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Best 27 Profitable Small Business Ideas in Toronto

Toronto, the largest city in Canada and a great business center in North America can be your ideal location for starting a business. The city and its facilities support several business ideas and start-ups.

Any kind of business idea in Toronto will get the support of a good business atmosphere and a large population as well as the locational advantage of the city. You will get several benefits here.

You will have the advantage of trained and skilled manpower for your business idea in Toronto because the city has a large population of multilingual and educated workforce.

A great transport network along with excellent connectivity will help you to grow any business idea in Toronto successfully. This capital city of Ontario is well-connected by rail, air, water, and roadways, providing you with easy transportation facilities for both raw materials and finished products.

List of 27 Business Ideas in Toronto

1. Start an E-Commerce Business

E-commerce has become a highly profitable business and a very profitable business idea in Toronto. You can sell any and almost every product through e-commerce ranging from grocery items to electronics, apparel to computer accessories. For your e-commerce business, you will need a good app, website, and a great logistic network. Online and offline marketing and publicity along with lucrative discount offers will make your business more profitable.

2. Accounts and Tax Consultancy

Toronto is a big center of business and start-ups. Hence providing accounts and tax consultancy is a great business idea in Toronto. If you are an experienced accountant with a comprehensive idea of tax policies, this is an ideal business area for you. As a consultant, you will be able to provide service to different kinds and categories of businesses. You will need a website and personal networking for this business.

Read: How To Start A Bookkeeping Business

3. Stat an IT Consultancy Business in Toronto

If you are a computer engineer or trained IT specialist, think of starting an IT consultancy and earning a good income. This is a sought-after business idea in Toronto. You need to have a good idea of hardware and software management, cloud computing, software development, cybersecurity, and other related skills to succeed in this business. It needs extensive online marketing and personal contacts to grow the business.

4. App Development

Our daily lives are full of apps of different kinds. If you are a skilled programmer, you can think of app development as a profitable and rewarding business idea in Toronto. Having a large population, this city is a prospective place for app development. Try to think out of the box and focus on the utility or gaming factor while developing the app.

5. Start an Online Business from Home

Some of the popular home-based online businesses with little money you can start in Toronto are the following:

6. Become a Tech Startup Incubator

The tech industry in Toronto is flourishing. Hence it is at present an ideal place to establish a tech startup incubator. As a tech incubator, you can provide resources, mentorship, and workspace to aspiring tech entrepreneurs. It will not only help in fostering innovation and collaboration of young startups but also fetch you high-profit returns.

7. Fast Food Joint

Fast food is immensely popular in all parts of the world. Hence opening a fast food joint will be a lucrative business idea in Toronto. Decide the kind of fast food you are going to serve in your joint. Furthermore, plenty of franchises are available in the fast-food sector in Toronto. You can take one of them, or start with your initiative. Good local publicity and campaign are very important for the growth of this business.

8. Start a Bakery in Toronto

Bakery businesses have a steady and universal demand. If you have knowledge and passion for baking, you can start a bakery business. Open a bakery shop in a busy area and serve different kinds of items with a special emphasis on diet-friendly and organic baked food. This is a profitable and prospective business idea in Toronto. You can start with one shop and gradually scale up your business with more shops in different parts of the city.

9. Open a Café

Start a cool café and mint money within a short time. Cafes are the latest hangout zones for people of all age groups and hence a good business idea in Toronto. Choosing a suitable location and investing in a cool décor is extremely important for establishing a successful coffee shop business. Widespread marketing and publicity, both online and offline are essential for this business. Some promotional activities like book launches and discussion forums will also help you.

10. Open a Bar in Toronto

Opening a bar in a good location is a very profitable business idea in Toronto considering the population and lifestyle of the people. Think of a good theme for your bar to stand apart from your competitors. Widespread publicity through banners, hoardings, and social media campaigns will help to grow your business. Word-of-mouth publicity is also important.

11. Gym/Fitness Center

Gyms or fitness centers have great demand, especially in the urban areas. Start a well-equipped gym or fitness center with efficient trainers and flexible shifts and earn high profit from this business. Strategic location is also very important. Exhaustive marketing and publicity along with a personal network will help in the growth of this business idea in Toronto.

12. Pet Food Making

Canada is a great pet-loving nation. Hence manufacturing pet food is a good business idea in Toronto. Get a good knowledge of pet food for pets of different age-group and get the help of experienced vets in making the food. Good sales and promotional networks, as well as ads, are important for this business.

13. Pet Store

Opening a pet store is also a lucrative business idea in Toronto. Find a well-populated residential area for your pet store and emphasize local publicity. Stock up your store with pet foods of reputed brands, toys, and other pet accessories. As a value addition, you can provide grooming and boarding facilities.

14. Catering Service

Serving home-cooked food to offices, homes, and parties or get-togethers is a profitable business idea in Toronto. If you are a trained chef or a passionate cook, you can start this business. Good and hygienic cooking, smart packaging, and timely delivery are the keywords to success in this business. Personal contact and campaigns are also necessary for getting more clients.

15. Start a Home and Office Cleaning Business in Toronto

It is without saying, cleaning is a lucrative business and provides good and steady returns. You can start providing both home and office cleaning services regularly and get good payment. This is a much-demanded business idea in Toronto since it is a busy city with a lot of business activities. You have to know the basics of cleaning and use safe cleaners and high-end accessories for a complete cleaning of all the nooks and corners. Ads and publicity will get you more clients.

