From coffee shop franchises to local corner stores, small businesses have a huge economic impact on communities across the country.
Industry Canada defines a small business based on the number of employees. For example, a goods-producing firm is considered small if it has an employee head count under 100. For service-providing companies, the cut off is 50 employees.
There are nearly 1.1 million small businesses in Canada according to Industry Canada, the majority of which — almost 75 per cent — have less than 10 employees.
What is not included in this count of small businesses are franchises of larger companies established in communities across the country. While these types of businesses get support from their parent companies, the majority operate independently.
Whether it is a sole proprietor newspaper stand or a sandwich shop franchise, small businesses face unique challenges, particularly when there is a dip in the economy. These can include maintaining cash flow, hiring and retaining quality employees or securing additional financing to increase working capital, open new offices or purchase new equipment.
“All small business owners share the same challenges and successes — be it lowering costs, growing with the community or finding the means to retain talented and loyal staff,” said Christine Morris, vice president of TD Canada Trust Business Banking. “From providing jobs to stimulating the local economy, these businesses can be economic drivers in their home communities. Supporting these businesses just makes good business sense.”
Whether you’re looking to acquire a proven franchise or expand a self-owned business, financial institutions such as TD Canada Trust have dedicated small business advisors to help you turn your dream into a reality. More about options available for your particular business needs can be found online at www.tdcanadatrust.com/smallbusiness.
For small business owners whose personal resources can be stretched, financing a business or its growth becomes a critical concern. For many, strategically managing business and personal credit is the difference between creating a large legacy of success and closing up shop for good.
There are many options for both new and existing businesses to secure financing to expand or start a new venture: government grants, venture capital firms and private foundations are examples. Of course, some also turn to relatives or friends who are willing to place their trust in what is hopefully a sound investment.
Banks and other financial institutions are great business allies for those looking to maximize their growth potential. By providing customized solutions based on a business’s individual need, entrepreneurs can uncover equity to help achieve both short and long term business goals.News Canada