Home Breadcrumb caret Investments Breadcrumb caret Market Insights Canadians prefer to own business: RBC Canadians fancy the idea of being their own boss, but feel if only finding capital wasn’t as hard as getting clients. By Staff | May 25, 2011 | Last updated on May 25, 2011 2 min read Canadians fancy the idea of being their own boss, but feel if only finding capital wasn’t as hard as getting clients. A recent RBC Canadian Consumer Outlook survey revealed that one-third (32%) of Canadians who don’t own a business like the idea of being their own boss while one-fifth (20%) are thinking about starting up their own business within the next five years. “Considering 12% of Canadians are currently self-employed, seeing that another 20% 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.” The study which involved 3,073 participants found, when it comes to starting a business, getting enough money to start or expand (28%) and finding clients (14%) are the two main barriers keeping them for following their heart. In contrast, however, those who own a business find getting clients was a bigger challenge than coming up with cash, according to the latest RBC Small Business Survey. While 66% of business owners said finding enough clients was a key challenge, only 15% felt it was more difficult to get enough money to start or expand their business. The survey also revealed a sharp contrast between real and perceived length of time it takes to break even. The experience of existing business owners contradicts the perception of 40% of Canadians who think it would take up to three years for a new business to start making money. In fact, 41% of business owners from the 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.” Following are some key business-building tips from 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. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo