One in 10 Canadians wish they worked for a small- or medium-sized business.
Okay, so that number hasn’t been verified, but it is true that nine out of 10 Canadians in the private sector do work for a small- to medium-sized business. Think about that for a moment. It’s truly incredible the impact that small businesses have on our economy.
Do yourself a service.
As recently as 2015, 78.5 percent of all employer businesses in Canada were service-oriented businesses compared to 21.5 percent that produced goods. If you have a unique skill, consider putting it to work. Perhaps something that starts as a side hustle may one day become the next big small business in Canada.
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. With the right planning, protection and perseverance, your business could be a part of this amazing statistic.
Entrepreneurship is no good-old boys club.
Nearly 85% of Canadian women say they’re interested in starting a business. In fact, about 37 percent of all self-employed Canadians are women, and these female entrepreneurs tend to be younger and more highly educated than their male counterparts. Business ownership is an equal opportunity dream.
Ontario is big on small businesses.
The largest concentration of Canadian small businesses is in Ontario. It’s home to 415,801 small businesses, or 36 percent of the market.
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.
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. Do your homework, make a plan and make sure you’ve got the right insurance to cover you now and in the future.
How small are most small businesses in Canada?
According to 2016 Canadian government statistics, 54.1 percent of the 1,167,978 active private employers are made up of companies with only one to four employees. If you include those businesses that employ five to 19 employees, that equals a staggering 86.2 percent of Canadian businesses. So if you’re thinking of starting a business, you’re in good company.
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. While the odds are long, the benefits of owning and operating a business are numerous. So what do these numbers teach us? You can fail 85,000 times, but it could be your next attempt that helps your business break through. If you have a dream, don’t give up.