In honour of small business weeks happening across Canada, here are some interesting statistics on small business owners. The source is Intuit Canada, they make the software Quick Books.
These stats clearly outline why it is ESSENTIAL to support LOCAL small businesses in your community. Start the trend to look locally for professionals rather than sending your money to outside your area – remember small businesses pay taxes – that keeps the public’s taxes down. Please support LOCAL.
Intuit Canada small business survey (The $5000 Question) Oct 2012: (owns Quick books) blog.intuit.ca/5000-question
- More than ½ Canadian SBus started with less than $5000
- There are more than 2.4 million Canadian small businesses
- 98% of all business in Canada is small business
- SBusiness employed over 5.1 million – 48% of the labour force
- SBus created 20,000 jobs last year
- 85% of startups survive the 1st year, 70% 2nd, 51% five, 16% 15years
- Risky financial decisions were: 15% maxed out CCards, 18% drained savings, 19% took out 2nd line of Credit
- 57% of small business owners report that it took one year to get their business going
- Top advice from SBus 17% said watch their $$, 15% said find a mentor, 14% make a B Plan, 11% get advise from professionals
- Biggest obstacles to taking their business to next level: 36% financially could not promote their business, 19% could not find additional funding, 16% could not stay motivated