As economic uncertainty continues to weigh on would-be entrepreneurs, a growing number of Canadians are hesitant to start a business, according to a recent TD survey.
The survey found 27 per cent of Canadians believe the economy is too uncertain to launch a business, while 24 per cent say they are uncomfortable with the financial risk.
Despite those concerns, Steff Steers, a multi-unit franchisee operating four COBS Bread locations in the Kitchener-Waterloo region since 2016, said she entered the business fully aware of the risks tied to entrepreneurship.
Steers, who has a background in restaurant management along with her husband, said they were motivated by a shared entrepreneurial drive to build something of their own. After exploring independent ventures, they chose franchising, citing the structure and support provided by an established brand.
She said franchising can offer operational assistance such as human resources and technology support, along with brand recognition that helps create a stronger foundation for new business owners.
Steers said passion and commitment remain essential, noting that business ownership requires significant time and effort. However, she added that aligning with the right franchisor can provide a critical support system, particularly during uncertain economic periods.
Despite that support, Steers pointed to rising labour and food costs as the most significant challenges facing small business owners today. She said frequent minimum wage increases in Ontario have driven up labour expenses, while ongoing supply chain disruptions since the COVID-19 pandemic have increased the cost of goods and transportation.
Steers has expanded her business to four locations over nearly nine years, supported in part by early financing that allowed her to scale more quickly than is typical. While she said the Kitchener-Waterloo market is now well-served, she remains open to future growth opportunities.
For prospective entrepreneurs, Steers emphasized the importance of thorough research, particularly when choosing a franchise partner, describing it as a long-term relationship that requires strong alignment in goals and values.
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