3 Lucrative Businesses That Are Worth The Investment
Starting a business comes with many perks. For starters, it gives you the chance to be your own boss while offering financial independence and growth. What’s more, you enjoy work flexibility, as you set the pace on how you work daily. Starting a business also increases business opportunities for other people and promotes innovation and creativity. Indeed, approximately 2 million Canadians started their businesses in 2021, crediting its benefits. Suppose you’re not sure of what business to start. In that case, here are some options to consider.
Food services
Do you have a passion for cooking? If yes, starting a food business may be the best place to start. A Reviewlution survey indicates that 22 million Canadians patronize restaurants daily, meaning that it’s not likely that you’ll run out of business anytime. Certain food businesses are highly successful, so investing in them makes sense. For instance, food trucks are becoming popular in Canada due to their mobility and creativity. Canadians also love their ice cream, so establishing an ice cream truck may prove beneficial. If you enjoy teaching people new food recipes, you can easily turn it into a business venture by hosting cooking classes. Other food services you can try include coffee shops, bakeries, sauce production, pre-packaged snacks, baby food, and so on.
Transportation services
The Canadian government indicated that 86% of businesses in the transportation and storage sector are profitable, with yearly revenues exceeding $279,000 in 2017. Therefore, you can consider setting up a transportation business if you have vehicles for that purpose. There are various businesses in the transportation sector to invest in. For instance, you can establish a moving van business; you need at least two trucks and one or two employees to make it easier. Likewise, trucking is also profitable as businesses that need to transport their goods would likely require your services. If you possess two or more vehicles, you can start a car rental business as well. Other businesses include shipping services, driving school, truck driving school, limousine services, vehicle towing services, etc.
Real estate
Canadians no longer view real estate as just places to live in recent times. The Canadian real estate industry has become a successful sector that has yielded immense returns in the past decades. A survey indicated that foreign buyers and Canadian investors bought approximately 551,000 residential properties in 2020. These staggering statistics give credence to the success of the industry. That said, you can put your money in real estate if you’re thinking of investing. However, successful experts like Armand Candea don’t jump into the industry blindly.
Fortunately, there are different strategies to invest in real estate and get immense value for your money. For instance, buying a primary residence is a long-term investment. This is because you’ll pay your mortgage, which increases your net worth. Likewise, house flipping allows you to buy and renovate a fixer-upper to sell at a very good price. Other ways include rental and vacation properties, REITs, private mortgages, commercial properties, etc.