What is the secret to happiness? In B.C., it seems to be owning a small business. More people in Kelowna and Vancouver than in any other Canadian city surveyed in the TD Small Business Happiness Index, say they are happier owning and running their own business (91% and 90%). The research - which examined the attitudes and behaviours of small business owners in a dozen urban centres - revealed that 61% of Vancouver small business owners and 58% of Kelowna small business owners would describe themselves as 'very happy'.
What makes B.C. business owners so happy?
Business owners in both B.C. cities cite similar reasons for their high levels of satisfaction.
More than any other Canadian, Kelowna respondents say that owning a small business gives them a sense of pride and accomplishment (100%). Ninety-three per cent say their business gives them the opportunity to volunteer their time or make donations to charities, sports teams and events.
Vancouver small business owners find the same sense of pride in owning their business (97%) and are also able to volunteer and donate money to local charities, sports teams and events (86%).
Business owners in both cities feel they have a deep personal connection to their employees and customers. Kelowna business owners feel a greater connection to their employees than Vancouver owners (90% compared to 82%), but owners in Vancouver report feeling a greater connection to their customers (76% versus 74%).
Vancouver small business owners are most likely in Canada to say that the greatest benefit of small business ownership is the ability to set their own schedule (21%). They also enjoy being their own boss (18%) and being the decision-maker (18%). Being their own boss was the top benefit (19%) for Kelowna respondents, followed by making more money (16%) and setting their own schedule (16%).
Small business owners work long hours.
Owning a small business may offer more freedom to make decisions, but it can also mean working long hours. Many small business owners in Kelowna and Vancouver work 50 or more hours each week.
One quarter (23%) of Kelowna respondents work 50-59 hours a week, another quarter (27%) say they work 60 hours or more. Vancouver small business owners report working slightly longer hours the same amount, one-quarter work 50-59 hours a week, but 40% work more than 60 hours a week.
Ninety-one per cent of business owners in Vancouver and 88% in Kelowna say owning a small business makes it hard to keep their mind off work. Top challenges of ownership include managing cash flow (Vancouver: 25%, Kelowna: 21%), recruiting, retaining staff (Vancouver: 24%, Kelowna: 26%) and working longer hours with limited time off (Vancouver: 23%, Kelowna: 20%). Despite the challenges, three-quarters of Vancouver business owners and 80% of Kelowna business owners expect they will still be running their business in five years time.
The Index analyzed small business owners' happiness levels by city. This was calculated by looking at which cities had the most small business owners who ranked in the top quartile on the happiness index (they described themselves as a 'very happy person'). The findings revealed that the top three happiest cities for small business owners in Canada are:
1. Calgary (30%)
2. Montreal (29%)
3. Ottawa (27%)
Of Canadian cities surveyed, Vancouver ranked fifth and Kelowna ranked 7th.
It wasn’t that many years ago that we were using numbers that reflected that on a per capita basis, areas like Peachland and Lake Country were leading the province in the home based business sector. Small business operators for sure.
The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.
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