Toronto is a major city in Canada and the capital city of the Ontario province. The city has a population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. If you are looking towards starting a business in Canada, then Toronto should be your “go-to” city.

The reason is not far-teched – Toronto is an international center for business and finance. Toronto is generally considered the financial and industrial capital of Canada; Toronto has a high concentration of banks and brokerage firms on Bay Street in the Financial District.

The Toronto Stock Exchange is the world’s seventh-largest stock exchange by market capitalization. The five largest financial institutions in Canada, collectively known as the Big Five, have national offices in Toronto. Having said that, if you are interested in starting a business in Toronto, here are the 50 best business opportunities you can choose from.

50 Business Opportunities That Exist in Toronto

  1. Table of Contents

    Open a Tech Hub

It is a fact that Toronto is a large hub of the Canadian and global technology industry, generating $52 billion in revenue annually. In 2017, Toronto tech firms offered almost 30,000 jobs which are higher than the combination of the San Francisco Bay area, Seattle, and Washington, D.C.

  1. Start a Solar Water Heater Installation Company

If you studied electrical engineering or any related course and you are keen to own a business in Toronto, then you should consider starting a solar water heater installation business.

This is one business that you can successfully start on a small scale and if you are good with what you do, it won’t be too long before you become a household name. The solar water heater installation industry installs solar water heater systems as part of general residential and commercial contracting services.

  1. Open a Retail Pharmacy Store

Retail pharmacy businesses are known to be involved in the sale (retailing) of generic or brand medications, and some big pharmaceutical stores engage in the sale of medical devices.

Please note that in Toronto and of course all over the world, the pharmaceutical industry is highly regulated. This is because the devastating effect of fake drugs or drug abuse can’t be quantified. Several universal laws and regulations govern the patenting, testing, safety, efficacy, and marketing of drugs.

  1. Maple Syrup Production Business

Maple syrup is a syrup that is prepared from the sugary sap of a maple tree. Please note that maple syrup is classified as maple syrup only when it reaches a sugar level concentration of 66 percent. A maple syrup manufacturing business is indeed a profitable business because maple syrup contains higher levels of beneficial nutrients, antioxidants, phytochemicals, among others

  1. Start Immigration Consulting Firm

Another highly thriving business opportunity that an entrepreneur can start in Toronto is an immigration consulting firm. This is because Toronto is an ideal landing place for newcomers. It is the most culturally diverse city with a built-in support system for new immigrants. In Toronto, immigrants have access to resources, local ethnic communities, and services to ease their transition to Canada.

  1. Open a Bridal Shop

Bridal shops are retail outlets that predominantly retail bridal wear, including wedding gowns, veils, and other accessories such as shoes, ties, gloves, and jewelry. One good thing about this type of business is that you don’t need to enroll in a conventional school to learn how to start and run this type of business.

  1. Open a Car Wash

The basic services offered by car wash companies revolve around cleaning, washing, and waxing automobiles (cars, trucks, vans, and trailers et al). Please note that the market for a car wash is driven by the purchase of cars and the increase in consumer spending – in essence, as the general economy of a country grows, more people will buy cars and more people will patronize the services of a car wash.

  1. Open a Coffee Shop

A coffee shop, coffee café, or coffee bar is a small, informal restaurant where coffee and light refreshments such as sandwiches, muffins, fruit, or pastries are served to customers. It is also a place where coffee lovers meet to network and socialize. Please note that coffee shops are part of the specialty eatery industry, which also includes outlets specializing in products such as bagels, donuts, frozen yogurt, and ice cream.

  1. Start a Cleaning Services Company

The services industry is a thriving industry in Toronto and one of the businesses that can be categorized under the services industry is the cleaning services business. This type of business can be started by anybody as long as you have eyes for details and cleanliness. If you have experience in this regard, it will be easier for you to start and effectively run a cleaning services business.

  1. Open a Travel Agency

A travel agency as the name implies is a company that provides travel and tourism-related services to individuals, families, groups, and corporate organizations on behalf of accommodation or travel suppliers.

A travel agency can also provide outdoor recreation activities, airline bookings, car rentals, cruise trips, hotels reservation, travel insurance, package tours, arranging logistics for luggage and medical items delivery, car rentals, and bureau de change services.

