A significant number of Canadians have started or are considering starting their own business in 2024: RBC Poll
-- 51% of Canadians are aspiring entrepreneurs - up five percentage points
over 2023
-- More Canadian small business owners and aspiring entrepreneurs cite
meaningful work (93%) over making more money (87%) as a motivation for
owning their own business.
TORONTO, Sept. 18, 2024 /CNW/ - The annual RBC Small Business Poll reveals that the proportion of Canadians considering starting their own business rose to 51% this year, marking a five percentage point increase from 2023 - and an encouraging rebound following a previous two-year decline.
"Historically, we've observed strong interest across Canada in starting and owning businesses, and it's promising to see that a significant number of Canadians in 2024 are aspiring entrepreneurs," says Don Ludlow, vice president of Small Business, Partnerships and Strategy, Royal Bank of Canada. "As our economy evolves, we are seeing a growing number of Canadians seriously considering entrepreneurship as they recognize there are more diverse pathways than before to make the jump. Our survey shows that many are eying opportunities to gradually transition to entrepreneurship, and they need continued support to turn their ideas into reality and to build the next generation of businesses."
According to the RBC Poll, most (72%) aspiring entrepreneurs are already exploring different tracks to gradually transition to business ownership, including:
Current Pursuits of Aspiring Entrepreneurs
Finding ways to make money from a passion project or hobby 31 %
Exploring ways to make money outside of, and in addition to my regular job, 28 %
but have not yet started
Taking on side jobs in addition to having a full-time job to earn extra cash 19 %
when needed
Exploring ways to transition from full-time work to contract or freelance work, 13 %
but have not made the transition yet
Having a business idea that's being tested independent from current 8 %
employment
Purpose over profit: the search for meaningful work driving small business aspirations
Findings from the RBC poll also revealed that, in recent years, Canadians have placed more emphasis on pursuing their passions, particularly as traditional job security weakens and many are prioritizing flexibility in their work-life balance.
Compared to 2019, Canadians are less likely to say 'making more money' is a motivation for owning their own business, with this number falling three percentage points from 90% to 87%. Rather, small business owners and aspiring entrepreneurs cited meaningful work (93%) over making more money (87%) as their main motivation.
The poll highlights that a substantial proportion of small business owners launched their ventures to achieve more flexibility, with 46% stating they wanted to spend more time at home with their children, and 40% aiming to care for aging parents. Aspiring entrepreneurs reported similar motivations, with Gen Z and Millennials particularly interested in the greater autonomy and sense of purpose offered by entrepreneurship.
Key Motivations for Aspiring Entrepreneurs
Gen Pop Gen Z Millennial Gen X Boomer
Strongly Strongly/ Strongly Strongly/ Strongly Strongly/ Strongly Strongly/ Strongly Strongly/
agree somewhat agree somewhat agree somewhat agree somewhat agree somewhat
agree agree agree agree agree
Do more meaningful work 44 % 93 % 60 % 94 % 46 % 95 % 40 % 92 % 29 % 92 %
that aligns with my personal
values
Make more money 43 % 89 % 56 % 88 % 45 % 91 % 45 % 91 % 23 % 91 %
Helping entrepreneurs start, manage, and grow their business
There are many facets to successfully starting, managing and growing a small business, beyond financial planning. As an organization deeply rooted in supporting and empowering small businesses, RBC has made it easier for Canadian entrepreneurs to navigate every stage of their business growth with unique solutions that go beyond traditional banking products and advice. Solutions offered by RBC and its collaborative partners include:
-- Ownr®: For entrepreneurs in Ontario, Quebec, Alberta and British
Columbia, this is a quick and affordable way to register and incorporate
their business online, while automating important legal and compliance
filings.
-- Moneris***: Whether you're in-store, online, or both, Moneris has you
covered with a full suite of unified payment solutions, 24/7 support,
and on-site field services. As an RBC merchant, you can get access to
your money the next day, every day at no extra cost.
-- RBC Insight Edge(TM) for Small Business: A dashboard solution that
offers subscribed retail businesses with real-time data insights around
customer trends, competitive benchmarks and market intelligence to
support business decisions.
-- Xero***: Xero offers online accounting software that helps RBC clients
run their small business, with features like invoicing, bill payments,
payroll, and bank reconciliation. To make accounting even easier,
business owners can sync Xero with their bank, automate tasks,
collaborate in real time, and connect it to other apps they use.
-- Futurpreneur***: For entrepreneurs aged 18-39 who want access to
business resources, financing and mentoring. Futurpreneur Canada
supports young entrepreneurs with an expert business mentor for up to
two years and resources to help plan, launch, manage and grow their
business.
-- Sherweb***: A leader in cloud solutions and part of the RBC Go
Digital(TM) program, Sherweb offers RBC business clients exclusive
advice and solutions to support their adoption of cloud-based
innovations and technologies to improve productivity, security and
digital transformation.
-- The Founder's Journey Online Course: This free virtual course - offered
by Western University's Morrissette Institute for Entrepreneurship, RBC
Future Launch® and The Globe and Mail***, guides participants through
the journey of successfully starting and growing a new venture.
Entrepreneurs can access these, and many other solutions and business advice online through at www.rbc.com/startingabusiness.
About the survey
The RBC Small Business Poll was conducted by Ipsos Canada from June 21 to 25 2024. A total of 2001 surveys were self-completed online by Canadian adults (Age 18+), 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 ±3 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 100,000+ 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 more than 18 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/peopleandplanet.
SOURCE RBC Royal Bank
