Top 5 Low Investment Business Ideas For Immigrants In Canada
The world is going through tough times with the economy coming to almost a standstill due to lockdown forced by the COVID-19 crisis. Nonetheless, immigrants in foreign countries have also been hit badly as many companies have declared lay-offs. Canada has taken this condition of the immigrants quite seriously and has been encouraging entrepreneurship among the immigrants.
The government has already announced a plan of $27 billion for helping Canadian businesses as well as workers who need relief from financial stress in the business sector. Things that have been announced to support entrepreneurship among Canada’s immigrants and residents include a temporary 10% wage subsidy and 75% of wages of employees for around 12 weeks so that the businesses can rehire the employees and pay them salaries during the crisis.
The federal government is also offering lots of interest-free loans up to $40,000. All these privileges and more make entrepreneurship one of the best modes of earning for immigrants in Canada in the current scenario.
Low Investment Businesses For Canadian Immigrants
Almost 100% of businesses in Canada are medium-sized or small which indicates that the country encourages entrepreneurship and small businesses largely. Importantly reports have revealed that businesses operated by immigrants in the country create more and better jobs as compared to those owned by the residents or citizens of Canada.
It is one of the largest and highly lucrative industries in the country that accounts for around $49 billion of the GDP of Canada. For immigrants in Canada, the agri-food sector is one of the best options for starting a business. From meat and vegetable/fruit-processing units to providing a team of truck drivers or farm workers skilled in agricultural occupations, you can start any related profession and that too on low investment. By taking advantage of the low-interest loan and less subsidy option investing in processing machines and renting a decent place should not be a problem.
Provinces that offer better business opportunities related to agriculture in the country include Saskatchewan, Ontario, Manitoba, British Columbia, and Alberta.
2. Fast Food Joints/ Hospitality Services
Now that the lockdown phase is soon coming to an end food industry in Canada is expected to bounce back with renewed vigor. From the tourism and hospitality industry to fast food and beverage services, immigrants in Canada can choose either of these businesses and turn it into a resounding success. Importantly, the aspirant must take his experience and interest in mind before picking up any of the fields.
Provinces that offer better chances of success in this sector include Alberta, British Columbia, Prince Edward Island, Manitoba, Saskatchewan, Newfoundland, Nova Scotia, New Brunswick, and Labrador.
3. What About A Coffee Shop?
A survey suggests that Canada is among the top 10 countries in the world with the highest coffee-drinking people. So, you can naturally progress with a coffee shop anywhere in Canada. But the competition is stiff so do it a bit differently. Like offering your special homemade fresh delicacies alongside coffee, or brewing up some specialties of your own and making them a trademark or arranging a lounge area with a small library where book lovers can read while they sip their favorite coffee.
4. Medical Wholesaler & Retailer
The coronavirus pandemic has led to a huge rise in the demand for medicines and medical products like face masks, PPT Kits, gloves, sanitizers, and more. This is the right time to take advantage of this boom by obtaining the distribution and retailing rights of such products. Marketing will not be a big problem as all these products are in great demand.
Moreover, the government is keen to ensure that there is no shortage of such gears and equipment to caregivers and healthcare workers so you will receive all the support needed to settle a business in this sector.
5. Tap Your Expertise-Yoga Instructor, Automobile Repairing & More
Lastly, you can tap your expertise and set up a small business without much investment. If you are trained in yoga, starting as a yoga instructor can be a good idea. Similarly, depending upon your expertise you can start an automobile repairing shop, a salon, or even a cleaning business and flourish as one of the immigrants in Canada.