Going for growth: Entrepreneurs in Canada doubled down on their scaling ambitions
The latest Ownr survey showed a vast majority of business owners in
A recent survey from Ownr, an all-in-one management platform for small businesses, revealed that 86 per cent of entrepreneurs surveyed in
"It's a precarious time for many small business owners in
Driving growth: Putting the customer first
More than half of surveyed entrepreneurs said additional funding from non-revenue related sources enabled them to move forward with their business growth and expansion plans. To achieve that growth, the survey revealed an increased focus on customer attraction and retention, driven by a need to differentiate among discretionary spenders. Nearly half of respondents were more likely to explore new products, services, and markets (43 per cent) and strengthen existing customer relationships (41 per cent), versus raising prices (35 per cent).
Among their investments, 35 per cent stated that marketing and sales services generated the most value for their business in 2024. Looking ahead, they want to increase their investment in marketing & sales (41 per cent), including efforts to upskill (44 per cent) in this area.
The solopreneurship struggle
The common challenges of entrepreneurship are amplified for those going it alone.
Almost half of Ownr's survey respondents (48 per cent) were solopreneurs and solely responsible for the ownership and operation of their businesses. Given their limited time and resources, solopreneurs felt an outsized gap in their ability to develop a long-term plan and navigate the changing market trends impacting their business as their capacity was focused on day-to-day operations and keeping their business afloat in the short-term.
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The planning gap: More solopreneurs stated they had never created a formal business plan (38 per cent), compared to 26 per cent of all entrepreneurs surveyed.
- The knowledge gap: Only 39 per cent of solopreneurs felt confident in their knowledge of the impact of interest rates and macroeconomic trends on their business, compared to 50 per cent of all entrepreneurs surveyed.
"Whether you're a solopreneur or work with a team, a business plan can be an effective framework to anticipate risks, create scenario plans and implement financial and operational contingencies. In doing so, owners can feel less reactive as they adapt to uncertain market conditions," Casey stated. "Reinforcing the benefit of a business plan, nearly 70 per cent of all entrepreneurs we surveyed who had a business plan were optimistic about their growth in the current economic climate, compared to 48 per cent without a business plan."
Among its suite of solutions to support entrepreneurs, Ownr offers Blueprint – a comprehensive and step-by-step online business planning tool to simplify the process for time-strapped entrepreneurs who may not know where to start. The tool includes sections around financial planning, which helps small business owners to manage costs, forecast sales, and allocate funding.
"From pandemic to inflation and tariffs, entrepreneurs have remained resilient," said Casey. "At Ownr, we believe that more than ever, it's important to equip the backbone of our economy with critical business advice, resources, and solutions in simple, cost-effective ways. That way, entrepreneurs can spend more time bringing their products and services to market and supporting their customers – in
About the survey
The survey, conducted by RBCx and distributed by Cint and Ownr between
About RBC
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
About RBCx
RBCx – the tech and innovation banking arm of the
About Ownr
Ownr is on a mission to help make Canadian small business a big deal. With our all-in-one digital platform, everyday entrepreneurs can streamline registration and incorporation, automate paperwork, and maintain ongoing compliance—all without the high legal* fees and confusing jargon. Join over 200,000 Canadians who launched their dream business with Ownr.
Ownr is a venture of RBCx, a division of
*Ownr does not provide legal, tax, or financial advice.
For more information, please contact:
Lara Banlaoi, lara.banlaoi@rbc.com
SOURCE RBC