The findings, published today, indicate a thriving small business (0-9 employees) ecosystem in
Unlocking the economic potential of small businesses
The study also highlights the significant returns on investment for small businesses. More than half of small businesses generate over
Navigating economic headwinds
But the broader economic landscape is not without challenges - only 27% of small business owners expressed confidence in the national economy over the next six months. Rising costs in energy (36%), business administration (35%), raw materials (34%), and transport costs (31%) have all been reported to impact their respective bottom lines over the past year.
These challenges have contributed to increased stress levels among small business owners. A startling 44% report experiencing high to maximum levels of stress, anxiety, or burnout, with financial concerns (50%) being the most significant factor, followed by work-life balance (40%) and customer issues (21%) also contributing their levels of stress.
Optimism and growth: The future of Canadian small businesses
In spite of this, Canadian small business owners remain optimistic about the future. An overwhelming 70% express optimism about their business prospects, with almost all (94%), having confidence in their ability to run their businesses.
Moreover, more than a third (35%) plan to hire additional employees in the next 12 months, indicating their commitment to growth and expansion. This underscores the importance of nurturing
Young Lee, Canada Market Lead commented: "GoDaddy's Venture Forward data is unique in its ability to capture and analyze small businesses and demonstrates their enormous economic contribution to Canadian life. Despite continued economic headwinds, our data shows that small businesses in
"GoDaddy is determined to support and empower Canadian entrepreneurs by offering affordable and easy to use tools to help small businesses get online and grow."
NOTES TO EDITORS
About Venture Forward
Venture Forward is a multi-year research initiative, which analyses data from over 770,000 Canadian small businesses – conducted by GoDaddy to quantify the impact of small businesses on the Canadian economy and their local communities. The analysis is complemented by a survey of 4,883 Canadian small business owners conducted in
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help small business owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.
SOURCE GoDaddy
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