Published: October 22nd, 2019; By: Judi Hughes
Through experience, we know being in business is not always all it’s cracked up to be. It’s hard to get clients. You have people to manage and money to control. As your business grows it becomes even more complex. There never seem to be enough hours in the day and you really are on your own to make all the big decisions.
Despite these drawbacks, every year thousands of people rely on their own skills and expertise to start their own business.
We’ve always claimed that small business is the backbone of the Canadian economy. We decided to validate that proclamation. So, we turned to the Government of Canada ‘Key Small Business Statistics – January 2019’ for some proof and inspiration.
Some facts about small business in Canada
- On average 95,000 new businesses are created every year. This was the average between 2010 and 2015.
- In 2017, there were 1.18 million businesses with employees.Of these, 1.15 million (97.9%) were small businesses.
- In 2017, small business employed 8.29 million people. That’s 69.7 % of the total private sector work force.
- Between 2013 and 2017, small businesses were responsible for most of the net employment growth (67.5%) the total increase was approximately 640,000 jobs.
- 73% of businesses employ 1 to 9 employees
What do these numbers tell us?
Well for one thing, small business is the single largest employer in Canada. And, we know those 8.29 million people earn an income and buy “stuff”. We also know those 1.15 million small businesses out-source projects, pay rent, own property, buy technology and generally spend their money.
So now we can state unequivocally that small business in Canada is the backbone of the Canadian Economy.
Small Business Week is about highlighting the importance of entrepreneurs and small business owners. It is a week celebrating and acknowledging the accomplishments and contributions small business makes to the success and the culture of this country.
We need to celebrate and support Canadian small business all the time. However, this week especially, we encourage you to make the time to celebrate your accomplishments and acknowledge the accomplishments of other small business owners who impact your life and business.
We’ve been in business for over 35 years. During that time, we’ve built, bought, grown and sold several successful businesses.
We’re proof that being in your own business can be fulfilling and financially rewarding. Our businesses have provided us with a really good life. We’ve owned homes and cars, cottaged in the summer, helped our children through University, traveled and given back to our community.
Your business is worth celebrating!