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.
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.
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 insurance policy 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 the Canadian economy.
As recently as 2018, the Canadian economy included 1.18 million businesses. Do you know how many of those were classified as small businesses? Nearly 98%. That’s almost 1.15 million. Small businesses!