There’s no time like the present, so the old saying goes. Turns out, for many small businesses in Canada, that saying is taken quite literally this month. A new GoDaddy survey reveals the number of small businesses per 100 people rose, on average, by 11.8% across all Canadian territories and provinces in April 2024.
"In times of economic uncertainty, Canadian small businesses remain a vital force for resilience and innovation. From coast to coast — including more remote regions like Yukon and the Northwest Territories — entrepreneurs are not only driving job creation but also strengthening local communities,” Young Lee, Canada market lead for GoDaddy, said in a statement.
"GoDaddy’s Venture Forward research underscores that April is a key month in the small business calendar, with many dreams and ideas being turned into reality.”
Canada’s North leading the way
If you’re wondering where entrepreneurial energy is heating up in Canada, look no further than the North. According to GoDaddy, the Northwest Territories saw the biggest jump in new business activity from March to April 2024, with a surge of 17.1%. The Yukon wasn’t far behind, climbing 13.7%.
Alberta came in third with a solid 13.5% increase, followed closely by Manitoba and Ontario, which tied for fourth place at 12.5%. Nova Scotia and British Columbia also showed strong growth, while Newfoundland and Labrador and Quebec shared the seventh spot with an 11% uptick.
Wrapping up the list were Prince Edward Island and New Brunswick, with Saskatchewan posting the slowest growth at 7%.
Other small business finds
GoDaddy’s data finds that almost half of small business owners in Canada employ two or more staff, 42% generate over $5,000 in monthly revenue and over half (55.6%) aspire to grow their business by hiring more staff and opening physical locations in the months ahead.
The barriers to entry may not be as large as you think, with over a quarter of small business owners reporting needing less than $500 to start their business.
As well, just under three in 10 Canadian small business owners report using AI to help them run their business.
Survey methodology
Venture Forward is a multi-year research initiative, which analyzes data from more than 770,000 Canadian small businesses with up to nine employees, conducted by GoDaddy to quantify the impact of these businesses on the Canadian economy and their local communities.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
