It has been, and continues to be, a challenging time for small business owners in Canada today.
Dan Kelly, President and CEO of the Canadian Federation of Independent Business, discusses the key issues entrepreneurs face today and how they compared to the challenging period during the pandemic.
Recently, the CFIB launched its Big Thank You Contest. The contest is a chance for Canadians to thank and celebrate the entrepreneurs who power our economy despite mounting challenges.
One in four ventures are still reporting they are in poor health.
In fact, more than half of owners (53 per cent) would not advise someone to start a business right now. Most cite difficulty keeping up with the cost of operating (89 per cent), the high tax burden (72%), stress about the economy (76 per cent), and excessive government paperwork (62 per cent) as the main reasons behind their belief that now is not a good time to start.
“It’s getting harder and harder to run, let alone start, a business. From coast to coast, we’re seeing longtime, iconic places that have been in business for decades fold under the pressures of high costs and reduced demand,” said Ryan Mallough, CFIB’s vice-president of legislative affairs for Ontario. “Our communities are built on the success of these local businesses. It’s important to celebrate the entrepreneurial spirit and the people who take the risks to keep our communities thriving.”
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