Is It Profitable to Open a Financial Service Business in Canada? In this PPT, we explore the profitability of starting a financial service business in Canada. We'll cover: 1. Overview of the Industry 📊: Insights into Canada's financial services sector. 2. Step-by-Step Guide 📝: From market research to launching your business. 3. Requirements 🎓: Necessary qualifications and licenses. 4. Cost vs Revenue 💸: Initial investments and potential earnings. 5. Pros and Cons ⚖️: Benefits and challenges of the business. 6. Top Expenses 💰: Major costs including office space, technology, and marketing. 7. Conclusion 🏁: Final thoughts on the profitability of this venture. Discover if starting a financial service business in Canada is right for you! 🚀 #FinancialServices #BusinessStartup #Entrepreneurship #Finance #Canada

1. Subscribe to my
YouTube
channel – Real
estate and Taxes
with Lakshay

2. Is it profitable to open a financial
services business (Accounting, Real
estate or Insurance)?
By Lakshay Gandhi
647-987-4025
support@accountingops.ca

3. Agenda
• Requirements to operate a successful financial
services business
• Steps to register a business in Canada
• Revenue vs Expenses
• Pros and cons
• Conclusion

4. Steps
• Pick a name (check if the domain name is available), logo
and color scheme
• Fiverr and UpWork offer these services at a very
affordable cost
• Create a detailed business plan (geographic location,
target audience, marketing strategy, finding a mentor)
• Decide if you want to operate as a Corporation or Sole
Proprietor
• $200 federal vs $360 provincial registration
• Liability/Errors and omissions insurance
• Can you operate this business from home or need an
office/co-working space?

5. Requirements
• Licenses and fees (every province has its own rules and certifications)
• LLQP insurance license takes 3 months
• Becoming a CPA requires educational qualifications and 30 months
work experience
• For a real estate salesperson license – 5 courses, 4 exams and 2
simulations need to be completed in a maximum of 24 months

6. Cost vs Revenue
$-
$100,000.00
$200,000.00
$300,000.00
$400,000.00
$500,000.00
$600,000.00
1 2 3 4
Income Growth
Insrance Agent's Income Accountant's Income Realtor Income
$-
$2,000.00
$4,000.00
$6,000.00
$8,000.00
$10,000.00
$12,000.00
$14,000.00
$16,000.00
Insrance Agent's Cost Accountant's License cost Realtor course cost
Cost of obtaining the license

7. Pros and Cons
• Pros
• No inventory, no demurrage, no theft
• Relying on skill/knowledge rather than product
• Entrepreneurial and dynamic work environment
• No waiting period for product to arrive from overseas
• Cons
• Low barriers to entry so highly competitive industry
• Licenses and certifications take a long time
• Long sales cycle
• Must have skill – Marketing
• Experience and connections determines the pay rate

8. Top expenses
Top expenses Accounting Real Estate Insurance
Office rent 25% 25% 25%
Payroll 30% 17% 15%
Advertising 25% 40% 35%
General and Office admin 20% 10% 15%
Vehicle and Fuel 8% 12%

9. Conclusion
Real estate comes in first
when it comes to revenue
And most expensive
Sales cycle for real estate business is
longest
Sales impacted by economy
Accounting business is cyclical and less risky
compared to other two (you can’t become a
millionaire)
Insurance business requires constantly onboarding
new clients
Minimum $200,000 income is needed to survive in
any of the 3 business categories
Marketing is a common
element that determines
the success
Social media management,
video/reels editor, Scheduling and
posting content consistently, SEO,
managing reviews etc

10. Any questions?
• Lakshay Gandhi
• 647-987-4025
• Support@accountingops.ca
• Subscribe to my YouTube
channel – Real estate and
Taxes with Lakshay

11. Marketing team is required for all 3
businesses
• Marketing team to manage
1. Social media
2. Schedule and post content consistently
3. Edit videos
4. SEO
5. Blogs
6. Manage google my business page