Each year, home-based businesses seem to shine and grow in the small business climate all around the world. The growing number of similar enterprises is fueled by the increasing desire of many entrepreneurs to escape the 9-to-5 routine and to enjoy higher levels of career flexibility and, why not, some generous business tax deductions. Canada’s home-based business climate is no different than the rest of the world. It is based on the same principles and fueled by similar entrepreneurial aspirations. But the Canadian entrepreneurial environment seems to thrive. Micro-enterprises (firms with 1 to 4 employees) account for 54.1% of all private employers across the country, and most of these are home-based businesses. But why do these enterprises thrive and which are the preferred and most successful home-based businesses opened by the Canadian entrepreneur? Below we will analyze these variables.
A Friendly Economic and Legal Climate to Open Home-Based Businesses
With an economic climate that allows and even encourages business growth and development, there is no wonder that the Canadian entrepreneur feels inspired to start a home-based business.
The legislation is also friendly enough to aid the development of similar enterprises. To process a request for a home-based business application, it takes only 20 business days, according to the Canadian Government. The application is submitted to the local municipality where the entrepreneur’s residence is located. Generally, there are two types of home-based businesses that can be opened across Canada.
- Type 1 – this is a type of home-based business where no visitation of the premise is taking place. This is identified as a low-impact type of home business, where the neighbourhood won’t be subjected to any disturbances.
- Type 2 – these permits are offered only for those home-based businesses that meet the parking requirements since home visitation of the clients regularly takes place.
To be granted the home-based business permit, the applicant has to provide proof of an eligible residency. However, the entire process is friendly and accessible enough for everybody interested in opening a home business. But what are some of the most popular businesses of this kind across Canada? Below we have a short list to keep you up to date.
Blogging
Blogging has become a means of living for a growing number of Canadian entrepreneurs. While traditionally blogging has been seen as a sole means of expression, over the past decade it has become a reliable source of income for a growing number of individuals. Blogs generate money in different ways. Once the blog reaches a satisfying number of visitors, the owner can start to try and monetize it. Blog ad placements are the preferred starting point by Canadian bloggers. Affiliate advertising is the second popular method to monetize a blog.
Sponsored content is a relatively recent way to grow a blogging business and the Canadian blog owner seems to employ this method more and more. Advertising and affiliate marketing bring, however, the highest revenue to these entrepreneurs.
Virtual Assistant
Another home-based business idea, popular among the Canadian entrepreneurs, is a virtual assistant business. Virtual assistants provide services to individuals or organizations. All their activity is carried out online and is the go-to work-from-home solution for Canadians with organizational skills. Depending on the skill level and type of service provided, the salaries can range from $15 an hour to $100 an hour. On the bright side, most VAs set their own rate. This is one of the main reasons why skilled Canadians choose to offer similar services instead of sticking to a 9-to-5 work schedule in an office. With a growing number of organizations that offer training for similar positions, we can say that the demand for Vas is rising across the country.
Food Business
Foodie Canadians seem to be more inclined to start their own home-based food businesses. Selling food for a profit is a great way to generate quite a generous income. However, the initial investment in such a business is a larger one. Entrepreneurs may have to invest in higher performing kitchenware and appliances. But a trend has been observed among Canadian entrepreneurs in the home-based food business. They tend to access credit lines tailored for small businesses. Platforms like OnDeck Canada experience growth in visitors each month. The main needs of the Canadian business loan consumer are targeted at investments in equipment.
While this is an approachable business proposition, Canadian entrepreneurs have to pay increased attention to the strict regulations that govern food production. These are quite restrictive, but the business is nonetheless a profitable one.
Consignment Shop
More Canadian-based home businesses are described as consignment shops. With the recycling trend gaining more and more popularity across the country, entrepreneurs saw the opportunity and opened consignment shops in their own homes. A trick used by the Canadian entrepreneur in this sector is finding goods that are in perfect condition and selling them online. The upside is that the owner has to pay exclusively for the products sold. This way, they don’t have to invest in inventory.
Medical Billing
This is another popular home business across Canada. This successful home business involves providing invoices and following up on payments to doctors and hospitals. This is a sought-after service, especially in cases when insurance companies cover the treatment of the patient. The main requirement would be to get all the necessary certifications by enrolling in a medical billing course. These courses are available online.
Pet Sitting
Pet sitting businesses certainly boomed over the past few years across Canada. Especially among pet-loving Canadians involved in similar economic activities and truth be told, the profits are generous.
Soap Making
The homemade soap market is flourishing, given the hysterics surrounding anything homemade. Soap bars from natural ingredients seem to be growing in popularity across Canada. This business can be easily carried out from one’s kitchen and is a great way to build a successful business from home.
