What you need to know before Starting your own Small Business

Too often, aspiring entrepreneurs launch their new business without having done the necessary research beforehand. This leads to many problems down the road, many of which could have easily been avoided with due diligence. Indeed, key statistics on small businesses are published frequently, by a variety of different organizations, including the Government of Canada. I would strongly encourage anyone who wants to start their own business, to read (in its entirety) Key Small Business Statistics — 2020 which provides helpful statistics on Small Businesses in Canada.

In this blog, I will provide you with important statistics (from the resource linked above), to help you make a more informed decision, should you choose to launch your own business.

Did you know that:

  • There are over 1 million small businesses in Canada? That’s a lot of competition. Make sure you research your competitors, and ensure that your business sticks out in some way, to give you that edge you need to succeed. You can search for all companies located across York Region via this link, to learn more about your competitors.
  • Only one third of Canadian small businesses survive after sixteen years? With each passing year, the likelihood that your small business will fail, continues to increase. Investments into research, and continuous innovation are hallmarks of resilient businesses, allowing them to stick out from the competition.
  • The United States is our main (external) customer? For businesses that sell internationally, the United States is by far the largest consumer of Canadian goods. Should you choose to sell to consumers in other countries, it is wise to educate yourself about any import and export fees, shipping costs, etc.
  • An especially large number of businesses closed their doors forever during the pandemic? These statistics are still being collected to determine the true impact of COVID-19 on businesses. Small businesses faced the largest challenges during the pandemic, due to reasons such as an inability to take on more debt, or to adopt proper technological solutions.

I want to say that it is not my intent to scare you off from starting your own business. Instead, I want to be your biggest cheerleader and supporter! I want your business to succeed! Being informed is one of the best ways for you to prepare yourself, so that you are able to become one of the few business owners that is able to face any challenge thrown in your direction.

Want further inspiration, so your small business can succeed? Then be sure to read the books below!

Starting a small business

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