Canadians fancy the idea of being their own boss, but feel if only finding capital wasn’t as hard as getting clients.

A recent RBC Canadian Consumer Outlook survey revealed that one-third (32%) of Canadians who don’t own a business like the idea of being their own boss while one-fifth (20%) are thinking about starting up their own business within the next five years.

“Considering 12% of Canadians are currently self-employed, seeing that another 20% interested in being their own boss is indeed significant,” said Mike Michell, national director, small business, RBC. “Getting a business started can be challenging: you have to have passion for what you’re doing, seek out good advice and be prepared with a well-developed business plan.”

The study which involved 3,073 participants found, when it comes to starting a business, getting enough money to start or expand (28%) and finding clients (14%) are the two main barriers keeping them for following their heart.

In contrast, however, those who own a business find getting clients was a bigger challenge than coming up with cash, according to the latest RBC Small Business Survey. While 66% of business owners said finding enough clients was a key challenge, only 15% felt it was more difficult to get enough money to start or expand their business.

The survey also revealed a sharp contrast between real and perceived length of time it takes to break even. The experience of existing business owners contradicts the perception of 40% of Canadians who think it would take up to three years for a new business to start making money. In fact, 41% of business owners from the survey said that it took less than a year for their business to break even or make enough money to cover costs.

“It appears most Canadians have a fairly realistic view of what it takes to be an entrepreneur, although there are a few misconceptions,” said Michell. “The message for would-be small business owners is that financing should not hold them back.”

Following are some key business-building tips from Canadian business owners:


  • Focus more time on networking – develop alliances, join industry associations, attend as many events and seminars as possible.

  • Aggressively solicit clients – spend more time marketing your business. Understand the clients’ needs and how your business will meet those needs.

  • Seek as much help or advice as possible – find a mentor or look to other business owners to draw on their experience.

  • Develop a comprehensive business plan and review it regularly, especially in growth phases.

  • Obtain financial advice early in your planning to secure financing in advance.

  • Know your competition well and research the market.