  1. Start Dessert Bar Business

Dessert bars, or simply bars or squares, are a type of American “bar cookie” that has the texture of a firm cake or is softer than a usual cookie. They are prepared in a pan and then baked in the oven. They are cut into squares or rectangles.

The ingredients used in the production of desserts are sugar, eggs, butter, flour, and milk, common ingredients are chocolate chips, nuts, raspberry jam, coconut, cocoa powder, graham crackers, pudding, mini-marshmallows, peanut butter, etc.

  1. Start a Driving School

Driving school business generally is a competitive business in Toronto because it is not difficult to start and any entrepreneur who intends to go into this business, should ensure that they carry out thorough feasibility studies and market research so that the risks associated with this type of business can be greatly minimized.

  1. Start Education Consulting Firm

If you are an educationist or someone who has a background in education matters, and you intend to start your business in Toronto, then you should consider starting an education consulting firm. Many would-be international students are aspiring to go to colleges/universities who are trapped simply because they don’t know who to talk to when they have challenges with gaining admission.

That is why it is important to set up an education consulting firm. Being an educational consultant means that you will help your clients handle all their educational concerns, and help them gain admission to colleges or universities of their choice.

  1. Vacation Rental Company

A vacation rental company is a business specifically designed to allow travelers to rent private properties for a short period and these rental properties are often located in vacation destinations and feature more benefits and greater flexibility than staying in a hotel.

Please note that some vacation rentals, particularly condominiums or apartments, offer many of the same services hotels offer to their guests, e.g., front desk check-in, 24-hour maintenance, in-house housekeeping, and concierge service.

  1. Open a Fruit and Vegetable Mart

If you are considering starting a fruit and vegetable retail store business in Toronto, the good news is that you can’t get it wrong. This is because various types of vegetables and fruits are consumed by almost everybody in Toronto. It is important to state that starting a vegetable and fruit retail store business comes with its fair share of challenges, but that does not rule out the fact that it is indeed a profitable business venture.

  1. Start Home and Building Inspection Firm

This is one business that requires minimal startup capital and minimal manpower and can be started from a home office. Home and building inspection firms perform inspections on buildings.

When home inspection representatives inspect a building, they evaluate all aspects of its structure and component systems, and they prepare a report on the physical condition of the property. These reports are written for buyers or others involved in real estate transactions.

  1. Start Homemade Chocolate Retail Business

The major things you would need to have in place to make a success in this type of business are a good location, well-packaged homemade chocolate, and of course good customer service cum accounting skills.

Homemade chocolates are chocolates that are made at the home and not in a factory of some sort where chocolates are mass-produced. Those who are into homemade chocolate retail ensure that they target locations where they can easily attract children because children are the major consumers of chocolates and candies et al.

  1. Start Home and Office Food Delivery Business

Home and office food delivery business is involved in delivering foods to any destination within their coverage area as ordered by their clients. The process of ordering food from a local restaurant or food cooperative in Toronto is through their telephones, website, or customized mobile app.

Payments are usually done either by credit card or cash, with the restaurant returning a percentage to the online food company if they are not the owners of the restaurant.

  1. Start a Cargo Van Delivery Business

A cargo van delivery company is a business that transports and delivers freight for clients. Cargo van delivery businesses accept delivery assignments from clients or a courier agency. They plan their route, load and unload cargo, document each pick-up and delivery, and ensure timely delivery.

  1. Start a Courier Company

A courier company provides air, land, sea, or combined express courier delivery services of parcels, documents, and packages for individual and corporate clients.

Please note that courier and delivery companies generally provide services between metropolitan areas or urban centers and form a network that includes local, national, and international pickup and delivery to serve customers’ needs. Please note that if you are considering starting a courier services business, you would need reliable market research to be able to maximize profits from the business.

  1. Start a Laundry Pickup and Delivery Services Business

A laundry pickup and delivery services company is a business that is involved in the pickup and delivery of clothes from a customer to a laundry or dry-cleaning services company and back to the customer. Most laundry companies usually offer this service in any destination within their coverage area.

