British Columbia is home to Canada’s highest concentration of micro-businesses, a recent analysis found, surpassing densities found in Ontario, Quebec, and elsewhere.
Nearly 800,000 online-based micro-businesses were included in the analysis, which was conducted by Venture Forward, an international research initiative that studies the economic impacts of these extra-lean companies, as well as the attitudes of the entrepreneurs behind them.
“GoDaddy’s Venture Forward research helps to illustrate the enormous economic contribution of online small and micro-businesses to wider Canadian life and the economy,” stated Young Lee, who serves as Canada’s Market Lead for GoDaddy, which established Venture Forward in 2018.
B.C. boasts 2.8 online micro-businesses per 100 residents, ahead of Ontario with 2.5 and Alberta with 2.1, according to VF’s data. Yukon and P.E.I. round out the top five with roughly 1.6 micro-businesses per 100 residents each.
“Right now, British Columbia appears to be the heart of the country’s thriving online business scene,” Lee says.
Overall, online micro-businesses seem to do well. Data from Venture Forward’s analysis showed that a majority launch with less than $5,000 in capital, with a similar figure reporting monthly revenues of $2,500 or more.
In fact, it’s such good business that one quarter of micro-business entrepreneurs go on to launch and manage two or more operations.
“Small business activity contributes to increased incomes and job creation across local communities,” said Lee.
But these business are often overlooked, despite their combined impact, because of how tiny they are individually, according to Lee.
“There are very few research studies that focus specifically on companies with under 10 employees in Canada,” explains Lee. “GoDaddy aims to change that by sharing this data with businesses and policymakers, helping them to make more informed decisions about entrepreneurs based on the challenges and opportunities that small and micro-business owners face.”
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