16. Open a Laundromat Business

The Laundromat business is a profitable business idea in Toronto. One can also consider starting a coin laundry or dry cleaning business here in the city.

Find a good location, provide good quality and prompt service, and make good local marketing for getting maximum returns from this business.

17. Open a Salon

Open a salon at a strategic location in the city of Toronto and expect a good profit margin. The demand for salons is increasing with time and hence it is a great business idea in Toronto. Keep your salon open for long hours to get more clients and hire skilled beauticians and stylists. Offer special packages and discounts for regular customers. Online and offline marketing and publicity are important for this business.

18. Old-Age Care

Providing at-home service to senior adults is a noble as well as a profitable business idea in Toronto. You can do this job personally or hire several caregivers and deploy them to various places. This is a highly demanded service and the caregivers provide all kinds of assistance to the aged people. You have to employ skilled, compassionate, and trusted persons for this business. Website, local as well as digital marketing are important for this business.

19. Car Rental Business

The car rental business is a profitable and prospective business in an important and busy city like Toronto. Start your car rental business with one or two cars and gradually make the network bigger. You can rent cars for tourists, business delegates or office goers. Good contact with offices, hotels, resorts, etc will give you more business. Along with that, you will need online and offline publicity for your service.

20. Car Servicing

Car servicing is an essential service that makes a very profitable business. Hence like most other places, this is a good business idea in Toronto too. You can set up your servicing store, a self-service center, or a mobile servicing business and all are profitable. Good contacts and publicity are important for growing the business.

21. Mobile Clinic

Mobile clinics are an essential service, especially for sudden illness on the road or accidents. Start your mobile clinic with basic facilities like medicine, oxygen, and CPR along with a doctor and trained nurse or health workers. This is a profitable business idea in Toronto. You have to get the necessary license and permits for this business.

22. Legal Consultancy

Legal consultancy is a much sought-after business idea in Toronto. If you are a lawyer you can open your legal consultancy firm and serve different cases. Choosing a few niches will be an intelligent decision as far as this business is concerned. Hire a few lawyers to make the service bigger in scale. Website is important for this business. Personal contacts and marketing are also essential.

23. Event Planning

Event planning is a lucrative business idea, especially in the big and multicultural city of Toronto. As an event planner, you can organize various events like marriage and other social ceremonies, corporate or film events, etc. You will need hardworking personnel, a good aesthetic sense, and an organizing capacity to be a successful event planner. Develop a good and informative website for your company for publicity and marketing. Apart, you will need good contacts and well-planned marketing for this business.

24. Real Estate Agency

Real estate is a flourishing and money-making business. Hence starting a real estate agency is a lucrative business idea in Toronto. You will need good contact with builders and architects as well as the buyers. This business can be done online or offline. Each transaction will get you a good commission from both ends. Local publicity, ads, and social media campaigns are important for the growth of this business.

25. Interior Decoration

The interior decoration business is a creative and prospective business idea in Toronto. If you are a trained interior decorator or have a natural talent and flair for interior decoration, you can start this business. Good knowledge of space planning and utilization, and aesthetic and innovative ideas will make your business stand apart. Personal networking and publicity will give you more clients.

26. Ad Agency

Considering the great number and variety of business activities in the city, opening an ad agency is a great business idea in Toronto. You must have a good idea of ads and personal contacts to succeed in this business. Print and audio-visual ad making, writing good copies, and releasing the ads are your primary responsibilities as an ad agency owner. Digital publicity, referrals, and word-of-mouth publicity will help you get more business.

27. Boutique Hotel

Boutique hotels are preferred by connoisseurs and have high rates. If you have innovative ideas and capital, this is a highly profitable business idea in Toronto. Plan carefully before launching the business and think of the USP of your hotel. Widespread advertising and personal networking will help to grow your business.

The big, beautiful, and prosperous city of Toronto has many things to offer you. Start with any of the business ideas in Toronto and experience a bright future.

Frequently Asked Questions

What business can I start with $10K in Canada?

There are several business opportunities in Canada that you can consider if you have $10,000 as startup capital. However, the success rate will depend on various factors like location and industry. Find below some of the few businesses that you can consider starting with a startup capital of $10k:

  • Online Retail Store
  • Home-Based Bakery
  • Mobile Food Truck
  • Personal Services
  • Cleaning Services
  • Handmade Crafts
  • Event Photography

What are the legal requirements for starting a business in Toronto?

To start a business in Toronto, you need to register your business name, obtain necessary permits and licenses, and fulfill any industry-specific regulations. It is advised to consult with a local business advisor or visit the official government websites for detailed information.

How can I access funding or grants for my startup in Toronto?

Toronto offers a wide range of funding and grant programs for startups. You can explore options such as government grants, venture capital funds, angel investors, and startup incubators/accelerators. It is advised to do thorough research and prepare a compelling business plan to attract potential investors.

What are the emerging industries in Toronto?

The most significant emerging industries in Toronto include artificial intelligence (AI), financial technology (fintech), health tech, clean energy, and digital media. It is important to stay updated with industry trends and explore opportunities within these sectors.