  1. Become a Photographer for Models

Another thriving small–scale business that an aspiring entrepreneur can start in a major city like Toronto is becoming a photographer for models. It is one thing to become a photographer, but another thing to have your own area specialization in photography.

This is so because there are a host of niche areas to choose from in the photography industry and one of them is becoming a photographer for models.

The truth is that becoming a photographer for models will open a whole lot of business opportunities for you because as a photographer for models, you can be an all-rounder. It means that you can cover children cum babies that are models, pets that are models, and of course adult models.

  1. Become a Professional Barber 

A professional barber is a person whose livelihood is mainly to cut, dress, groom, style, and shave hair. Aside from the fact that people go to cut, dress, groom, style, and shave in a barbershop, it is also a place where people go to socialize with other folks in the neighborhood.

  1. Open a Massage Therapy Parlor

When we talk about the massage therapy business, we are talking of a profitable business that involves offering healthcare-related services that help people get fully healed from an ailment or help people soothe their muscle soreness, improve their sleep, boost their immune system function, increase their mental alertness, ease the effects of cancer treatment, alleviate depression, and ultimately reduce stress.

Close to 50 percent of massage therapies performed are considered to assist with specific health conditions and injury rehabilitation compared to one-third of those who received massage for relaxation and stress management.

  1. Open a Makeup Artist Studio (Become a Makeup Artist)

Makeup artists are individuals who use their talents and tools to transform and improve another individual’s face (and sometimes their body). The works of these talented individuals correct imperfections, highlight positive attributes, and remedy issues.

But whether they are highlighting cheekbones for a key event, perfecting the smoky eye for a photoshoot, or applying prosthetics for theatrical productions, makeup artists are truly artists in their own right. This is not just a passion but also a business since very good makeup artists command lofty fees and possess loyal clients.

  1. Start Bar and Grill Business

A bar and grill restaurant is a business that engages in retailing both alcoholic and non–alcoholic drinks served along with grilled beef, chicken, turkey, bacon, pork, fish, and corn.

If you are considering opening a bar and grill restaurant business, all you would need is some capital to purchase or lease/rent a suitable facility, the required equipment (grill making stands/grillers, propane smoker, cooking table) / utensils, fridges, ice block making machine, serving wares and furniture.

You would also need capital to purchase your initial supply (alcoholic and non–alcoholic drinks, cooking ingredients, spices, beef, fish, bacon, pork, chicken, and turkey et al), pay your employees at least for the first 3 months, and also to pay your utility bills.

  1. Start Bed and Breakfast Business

The bed and Breakfast business is perhaps one of the easiest means of owning a business portfolio in the hospitality industry. A typical bed and breakfast is a small lodging accommodation that offers overnight accommodation and breakfast to guests that lodge there.

Aside from breakfast, they usually do not offer other meals. Normally, people that run bed and breakfasts make use of their private homes or their family homes. The average bed and breakfasts have 6 rooms, but generally, bed and breakfasts operate 4 to 11 rooms within a facility.

  1. Start Jet Ski Rental Services

The city of Toronto is stunning on land, but it’s even more beautiful from the water hence people usually rent jet skis. The Toronto Island is just a gentle ferry cruise from downtown, offering you spectacular views and some fantastic exploration within Lake Ontario.

The truth is that starting a rental business is one of the easiest ways to start as an entrepreneur especially if you can’t afford to go through the challenges involved with the production of goods.

  1. Start Dryer Vent Cleaning Business

As an aspiring entrepreneur who intends to start a small–scale business in Toronto, you can comfortably start a dryer vent cleaning service without much stress. The truth is that you don’t necessarily need to own a fully functional dry-cleaning business before you can make money from your dryer vent cleaning business.

You can start a dryer vent cleaning business and your services won’t just be restricted to dry cleaners but also to homes and offices where dryers are used. Most people find it difficult to clean the vents of their dryers; hence they require the services of professionals.

  1. Start Acai Bowl Business

Acai bowl business is taking over in Canada and starting an acai bowl business in Toronto can be interesting and at the same time rewarding. The fact that people crave healthy fruit/smoothie-related drinks like acai bowl makes it one of those businesses that are in high demand.

Acai is referred to as a superfood, filled with antioxidants. It tastes like a mix of strawberries, blueberries, and a hint of chocolate. An acai bowl is a thick smoothie that is topped with oatmeal, fruit or peanut butter et al.

