A new survey reveals strong overall sentiment among small business owners and, of those who identified as being an immigrant, financial freedom and supporting their family is their top motivator behind starting a business in Canada.

However, 54% of this cohort is challenged by access to funds and 37% cited a lack of network or industry connections.

Derek Hopfner, chief revenue officer at small business platform Ownr, which carried out the survey, said that newcomers are an important part of Canada’s small business community.

“It’s essential that we break down barriers to entrepreneurship by understanding the nuanced needs and challenges of newcomers and ensure that all aspiring entrepreneurs have access to the resources and support they need to thrive,” he said. “By empowering diverse small business owners, we can build a stronger, more vibrant economy for Canadians to benefit from.”

Ownr also asked entrepreneurs how they are addressing the rising cost of living and other pressures, although it is not inflation that is the top concern.

Cash flow issues are the biggest challenge for small business owners now (47% said so) and this has increased in the past year (from 39%), while inflation and economic uncertainty is the top concern of 23%, down from 34% a year ago.

Almost half of respondents are feeling more optimistic about their business plans than they were a year ago, but price rises and side hustles are common mitigations against the cost of living.

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