MORE MONEY, MORE JOBS! SURVEY UNCOVERS 1/3 OF SMALL BUSINESSES PLAN TO HIRE IN NEXT 6 MONTHS

TORONTO, Aug. 12, 2024 /CNW/ - A new national survey commissioned by Zensurance.com, Canada's leading source for small business insurance, has uncovered 'uncommon confidence' among small business owners across the country.

Zensurance.com surveyed a large sample of 1,000 small business owners, entrepreneurs, and self-employed Canadians in many industries, including retail, hospitality, professional consulting, construction, and health and wellness, to get a current snapshot of their business buoyancy.

EXACTLY 1/3 of Canadian small businesses (33%) said that they are planning on hiring in the next six months

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PLEASE ATTRIBUTE THIS AS A STUDY BY ZENSURANCE.COM IN ALL MEDIA COVERAGE

1. KEY FINDINGS OF THE SURVEY 

MORE MONEY
A combined 58.5% of small businesses say their revenues improved since January 2024 compared to the first half of 2023. 19.9% said they 'soared to new heights,' 38.6% said they 'improved moderately'.

NOW HIRING
EXACTLY 1/3 of Canadian small businesses (33%) said that they are planning on hiring in the next six months. Adding to the positive predictions, 23.8% said they are 'opening a second workplace or office,' and 30.4% will 'introduce a new service or sell new products'.

POSITIVE POSITIONS
Asked how confident small business owners are that their businesses will be successful in the next six months, a combined 69.6% said they are confident. 36.4% are 'very confident' and 33.2% are 'somewhat confident'.

SURPRISINGLY POSITIVE STATE
21.1% of small businesses reported 'a significantly positive impact' from the state of the economy, and 19.8% reported a moderately positive impact.

PLEASE ATTRIBUTE THIS AS A STUDY BY ZENSURANCE.COM IN ALL MEDIA COVERAGE

2. WHAT'S (ACTUALLY) EATING ENTREPRENEURS?

Zensurance.com also strived to uncover the issues and trends that concern small businesses and entrepreneurs:

DIGITAL DISTRESS
In a multiple-choice question, the risk of a cyber-attack or data breach (31.9%) edged out theft and shoplifting (30.7%), not being paid by customers (30.5%), vandalism (26.2%), robbery and break-ins (25.4%), and being sued (24.4%) as the top concerns of Canadian small businesses in Q3 2024.

"It's wonderful to see that Canadian small businesses and entrepreneurs are so positive despite so many potential business challenges," said Danish Yusuf, Founder and CEO of Zensurance.com. "We know that one of the things that can help them remain confident and be successful is being backed up by a comprehensive insurance plan."

SECURING SUCCESS (Sort of)
Surprisingly, the survey found that 33.6% of Canadian small businesses do not have a business insurance policy. While this means most businesses have insurance (66.4%), over a third DO NOT have adequate protection.

Asked why they don't have business insurance:

• 22.3% said they don't because they have homeowner and personal auto insurance
• 21.5% said they don't think they need it
• 20.7% admitted they haven't thought about it
• 19.9% said it takes too long and it's complicated to get insured
• 16.6% said their business has no liability risks whatsoever
• 16.4% think it's unlikely an insurance claim will be paid
• 14% said they don't trust insurance companies

3. BONUS FINDINGS

PROMISING CAREERS?
While acknowledging the current challenges in starting up a new business, small business owners were asked what they would rather do than start a new business.

Their answers were 'work in a factory' (16.3%), 'deliver food' (11.7%), 'be a ride-sharing driver' (11.3%), and 'be a retail greeter' (10.6%). 

Additional answers included: 5.9% said 'be a sandwich artist,' 7% said 'work at a hot dog stand,' 8.3% said 'sell shoes at a mall,' and 8.4% said 'be a professional ticket scalper.'

Additional information and poll results can be found HERE.

About Zensurance.com
Founded in 2016, Zensurance.com is a Toronto-based technology company and leading source for small business insurance. Zensurance.com empowers small business owners, entrepreneurs, independent contractors, and self-employed professionals across hundreds of industries to shop and get the specialized coverage they need in just a few minutes.

Through their highly regarded client support team and network of over 50 insurance providers, Zensurance provides customers with industry-leading premium savings of up to 35% off and the confidence to thrive in today's market.

For more information, please visit https://www.zensurance.com and follow us on Twitter, Facebook, Instagram, LinkedIn, and TikTok.

Media Inquiries
For more information or to arrange an interview, please contact:

Patrick McCaully
Pointman News Creation
[email protected]
Pointmannc.com

SOURCE Zensurance