50% of Canadians Thinking of Starting a Business, But Most Business Owners Say Don’t

Although over half of Canadians are considering starting a business, most current business owners question whether now is a good time to become an entrepreneur, according to recent statistics.

"Historically, we've observed strong interest across Canada in starting and owning businesses, and it's promising to see that a significant number of Canadians in 2024 are aspiring entrepreneurs," said Don Ludlow, the bank's vice president of small business, partnerships, and strategy.

The results show that Canadians are looking for ways to "gradually transition to entrepreneurship," Ludlow said.

The top reasons for advising against entrepreneurship at this time were: difficulty in keeping up with the cost of doing business (90 percent), the current economic situation (76 percent), and the high tax burden (73 percent).

Pohlman said parliament needs to consider the needs of small businesses if it wants to improve the economy.

The survey found that 59 percent of business owners struggle with taxes and 51 percent said they grapple with operational costs.

About three-quarters of small businesses want to see government reduce the tax burden and 77 percent said the government needs to bring down the cost of doing business and rising prices.