Starting and owning a small business appears to be the aspiration of many Canadians, according to the findings of a poll conducted for the Royal Bank of Canada (RBC).
Over the next several years, some 3.3 million Canadians intend to start their own business. Moreover, the survey found that there appears to be a change in preferred industry focus of would-be entrepreneurs. The desire to open a retail business dropped by 2 per cent from previous surveys; personal services and arts also dropped by 2 percent; and business services/consultancies dropped by 3 percent. The top industries of choice appear to be Internet related businesses. Nearly 12 percent of those interviewed plan to establish an online enterprise.
The RBC survey also rated advice by veteran entrepreneurs for newcomers to the business world. The top piece of advice was to do thorough research before setting up shop. Know exactly what you're getting into. Learn about your competition and be realistic about what share of the market you can capture.
Other pieces of popular advice of what to do before opening a new business included preparing a detailed business plan, networking with others in the field, allocating time and resources for marketing, surveying potential customers, and selecting the best site for the new enterprise.
The survey revealed that 61 percent of Canadian business owners are satisfied with the way they opened their business and would not change a thing, if they had to start over. More than 60 percent felt that, looking back, they probably should have started at a younger age. 58 percent of those surveyed felt that it would have been beneficial to get more financial advice at the onset.
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