Resilient Growth: Canadian Entrepreneurs Thriving in Challenging Times
In an ever-evolving economic environment, Canadian entrepreneurs are demonstrating remarkable resilience and adaptability. According to a recent survey conducted by Ownr, a comprehensive management platform for small businesses, Canadian business owners are leveraging multiple income streams and investing strategically in marketing and sales to ensure their growth.
A Diverse Funding Approach
The survey reveals that a significant 86% of entrepreneurs in Canada finance their businesses using non-revenue related sources such as personal income, savings, and loans. This diverse approach toward funding is indicative of the entrepreneurial spirit and the drive to succeed regardless of financial challenges.
Interestingly, over half of the participants reported having two or three income sources:
- 20% are maintaining full-time jobs
- 18% are engaged in part-time employment
- 20% are relying on personal investments
As Jordan Casey, CEO of Ownr, points out, “The current macroeconomic environment presents numerous challenges, yet the unwavering determination of Canadian entrepreneurs to diversify their funding streams reflects their resilience and dedication to business growth.”
Customer-Centric Growth Strategies
Beyond creative funding strategies, entrepreneurs are also prioritizing customer attraction and retention. Recognizing the need to differentiate among discretionary spenders, nearly half of the survey respondents are focusing on:
- Exploring new products, services, and markets (43%)
- Strengthening existing customer relationships (41%)
- Investing in marketing and sales (35%)
Looking toward the future, 41% of entrepreneurs aim to boost their investment in marketing and sales. This includes efforts to upskill within this domain, suggesting a proactive approach to ensuring long-term success.
The Challenges of Solopreneurship
While entrepreneurship breeds resilience, solopreneurs, who account for nearly half of the survey respondents, encounter unique challenges. With limited time and resources, these solo business operators often struggle to formulate long-term plans and keep pace with market changes.
- 38% of solopreneurs haven’t created a formal business plan compared to 26% of all surveyed entrepreneurs.
- Only 39% feel confident in understanding the impact of interest rates and macroeconomic trends on their business, as opposed to 50% of overall entrepreneurs surveyed.
While the path can be challenging, Casey emphasizes the importance of a formal business plan, which provides a framework to navigate uncertainties and seize opportunities. Those with a business plan are nearly 70% more optimistic about growth prospects compared to 48% without one.
Tools for Success: Ownr’s Blueprint
To support Canadian entrepreneurs, Ownr offers Blueprint, a step-by-step online business planning tool. Tailored for time-strapped entrepreneurs, it simplifies the planning process with sections on financial planning, cost management, sales forecasting, and funding allocation.
As Casey notes, “In light of economic challenges from the pandemic, inflation, and tariffs, entrepreneurs have shown incredible resilience. With Ownr’s support, Canada’s business backbone can efficiently bring products and services to market, ensuring both local and global customer satisfaction.”
About the Survey
This survey, conducted by RBCx and disseminated by Cint and Ownr between January 22 and February 11, 2025, captures responses from 1,004 Canadian business owners aged 18 and over. While it is a non-probability survey without an exact margin of error, a similar probability sample would have a ± 3% margin of error at a 95% confidence level.
About RBC and Ownr
Royal Bank of Canada (RBC) is a global financial titan committed to driving exceptional performance and supporting clients and communities across 27 countries. Find more at RBC.com. RBCx, the technology-driven arm of RBC, empowers innovation and entrepreneurship in Canada. Learn more at RBCx.com.
Ownr, a venture of RBCx, aims to simplify owning and managing a business in Canada. Join over 200,000 Canadians in realizing business dreams with Ownr’s comprehensive platform. Discover more at Ownr.co.
Source: https://finance.yahoo.com/news/going-growth-entrepreneurs-canada-doubled-100100641.html