Small Businesses in Canada are Growing: Take the Leap into Entrepreneurship!

Despite trends leaning towards an increase in self-employment over the next few years, the current state of the economy has some Canadians questioning whether it’s the smart financial choice for them. According to a new report from Paynet’s Canadian Small Business Lending Index, the potential for private business growth is positive, making self-employment a smart choice for those considering taking the leap.

Month-over-month, Paynet has indicated that private businesses have been increasing their levels of borrowing and investment. Conversely, the number of delinquent accounts has been decreasing year-over-year, indicating that Canadian private businesses are achieving success, and helping with economic growth and development. The most notable provinces include Alberta, Manitoba and Quebec, which have all seen significant year-over-year increases in borrowing and investment ranging from 10 to 12 percent. A recent Statistics Canada report also supports that small-business growth is occurring, as 22,000 Canadians joined the “self-employed” category on the Labour Force Study.

Knowledge Bureau offers a number of resources to those interested in making the transition from employee to self-employed. Developing your leadership skills and taking advantage of mentorship and networking opportunities will be key to your success. As will ensuring your individual and business financial affairs are in order and focused on tax-efficiency.

First, you’ll want to enroll in the Executive Business Builder Program, and learn how to build value, best practices and develop your personal leadership skills. Then, sign up to join other current and aspiring business leaders this November 10 and 11 for the Executive Business Builder Retreat. The speaker roster for this event includes some of Canada’s most influential business leaders, including Dan Collison, Alan Rowell and Dean Cockell, as well as Knowledge Bureau’s leadership coaches, Philippe Richer, Joanne Sigurdson, Jenifer Bartman and Evelyn Jacks.

This unique event is free to students enrolled in the program, but registration is open to anyone interested in attending. We’ll help you navigate through the unique challenges faced by small businesses in today’s economic climate. After taking advantage of these opportunities to enhance your leadership and small business education, you’ll feel more confident taking that leap!

Another live event you’ll want to ensure you mark your calendar for is the Fall CE Summits – taking place in four Canadian cities from November 2-7, 2018 – focusing on year-end planning for investors and small businesses.

Additional educational resources:

Planning to take care of your financial affairs in-house when you start your business? Learn how to effectively manage or oversee key tax and accounting functions with courses like: Tax Accounting for Proprietorships, Accounting for Business Growth and Transition, and Advanced Payroll for Small Business.

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