Do you yearn for the freedom to set your own schedule? Are you looking for ways to boost your income? If you said yes to either of these, it may be time to explore the world of solopreneurship, small business ownership, or freelancing. These paths offer a chance to escape the nine to five, take charge of your time, and potentially increase your earnings.

But before you leap into entrepreneurship, it’s crucial to do your homework. Running a business is a serious commitment, and success is not always guaranteed. However, if you possess certain skills, it's worth exploring some of Canada's most lucrative small business sectors.

• Professional financial services
• Technology and IT services
• Fitness and recreational sports
• Education and training
• Personal services
• Trades and construction

Professional financial services

Do you have professional financial skills like accounting, finance management, bookkeeping, or financial consulting? If so, consider starting a small business in which you sell your knowledge and expertise.

The number of self-employed Canadians has risen, many of whom may seek professionals to help them grow their businesses and minimize their taxes. In addition, the aging population translates to a need for retirement and estate planning. That means wealth managers will be in demand.

With debt and inflation still a concern for some, professional debt counsellors and money coaches are also in demand. These jobs can benefit those looking to start their own business, as fewer qualifications are required than for a wealth professional.

Technology and IT services

Some small business opportunities for Canadians include software development, IT consulting, cybersecurity, and digital marketing. It’s no surprise that technology has been growing on all platforms, but businesses and entrepreneurs may not have the resources to keep up. Offering services that can help companies grow their business and improve will naturally be appealing.

Additionally, the pace at which businesses have switched to digital has increased. Remote work was considered foreign just a few years ago, but now it’s common for most companies. That means more potential jobs for tech-savvy people.

Knowing how to sell your services is the lucrative part of the job. For example, you could pitch companies on how your social media management services can help increase customer engagement. Alternatively, many entrepreneurs would be happy to outsource their IT work so they can focus on their day-to-day duties to keep their business profitable.

Fitness and recreational sports

If you have a passion for fitness and for people, you could turn your love for exercise and healthy living into a profitable small business. Many boutique fitness centres shut down during the pandemic, but the demand is back, as people are looking for more personalized experiences. 

Whether your passion is CrossFit, kickboxing, Pilates, martial arts, yoga, or something else, picking the right location and offering something different than big-name gyms can make your business successful.

Keep in mind that there are other opportunities for fitness-based businesses beyond structured classes. Other potential business ideas include kids camps, personal training, and indoor playgrounds for kids and sports training.

Education and training

Whatever your industry, there will always be a demand for knowledge and specialized skills. For example, Canada has seen a rise in immigration, which has increased the demand for language schools and tutoring. The same skills can be applied to people of any age, so you could even market your business to parents seeking tutoring for their children.

Furthermore, Canada’s diverse population might benefit those looking to start education and training programs. Creating a business that helps new immigrants adjust to life in Canada could have considerable appeal. 

In addition, consider your current industry skills. Perhaps there’s an opportunity to train others with your knowledge. Many people are willing to pay for services that could increase their income — you just need to come up with a product that piques their interest.

Personal services

Personal services cover a wide range of offerings, such as pet grooming, event planning, dog walking, housecleaning, and more. Many people are willing to pay good money for convenience and self-care. While you may need special training to offer beauty services, essential services such as running errands for others or mounting televisions could be in your wheelhouse.

For your business to thrive, you need to identify services that are in demand and that need more people willing to do the job. You could also find a solid client base if you’re good at marketing or networking.

Trades and construction 

Construction and real estate have been in demand for years, so those looking for a career change may want to consider a trade as a small business opportunity. Generally, attending trade school and an apprenticeship doesn’t take as long or cost as much as a traditional college or university education. Starting hourly rates are typically competitive, and there are opportunities for growth.

Trades are also appealing because of all the different jobs available. You could be a plumber, electrician, HVAC technician, drywall installer, painter, or handyman, to name a few. With commercial and residential projects always in the works, there's a huge demand for skilled workers.

Finding a niche can give you a competitive advantage over other small business owners. Growing your business is just as vital — use tools like QuickBooks to help you manage your day-to-day operations and get paid on time.