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A new survey reveals that one in four Canadians started a small business during the pandemic – a time during which downshifts were expected due to financial and economic concerns.
According to a study conducted by Intuit QuickBooks, 24% of small business owners launched a business within the last two years, despite inflation, disruption to the supply chain and other economic burdens. Of the estimated 2.2 million Canadian entrepreneurs, over half are likely to have more than one business on the go.
Here are some other highlights from the survey:
Running more than one business isn’t just financially motivated. While 57% of those who own multiple businesses surveyed said that multiple streams of income were a driver, 46% said having an interest in various industries was also a factor. Just over a third said that they were in it for the challenge.
“Early Starts” are more likely to embrace technology. The survey cited that 69% of Early Starts – that is, those who started their business in the last two years – use social media to drive growth. This is versus 51% of Established Owners – entrepreneurs who started their business over two years ago. Almost one quarter (24%) of Early Starts said they use TikTok, compared to just 9% of Established Owners.
Inflation is the top – but not the only – concern for small business owners. Half of those surveyed agreed that inflation is a major concern. Second on the list at 37% was time management and working long hours. At the bottom of the list with 32% was hiring good talent.
Despite concerns, optimism remains. Regardless of challenges, a whopping 75% of respondents said they would never quit entrepreneurship and go back to a traditional job. Nine in ten respondents said they feel hopeful about their business’s success in the future.
If you’re starting a food business, CIFS is here to help ensure your business and your customers are protected from food safety incidents. Visit our blog on How to Open a Food Business in Canada for useful tips and critical information, including legal and compliance considerations.
