Poll Results: Are Canadians Looking to Start Their Own Businesses?

Are more Canadians today looking at starting their own businesses? The answer is yes, according to 65% of the tax and financial advisors who answered last month’s poll question, even despite the economic uncertainty that surrounds small businesses today. However, many comments point to small business ownership being a side gig for those who need to supplement their income due to increased costs of living. Check out all the insightful comments below:

“Yes.  As tax and business consultant, I am receiving more request from Canadians who already have a full-time job, to want to supplement their income with their own business.    Usually it is in the same area of expertise that they are currently working in.  The idea that I am hearing is that those clients eventually want to go on their own, without having an employer to contend with, and of course want to have more liberty and pursue opportunities that better suit their wants and needs.

On another note:  many clients also want to start their own business to supplement their current employment income which no longer is capable to provide them with the lifestyle they were accustomed to prior to the significant increases in the cost of living we are currently witnessing.    Starting their own business (most want a home-based business) can help alleviate the current financial stress they are experiencing these days and can be a doorway to better living.” - Gaetan Ladouceur

‘I think that more people are looking to supplement their incomes due to the higher living costs. - Tammy Machan

“I think that more Canadians are thinking about starting their own business because there is an issue securing regular employment.  If one cannot find a job, then try to create one.  Also, younger adults are rejecting the traditional format of work weeks and hours, etc., and believe they can better manage home/ work responsibilities if they are the boss.  Sadly, a lot of these folks do not have the expertise to run a company and may run into difficulties. That’s where I come in :)” - Robert

“Been there done that, had several business in different sectors. It’s not what people think. It’s hard work. It’s your money you need to spend and if you do not work you do not get paid. Lots of people want to do it. There are few who will be successful. Yes, everyone is thinking about starting their own business.” - Pat Cappelli

“I think that the next 4 years will bring times of uncertainty. We cannot help but be affected by the political uncertainty in the USA. I am determined to “wait and see” how the small business sector responds.” - Sandra Gibbs

“Yes, 100% so many clients and people within my circle, will say: I have been thinking about opening a business do you have a few minutes to talk about this? As a tax specialists, I have this opportunity to help new business owners from the very start with the best tax direction, what accounts are required with CRA, a budget, business name and registration, organization, and paperwork mountain that they will soon encounter. I spend a great deal of my time on how can I help the small business owner, they all have patterns of behavior so it is an opportunity to help find solutions to patterns, so they are less stressed, more successful and this builds community strength. Small businesses offer a service, and a need in our community, and this is the big picture of how we all benefit from the success of our small business owners.” - Ann Laurin

“Being interested in starting THE business is different from actually doing that. The cost of establishing and marketing is high and if you add to this the legal bureaucracy and cost of running it the realty looks blurry.” - krystyna

“I am in the minority here. I absolutely disagree. I feel the general consensus is that entrepreneurs work too hard for too little with the added bonus of having to deal with CRA. I am a serial entrepreneur and my children will never work for themselves. It is true that many are seeking a side hustle or ways to make a little extra money to keep up with inflation, but there has got to be a bit more before this is a business.” - Holly Atwood