Did You Know? Quebec consistently ranks as a leading province for entrepreneurial activity in Canada, offering a unique blend of support and opportunity for new business ventures.
The spirit of entrepreneurship is thriving in Quebec, with recent data revealing a important surge in intentions to launch new businesses. A recent annual report on entrepreneurship indicates that over 27% of Quebec residents considered starting a company within the next three years in 2024.This represents the highest percentage observed since 2013, signaling a robust and optimistic business climate.
The Rise of Quebec Entrepreneurship
Experts are noting several encouraging trends within this surge. Nearly 20% of the population has already taken concrete steps toward establishing a business,demonstrating a proactive approach to realizing entrepreneurial ambitions. This level of initiative positions Quebec second globally among comparable economies in terms of entrepreneurial action.
Interestingly, approximately 58% of those actively pursuing business creation are doing so while maintaining their current employment. This trend,while gradually decreasing over recent years,suggests a growing confidence among prospective business owners that their ventures will succeed,allowing them to transition fully into self-employment when the time is right. I’ve found that this ‘side hustle‘ approach often allows for more calculated risk-taking and a smoother launch.
Business Acquisition Trends remain strong, with many entrepreneurs opting to purchase existing businesses rather than starting from scratch. While this activity has seen a slight dip, experts aren’t concerned. They believe the increasing number of new entrepreneurs will adequately fill the demand for acquiring established companies as they come up for sale.
Often, new entrepreneurs discover that securing funding for a wholly new venture can be challenging. Purchasing an established business frequently presents a more accessible financing route. As one business owner shared with me, “It was easier to get a loan to buy a profitable business than to convince investors of a brand-new concept.”
Though, its vital to acknowledge that not all ventures succeed. In 2024, 5.7% of active businesses in Quebec closed their doors, marking the highest closure rate in a decade. Despite this, a positive counter-trend emerged, with 7.4% of businesses reaching an “established” stage,indicating long-term viability and offsetting some of the losses.
Pro Tip: Don’t underestimate the value of thorough market research. Understanding your target audience and competitive landscape is crucial for success, whether you’re starting a new business or acquiring an existing one.
