In an era of constantly changing technology, Canada’s small business owners and entrepreneurs need to adapt in order to keep their ventures on top. But in spite of the challenges, they remain positive about their prospects for success, says a new survey from GoDaddy.
Canadians are least concerned with risk of small business failure, compared to SMB owners in the 10 global markets surveyed.
Today’s small business owners have to deal with everything from the rise of automation to artificial intelligence (AI) and its impact on what the future of work might look like for them.
Rather than viewing these trends with apprehension, the entrepreneurs surveyed report high levels of optimism about their business futures. According to the 2019 GoDaddy Global Entrepreneurship Survey, they believe that new technologies will help them expand their customer base and grow their businesses.
The GoDaddy Global Entrepreneurship Survey polled 4,505 small businesses in 10 global markets, including:
The United States
The United Kingdom
The survey size in Canada was 500 small business owners with 25 or fewer workers.
A website makes the dream real
Canadian entrepreneurs with business websites are the most optimistic about the future.
68% of small business owners with websites expect revenue to grow over the next three to five years.
Small business websites have been proven to:
Increase visibility, enabling digital consumers to more easily find the business online
Serve customers 24/7 through online ordering, automated confirmation and self-help features
Attract those who otherwise wouldn’t know about the business via a built-in blog
Unfortunately, more than half the small businesses GoDaddy surveyed in Canada still do not have websites. These SMBs are missing out on the benefits enjoyed by those who do have them.
Flexibility the major draw for entrepreneurs
Canadians appreciate being small business owners and entrepreneurs. As noted in the infographic, survey respondents:
Chose flexibility over financial growth as the best part of being a small business owner
Are not afraid to take chances
And perhaps the best survey finding of all is their love of the life they’ve chosen. When asked if they would go into business all over again, 81% said they would.
Takeaway: technology is key
It’s great to see that Canadian small business owners are upbeat about the future. Their optimism is well-founded when they keep up with the latest technology trends.
Nearly one-third of Canadian small businesses expect at least 50% of their sales to come from online drivers over the next three to five years.
This makes it even more important for more SMB owners to create user-friendly, up-to-date websites.
GoDaddy has all the tools and guidance you need to help bring your small venture online, starting with GoDaddy Website Builder. Check it out here.