The Best Business Opportunities In Edmonton
Best Opportunities for Small Business Owners
It’s one thing to decide to become your own boss. It’s another thing to decide what business idea and what business model are most appealing and likely to be profitable. There are a number of business opportunities in Edmonton, but it’s hard to know where to start.
Consider your bandwidth, budget, and goals for the future. Then, consider this list of promising small business opportunities.
Look at Franchise Opportunities
Some of the best small business opportunities in North America come with purchasing a franchise. Franchise opportunities are advantageous because you buy a turnkey operation with a franchise. The business model is tried and true, which means you enter the Edmonton market with a business that’s ready to go.
When you purchase a franchise, you’re buying brand recognition and the customer base that goes along with it. You’ll also benefit from established infrastructure, market research, advertising help, and ongoing support. Some franchisors offer help with training and staff retention as well.
One of the most important things when trying to decide on a franchise is to look at the products and services offered. Is there a consumer need for these products and services? Where would the franchise be located? Are there competitors that offer similar products and services nearby?
You also need to consider the growth potential in the coming years when you buy a franchise, so you need to do your own due diligence.
If you are thinking about starting an owner-operated business, there are special considerations. With an owner-operated business, the owner is also typically responsible for the day-to-day operations of the business, in addition to owning the business. That would be classified as a sole proprietorship.
While being an owner-operator is appealing because you truly get to run the show, the owner-operator tends to shoulder all the risk and responsibility as well. There’s a relationship between risk and reward.
Some common owner-operated businesses are restaurants, maintenance, cleaning, and transportation (truck driving).
Skilled Trades Business Opportunities
Some of the most successful businesses right now are in the skilled trades. That’s because there is so much work that requires skilled tradespeople, and there’s typically a shortage of these specialized skills.
If you are interested in a profitable business in Edmonton, starting up a skilled trades business is a wise decision, given the gap in the marketplace. Some skilled trades that are in demand are electricians, HVAC technicians, plumbers, welders, and masons.
Start a Real Estate Business
Commercial and residential real estate is a rapidly expanding industry in Edmonton. Have you thought about how you can get in on this opportunity?
The first step is to write a solid business plan, built on market research. Look at what opportunities exist in commercial and residential real estate. Are you interested in purchasing homes, fixing them up and reselling them? Perhaps you are interested in opening a real estate brokerage? Maybe you are interested in being a commercial real estate landlord?
As part of your business plan, do a full competitive analysis of the opportunities available and pursue one that aligns with your interests, strengths, and long-term goals.
Mobile App Development
Mobile apps are a must-have for many businesses. This need will continue to grow as the digital marketplace evolves. Although many businesses have identified their need for an app, many don’t have the resources in-house for mobile app development. If you’ve got technology skills, this is a great small business opportunity.
Have You Thought About a Food Truck?
Is your business dream to own a restaurant? While owning a restaurant is a great business idea, there are substantial costs involved when you open a restaurant, mainly real estate, equipment, and staff.
Opening a food truck is a good business opportunity in Edmonton. Start-up costs are comparatively much lower than restaurants. You can also do much of the cooking yourself, which will save on labour costs. The ability to move to high-traffic areas also ensures you’re where the customers are.
Start Your Own Business Working from Home
Some great business opportunities allow you to sit in your home office. You might have years of experience working in an industry, which means that you could easily set up a consultancy business.
Some other home-based businesses that have proven to be successful are home daycare, elder care, graphic design, home inspecting, customer service, massage therapy, communications, tutoring, interior designer, hair stylist or esthetician, and writing or editing.
What’s your small business idea? If you’re interested in a profitable franchise system where you’re the operator, JAN-PRO can help. Coast-to-coast, JAN-PRO is one of the largest commercial cleaning brands in the industry. Call our office in Edmonton at 780-757-5800 to learn more.