RY Royal Bank of Canada

Nearly a quarter of small business owners polled started their business during the pandemic

TORONTO, June 22, 2021 /CNW/ - The COVID-19 pandemic has taken a toll on many Canadian small businesses over the last year. Yet, many entrepreneurs among them also managed to find new opportunities in the face of adversity. Despite the pandemic's impact on the economy, Canadians' business aspirations have hit a four-year high, according to the most recent RBC Small Business Poll, with more than half (55%) of Canadians polled saying they have thought about owning a business. Moreover, among the business owners who were polled, nearly a quarter (24%) said they started their business during the pandemic.

"Canadian entrepreneurs have faced a myriad of challenges over the last 15 months, and it's made for some devastating headlines. But we're also hearing countless stories of entrepreneurs who are finding ways to turn these challenges into new opportunities for growth and change," says Don Ludlow, Vice-President of Small Business, Partnerships & Strategy, RBC. "The entrepreneurial spirit is stronger than ever and business ownership is increasingly being seen as a viable career path for many Canadians in light of the opportunities created by the pandemic. As the economy re-opens, their success will be critical in driving job creation and employment, and accelerating our economic recovery and growth."

Regionally, entrepreneurial aspirations were highest in Ontario (63%), Alberta (62%) and British Columbia (59%).

Cautiously optimistic outlook on entrepreneurship
Seven-in-ten (69%) aspiring entrepreneurs – those who have thought about owning a business but have yet to own one – perceive business ownership as an option that offers more control over their career than traditional employment. Perhaps it is this sense of control that has led four-in-ten (41%) aspiring entrepreneurs to say the pandemic has made them more likely to want to start a business.

Even as the challenges surrounding the COVID-19 pandemic continue, Canadians overall remain hopeful about the prospect of entrepreneurship, with more than half (58%) polled agreeing that COVID-19 has created new opportunities for small businesses. This could be attributed to the fact that one-third of Canadians (33%) surveyed witnessed new businesses starting up during the pandemic, particularly among millennials (48%) and Gen Z (53%).

Support for small businesses continues to grow
Public support for small business has grown stronger compared to last year with 84 per cent of respondents saying that they are choosing to buy from small businesses in their community whether in person or online. This support is especially strong in Atlantic Canada with 90 per cent of respondents.

This support has been critical to help keep businesses afloat during the most challenging phases of this prolonged pandemic, and will continue to be a significant lifeline for businesses as the economy begins reopening across the country.

Helping entrepreneurs start, manage and grow their business
For aspiring entrepreneurs looking to start their business and Canadian business owners looking to recover and grow, RBC offers several solutions that go beyond traditional banking to help entrepreneurs save time and money as they manage their day-to-day business operations. These include:

• Ownr, a quick and affordable way to register, incorporate and manage your business online;
• A selection of business accounts that can be opened through a simple, online and virtual advisor-assisted process – even for businesses with multiple owners;
• RBC Insight Edge™ for Small Business – winner of Aite Group's 2020 Innovation Impact Award, this dashboard solution offers subscribed retail businesses with real-time data insights around customer trends, competitive benchmarks and market intelligence to support business decisions;
  A simple, integrated e-Commerce and payment solution through our exclusive Moneris + Bookmark offering to start and grow your online business; and
• Digitally-enabled third-party solutions such as:
• • Magnet to effectively attract and hire young talent to meet your business needs;
  • ADP to simplify your payroll and human resources management;
  • GrantMatch to explore government funding opportunities based on your company's profile and needs; and
  • Wello to provide your employees with virtual health and wellness resources to support intermittent, urgent and mental health care needs.

Entrepreneurs can access these solutions and business advice on the RBC Small Business Navigator hub online at www.rbc.com/navigator.

About the Survey
The RBC Small Business Poll was conducted by Ipsos Canada from April 16-19, 2021. More than 2,000 surveys were completed online by Canadian adults, represented in six different regions (British Columbia, Alberta, Saskatchewan/Manitoba, Ontario, Quebec and Atlantic Canada). Representative sample results are weighted to reflect the Canadian population. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 2.5 percentage points had all Canadian adults been polled. The credibility interval will be wider among subsets of the population represented. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error, and measurement error.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

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

SOURCE RBC Royal Bank