A new TD Canada Trust survey provides new evidence that entrepreneurialism thrives in Canada.
The Toronto-based bank found that more than half of Canadian baby boomers (54%) have started or have considered starting a small business prior to retirement.
Financial concerns top the list of concerns that entrepreneurs have, including:
- securing finances (42%);
- taking on new debt (38%); and
- balancing business and personal finances (36%).
Respondents said the top reasons for starting a business were being their own boss (58%), having the opportunity to make more money (53%) and having a sense of personal achievement and pride (50%).
"There are many benefits to being a small business owner, and this is clearly on the minds of boomers across the country," said Dan Demers, vice-president of TD Canada Trust.
"While thorough planning, access to finances, hard work and passion are a must for all business owners, there are specific considerations boomers should think about before starting a small business at this stage in their life."
Some of Demers' tips include:
- considering personal finances;
- accurately projecting start-up costs; and
- planning for retirement by considering succession plans.
The bank did not break out survey rates for B.C., where small businesses comprise approximately 98% of the province's enterprises.
