Research from business management platform Ownr reveals significant share of new business owners are 45+
While stories about new businesses seem to be dominated by Gen Z or Millennials, often with an innovative new app or subscription service, many older Canadians are starting new ventures too.
Four in ten respondents to a new survey from small business management platform Ownr said they started their business when they were 45 or older. Across all age groups, only around half of new business owners have any formal business education and 80% said they bootstrapped their business.
The research also found that despite cash flow concerns, which have also been cited in other recent polls, optimism among Canada’s small business owners is rising with around half saying that they are more confident in achieving their business plans than they were six months ago.
Cost of doing business
But with the cost of doing business continuing to put owners under pressure, more than half have increased their prices and 28% have done so by more than 10%.
Making efficiencies is a common strategy to offset rising inflation and technology is playing a key role with 69% of respondents relying on it significantly to run their business.
“I’m encouraged to see small business owners adapting to the inflationary environment and rising costs. They’re finding creative ways to navigate the challenges and maintain a positive outlook for their businesses,” said Shane Murphy, CEO of Ownr. “It’s clear that technology is playing an increasingly crucial role in supporting small business owners by reducing costs and boosting efficiency.”
Despite the positive tone of the report, some commentators are concerned about the decline in self-employment, which has been declining for several years, especially among businesses that employ jobs for others.
