If you have an exciting business idea, some of your big challenges may be as you expect, but you will likely be in for some surprises, too.
What worries you about starting your own business?
You may be surprised to discover that some problems are not as big as you imagine. For instance, start up business owners perceived the following challenges were bigger then what existing business owners reportedly experienced.
% of startup business owners who thought this would be a challenge
% of existing business owners who found it was a challenge
Getting enough money to start your business
58%
27%
Tax laws
31%
17%
Passing your business along to your family
27%
5%
Dealing with banks
28%
19%
Sourcing materials or products
25%
15%
Dealing with bureaucracy and regulations
35%
26%
You learn as you go, and ask for help from experts on your team when you need it.
Are you ready to meet the challenges?
While business is full of challenges, experienced Canadian entrepreneurs said while these challenges are issues, they are not insurmountable:
% of startup business owners who thought this would be a challenge
% of existing business owners who found it was a challenge
Finding clients and developing your market
54%
56%
Working long hours
31%
34%
Keeping a steady workload
35%
37%
Keeping up with the competition
18%
19%
Finding qualified employees
20%
16%
Dealing with bureaucracy and regulations
35%
26%
Don’t let challenges deter you from starting a business. Understand how you can minimize your risks and call on advisors to discuss possible solutions.
Banking That's Right for You
Our small business advisors are experienced in helping businesses at every stage of development. Come in and talk with us.
