More Canadians are turning to entrepreneurship.
They’re losing their jobs to cutbacks and downsizing, or they’re leaving their jobs to pursue a dream of working for themselves.
Statistics Canada says self-employment has risen by 3.6 per cent in the last year. That compares to a 1.5 per cent growth in private-sector jobs and a 0.4 per cent drop in public sector jobs.
That’s right. The amount of available jobs is shrinking.
Now is the time to create one yourself. The 95,600 Canadians who joined the self-employment workforce between August 2012 and August 2013 probably agree. They comprise 40 per cent of new jobs created in those 12 months.
According to the Labour Force Survey, self-employment rose 3.6 per cent just in the month of August this year.
The National Household Survey revealed young Canadians are shirking the unemployment line and their desperate job searches in a dismal economy. They’re starting businesses straight out of university.
According to the National Household Survey, 2.6 million Canadians — or 10 per cent of us — reported earnings from some form of self-employment in 2010.
OK, whew … enough statistics!
What self-employment means
You’re in control. The profits are all yours … no more profit-sharing cheques that you know are a small percentage of what the CEO gets.
Because you’re the CEO!
You also get:
- More tax breaks, such as home-office expenses
- Tax credits for hiring staff
- Money saved on the commute and other expenses if you start a home-based business
- Autonomy over the direction of the business
Sure, there are drawbacks. You will have startup expenses, especially registration, insurance, banking or legal fees and office equipment.
And you’ll probably put in more hours than you used to.
Then there’s the stress that comes with wondering if you’ll ever get any clients or customers. You’ll need to learn how to budget quickly, if you aren’t already good at it.
Training for the self-employed
Entrepreneurship isn’t for everyone. You have to be disciplined, hard-working and dedicated, and you must be diligent in recording your expenses for income-tax season.
And a little help can go a long way.
That’s why A1 Accounting is partnering with Forzani Business Coaching to prepare you for the world of entrepreneurship.
Forzani Business Coaching offers game-changing business solutions that help you achieve your vision.
“We coach you through the process of identifying what your business needs to look like to achieve your dreams,” the website says. “We will help you develop a plan (in 90-day increments), one goal or strategy at a time, to ensure you’re able to build a profitable business that succeeds without you.”
Through A1 Accounting, you can sign up for the Business Academy, a 12-workshop series on business fundamentals; the Sales and Marketing Academy; 1 to 1 Business Coaching; or the Franchisor, a customized program for franchisees.
Fill out our contact form or give us a call at 403-226-8297.
Here to help
A1 Accounting, a Calgary accounting and bookkeeping firm, is here to assist you with your taxes and planning. We specialize in personal taxes and small-business accounting and financial services. Contact one of our tax specialists and we can help you optimize the tax benefits and credits available to self-employed individuals and small businesses.