Why it’s a great time for Canadian women to start small businesses

 

A chance to lean into your values

For women, starting a small business can be a powerful way to live one’s values and create positive change. Many women in Canada — 56.5% to be exact — start businesses because they want to make a difference.

When women create value-driven small businesses, they can develop innovative products or services that make customers’ lives easier. Plus, they can be inspiring leaders that make meaningful change in the world. For example, 82% of women entrepreneurs consider the environmental implications of their business decisions.

 

Canada’s ideal for entrepreneurs

U.S. News and World Report names Canada the fourth best country in the world and the 15th-best country in which to do business. Canada has one of the strongest fiscal prospects (PDF) in the G-20, an intergovernmental forum including 19 countries and the European Union, and the G-7, a group of the world’s most advanced economies.

Compared to other countries in the G-7, Canada has a lower tax rate on new business investments, making it a very tax-competitive country. This low-tax environment has enabled many Canadian businesses to succeed. The country continues to try to attract new entrepreneurs.

 

Canada invests in woman entrepreneurs

Canada has provided more than 9,000 loans to women as part of its Women Entrepreneurship Strategy, which helps women-owned businesses access the financing, talent, networks, and expertise they need to start up, scale, and reach new markets.

 

The government also created The Women Entrepreneurship Knowledge Hub to provide resources for women entrepreneurs, such as best practices and relevant activities and events. The hub also provides access to a database of organizations that support women entrepreneurs, and it currently connects more than 300 organizations.

 

New opportunities abound

Nearly 12% of Canadian businesses operate in e-commerce. Online businesses offer women the opportunity to start companies with low overhead costs. At the same time, recent advances in artificial intelligence, such as automation and personalized marketing, can help women business owners streamline operations and improve customer outreach.

 

E-commerce is the future

Customers are more accessible than ever

With 5.24 billion social media users across the world, small businesses can cast a wider net than ever before. With social media, small businesses have a chance to appeal to consumers every time they log on. With an active presence, entrepreneurs can keep their products and services top of mind for when it’s time for their followers to make a purchase.

Many small businesses have built tight communities of current and future customers. And, if you’re in the business of selling products, those communities can expand much further than your local neighbourhood.

Social media also gives you a chance to provide stellar customer service so your customers come back for more. More than half (53%) of customers say the most appealing thing a brand can do on social media is to respond quickly to questions and comments.

All in all, social media is a chance to get brand recognition, whether you’re on a bare-bones budget or have some funds to funnel into your online brand.

 

Boosting women’s economic participation benefits everyone

Women, unfortunately, still face gender bias and systemic discrimination, which can serve as barriers to receiving finances, services, and support when launching or growing a business. Those barriers can be even more significant for women of colour, Indigenous women, women with disabilities, and those in the LGBTQ2S+ community. Despite these challenges, women have played a key role in developing new businesses, generating new jobs, and creating innovation.

Women undoubtedly deserve equitable treatment in Canada’s entrepreneurial environment. And everyone stands to benefit.

 

When women rise, we all rise

Conclusion

If you’re thinking of opening a small business in Canada, we hope we’ve provided more than enough reasons to get started. These resources may help:

• Women Entrepreneurship Strategy
• Women Entrepreneurship Loan Fund
• WES Ecosystem Fund
• The Women Entrepreneurship Knowledge Hub
• Scotiabank Women Initiative

Also, check out these directories to support Canada’s woman entrepreneurs.

• Centre for Women in Business Member Directory
• The Canadian Association for Women in Business Network Directory
• #BeTheDrum Indigenous Women’s Business Directory
• Femmebought Toronto Business Directory

Now is a great time to take the leap into entrepreneurship!

 

Sources:

• The State of Women’s Entrepreneurship in Canada: 2024 (2024, July 31). Women Entrepreneurship Knowledge Hub. (PDF)
• Canada Ecommerce Forecast 2024 - Ecommerce Sales Penetration Reaches a Ceiling (2024, August 9). EMarketer.
• E-commerce Country Factsheet – Canada (2024, March 8). Landmark Global.