More than half of all new startups in Canada are run by part-time entrepreneurs, according to new data.
A new Intuit study found 53% of startup founders are entrepreneurial only part-time and, while passionate about their business, aren’t looking to become millionaires. However, if they could quit their jobs to focus on their startups full-time, 35% would—even if they made as little as $30,000 per year.
According to Intuit, 59% of startups launch with no outside funding, bootstrapping solely with personal savings. And 32% of them are tech based, much higher than the 20% share of mature companies that are tech-based.
Furthermore, it’s a good thing there are a growing number of affordable accounting solutions, because currently just 13% of Canadian small businesses actively work with an accountant (more than half cite cost as the main barrier)/