2017-03-15 00:00:00Business IdeasEnglishReady to go mobile? Consider these points when determining if your mobile business idea will be lucrative.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Food-Truck-Owner-Sets-Out-His-Sandwich-Board-On-The-Curb-Near-A-Sporting-Event.jpgGoing Mobile: Considerations When Starting a Lucrative Mobile Business

Going Mobile: Considerations When Starting a Lucrative Mobile Business

2 min read

Mobile businesses are hot, and they span industries from spa services to health care to locksmiths. Of course, there’s also a lot of offbeat mobile businesses popping up to scoop dog poo, provide paternity tests, wash and fold laundry, and handle countless other tasks. If you’re curious about starting a mobile business and are wondering how to make it lucrative, there are some key considerations to keep in mind.

Vehicle Considerations

One of the first steps when starting a mobile business is deciding how you are going to go mobile. In particular, if you plan to actually work in your vehicle, as is the case with food trucks and mobile hair salons, you generally need ample funds or a small business loan to buy a truck. If you plan to do work in your clients’ homes or other places outside your vehicle, you may be fine just using your existing vehicle. For example, home health care, dog walking, and massage businesses typically don’t require you to invest in a new vehicle. That said, if you use your vehicle to drive to clients’ homes, you can write off vehicle expenses as a business deduction regardless of whether you buy a new vehicle.

Licences

You don’t need a business licence to open many businesses in Canada, but if you start employing people or charging sales tax on your services, you need to register for a business number. That process is free, and it applies regardless of the type of business you decide to start. In other cases, you may need specific licences to perform certain types of work. Consider this, food trucks need licences to sell food commercially, and mobile therapists and health care workers also need adequate professional training and licencing. It’s critical to determine if you need licences before you launch your business, and you should account for their costs when creating your initial budget. In some cases, you can do similar work with or without a licence. To paint a picture, consider that while you need a licence and degree to work as a psychologist, there is no training or licences required to be a life coach. If the requirement for a licence is holding you back, you may want to explore similar career ideas that don’t require licences.

Demand

If you want your mobile business to be lucrative, try to do some market research to figure out what’s in demand in your area. You may also want to check out the fastest-growing industries in Canada. For instance, as of 2016, nonferrous metal recycling is the fastest-growing industry. You could get into that industry by starting a metal recycling company that picks up metal from people’s homes, or expand your offerings with junk removal. Similarly, corporate wellness services are also growing, and that includes a wide range of potential business concepts. For instance, you could deliver yoga classes, personal training sessions, or other wellness services to commercial clients. When crafting a mobile business, you want to consider more than just market demand, startup costs, and licencing. You also have to consider if that’s how you really want to spend your time. If you find a business you are passionate about, it makes every day more enjoyable, and it’s easier to sell your services.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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