  1. Open a Liquor Store

If you live in Toronto, you will agree that loads of people consume liquor daily. This goes to show that there is a large market for liquor and as an aspiring entrepreneur looking for a business to start, you can open a liquor store in your neighborhood.

A liquor store is a retail shop that is licensed to sell prepackaged alcoholic beverages to customers who are likely to take them home or elsewhere to consume. If you intend to open your liquor store, then you must take out time to learn the art of buying and selling alongside other soft business skills.

  1. Start a Monogramming Business

Monogramming business involves the artistic designing of gift items by cresting two or more alphabetic letters on the gift item. The gift item could be cups, Tee shirts, towels, bags, wedding invites, caps, jackets et al. Although a small-scale monogramming company can be operated from home, especially if it is being managed by an individual, it pays to operate from an office or production facility.

The truth is that you would need an office space to run this type of business if indeed you want to work for corporate organizations and even government agencies.

  1. Start an Electrical Contractor Business

Electric contractors are an integral part of not just the construction cum real estate industry but play very important roles in ensuring that households, offices, and public facilities enjoy electric power supply, and electric appliances are repaired when they become faulty. Players in this industry execute electrical works like installing, wiring and servicing electrical equipment.

  1. Start a Party Rental Business

A party rental business is not as capital intensive as starting a banquet hall rental business because all that is required of you is to purchase tables, chairs, flatware, linens, centerpieces, stages, tents, canopies, and other items for public and private parties and events.

You will also need a warehouse facility or well-secured space to keep your items and also a truck to take them to and from event venues as requested by your clients. You can decide to rent out the truck or include it as a premium service to those who rent party items from you.

  1. Start Private Duty Nursing Business

If you know you are a nurse or you have an interest in the health care industry and you live in a community where the elderly requires special care, then you should consider starting a private duty nursing service in Toronto.

The good thing about private duty nursing is that if it is well established, your service won’t just be restricted to old people or those who would need you to send nurses to their homes, but also to hospitals that are short-staffed and would need a trained nurse for some time on a contract basis.

  1. Start a Resale Business

A resale shop is any shop that gets used goods for resale in its store. Resale shops can be categorized into three niche ideas and they are consignment shops, buy-outright shops, and thrift shops. A consignment shop accepts goods from customers, merchandises them for sale, and pays a portion to the contributor. Buy-outright shop purchases used goods and mark them up to earn a profit.

  1. Start a Car Rental Business

The car rental business generally is a competitive business and any entrepreneur who intends to go into this business should ensure that they carry out thorough feasibility studies and market research so that the risks in the business can be greatly minimized.

The first thing to consider before launching this business is the niche of the car rental business you intend to operate. Contract hire is usually for business customers who hire the vehicles for a set period, while daily hire is for individual customers who hire the vehicles usually for a shorter period.

  1. Start an Advertising Agency Business

A standard Advertising agency creates advertising campaigns for periodicals, newspapers, radio, TV, and other media platforms such as social media. Through internal capabilities or delegating, ad agencies provide advice, creative services, account management, production of advertising campaign material, and course media planning. You will help your client place the advertisements in periodicals, newspapers, radio, TV, and other media outlets.

  1. Open a Green Cemetery

The world is going green, most people alive want an eco–friendly world and it is becoming trendy that people are also adopting the green burial option when they die or for their loved ones. Green burials are done in a green cemetery and a green cemetery is a burial site that does not allow the use of vaults, non-biodegradable caskets, or even embalming chemicals.

Operators of green cemeteries do not make use of herbicides, pesticides, or irrigation for the maintenance of the cemetery grounds. All the materials that are used at a green cemetery must conform to the goal of going green and preserving the ecosystem.

  1. Start Hardwood Flooring Installation Business

If you perchance studied building engineering or any related course and you are keen to own a business, then you should consider starting a hardwood flooring installation business. This is one business that you can successfully start on a small scale and if you are good with what you do, it won’t be too long before you become a household name in Toronto.

In Toronto, you will notice that a good percentage of homes have wood flooring. This goes to show that there is indeed a large market for the hardwood flooring installation business. Hardwood flooring installation howbeit technical is a business that can be learned within a few months.

