A survey of Canadian business owners uncovers how entrepreneurs are moving from survival to revival, including the strategies they plan to implement to drive revenue and how COVID-19 has impacted their views of entrepreneurship.
TORONTO, 17 August -Canada's most trusted platform for legal and business formation, Ownr, has released new data showing how entrepreneurs are positioning themselves to help the economy recover. The data reveals that while many entrepreneurs are excited about their future, further lockdowns and a lack of funding are placing pressure on their ability to plan and grow their businesses.
Key survey highlights include:
The Great Resignation may be the catalyst for new business creation
Many businesses have struggled to keep their culture alive and to retain their staff during the COVID-19 crisis. A majority (54.6 percent) of entrepreneurs surveyed worked in corporate jobs before starting their own businesses. This is a positive shift that has led to an increase in the acceptance of entrepreneurship and its potential for earning income.
"Entrepreneurs are some of the most resilient members in our business community. They are what we aspire too," Shadi McIsaac is the CEO and co-founder of Ownr. "As we look towards economic recovery, it's clear that Canadian entrepreneurs are still uncertain about the future and they might need some continued assistance to keep their businesses afloat during this challenging time."
The number of storefronts is shrinking
Many businesses started online amid nationwide lockdowns. Small-business owners focused on building their digital presence and investing in new technologies. Three out of four entrepreneurs (76.7%) said their business has an online presence, while 30.3 percent reported that they operate exclusively online. Half of entrepreneurs (56.4%) said they do not plan on opening a physical shop in the near-term. This highlights the potential danger in the revival and expansion of traditional retail locations that are vital to our communities.
"Ownr data has provided remarkable insights into how the pandemic has influenced the perception of future opportunities and hurdles among entrepreneurs," said Shane Murphy, Chief Operating Officer of Ownr. "This survey confirms what we believe to be their top concerns when we support entrepreneurs throughout their business growth, from the beginning stages of their ownership through to their later years."
Additional survey highlights include:
About The Owner
Ownr makes it easier and cheaper for businesses to launch and succeed. We understand that running a business requires a lot of work. By simplifying and automating business formation and everyday legal work, we help small businesses thrive. Over 45,000 Canadians have used Ownr to help them achieve their goals since 2017. RBC Ventures Inc. manages Ownr, a subsidiary of Royal Bank of Canada. Visit www.ownr.co/ for more information.
Methodology: This survey was conducted between July 5 and 16, 2021. It captures responses from 806 users of Ownr to their business needs. Each participant is either an existing entrepreneur, or they are planning to start their own business soon. The results of this report have an estimated three per cent margin of error.
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