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Achieving your entrepreneurial dreams is possible if you start a business that caters to consumer needs. If you merge those needs with long-term trends, you’ll begin a brand that could gain a substantial audience.
These are some of the most exciting industries for young Canadian entrepreneurs. See if your dreams align with these opportunities to start a fulfilling career.
1. Cannabis
Recreational cannabis became legal in all territories and provinces in 2018 due in part to its popularity. The daily use of it has only grown since. Research shows recreational use rising to 27% of the population in 2022 compared to 22% of Canadians in 2018.
Young entrepreneurs can consider jumping into this market due to its long-term viability. Agricultural opportunities are abundant in addition to business management, marketing and product development.
2. Remote Work Tools
Many people unexpectedly shifted to home-based employment in the past few years. While it may have required a quick learning curve, it has quickly become the preferred form of employment. A survey found 64% of Canadians enjoyed remote work in December 2020. The number rose to 78% by April 2022, indicating that it’s a growing market for entrepreneurs.
People need efficient software to replace the in-person office necessities like meeting in conference rooms and brainstorming in huddle spaces. Video conferencing software with new useful integrations and affordable IT services are just a few tools young people can offer to turn remote work into a lucrative business.
Consider what your passion could add to the sector and brainstorm venture ideas. Once you have potential pathways for your career, draft a business plan by following a nine-step process that includes steps like writing an executive summary, explaining your services and naming your market. You’ll need that information and more to gain funding for your business.
3. Esports
Video game competitions are a massive industry. The industry’s global popularity contributed over $5.5 billion to the Canadian economy in 2021 through tournaments, gambling, tourism and video game sales.
Numerous avenues could bring entrepreneurial success to venture capitalists seeking new opportunities. Additional specialized stadiums are necessary to host more tournaments. Business owners could also launch companies to create personalized merch, design marketing campaigns for players, code new games and organize events.
3D printing could also merge with the esports world. Industry experts expect racing games to produce $4.11 billion in annual revenue by 2027, which makes them a growing opportunity for esports competitions. A savvy entrepreneur might invest in 3D printers to create custom car models for players to sit in while competing in a stadium. Competitors may also order them for at-home use to enhance their streaming experience for viewers.
4. Renewable Energy
People are living with the effects of global warming daily. It’s partly why 54% of Canadians want the federal government to prioritize green energy more. Entrepreneurs can use this consumer demand to start new ventures in a few ways.
Research shows that 60% of Canadian electricity comes from hydro sources, which means there’s great potential for lucrative success there. Hydroelectric power station servicing and parts manufacturing are essential for such high electricity demand.
Young business owners could also make other green energy forms more accessible to consumers by getting in on them early. Solar panel maintenance, panel installation and geothermal engineering could make it easier for consumers to access more sustainable energy sources.
5. Cybersecurity
The rise of remote work, e-commerce, crypto and other virtual opportunities means numerous industries need cybersecurity support. It’s an essential service for a modern online world. Cybersecurity also poses an immediate necessity, given that 85.7% of Canadian companies experienced one cyberattack in 2021.
Consumers and professionals need virtual risk assessments to determine their most significant vulnerabilities. IT services like data curation, storage, website testing, design and more will be essential in the coming years.
6. Home Remodelling
When people spend more time at home due to personal life changes and the rise of remote work, they get acquainted with how their homes could change to support their lifestyles. Residential remodelling is a booming market. Industry experts expect to make $59.4 billion in 2023 due to the industry’s rising popularity.
New business owners can become part of this rising trend by meeting consumer demands. Fence installation experts, automation technicians, flooring manufacturers and construction managers are just a few essential roles entrepreneurs can fill. It depends on each venture capitalist’s experience and interests.
Find The Most Exciting Industries
You’ll know you’ve found the right niche for your entrepreneurial venture when you’ve pinpointed an exciting industry with numerous opportunities for young people. Industries like cybersecurity, cannabis and esports are just a few to consider for your career.
No matter your passions, you’ll find ways to do what you love in sectors that need creativity like yours.
About The Author
Oscar Collins is the managing editor at Modded, where he writes about cars, fitness, the outdoors and more. Check out @TModded for regular updates!
This blog post may contain links to external websites or products. We encourage you to do your own research to make sure a company or product is right for you.