Nearly a quarter of small business owners polled started
their business during the pandemic
TORONTO, June 22, 2021 /CNW/ - The COVID-19 pandemic has
taken a toll on many Canadian small businesses over the last year.
Yet, many entrepreneurs among them also managed to find new
opportunities in the face of adversity. Despite the pandemic's
impact on the economy, Canadians' business aspirations have hit a
four-year high, according to the most recent RBC Small Business
Poll, with more than half (55%) of Canadians polled saying they
have thought about owning a business. Moreover, among the business
owners who were polled, nearly a quarter (24%) said they started
their business during the pandemic.
"Canadian entrepreneurs have faced a myriad of challenges over
the last 15 months, and it's made for some devastating headlines.
But we're also hearing countless stories of entrepreneurs who are
finding ways to turn these challenges into new opportunities for
growth and change," says Don Ludlow,
Vice-President of Small Business, Partnerships & Strategy, RBC.
"The entrepreneurial spirit is stronger than ever and business
ownership is increasingly being seen as a viable career path for
many Canadians in light of the opportunities created by the
pandemic. As the economy re-opens, their success will be critical
in driving job creation and employment, and accelerating our
economic recovery and growth."
Regionally, entrepreneurial aspirations were highest in
Ontario (63%), Alberta (62%) and British Columbia (59%).
|
Average
|
BC
|
Alberta
|
M/S
|
Ontario
|
Quebec
|
Atlantic
|
Those who thought of
owning
a business
|
55%
|
59%
|
62%
|
53%
|
63%
|
40%
|
53%
|
The pandemic has
created
new opportunities for small
businesses
|
58%
|
57%
|
52%
|
57%
|
57%
|
61%
|
66%
|
Source: 2021 RBC
Small Business Poll, Ipsos Canada, April 16-19, 2021
|
Cautiously optimistic outlook on
entrepreneurship
Seven-in-ten (69%) aspiring entrepreneurs –
those who have thought about owning a business but have yet to own
one – perceive business ownership as an option that offers more
control over their career than traditional employment. Perhaps it
is this sense of control that has led four-in-ten (41%) aspiring
entrepreneurs to say the pandemic has made them more likely to want
to start a business.
Even as the challenges surrounding the COVID-19 pandemic
continue, Canadians overall remain hopeful about the prospect of
entrepreneurship, with more than half (58%) polled agreeing that
COVID-19 has created new opportunities for small businesses. This
could be attributed to the fact that one-third of Canadians (33%)
surveyed witnessed new businesses starting up during the pandemic,
particularly among millennials (48%) and Gen Z (53%).
Support for small businesses continues to grow
Public
support for small business has grown stronger compared to last year
with 84 per cent of respondents saying that they are choosing to
buy from small businesses in their community whether in person or
online. This support is especially strong in Atlantic Canada with 90 per cent of
respondents.
This support has been critical to help keep businesses afloat
during the most challenging phases of this prolonged pandemic, and
will continue to be a significant lifeline for businesses as the
economy begins reopening across the country.
Helping entrepreneurs start, manage and grow their
business
For aspiring entrepreneurs looking to start their
business and Canadian business owners looking to recover and grow,
RBC offers several solutions that go beyond traditional banking to
help entrepreneurs save time and money as they manage their
day-to-day business operations. These include:
- Ownr, a quick and affordable way to register,
incorporate and manage your business online;
- A selection of business accounts that can be opened through a
simple, online and virtual advisor-assisted process – even for
businesses with multiple owners;
- RBC Insight Edge™ for Small Business – winner of
Aite Group's 2020 Innovation Impact Award,
this dashboard solution offers subscribed retail businesses
with real-time data insights around customer trends, competitive
benchmarks and market intelligence to support business
decisions;
A simple, integrated e-Commerce and payment solution through our
exclusive Moneris + Bookmark offering to start and grow your online
business; and
- Digitally-enabled third-party solutions such as:
-
- Magnet to effectively attract and hire young talent to
meet your business needs;
- ADP to simplify your payroll and human resources
management;
- GrantMatch to explore government funding opportunities
based on your company's profile and needs; and
- Wello to provide your employees with virtual health and
wellness resources to support intermittent, urgent and mental
health care needs.
Entrepreneurs can access these solutions and business advice on
the RBC Small Business Navigator hub online
at www.rbc.com/navigator.
About the Survey
The RBC Small Business Poll was
conducted by Ipsos Canada from April 16-19,
2021. More than 2,000 surveys were completed online by
Canadian adults, represented in six different regions (British Columbia, Alberta, Saskatchewan/Manitoba, Ontario, Quebec and Atlantic
Canada). Representative sample results are weighted to
reflect the Canadian population. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ± 2.5 percentage points had all Canadian
adults been polled. The credibility interval will be wider among
subsets of the population represented. All sample surveys and polls
may be subject to other sources of error, including, but not
limited to, coverage error, and measurement error.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 86,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank