Nearly half of Canadians polled said they expect their business to grow at least 25% in the next three to five years, new GoDaddy poll shows
TORONTO, July 31, 2019 / CNW / – External elements such as technological disruption, societal, political, future of work changes, and innovation can pose challenges, but accepting these disruptions can often help small business owners grow their business, according to GoDaddy’s Global Entrepreneurship Survey released today. Small business owners and entrepreneurs who are able to embrace disruption and innovation will benefit from using these challenges as a lever for growth. Over a quarter (32 percent) of Canadian small businesses surveyed predict that at least 50 percent of their sales will come from online drivers over the next three to five years.
Small business owners and entrepreneurs surveyed believe they are immune to the impacts of the rise of automation, artificial intelligence and robots. In Canada72 percent of those surveyed do not believe these new technologies are a threat, acknowledging that they control how these technologies support their businesses.
Despite the challenges, small business owners and entrepreneurs remain optimistic, with 48% expecting their business to grow at least 25% over the next three to five years. And 81% of them said that if they had the chance, they would start their business again. 73% say they have been happier since becoming an entrepreneur. Canadians ranked being their own boss as the top reason for starting a business (46 percent). According to them, the best thing about owning a small business is the flexibility it allows (62%).
When asked about their use of technology, 50 percent of Canadians polled said they either have their own website or plan to create one soon. While 24% of respondents said they rely on social networks and market platforms to develop their brand online. The survey also shows that 36 percent of Canadian small business respondents cite the constant drive to find new customers as the most necessary factor for their success, which can be influenced by having an online presence to help make businesses more successful. visible to reach new customers. .
When it comes to growth prospects, respondents who own small businesses who already own websites said they were more optimistic about their growth prospects, compared to those who did not yet have a website for them. their business online. Of those with websites, 27 percent expect growth of at least 50 percent in three to five years, compared to just 9 percent of small businesses that don’t have a website.
“Canadian small business owners and entrepreneurs continually adapt to change – both in their own businesses and to external challenges – often on their own and with limited guidance,” said Anne of Aragon, Vice President and National Director, GoDaddy Canada. “As the Canadian landscape faces technological and automation changes, it is important that small businesses embrace the technology and evolve with the market and their customers. At GoDaddy Canada, we support small business owners and entrepreneurs with the tools and solutions they need to help their businesses thrive and grow online. “
Additional Findings from the GoDaddy Global Entrepreneurship Survey on Attitudes of Canadian Entrepreneurs:
- 51 percent say it’s easier to start a freelance business if you connect with other businesses and have a support network.
- Canada is among the lowest in ten global markets to cite political turmoil as a factor that can affect their small business, at 22%.
- Canada is the least likely in ten global markets to cite the risk of failure as a barrier to opening their own business, at 18 percent.
The GoDaddy Global Entrepreneurship Survey was conducted by research firm Savanta in April and May 2019. The research interviewed 4,505 small business owners in Australia, Canada, Germany, Hong Kong, India, Mexico, South Africa, Turkey, the UK, and United States. The size of the survey in Canada was 500 small business owners with 25 or fewer workers.
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For more information: Carly Eidelman, [email protected], 519-502-7806