9 Surprising Stats about Why Small Businesses Are a Big Deal in British Columbia

Take a stroll through Vancouver’s eclectic Gastown on a weekday and you’’ll see a number of fresh faced entrepreneurs meeting for coffee. Gastown – which is Vancouver’s latest hub for tech accelerators and start-ups is a bustling example of British Columbia’s biggest business – small business.

So why are small businesses such a big deal in British Columbia? Well, they make up a whopping 98% of the businesses in British Columbia. That’s why the government spend so much of their budget and time ensuring small business entrepreneurs succeed.

If you’ve wanted to learn more about small businesses, here are 9 Surprising Stats about Why Small Businesses Are a Big Deal in British Columbia…

1. The total number of small businesses in British Columbia in 2015 was 388,500.
2. 79 per cent of small businesses are micro businesses with fewer than 5 employees. (Small businesses contain 5-100 people.)
3. British Columbia ranked first in the country in terms of small businesses per capita in 2015.
4. The accommodation and food services industry was the largest provider of new small business jobs in British Columbia between 2010 and 2015.
5. Approximately 38 per cent of the self-employed in British Columbia are women, above the national average. Self-employed women in British Columbia are most prevalent in the education, healthcare and social assistance fields.
6. On average, the self-employed tend to be older, male, and more likely to work longer hours than paid employees.
7. Small business exporters in British Columbia shipped almost $12.9 billion worth of goods to international destinations in 2014, accounting for 36 per cent of the total value of goods exported from the province.
8. In 2016, the small business tax rate in B.C. (2.5 per cent) was among the lowest in the country.
9. Micro businesses are often created and run by entrepreneurs with unique talents that might not fit in larger businesses. They have the ability to be nimble and innovative, reacting quickly to changing market trends. This may allow them to withstand tough economic times with more ease than their larger counterparts.

(http://www2.gov.bc.ca/assets/gov/employment-business-and-economic-development/business-management/small-business/sb_profile.pdf_)

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If you’ve been thinking of starting a small business or a micro business, give us a call. We can help you get your accounts in order and help you make a plan so that your business succeeds.

Book a free consult with us today!