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Small Business Statistics on Starting a Business in Canada
Canadian Small Business Statistics

By Susan Ward, About.com Guide

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I've put together these Canadian small business statistics from various sources to answer people's common questions about small businesses in Canada. You can use them for market research or reports if you like, as long as you properly cite the sources.

These are the freshest Canadian small business statistics as far as I know. If you find others on these topics that are newer and freely accessible, do let me know.

Statistics on Starting a Business in Canada

"Top 10 tips on how to successfully start your own business", Special Report, RBC Financial Group, October 16, 2007.

These are some of the findings of an RBC poll conducted by Ipsos Reid between July 27 and August 3, 2007.

The top ten pieces of advice existing entrepreneurs have for people hoping to start up a business, according to a survey by RBC Financial Group which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs:

Know your competition (51 percent)
Develop a business plan (50 percent)
Research the market (49 percent)
Network, develop alliances (45 percent)
Take time for marketing (38 percent)
Seek out mentors (35 percent)
Spend time defining the needs your business will meet (35 percent)
Survey potential customers (34 percent)
Do homework about where to locate your business (34 percent)
Join clubs/associations (32 percent)

"The key piece of advice from Canada's veteran entrepreneurs is 'do your homework' before you open up your new business," said Rina Pillitteri, director, Small Business Client Strategy for RBC. "When successful small business owners look back on what helped them get off the ground, it's the fact that they knew what they were facing - they researched who their competition was, they understood what gaps they could fill in the marketplace, and they delved into the likes and dislikes of their potential customers. They also networked to find out as much as they could from other entrepreneurs."

"RBC's 2007 Small Business Survey also reports a majority (61 per cent) of Canada's small business owners appear to be satisfied with the way they started their businesses - if they had it all to do over again, they would not change a thing. Of the 39 percent who said they would do things differently, 61 percent would start at a younger age and 58 percent would get more financial advice."

"Almost 900,000 Canadians hope to be their own boss by next year", Special Report, RBC Financial Group, September 28, 2007.

The RBC poll was conducted by Ipsos Reid between July 27 and August 3, 2007.
Note: This survey also includes Canadian small business statistics on aspiring entrepreneurs by province and a comparison of statistics from 2005 to 2007.

"Some 3.3 million Canadians, representing all walks of life, plan to start a business within the next five years, and approximately 900,000 are looking to be their own boss by the end of 2008. This is according to RBC's annual small business survey, which compared the responses of aspiring entrepreneurs with those of entrepreneurs already running their own businesses."

"According to the RBC survey, people thinking of starting their own businesses are also changing their preferred industry focus. Of the top three industries targeted by would-be entrepreneurs in 2005, personal services/arts/crafts has now dropped from 17 percent to 15 percent; retail is down from 13 percent to 11 percent; and business services/communications/management consultant has fallen from 11 percent to 8 percent. Meanwhile Internet/online services (a new aspiring entrepreneurs category in this year's survey) was cited as industry of choice by 12 percent of Canadians planning to establish their own enterprise."