  1. Open Hospice and Palliative Care Center

If you are naturally drawn to taking care of people with life-terminating illnesses, then you should consider starting a hospice and palliative care center in Toronto. However, this is a very sensitive business to start up as a single mistake could have dire consequences for your patient and their families.

The hospice and palliative care center business is a delicate business, you would need to network with hospitals, and other businesses in the health sector so that they can refer patients to your center. This does not however mean that you cannot source your clients directly, your marketing, however, needs to be very sensitive.

  1. Start a Mortgage Brokerage Firm

Mortgage Brokerage firms are established with the sole aim of providing a convenient platform in form of a long-term loan to those who want to buy their own property. With the loan you get from the bank via a mortgage brokerage firm, you can finance any property of your choice as long as you pass the screening and evaluation process.

The screening and evaluation are put in place to ensure that due process is followed before issuing a loan and the person receiving the loan must be creditworthy. In other words, Mortgage Brokerage firms stand as the middlemen between the Bank and the individual or organization seeking to buy a property.

  1. Open a Spray Tanning Salon

Tanning is becoming the new normal because people with darker skin are considered healthy and perhaps beautiful hence the rise in spray tanning salons in different locations in Toronto. Spray tanning is a temporary bronzing service offered at salons and spas to people who don’t want to go through the natural process of tanning.

Spray tanning is done in a booth in a beauty spa and these specially-designed booths have multi-functional nozzles or jets that spray your entire body with the spray tanning solution. As an aspiring entrepreneur who is looking for a profitable business to start in Toronto, you can consider opening a spray tanning salon.

  1. Start Auto Insurance Firm

Auto insurance firms underwrite, or assume the risk and assign premiums for auto insurance policies. Automobile insurance provides financial protection against physical damage to automobiles and bodily injuries resulting from traffic collisions. It is worthy to mention that automobile insurance can also protect against resulting liability.

  1. Open a Juice and Smoothie Bar

Juice and smoothie bars make and retail smoothies and fresh-made juices. Juice drink is one commodity that is consumed in all parts of the world and of course, those that are in the business of producing juice drinks, are known to generate sales year in and year out if the business is well-managed.

The economic downturn hardly affects the consumption of juice drinks because it is a commodity that is as affordable and considered a healthy substitute for soft drinks and other processed juices.

  1. Open Teeth Whitening Shop

A teeth whitening clinic is a business that provides elective dental services that improve the appearance of teeth and gums. Some teeth whitening clinics go as far as offering services that include cosmetic crown and bridgework, veneers, inlays and outlays, and direct bonding which is not generally covered by insurance, making them highly discretionary.

  1. Cake Decorating Supplies Business

Cake decorating supplies are in high demand because, in recent times, no baker will make a cake for a client without taking out time to decorate the cake.

Examples of cake decorating supplies are food coloring, cake turntable stand, cake decorating brushes, fondant and gum paste cake tool, gum paste wire and tape, fondant imprint mat, pastry bags, piping bags or decorating bags, piping tips (or tubes), decorating bag holder, cake airbrush and piping nozzles.

  1. Open a Smocked Clothing Factory

A smocked clothing factory is a business that designs and sews a collection of apparel known as smocked clothes for a target demography or market. Although smocked dresses can be worn by women and girls of all ages, they are highly suitable for pregnant or postpartum women, as they are often easy to pull on and off for quick changes and breastfeeding.

These clothes are sold in retail locations and/or through online stores. Please note that smocking refers to the technique of gathering fabric and sewing it together in a way that lets the material stretch, and smocked dresses have roots in rural life dating back hundreds of years.

  1. Open a Savings and Loan Business

A savings and loan company which is also known as a thrift institution is a financial institution that specializes in accepting savings deposits and making mortgages and other loans. Although a savings and loan company is similar to a bank, they specialize in helping people get residential mortgages. Generally, savings and loan companies provide higher interest rates on accounts to encourage more deposits.

  1. Start an Import and Export Company

An import-export business is a business that engages in the importation of goods from other countries and the exportation of goods from your home country to other countries. Please note that the main difference between import and export is that import refers to bringing in goods while export refers to selling goods and services.