I’d like to talk about the question I get asked aaaaaall the time; “what is the most profitable business to start in Canada?” I know, it would be lovely if I could just give all of you a quick and straight answer, right? The truth is, however, that this really depends on you and your situation.
As a newcomer, possibly having arrived in the middle of a global pandemic, you need to find a way to support yourself and your family. Can starting your own business give you both the security and fulfillment you need? How do you figure this out?
Whether you want to do this full time, part time or seasonally, coming up with a type of business that works for you, your passion and skillsets is very important.
With this suggested process, we will be starting big, and then narrowing it down to an industry that works for you. While this might seem overwhelming at the beginning, it will all come together in the end. This is only the first of a blog series that you can follow in the coming weeks. With just four steps, you can find an industry that works for you.
Below is what I call the KP3 Approach to nail down a business idea.
STEP ONE: KNOWLEDGE
Take some time to think about a subject / topic that you feel you are knowledgeable about. This does not have to be a subject you went to school for, it can be any area that interests you.
Ex: Maybe you know a lot about the environment.
STEP TWO: PASSION
You know those days where you’ve been so busy working on a project that you forget about the rest of the world? That hobby that can take up your whole day, without you even noticing? This is an activity that you are really passionate about.
Ex: Let’s say you are passionate about fashion and clothes shopping.
STEP THREE: PROBLEM
Now, this is where it gets really interesting! Think about your answers to the first two questions. With those two topics in mind, try to think of a problem that has been encountered again and again within this industry.
Ex: The fashion industry creates too much waste for the environment.
STEP FOUR: PROFIT
Here comes the research part! Let’s see how profitable the fashion industry is in Canada.
Ex: Here are two websites you can use to find out more about your chosen industry:
Now, you can start to brainstorm! How can you put all the above information together? Can you find a way to combine your two topics? There could be an endless amount of answers here, and thinking of them can be really fun! You can be as creative as you want! The important thing here is NOT to judge your ideas. Just jot down as many as you can think of.
Ex: You could create your own sustainable clothing business.
This was just one example of how to narrow down your skills and interests in order to find a business industry. The more research and brainstorming you do, the more ideas you can come up with.
Once you have gone through these steps, you can continue nailing down your specific business idea. Again, although this might all seem daunting, I promise it can really be a fun process on figuring out what’s the best business to start in Canada for you.