Canada’s economy owes a lot to the small business sector because of its big contributions. A big slice of Canada’s economic pie is comprised of the small businesses that are put together. This is a great concept that is worth taking a closer look at. Small businesses have huge opportunities that can be very beneficial to their owners and their clients. Small businesses provide revenue and way of living for many people. Businesses that have at least 5 employees and those that have up to 500 employees are categorized as a small business. Statistics show that in Canada there are around 1.1 million small businesses, and that was more than 2 years ago. It may be possible that there are currently at least 1.3 million small businesses in Canada. Small businesses are relatively easier to start with smaller capital as compared to big businesses that’s why there are more of them in the economy. This is the reason why the government actually encourages the establishment of small businesses. There are many small business loans that are being provided by banks and other lending companies.
Starting businesses is a great way for entrepreneurs to test the waters first. A small business is a good training ground if they intend to expand later. Any simple ideas that may solve any problem or need in the market can make a great small business. There are around 5 million employees that work for small businesses. This is almost half of the total workforce of the country. In the small business sector, there is an estimated 3 million Canadians that are self employed managing their own businesses. Each year, fifty up to a hundred thousand companies are being established.
These figures only show that starting your own small business can be very profitable because this industry is very lucrative. It all lies on whether you will be able to come up with a product or service that the masses will patronize. When planning, you should be sure that you have your creative juices flowing. One similarity of successful businessmen is that their business is about something that they are interested in and are passionate about. If you can connect to a product or service that most people are interested to also, then it’s probably a good idea for a business.
There are many that choose to go down the path of franchise businesses. This is one of the most successful business platforms in different industries. Franchised businesses have already proven system and process of doing business that are already proven effective and successful. This can help entrepreneur save on time and cut down risk. Franchise businesses are already familiar in the market. if you have touch competition though, having a unique business can also pay off as long as you have a feasible idea.
However, any business idea or plan will not be worth much without the capital to raise it to the ground. This is where small business loans come in to help entrepreneur create businesses, generate jobs, and contribute to the economy.
Though sometimes small businesses run into trouble and at a times like a loan is what you may need. If you have bad credit you may want to consider a bad credit loan. It’s simple, you can get a bad credit auto loan which is a loan against your car. There are many options, but if you have bad credit there is no need for you to starve.