Reduce your Business Insurance Cost Blog
Every home-based business should be insured.
Many Canadians operate businesses out of their homes. Does that describe your business? Did you know that running a home-based business has an effect on your home insurance? If clients or even employees are coming into your home for business purposes, your basic home insurancepolicy may not protect you in the event of an accident.
Would you bet on 50-50 odds?
In business, you win some and you lose some. The key is to keep betting on yourself. For Canadians, these bets are really paying off. On average, 47.8 percent of small- and medium-sized goods-producing businesses and 42.9 percent of service businesses survived 10 years.
Small Businesses Have a Large Impact on Canadians.
Small Business economic impact
Nearly 98% of Canadian businesses are small businesses, accounting for over two-thirds of employment in Canada in all industrial sector categories. These statistics indicate that small businesses have a significant impact on the Canadian Economy. From 2002 to 2018, research shows that the number of small companies grew rapidly from 100,000 to 1.15 million.
Small businesses rule.
As of our latest data from 2017, small businesses employed 8.3 million individuals in Canada. That’s 69.7 percent of the total private labour force! These businesses may be small, but collectively they have a huge impact on our national economy.
When it comes to creating a business, perseverance is the key.
Between 2010 and 2015, about 95,000 small- and medium-sized businesses were created each year across Canada. During that same period, an average of 85,000 businesses closed their doors.
How small are most small businesses in Canada nowadays?
Canada is dotted with small businesses varying from real estate companies to fitness and leisure sports companies as some of Canada's topmost money-racking small businesses. This country, in particular, views small businesses as companies that have workers not exceeding 100 on the payroll. These are essentially small business ventures owned by striving individuals whose yearly earnings show little income compared to a regular business venture. Bloggers and cab drivers also fall as part of small business owners.
Want to start a business? It’s not hard.
According to a 2019 World Bank report, Canada is the third easiest country in the world to start a business in. So if you have an idea for a company, you’re in the right place! Of course, just because it’s easy to get started doesn’t mean it’s easy to sustain a business.