Have You Considered Self-Employment?

Small business is big business in BC. Did you know according to the Small Business Profile 2021, there are 523,600 small businesses in British Columbia, and of that number:

• 37% employ fewer than 50 employees.
• 2% employ 50 or more employees.
• 61% are self-employed people without employees.

In 2020, small businesses employed over 1.1 million workers. This accounted for almost one-third of the province’s workforce.

Small business is a large piece of the BC economy. However, it is also not immune from a pandemic; we learned that quickly during COVID-19.

Many small businesses were affected by COVID-19 and continue to find ways to maintain operations. Funding was made available to small businesses to help navigate through the pandemic until such time when businesses could resume to pre-pandemic levels of operation.

It has been a challenging time for small business/entrepreneurs, but with challenge can also come innovation and new ideas, such as discovering and implementing a new service offering and/or a new business idea that was inspired from a need found during COVID-19.

Self-employment is not for everyone, however if you have the motivation, self-discipline, and financial acumen … a small business could be a great fit and opportunity for you!

Where to start?

First, you will want to ensure that you have Business Skills and Soft Skills that are required for successful self-employment, such as interpersonal skills, business and financial management, as well as initiative, self-confidence, creative thinking and problem-solving to name a few.

Next, complete a Self-Assessment quiz to determine if self-employment is for you.

Finally - Getting Started. You will want to review and start the business planning process. A business plan is a key element to a successful business; it creates a strong foundation.

If self-employment is right for you, be sure to research these business resources. As well, be sure to use support services from organizations that are available to help your business succeed.

Three additional areas for consideration:

1. Funding: As with any new or existing venture … money plays a key role. Be sure to research and take advantage of opportunities for funding that are available to help get your business up and running. Did you know that one reason for the failure of small businesses is that they undercapitalize their business? Check out this article How to finance your start-up business from Small Business BC.
2. Training/Education: Take advantage of training workshops, webinars and seminars that are available. Be sure to explore Small Business BC.
3. Networking: Don’t forget the important value of networking. Surround yourself with other small business owners, as they can offer great advice, insight and support. Consider joining a community, such as a membership with a Chamber of Commerce or a business group.

For more inspiration, take a read of these great success stories of BC business owners.