Canadian Small Business Flourish Amid Economic Headwinds -Toronto - Canada's Podcast

In this interview, Young Lee, Canada Market Lead for GoDaddy, discusses a new report indicating many small businesses, the micro ones, in Canada are flourishing despite economic headwinds.

PRESS RELEASE TORONTO, Feb. 22, 2024 /CNW/ — GoDaddy’s annual international research initiative, Venture Forward, has released its inaugural report revealing the state of Canada’s small business landscape. Drawing from data collected from over 770,000 Canadian small businesses, the landmark report offers detailed insights into the opportunities and challenges facing this vital sector of the economy.

The findings, published today, indicate a thriving small business (0-9 employees) ecosystem in Canada, as the proliferation of online tools and services means the required startup capital and educational background required to start a business has never been easier to achieve. GoDaddy’s data shows that 58% of online small businesses having been launched with less than $5,000 CAD in initial capital, while only 38% of business owners report completing a college degree showing education level of entrepreneurs doesn’t impact their success or satisfaction levels.

Unlocking the economic potential of small businesses

The study also highlights the significant returns on investment for small businesses. More than half of small businesses generate over $2,500 in monthly revenue. Furthermore, one in four Canadian entrepreneurs now manage more than one business, underscoring the significance of small businesses to the national economy.

Navigating economic headwinds

But the broader economic landscape is not without challenges – only 27% of small business owners expressed confidence in the national economy over the next six months. Rising costs in energy (36%), business administration (35%), raw materials (34%), and transport costs (31%) have all been reported to impact their respective bottom lines over the past year.

These challenges have contributed to increased stress levels among small business owners. A startling 44% report experiencing high to maximum levels of stress, anxiety, or burnout, with financial concerns (50%) being the most significant factor, followed by work-life balance (40%) and customer issues (21%) also contributing their levels of stress.

Optimism and growth: The future of Canadian small businesses

In spite of this, Canadian small business owners remain optimistic about the future. An overwhelming 70% express optimism about their business prospects, with almost all (94%), having confidence in their ability to run their businesses.

Moreover, more than a third (35%) plan to hire additional employees in the next 12 months, indicating their commitment to growth and expansion. This underscores the importance of nurturing Canada’s small business community, as the prosperity of these businesses contributes to the overall prosperity of their communities.

Young Lee, Canada Market Lead commented: “GoDaddy’s Venture Forward data is unique in its ability to capture and analyze small businesses and demonstrates their enormous economic contribution to Canadian life. Despite continued economic headwinds, our data shows that small businesses in Canada are resilient and flourishing. Whilst there is much to be optimistic about, business owners continue to face challenges, most notably in the form of rising costs.

“GoDaddy is determined to support and empower Canadian entrepreneurs by offering affordable and easy to use tools to help small businesses get online and grow.”

About Venture Forward

Venture Forward is a multi-year research initiative, which analyses data from over 770,000 Canadian small businesses – conducted by GoDaddy to quantify the impact of small businesses on the Canadian economy and their local communities. The analysis is complemented by a survey of 4,883 Canadian small business owners conducted in November 2023.

About GoDaddy

GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help small business owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.

PRESS RELEASE TORONTO, Feb. 26, 2024 /CNW/ — Millions of Canadian entrepreneurs are potentially missing out on saving time and money by not harnessing AI for their businesses, according to a new survey by GoDaddy.

The research, conducted among more than 500 Canadian small business owners, found that just one in five has used generative AI for business-related tasks, despite most expecting AI to help reduce costs and hours worked. The average Canadian small business owner estimates that generative AI tools could save them $2,600 and around 260 hours per year, while one in four believe the technology can reduce their workload by 500 hours or more annually.

GoDaddy’s data shows that a lack of confidence in applying generative AI to business tasks is the main barrier to more widespread use among entrepreneurs.

Almost 3 out of 5 (62%) believe that generative AI could help them run and grow their business Half (50%) admit they don’t know how to start using generative AI, citing a lack of easy-to-use solutions for small business owners Three in five (61%) survey respondents have used AI for personal tasks, demonstrating enthusiasm for the technology The Right Solution for Any Canadian Small Businesses

To help new and existing small businesses easily take advantage of generative AI, GoDaddy just launched GoDaddy Airo™ in Canada and the U.S. an AI-powered solution designed to help them save time and attract new customers.

If someone has an inkling of an idea, GoDaddy Airo™ can recommend catchy domain name options with just a description of their business. Seconds after registering a domain, GoDaddy Airo™ instantly starts generating content for the business, including:

Unique, eye-catching logo designs that can be easily customized to fit the business. A fully built website with imagery and content designed to help the business engage and attract customers. A professional email account that strengthens the credibility and prestige of the business. By simply uploading a product photo, an auto-generated custom product description is created for an online store. If a new or existing business wants to grow, it can quickly get plans and recommendations through GoDaddy Airo™ features in seconds, including:

Comprehensive email marketing campaigns with suggested content and imagery. Social media calendar with recommendations of when to ideally post. Compelling social media and search engine ads to bring traffic to the business’s website. “Canadian small business owners understand the potentially transformative power of generative AI, yet half of them lack the confidence or knowledge to apply it to their ventures,” said Young Lee, head of GoDaddy Canada. “That’s about to change.”

Ways to Learn More

See everything GoDaddy is doing when it comes to generative AI by visiting: https://www.godaddy.com/en-ca/offers/airo

Small businesses interested in more information can learn from and interact live with Laka Sriram, GoDaddy VP of AI and the leader of design and development of GoDaddy Airo™, during an upcoming Livestream Q&A.

About the Survey

An online survey was conducted between January 15 and 22, 2024, using an online business panel. Small Business (100 employees and under) owners, Side Hustle entrepreneurs, and Solopreneurs (one individual) were among the 504 total respondents in Canada who participated in the survey.

About GoDaddy

GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.

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