Good News for Canadian Small Businesses Startups

2018 is an excellent time to become an entrepreneur and launch your own business in Canada. Even those who are conce ed with reports of high risk of failure should reconsider because both Canadian and American government reports prove that small business success is on the rise to record highs. Perhaps you have heard the warning that over half of all new businesses fail during their first year of operations. That is wholly untrue. In fact, Canadian the percentage of total new business births compared to business deaths concludes that over 60% of all new startups across all industries and provinces survive annually, according to the Government of Canada report. Our neighbors, America, is experiencing the lowest rate of small business first-year failure in over a decade according to SBA (American Small Business Association), with almost 80% of new businesses survive their first year in business The Government of Canada defines an SME (small to mid-size business) as one that has 1-499 employees. Companies with more than 500 employees are considered large businesses. Also, the report considers all firms that are 2 years or younger as startups. Canadian economy total 1.17 million employer businesses in 2015. 97.9% of these were small businesses (1.14 million), 1.8% were medium-sized businesses and, only 0.3% were large businesses. Small businesses in Canada employed over 8.2 million people in Canada, 70.5% of the total private labor force. Compared to large companies that employed only 9.7% of the private sector workforce. Additionally, small businesses are the powerhouse for job creation of 87.7% of new jobs (1.2 million positions) compared to 7.7% for medium and large firms. The fastest growing industry sectors, with the most employees in Canada, presently are construction, administrative support services and, transportation warehousing. American fastest growing industries are travel hospitality, media, energy, security and real estate. This is an advantageous time to start a business, the government reports confirm it. Now go forth entrepreneur and build your company today. Visual guide of America's fastest growing industries and companies References: https://www.ic.gc.ca/eic/site/061.nsf/eng/h_03018.html#point2-3 http://sba.gov/sites/default/files/advocacy/SB-FAQ-2017-WEB.pdf