Starting a small business or a side hustle considered as an option by most people RBC poll reveals
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With prices rising faster than wages, many Canadians are looking at how they can bring in extra income through a business venture.
A survey by RBC has found that three quarters of Canadian small business owners and aspiring entrepreneurs are considering starting a new small business or side hustle to mitigate inflation.
Younger Canadians – the Gen Zs – are more likely to be thinking this way (84%).
"In particular, many Canadians are motivated to start micro-businesses – very small-scale businesses or side hustles – to nimbly meet emerging consumer needs in a rapidly evolving marketplace, and to take control of their financial future in these uncertain times," said Don Ludlow, vice-president of Small Business, Partnerships & Strategy, RBC.
Canada’s growing ‘micro entrepreneur’ economy is also being boosted by digitalization, with greater access to new technologies allowing entrepreneurs to reach new markets. Being able to run a business or side hustle remotely is another key factor.
Local opportunity
Among the burgeoning entrepreneur community, being able to reach a potentially global audience remotely shares a juxtaposition with meeting the needs of local consumers.
With many consumers wanting authentic, localized and customized goods, 86% of respondents to RBC’s survey said that small businesses are able to meet local needs and 73% said they can innovate faster than larger organizations.
For 39% of respondents, the desire of local consumers to support local businesses is a motivator of their decision to become an entrepreneur.
A previous study by Quickbooks revealed that Canadian entrepreneurs use what they know to boost income.