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Toronto, February 22, 2024 /PRNewswire/ — Venture Forward, GoDaddy’s annual international research initiative, has released its first report revealing: Canada’s Landscape of small and medium enterprises. Based on data collected from more than 770,000 Canadian small businesses, this groundbreaking report provides detailed insight into the opportunities and challenges facing this important sector of the economy.
The findings released today show that the small business (0-9 employees) ecosystem is thriving. Canada, The proliferation of online tools and services has made it easier than ever to obtain the start-up capital and educational background needed to start a business. According to GoDaddy data, 58% of online small businesses are launched with: $5,000 While Canadian dollars are used for initial capital, only 38% of business owners report having a university degree, indicating that an entrepreneur’s level of education influences their success and satisfaction. It shows that it is not.
Unleashing the economic potential of small businesses
The study also highlights the greater return on investment for small businesses.More than half of small businesses have excess profits $2,500 with monthly income. Additionally, one in four Canadian entrepreneurs now own more than one business, highlighting the importance of small businesses to the national economy.
weather economic headwinds
However, the broader economic climate is not without its challenges, with just 27% of small business owners expressing confidence in the domestic economy over the next six months. Cost increases in energy (36%), administration (35%), raw materials (34%), and transportation costs (31%) are all reported to have impacted their respective revenues over the past year.
These challenges contribute to increasing stress levels for small business owners. Surprisingly, 44% report experiencing high to maximum levels of stress, anxiety, or burnout, with financial insecurity (50%) being the most important factor, and work-life balance (40%) followed by customer issues (21%). their stress level.
Optimism and Growth: The Future of Canada’s Small Businesses
Despite this, Canadian small business owners remain optimistic about the future. An overwhelming 70% are optimistic about the outlook for their business, and almost everyone (94%) is confident in their ability to run their business.
Additionally, more than a third (35%) plan to hire additional employees in the next 12 months, demonstrating a commitment to growth and expansion.This emphasizes the importance of nurturing Canada’s small business community because the prosperity of these businesses contributes to the prosperity of the entire community.
young lee, Canadian market leader comment: “GoDaddy’s Venture Forward data is unique in its ability to capture and analyze small businesses, demonstrating their significant economic contribution to Canadian life, even as economic headwinds continue. Regardless, our data shows that small businesses are performing well. Canada Resilient and thriving. While there is much to be optimistic about, business owners continue to face challenges, particularly rising costs.
“GoDaddy is determined to support and empower Canadian entrepreneurs by providing affordable and easy-to-use tools to help small businesses get online and grow.”
Note to editor
About Venture Forward
Venture Forward is a multi-year research initiative conducted by GoDaddy that analyzes data from more than 770,000 Canadian small businesses to quantify the impact small businesses have on the Canadian economy and their communities. This analysis is complemented by a survey of 4,883 Canadian small business owners conducted in November 2023.
About Go Daddy
GoDaddy helps millions of entrepreneurs around the world start, grow, and scale their businesses. People come to GoDaddy to name their ideas, build professional websites, attract customers, sell products and services, and accept payments online and in person. GoDaddy’s easy-to-use tools help small business owners manage everything in her one place, and expert guides provide her 24/7 support. For more information about the company, please visit www.GoDaddy.com.
Source: GoDaddy
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