Being the "Boss of Me" appeals to Canadians: RBC
Poll
Top challenge isn't financing
TORONTO, May 25, 2011 - One-third (32 per cent) of
Canadians who don't own a business like the idea of being
their own boss and one-fifth (20 per cent) are thinking about
starting up their own business within the next five years,
according to the most recent RBC Canadian Consumer Outlook.
"Considering 12 per cent of Canadians are currently
self-employed, seeing another 20 per cent interested in being
their own boss is indeed significant," said Mike Michell,
national director, Small Business, RBC. "Getting a business
started can be challenging: you have to have passion for what
you're doing, seek out good advice and be prepared with a
well-developed business plan."
When it comes to starting
a business, the top two challenges identified by those
who don't own a business are getting enough money to start
or expand (28 per cent) and finding clients (14 per cent).
However, existing business owners say different. According
to the latest RBC
Small Business Survey, 66 per cent of business owners
said finding enough clients was a key challenge. Only 15 per
cent felt that a key challenge was getting enough money to
start or expand
their business.
The experience of existing business owners also contradicts
the perception of 40 per cent of Canadians who think it would
take up to three years for a new business to start making
money. In fact, 41 per cent of business owners from RBC's
small business survey said that it took less than a year for
their business to break even or make enough money to cover
costs.
"It appears most Canadians have a fairly realistic view
of what it takes to be an entrepreneur, although there are
a few misconceptions," said Michell. "The message
for would-be small business owners is that financing should
not hold them back. We are open for business and more than
ready to help Canadians with the right advice to turn their
great ideas into great products and services."
Top business-building tips, according to Canadian business
owners:
- Focus more time on networking - develop alliances, join
industry associations, attend as many events and seminars
as possible.
- Aggressively solicit clients - spend more time marketing
your business. Understand the clients' needs and how your
business will meet those needs.
- Seek as much help or advice
as possible - find a mentor or look to other business owners
to draw on their experience.
- Develop a comprehensive business
plan and review it regularly, especially in growth phases.
- Obtain financial advice early in your planning to secure
financing in advance.
- Know your competition well and research the market.
The RBC
Canadian Consumer Outlook survey was conducted
online via Ipsos Reid's national I-Say Consumer Panel to 3,073
Canadians who do not own a business. Weighting was then employed
to balance demographics and ensure that the sample's composition
reflects that of the adult population according to Census
data and to provide results intended to approximate the sample
universe. Data collection was March 11 to 15, 2011. A survey
with an unweighted probability sample of this size and a 100
per cent response rate would have an estimated margin of error
of ±2 percentage points, 19 times out of 20, of what
the results would have been had the entire population of Canadians
who don't own a business been polled.
The RBC
Small Business Survey was conducted by Ipsos Reid
from September 7 to 15, 2010. This online survey of 1,273
entrepreneurs, who were either self-employed or owned their
own small business, was conducted via the Ipsos I-Say Online
Panel, Ipsos Reid's national online panel. The results are
based on a sample where quota sampling and weighting are employed
to balance demographics and ensure that the sample's composition
reflects that of the actual Canadian population according
to Census data. Quota samples with weighting from the Ipsos
online panel provide results that are intended to approximate
a probability sample. An unweighted, probability sample of
this size, with 100 per cent response rate would have an estimated
margin of error of ±3.8 per cent, 19 times out of 20.
Small businesses in Canada want flexible banking choices,
convenient payment options and simple ways to manage their
cash flow. Whether they are starting
a business, managing
growth, or succession
planning, the RBC
Advice Centre can help answer their questions. Free interactive
tools and calculators provide customized information covering
many facets of business
finance and online advice videos are updated regularly
to answer questions that are top of mind with small business
owners. With the guidance of RBC business advisors, small
business owners have access to free, no obligation professional
advice about RBC products and services. For more assistance,
please visit www.rbcadvicecentre.com.
- 30 -
For more information, please contact:
Margie
McNeil, RBC Corporate Communications,
(416) 388-3697
Angela Gordon,
RBC Corporate Communications,
(905) 816-5650
|
