3 out of 4 current and future entrepreneurs willing to start a small business Or a side job to adapt to the evolving economic environment

Toronto, September 20, 2022 /CNW/ – A ‘micro-entrepreneurship’ economy led by young millennials and Gen Z is rising across the country, as Canadians seek to adapt to a changing landscape dominated by rising inflation and digitalisation .

According to a recent RBC Small Business survey, 74% of Canadian small business owners and aspiring entrepreneurs are motivated to start a small business or side hustle because of rising costs of living, Z That number rises to 84% among respondents of all generations. In fact, the majority of current and aspiring entrepreneurs (77%) report that their primary goal is to generate a source of income to support themselves, with millennials (86%) making this their primary goal. more likely to be cited as a reason. to start a business.

“This year’s survey revealed that Canada continue to be strong, especially among younger generations, understandably driven by the current difficult economic climate.” Don Ludlow, Vice President of Small Business, Partnerships and Strategy, RBC. “In particular, many Canadians rely on very small businesses and financial institutions to stay agile to new consumer needs in a rapidly evolving market and to manage their financial future in these uncertain times. Ambitious about starting micro-businesses such as side hustle.”

Key Factors Underpinning the Emergence of the Micro-Entrepreneurship Economy

Several factors are driving the growing trend towards micro-entrepreneurship, including the accessibility of new technologies and digital solutions to lower the barriers to entry for Canadians to start small businesses quickly and easily. doing. Current and aspiring entrepreneurs surveyed reported:

• New technologies enable us to enter new markets and explore new ways of doing business (47%)

• Reduce overhead associated with starting and running a business (47%) by being able to conduct business or “side jobs” online remotely

• Digital solutions reduce effort in managing and back-office aspects of business operations (42%)

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At the same time, changing customer preferences are also creating fertile ground for small businesses. Canadians increasingly crave authentic, localized and customized goods and services, and we believe small businesses are uniquely positioned to provide this experience.

Eighty-six percent of those surveyed agree that small businesses can provide products and services that are tailored to local needs, and another 73 percent say that small businesses innovate at a faster rate than larger organizations. He said he thinks he has the ability. Additionally, 71% were more likely to support businesses that have an active presence in their communities.

For current and prospective business owners, Canadians’ growing preference and willingness to shop locally contributes to their overall desire to become entrepreneurs, with 39% of those surveyed He says that this change has motivated him and made it easier to start a business. business.

Helping entrepreneurs start, manage and grow their businesses

RBC helps Canadian entrepreneurs start and manage their businesses by providing valuable business solutions that help owners manage their day-to-day operations and save time and money as they adapt to the current environment. , and made it easy to grow. Solutions offered by RBC and its collaborative partners include:

• owner – A digital platform that enables Canadian entrepreneurs to simplify and automate business formation and day-to-day legal and administrative tasks. Ownerr has announced a slight reduction in the price of its sole proprietorship registration fee. $49 (including government application fees) – One of the most affordable ways to register your business.As an added benefit, new entrepreneurs can get up to $100 Register your business with Ownerr and come back when you open your RBC business account.

• moneris online – An integrated bundle of e-commerce, online payment and shipping solutions that help entrepreneurs build and manage their online business quickly and effectively.

• Kobalt.io – A leading cybersecurity service provider that enables small businesses to access cybersecurity expertise and solutions to protect their businesses and customers in an increasingly digital world. RBC clients receive preferential pricing when enrolled in Kobalt.io cybersecurity services.

• Sherweb – A leader in cloud solutions and the newest partner to join RBC’s Go Digital™ program. Sherweb provides unique advice and solutions to RBC’s business his clients to support their adoption of cloud-based innovation and technology to improve productivity, security, and digital transformation.

Entrepreneurs can access these solutions and business advice online through RBC. start a business hub At www.rbc.com/startingabusiness.

About the survey

The RBC Small Business Poll was launched by Ipsos Canada August 12-15, 2022A total of 1,501 surveys were self-completed online by Canadian adults (ages 18+) and were analyzed in six different regions (british columbia, Alberta, Saskatchewan/manitoba, Ontario, Quebec When Atlantic Canada). Representative sample results are weighted to reflect the Canadian population. Accuracy of Ipsos online surveys is measured using confidence intervals. In this case, if all Canadian adults were surveyed, the accuracy of the survey would be within ±3%. Confidence intervals are widened between subsets of the population represented. All sample surveys and polls are subject to other errors, including but not limited to coverage errors and measurement errors.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-driven approach to achieving superior performance. Our success comes from enabling our more than 92,000 employees to use their imagination and insight to bring our vision, values ​​and strategies to life, helping our clients thrive and our communities thriving. .As Canada’s As the largest bank and one of the world’s largest banks by market capitalization, the bank has a diversified business model focused on innovation and delivers an outstanding experience to its 17 million customers. Canada, USA and 27 other countries. For more information, please visit rbc.com.

We are proud to support a wide range of community initiatives through donations, community investments and employee volunteerism. See how at rbc.com/community-social-impact.

Source RBC Royal Bank

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