Is owning a business worth the financial struggle?

By Staff | October 22, 2014 | Last updated on October 22, 2014
1 min read

Eight in 10 Canadian entrepreneurs say their financial situation is the same or better since they quit working for someone else and made the move to self-employment, finds a CIBC poll.

While 46% of entrepreneurs report working longer hours and having higher stress levels, nine out of 10 say that even with these factors, they’re satisfied with their quality of life.

“Ongoing pressures from increased work hours and higher stress levels can impact future performance and should be factored in when developing business plans,” says Shelley Swanlund, vice-president, Business Banking and Head of Small Business, CIBC.

As Advisor’s Melissa Shin writes, more clients are working for themselves, and “the needs of self-employed clients are very different from those of conventional corporate workers.”

“The rewards of serving these clients are worth it. You’ll differentiate yourself, and if you’re a proper guide, you’ll gain valuable referrals from the accountants, lawyers, insurance and cash-flow specialists in your network. You might even learn how to improve your own practice.”

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The staff of have been covering news for financial advisors since 1998.