Making the jump from working for someone else to working for yourself is often more of a process than a single event. And that means getting from here to there involves more than a little creativity, especially on the financial side of setting up a business.
An RBC report compiled with the small business platform Owner sampled more than 1,000 Canadian entrepreneurs and wannabe business owners earlier this year. They were especially focused on what they call solopreneurs or one-person shops.
They found that more than 85-percent of these business owners financed their operations with personal savings, cash from other businesses they run, family and friends. They are ambitious with more than half saying they were generating income from two or three sources or jobs but, despite the heavy workloads, they are happy saying they would do it all over again.
Nonetheless, they do have some frustrations. As solopreneurs they are busy, often too busy to do things such as planning growth strategies but when they do think growth, customer attraction and retention tops their list.
