Starting a business in a post-COVID pandemic world presents a similar yet new challenge compared to industry before. If you are looking for a sector to sink your teeth into and work to maximize your revenues, here is a list of what to consider.
As we rebound from this year’s economic shutdown, here are the twelve best industries to start a business:
1. Business Services Industries
There are more than 2.8 million small businesses in Canada. For them to function, they require inventory like paper, printing services, computer services, and office products. Fortunately, supplying business services a la office products has an eCommerce component. A brick-and-mortar store isn’t needed to get started here.
2. Automation Industries
The manufacturing industry is moving towards automated processes in software and equipment, making it one of the best industries to start a business. Automated assistive technologies like drones have already had a significant impact. If you have a strong passion for robotics and computer systems and can manage high start-up costs, the long-term growth for a small business in this industry is promising.
3. IT Security Industries
Technology is moving so quickly down the pike that as we advance, security’s not keeping up. There are so many opportunities in the IT security industry to improve upon dated processes, security infrastructure that’s outdated, and to respond to new regulations. These days, every business is somehow connected to the Internet. With that comes a responsibility for security. There are many business investment opportunities in this sector with immense growth in front of them.
4. Construction Industries
Even though the housing and real estate industries are likely to continue taking a hit for the next year, they will bounce back. As homeowners start renovations and new constructions, energy-efficiency, environmental sustainability, and eco-friendly design are big priorities in both commercial and residential building. If you have a mind for eco-friendly invention and know construction, this is one of the best industries to start a future.
5. Retail Industries
Retail businesses ultimately fit into two categories. The first is products that consumers like to physically see before buying, such as furniture and clothes. The second are those that can successfully adapt to an eCommerce business model. As a small business owner in retail, specializing is key. A product line nobody else has or a specialty store for a target market is smartest.
6. Health & Fitness Industries
There will be a future for gyms and fitness centers, of course, but where health and fitness have really taken off is with eCommerce targeting at-home workouts. You also have nutrition counseling, various pain management devices and the economic activity around that, and more. Consumers want to be healthy and they want to be work out. For a small business in health and fitness, there’s certainly a lot of opportunity there.
7. Virtual Healthcare Industries
COVID-19 shut down physicians’ offices across the country. Family doctors chose to continue offering care through phone and video conferencing. With an aging population, increasing healthcare costs, and increased consumer demand, more mobile and virtual healthcare is a part of the future of medicine in Canada. Apps, tracking devices, and remote healthcare equipment in this sector could prove to be lucrative.
8. Automotive Repair Industries
The automotive repair industry in Canada is valued at $820 billion, with sustained growth year-over-year largely spurred by our country’s population growth. With many households owning vehicles, these require servicing, repairs, maintenance, upgrades, and body and paint services. Any small business in this sector will be growing, assuming you keep your quality of service and customer loyalty up.
9. Natural Food Industries
Organic, local foods have been big jumps in popularity. Kale, quinoa, gluten-free foods, meat alternatives, and farmer-fresh foods are generating billions in sales every year. Whether you’re seeking to launch a specialty food store or have a specific product you’re growing and/or manufacturing, locally sourced and natural foods is a great industry to start a business in.
10. In-Home Healthcare Industries
Similar to virtual care, the demand for in-home healthcare is on the increase. An aging generation’s creating opportunities for senior care homes, hospices, physical therapy, personal healthcare services, and more. For a business owner who wants to make a difference in their community, this might be something to offer families or Canadians who may not otherwise have access.
11. Baby Product Industries
Another thing we can count on is for people to continue to have babies. One of the fastest eCommerce sectors worldwide is baby products. Diapers, clothing, shoes, feeding aids, strollers, and furniture ring in millions every year. As a small business owner, you can add a new baby product to the mix or simply facilitate the distribution of existing products. Either way, this is one of the best industries to start a business with several only partly explored niches.
12. Restaurant Industries
We’re a country of busy people. Home-cooked meals aren’t always going to be sitting at the table at the end of the day. Restaurants are a go-to. The key to success as a restaurant comes down to customer loyalty and quality of service. In a post-COVID economy, a small business owner’s responsibility in this industry is also to prepare curbside pick-up, delivery, and takeout options.