Canada’s Small Business Economy

Canada's Small Business Economy Small business plays a very important role in the growth and success of the Canadian economy. representing 48 percent of the total labour force in the private sector, and contributing approximately 30 percent to Canada's Gross Domestic Product (GDP) What is a Less small business? than 100 small Definition of small Statistics Canada defines business size by measuring the number of Types of business More From 100 than 500 to 499 medium employees. LARGE GDP Contribution Small % businesses accounted for 42% about 42% of private sector GDP. Private Sector When taking into account both the public and private sectors, small businesses 31 Private & Public Sector in the private sector account for about 31% of GDP Canadians in Small Business Small business Just over 5.1 million created approx. 21,000 jobs in 2011. Over the period of 2001 to 2011, employess on payroll, or 48° 43% 9% 48% percent of the total private sector labour force worked in small business. small firms accounted for 43% of all jobs cre- ated in the private sector. 74 17% In 2010, it was estimated that 17 percent of small businesses were majority-owned by women, while 9 percent were owned in equal partnership between male and female. Though the small business landscape is still dominated by men, statistics show that the number of women-owned businesses is growing 60 percent faster than those run by men. Success vs Failure years years years 51% year 70% 62% 85% Salary Goods-Producing Sector Service Private $ 48,256 Producing Sector Sector Small Business $ 39,676 Small $ 37, 024 Business VS Industry Average $ 44,304 $ 39,998 Private Sevice Industry Average Producing Sector Sector $ 57,304 Goods-Producing Sector Infographic by Fast Business Canada www.plecpa.com Sources: Key Small Business Statistics 2012, Industry Canada