Take Advantage of Small Business Opportunities in Toronto
So, you’ve decided that you’d like to start your own business. Congratulations! Making that choice is a bold first step. The next step is deciding what would be the most profitable business and what business model most appeals to you.
Of all the cities in North America, Toronto is an excellent place in which to start a business. There are a number of economic and demographic fundamentals in place, such as employment and population growth, that will help you develop a successful business.
Before you dive right in, you’re wise to investigate all the great business opportunities in Toronto.
For those interested in starting up their own business, purchasing a franchise can be an excellent option. In many cases, small business owners can benefit from an existing customer base, an established brand, and a business model that has already been tested in the market.
Like with any small business, it’s smart to do a lot of research before you commit to a franchise. Firstly, what is the consumer demand for the products and services that the franchise will offer? What is their reputation in the marketplace and in the eyes of consumers? It can be helpful to talk to existing franchisees to get their perspective on this.
Secondly, how are the franchisor’s financials? What is their track record? Is it likely that they will still be in business in years down the road? What is the franchise fee? How will you be compensated?
Thirdly, in terms of marketing, do you get access to market research and marketing materials from the franchise? Do you get support with business development to grow your own customer base?
It is advisable to get your lawyer and accountant to review paperwork before you decide on a franchise.
Investing in real estate can be profitable, especially in a city like Toronto, where the real estate market is so hot.
No matter if you are investing in commercial or residential real estate, make sure that you consider the “location, location, location” mantra. You want to choose a place that will protect and grow your real estate investment’s value.
Maybe you’d like to buy fixer-uppers, flip them, and make a profit. Perhaps you are interested in purchasing rental properties. Or, maybe you’re more interested in being a commercial landlord. As long as you do research and develop a strategy, real estate can be very lucrative as a small business.
Working From Home
Does the daily commute just not make sense for you anymore? Working from home is becoming more and more popular with professionals, especially if you are trying to work around childcare or other life commitments.
There are a number of home-based businesses that you can consider. What about freelancing? Are you a writer, photographer, or consultant? How about a home-based daycare? There are a number of customer service call center franchises that let you work from home as well.
If you do plan to work from home, make sure you have a dedicated space in your home to do business.
Food truck investments are on the rise and for a good reason. It’s a relatively low investment (compared to other commercial investments) with a lot of upsides. Opening a traditional restaurant can be very pricey, whereas the start-up costs of a food truck are much lower.
Food truck owners tend to be chefs themselves, as it cuts down on payroll expenses. A trick to making your food truck small business profitable is to be strategic in where you are located. Make sure you are visible and likely to see a lot of foot traffic. Price your food competitively and try to source local ingredients where you can to keep costs down.
Mobile App Development
A growing number of businesses all over Toronto have (or will need) a mobile app. However, the vast majority of businesses don’t have the in-house talent to do this cost-effectively. Are you tech savvy? It’s a great opportunity to market your years of experience to fill in the potentially profitable skill gap with your own business.
Are you trained in a trade? Skilled tradespeople are in high demand in a number of different markets. You can set up an owner-operated business, hire other tradespeople, and run a very profitable business.
What’s your business idea? It’s time to put your years of experience working for someone else to work for you now!