Small businesses are doing big things. And the stats about small business are impressive. It’s surprising how much small businesses impact the economy. To celebrate the Canadian Small Business week in October, we compiled some interesting stats on small business, which according to Industry Canada, are businesses with fewer than 100 employees.
Key Small Business Statistics – June 2016 According to Industry Canada:
• In 2015, 70% (or 8.2 million) of the labour force was employed by small businesses, mid-sized businesses accounted for 20% (or 2.3 million), large businesses accounted for 9.7 percent (1.1 million).
• In 2014, most small business owners were in the 50–64 years of age group (47% for small businesses and 51% for medium-sized businesses).
• In 2014, small businesses contributed 30% to the GDP of their province.
• The highest concentration of high growth firms between 2011-2013 was: construction, admin. support, and transportation/warehousing.
• More than 60% of medium-sized business owners have a bachelor’s or a master’s degree, while 38% for small businesses do.
Small business is big business in Canada According to the Business Development Bank of Canada (BDC), there are 1.2 million businesses in Canada. Of those, 97.9% have fewer than 100 employees which makes them a small business.
Business size is defined as:
• Micro: 1-4 employees
• Small: 5-99 employees
• Medium: 100-499 employees
• Large: 500+ employees
Women lead one third of the small to medium sized businesses, while men are 2.3% more likely to start a business. British Columbia is the most popular province to start a small business, while Ontario has the highest number of small business owners nationwide.
Canadian entrepreneur facts: From the GoForthInstitute.com, we have the following Canadian stats:
• An average of 130,000 new small businesses are created yearly – but only 35% survive 5 years.
• 98% of Canadian businesses have fewer than 100 employees, 55% have fewer than four, and 75% of all businesses in the country have fewer than 10.
Small businesses play an important role in the Canadian economy. There are some big numbers behind small businesses.
Information From the October 24th 2017 Barrhead Leader
Image from unsplash.com