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March 12, 2022

Women want to run businesses they love

When you're doing something you love, it seldom seems like work.

So it comes as no surprise that the majority of Canadian women polled in a recent survey say the main reason they want to start their own business is for the opportunity to do something they love.

BMO Bank of Montreal conducted a survey in recognition of International Women's Day that revealed that 36 per cent of women are interested in starting up their own businesses within the next decade.

Joanne Gassman, Senior Vice President, BMO Bank of Montreal, says, "Finding something you are passionate about and love doing every day is important when considering whether you should start your own business. It's almost as important as translating ideas into practice and finding customers."

However, Gassman admits that running your own business can be time consuming.

"Yet, being your own boss can give you greater flexibility in your life and also provides an opportunity to build something truly unique."

The survey found that of the women looking to start their own business 19 per cent were interested in the food and hospitality industry; 15 per cent in the arts/entertainment/recreation sector; five per cent in the information technology sector; and just four per cent in a skilled trade.

By province, women in British Columbia were more likely to start their own business in the next 10 years (49 per cent); followed by Ontario (42 per cent); Alberta (36 per cent); Manitoba/Saskatchewan (35 per cent); Atlantic provinces (25 per cent); and Quebec (21 per cent).

One of the biggest concerns facing women in the survey was the challenge of access to capital in starting up a new business.

"Fortunately, when starting out on your own business venture, you don't need to be alone," explains Gassman, "There are a variety of resources available including online blogs, websites and organizations such as the Women Presidents' Organization where you can share information with other women business owners, seek out mentors and take inspiration from role models."

By Donna Donaldson, MSN Money

Have you considered starting your own business and why? What barriers, if any, do you feel are preventing you from starting your own business?





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