Have you decided to start a new business but aren't sure what? The best option to start a business now is to research Canada’s top growth industries.
People are looking for opportunities that have long-term potential.
Here are six of the fastest-growing industries that are not just surviving but thriving.
1. Online course creator
There are people in the world who need and want to learn what you know. Why not teach them?
Online courses are big right now.
The world is thirsty for self-improvement, which is why this is one of the fastest-growing industries.
Courses can be created on any and every topic. Some popular topics include:
- Dog training
- Building knick knacks
- Computer repair
- Business and entrepreneur training
- Arts and crafts
- Personal development
- Coming of age
- Career training
For more ideas, here’s a list of the top 15 niches for course creation.
But how to choose?
The best way to figure out what course you should create is to pinpoint what you are passionate about, as this will keep you interested in the process. Whatever your passion, chances are good there are people who want to learn about it.
I personally create courses around time and money, since that is my passion. I learned how to build courses from Sarah Titus and her amazing programs. You can visit Sarah’s Million Dollar Shop for all her courses that teach entrepreneurs how to build a business online.
2. Direct sales
Second on our list of growth industries to check out is direct sales.
With direct sales, you sell another company’s products — whether that’s toys, nutritional supplements, skin care products or cookware.
According to Kate Moir, Independent Senior Executive Director with Thirty-One Gifts, her direct sales business increased by 800% during the 2020 pandemic.
Direct sales is a great industry to get into because you purchase a premade business.
You pay a one-time fee, which usually gives you a starter package full of products, catalogues and everything you need to get running.
The best part about starting a direct sales business is that you will also get support from the directors that you sign on with. This means that you are never alone in your business and will always have mentors.
There are many direct sales companies in our country and they are in all different niches. If you find one that you are passionate about, then it could be a great fit.
3. Social media manager
If you love being on social media and helping businesses grow, then becoming a social media manager may be a good option for you.
There are many courses available online for you to learn the ropes of becoming a social media manager.
There are also many social media managers who coach and mentor others as they start working in this field. This career can also lead into other opportunities for supporting business owners, like becoming a virtual assistant.
4. Virtual assistant
A virtual assistant is someone who supports a business owner by doing business tasks they’d rather not spend time on.
Most duties are office administrative duties like:
- Answering emails and phone calls
- Scheduling meetings
- Supporting the business’s clients
- Managing calendars
- Writing blog posts
- Running their social media
Experience is usually required but if you don’t have the experience, you can learn what you need to know via online courses (or hire a coach to help you). You can learn more about the roles, responsibilities, and requirements needed to be a virtual assistant here.
5. Health and wellness
No list of growth industries today would be complete without health and wellness.
As one of the fastest-growing industries in the world, the health and wellness industry has plenty of room for more businesses.
The pandemic made people look for ways to weave healthy habits into their lives.
The health area focuses on all aspects of health: physical, emotional, social, spiritual and intellectual. Wellness focuses on social, spiritual, environmental and occupational issues.
Within these categories are multiple areas that you can study and grow into a business you love. Some of the professions require a post-secondary college education, but others simply require a certification.
Learn how Karlie Ramlogan started a successful coaching service in Richmond Hill, Ontario and even kept it going during the pandemic here.
6. Coach or mentor within your field
Your past is usually a great conductor for your future. Because of your experiences, successes — and even your failures — you are full of knowledge that others will pay for.
Starting a consulting business around your knowledge and experience is very cost-effective, as you can start without many upfront costs.
Take me for example — I have been a bookkeeper for 23 years and am now a business consultant and CFO. I saw a need and I filled it. You can do the same.
Explore opportunities for passive income
No matter which of these growth industries you choose to pursue, there are ways to create passive income in all of them. Passive income strategies can open small, recurring streams of income that help stablise your cash flow.
Choosing a platform like YouTube, TikTok, Instagram (or even even creating a blog) to promote your business and knowledge gives you the potential of receiving money for your social media posts.
You can also support businesses you love by asking them for affiliate links.
This means that when you share an link to a product, service or program of said business and your follower makes a purchase, you receive a small commission. This is a nice payoff for simply sharing your love for the business.
You can check out a few more ideas for passive income here.
All of these growth industries require a website
A must-know is that many, if not all, of the growth industries are now online, as consumers are now purchasing what they want and need online.
Having a website means that you can reach more people across the country; you can even add online ordering to sell to customers directly.
Regardless of what industry you choose to build your business in, you will need a website. Not just Canada, but the world is now operating online.
GoDaddy is the perfect place for you to build your website for your new adventure. Their Website Builder tool is easy to use and their support department is great to work with. Check them out!