RBC Poll: 59% of Canadians Aspiring to Start a Business Despite Economic Headwinds

What this means for you: If you have recently lost your job or feel stuck in your current role, you are not alone. A new report shows that Canadians are increasingly looking to start their own businesses to take control of their financial future. Entrepreneurship is becoming a popular backup plan for those facing economic uncertainty.

The Shift in the Workforce

A new poll from RBC reveals that 59% of Canadians now express a desire to start their own business. This is the highest level of entrepreneurial interest seen in the last eight years.

This surge is happening despite the economy facing high inflation, a weakened dollar, and rising unemployment. Instead of waiting for the job market to improve, many Canadians are choosing to create their own opportunities.

Key Numbers and Trends

The report highlights several important data points about who wants to become an entrepreneur:

• National Average: 59% of Canadians aspire to own a business.
• Ontario: Leads the country with 68% of residents expressing interest in starting a business.
• Other Regions: The Atlantic provinces and the Prairies follow closely behind Ontario in interest levels.
• Current Owners: 61% of existing business owners have changed their strategies in the last year to handle market volatility. Many are adopting new tools, such as Artificial Intelligence (AI), to stay efficient.

RBC analysts describe an "inverse relationship" between economic hardship and entrepreneurship. This means that as traditional jobs become harder to find or less secure, more people turn to business ownership as a way to secure their income.

Who is Affected?

This trend impacts two main groups of people:

1. The Aspiring Entrepreneur: These are individuals who may currently be employed or unemployed but are unhappy with the traditional job market. They are looking for financial independence and a way to build wealth on their own terms.
2. The Side-Hustler: These are individuals who are keeping their day jobs but starting small businesses on the side to earn extra income and protect themselves against potential layoffs.

What You Should Do

If you are part of the 59% thinking about starting a business, here are actionable steps you can take:

1. Validate Your Idea: Before quitting your job, make sure people are willing to pay for what you are offering. Talk to potential customers rather than just friends and family.
2. Understand the Costs: Starting a business requires money. List your startup costs (licenses, equipment, inventory) and estimate how much you need to sell to break even.
3. Create a Safety Net: The economy is still unstable. Try to save an emergency fund to cover your living expenses while your new business grows.
4. Embrace Technology: The report notes that successful businesses are adapting to volatility. Look into affordable software and AI tools that can help you do the work of three people, keeping your overhead low.
5. Start Small: You do not need to launch a massive corporation immediately. Consider starting as a sole proprietor or a freelancer to test the waters with less risk.

Bottom Line

The traditional 9-to-5 job is no longer the only path to stability. With 59% of Canadians—and 68% of Ontarians—looking to start a business, entrepreneurship is becoming a mainstream solution to economic instability. If you are considering this path, focus on planning and using technology to increase your chances of success.