city. You may start with smaller projects and slowly go after larger contracts. The Young Entrepreneur’s Guide is also available which is very helpful in Starting and Running a Business and Turning Your Ideas into Money!
Cleaning jobs fetch you around 10 to 15 dollars, but cleaning business planned and executed properly can save you lot more.
With the passage of time, you will gain experience and then you may ask for the good amount as per the time required to work on the specific job.
Before you jump start your cleaning business you need to consider following important points :
– List out services you are planning to offer to your client: It will include both free and paid services, free does not mean that you will not charge anything, it means you will offer some basic cleaning or dusting services free as a part of your aid package.
– Deciding Pricing for your services: As discussed earlier you should consider offering some free services in order to promote your business.
Before deciding prices for your paid services you must check the prices offered by your competitors, so that you may position your self properly in the market. Both under pricing and overpricing are dangerous for your business.
– Registration and licenses: You must consult some good lawyer to get your company registered with the authorities. Special attention is required to acquire all the licenses required for the chemical which are used for cleaning.
– Office location: Deciding office location and space is very crucial for this business because you need good space to store cleaning equipment and supplies and also you need to transport both men and equipment to your client’s office.
Generally, it is recommended to operate from home, because clients rarely visit your office as you approach and work at their places.
5. Coaching classes: The scope of coaching business is not limited to school going students only, now you may consider coaching college students and even business coaching is also quite popular these days.
Please look into following important points before you jump start coaching business in Toronto Canada. You may consider them pre-requisites for this business.
– Thorough knowledge of the subject: First and foremost thing required for the coaching business is intensive research and thorough knowledge of the subject you are planning to teach.
You must spend a good time in doing research on the particular subject, so that you may provide your students with the best of knowledge you have, in order to make them really successful in their respective carrier.
– Adequate space and Location of your coaching centre: You must choose the right place for your coaching with good infrastructure and adequate space.
Students should not face any problem in reaching out your coaching centre and should feel comfortable while staying at your coaching centre.
– Study material and Coaching tools: You should prepare well organised and highly informative study material. You may add your logo to the study material in order to market your centre.
Students will keep your study material and may hand over to others if it’s really good, which in turn will bring more business to you.
– Right marketing Strategy: Right marketing Strategy is key to coaching business. As discussed above, you should work on strategies like preparing good quality material, improving the ambience of your centre, engaging right staff, keeping the price of your courses competitive, will help you get business through word of mouth.
A good digital marketing campaign can bring your business, as most of the parents and students search online for finding right coaching centre for themselves.
If your budget allows you may opt for print or electronic media option, but the online campaign can give you better results with minimum budget.
6. Pet daycare and products: If you love pets especially dogs, you may consider this business. People are looking for someone to take care of their pets while they go out for vacations or even for office time.
There is also a huge demand for pet care products like shampoos, soaps, food material etc.
Before you go ahead look out for all the permissions and licenses you need from the government authorities, for more details please check out government rules and regulations at www.cbo-eco.ca
People sometimes fail to comply with conditions to important foreign breeds of animals and even importing food material from other countries, so please pay extra attention while doing so.
7. Cab Service: Demand for a taxi in cities like Toronto keeps on rising with every passing year as more and more people are moving to this big city for jobs and even for immigration.
With the entry of cab companies like Uber, prices of taxi licenses have also fallen, which is good for someone planning to enter this business. You may opt for Uber if you don’t want to spend money on buying a taxi license.
8. Financial services: Do you know which country is having strongest financial service sector in the whole world?
You guess is right, yes its Canada. Annual review of the whole financial sector by Canada bank, along with strong foundations of the regulatory framework, makes financial sector to be most reliable and advantageous.
For consecutive 7 years, Canada’s banking system stood at the first position in the whole world, and this was stated none other than world economic forum.
Amazingly Canada’s international firms are saving much more than its counterparts in the USA. Now Toronto is considered business and financial capital of Canada, so it’s a good idea to start financial services business in this fifth largest city in North America.
To know more about Financial Services regulation please login to Canadabusiness.ca by clicking here.
9. Website and mobile app development: The website is a must for almost all businesses around the world. It is one of the most effective ways of introducing your business and products to the world.
With increasing number of mobile users around the world, the importance of mobile apps cannot be ignored.
Every year a large number of immigrants came to Canada on an immigration visa, some of them are professionals who are able to find some job, but most of them prefer to start their own business.
In today’s digital era, online marketing of via website or app are the most effective channels and a good website can easily bring business and hence there is a huge demand for website and App developers.
10. Small Restaurant or Bakery: Food business may be small restaurant or bakery or small coffee shop, is a very good idea for cities with a fairly good population.
People working in offices or in some factory are always looking for places to have lunch or other meals in the different hours of the day.
In big cities, people find difficult to reach their place of work as most of the cities have traffic and transportation problems with a large number of people moving from home to work.
So people are short of time on most of the days, they need services, which help them save time and they are ready to pay for it, so what we need is to solve some problem or bundle of problems and charge for your services.
People from different parts of the world are coming to settle in Toronto, so this multicultural city needs small restaurants for serving different types of cuisines.
Interestingly people love to try different types of foods from different countries, which increases the scope of small restaurants a lot.
Above mentioned Top 10 business ideas for Toronto Canada are very helpful to run business and earn huge amount of money and gives chance to live in world’s best country.