This article was last updated on April 16, 2022
Canada: 
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One-third (32 per cent) of Canadians who don’t own a business like the idea of being their own boss and one-fifth (20 per cent) are thinking about starting up their own business within the next five years, according to the most recent RBC Canadian Consumer Outlook. “Considering 12 per cent of Canadians are currently self-employed, seeing another 20 per cent interested in being their own boss is indeed significant,” said Mike Michell, national director, Small Business, RBC. “Getting a business started can be challenging: you have to have passion for what you’re doing, seek out good advice and be prepared with a well-developed business plan.”
Who are Canada’s aspiring entrepreneurs?
The survey reveals these aspiring entrepreneurs are more likely to be younger Canadians, male, and hold university degrees.
Although not a large gap between the percentage of men and women who want to pursue entrepreneurship, more men (22 per cent) said they were thinking about starting their own business in the next five years than women (18 per cent).
Among university grads, 25 per cent said they were thinking about entrepreneurship in the next five years compared to 23 per cent of post secondary grads, 16 per cent of high school grads; and 13 per cent of those with no high school diploma.
Top business-building tips, according to Canadian business owners:
- Focus more time on networking – develop alliances, join industry associations, attend as many events and seminars as possible.
- Aggressively solicit clients – spend more time marketing your business. Understand the clients’ needs and how your business will meet those needs.
- Seek as much help or advice as possible – find a mentor or look to other business owners to draw on their experience.
- Develop a comprehensive business plan and review it regularly, especially in growth phases.
- Obtain financial advice early in your planning to secure financing in advance.
- Know your competition well and research the market.
Small businesses in Canada want flexible banking choices, convenient payment options and simple ways to manage their cash flow. Whether they are starting a business, managing growth, or succession planning, the RBC Advice Centre can help answer their questions. Free interactive tools and calculators provide customized information covering many facets of business finance and online advice videos are updated regularly to answer questions that are top of mind with small business owners.
With the guidance of RBC business advisors, small business owners have access to free, no obligation professional advice about RBC products and services.
For more assistance, please visit www.rbcadvicecentre.com
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