As the Canadian economy continues to evolve, entrepreneurs are demonstrating remarkable resilience in the face of ongoing challenges. A recent survey from Ownr, an all-in-one management platform for small businesses, has revealed how entrepreneurs are adapting to shifting macroeconomic conditions by diversifying income sources and strategically investing in marketing and sales to maintain and scale their businesses.
The survey, which was conducted between January 22 and February 11, 2025, found that a significant 86% of entrepreneurs in Canada have financed their businesses through non-revenue-related sources. These sources include personal income and savings, funds from other businesses they operate, and loans from financial institutions, family, and friends. In addition, more than half (52%) of respondents reported having multiple income streams, with 20% holding full-time jobs, 18% with part-time jobs, and another 20% relying on personal investments.
Jordan Casey
“It’s a precarious time for many small business owners in Canada given the evolving macroeconomic environment. Despite this, they are unwavering in their entrepreneurial pursuits by diversifying funding streams to fuel their business growth,” said Jordan Casey, CEO of Ownr. “In fact, our survey found that nearly three-quarters of entrepreneurs would be happy to launch their business all over again if given the chance.”
Driving Growth: Focus on Customer Retention and Differentiation
A key finding from the survey was that over half of entrepreneurs said additional funding from non-revenue-related sources helped propel their business growth and expansion plans. More than ever, entrepreneurs are prioritizing customer acquisition and retention as a means of staying competitive in a challenging market. Nearly half (43%) of respondents indicated they were more likely to explore new products, services, and markets, while 41% said they were focusing on strengthening existing customer relationships, rather than increasing prices (35%).
In terms of investments, 35% of respondents identified marketing and sales services as the most valuable for their business in 2024. Looking forward, 41% of entrepreneurs plan to increase their investment in marketing and sales, with 44% looking to upskill in these areas to further drive growth.
The Solopreneur Struggle
The survey also shed light on the unique challenges faced by solopreneurs—those who manage their businesses single-handedly. Nearly half (48%) of the survey participants were solopreneurs, and these individuals reported feeling a significant gap in their ability to develop long-term business plans, largely due to the constraints of managing day-to-day operations.
The survey also highlighted the disparity in planning and knowledge between solopreneurs and entrepreneurs with teams. For example, 38% of solopreneurs had never created a formal business plan, compared to only 26% of all entrepreneurs surveyed. Additionally, only 39% of solopreneurs felt confident in their understanding of how interest rates and macroeconomic trends impact their business, while 50% of all entrepreneurs expressed the same confidence.
“Whether you’re a solopreneur or work with a team, a business plan can be an effective framework to anticipate risks, create scenario plans, and implement financial and operational contingencies,” said Casey. “Reinforcing the benefit of a business plan, nearly 70% of entrepreneurs who had a business plan were optimistic about their growth in the current economic climate, compared to just 48% of those without one.”
Supporting Entrepreneurs with Solutions
To help entrepreneurs overcome these challenges, Ownr offers Blueprint, an online business planning tool that provides a step-by-step approach to creating a business plan, covering areas such as financial planning, cost management, sales forecasting, and funding allocation.
“From pandemic to inflation and tariffs, entrepreneurs have remained resilient,” said Casey. “At Ownr, we believe that more than ever, it’s important to equip the backbone of our economy with critical business advice, resources, and solutions in simple, cost-effective ways. That way, entrepreneurs can spend more time bringing their products and services to market and supporting their customers—across Canada and beyond.”
The survey, conducted by RBCx and distributed by Cint and Ownr, captures the responses of 1,004 current or future business owners in Canada over the age of 18.
With small businesses facing a host of challenges in today’s economic environment, the results underscore the resourcefulness and determination of entrepreneurs, who continue to chart their path to success through creative financing and strategic investments.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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