Many small-business owners have no regrets

Nearly half (42%) of small-business owners don’t regret the decisions they made when they first started their company, finds a Scotiabank Small Business Poll.

Read: Younger business owners have big expansion plans

But they do wish they had better-estimated how much time they would need to put into their business (19%) and to not have tried to launch the business all at once (19%).

The study also finds:

• When it came to seeking advice for their start-up, 32% talked to their family or friends, and 28% turned to their accountant, while 26% didn’t seek any advice
• 53% cite being one’s own boss as their favourite part of being a small business owner, followed by having creative control over the company at 26%
• While the average age of owners at the time they started their company was 40, there are as many business owners who started their company when they were under 30 (22%) as there are owners who started their company at age 50 or older (24%)
• Top reasons for starting a business are jumping on an opportunity (24%), pursuing a lifelong dream to be self-employed (16%) and making a career/life change (15%)
• Finding customers was the biggest obstacle that small business owners faced when they first started their company (32%), followed by balancing a family and business (19%), access to credit (16%), and managing cash flow (14%).

Also read:

Biz owners want advisors to help with benefits

How business owners view money, retirement

Staff

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