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Is Small Business Really the Backbone of Canada’s Economy?

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First things first, let’s define what “small” really means in small business. Industry Canada defines business sizes as:1 to 4 employees: Micro-enterprise5 to 100: Small business101 to 499: Medium-sized business500-plus: Large business Ninety-eight percent of businesses in Canada employ 1 to 99 people. The 2012 stats reported that there were just over 1.08 million small businesses in Canada (excluding self-employed entrepreneurs) that employed over 7.7 million people or 69.7% of the total private labour force. Almost 78% of all private jobs created between 2002 and 2012 were by small businesses; that’s a little over 100,000 jobs. So yes, small businesses are essential to Canada’s economy!

How do you start a small business?

An idea, service or product is the first step in starting a successful small business. Then you need to do your research! 

  • Who is your target market?
  • Who is your competition?
  • Location is important.
  • How will you market it?
  • Financials: cost of start-up projecting 5 years
  • Make a business plan!

Understanding the World of Business

A small business owner needs to be multi-skilled and, if not experienced in business, must understand the basics of business. Success does not usually happen overnight. Becoming an entrepreneur requires skills in: finance, marketing, advertising, public relations, human resources, management, leadership and risk.If you`re thinking of starting your own business, check out the diploma in Business Administration offered at ABM College!

Business Administration CTA.

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