Montreal Small Business Owners Second Happiest in Canada and among Happiest in North America
Montreal ranks second only to Calgary in Canada and 6th in North America in terms of the Happiest Cities for Small Business, according to the TD Small Business Happiness Index. The research - which examined the attitudes and behaviours of North American small business owners in a dozen urban centres - revealed that 72% of Montreal small business owners would describe themselves as 'very happy' and 8 in 10 say they are happier owning and running their own business.
Could people in the city be catching on to the secret to happiness and opening small businesses of their own? More small business owners in Montreal than other North American cities surveyed, report owning their business for less than five years (20% versus 10% in North America).
"What the TD Small Business Happiness Index demonstrates is that small business owners enjoy a sense of control and freedom that they don't generally realize when working for someone else," says Gaston Trépanier, Senior Manager, Small Business Banking, Québec Region, TD Canada Trust. "Despite the recent economic downturn and the ongoing challenges of managing and growing a business, the personal satisfaction small business owners report illustrates one of the key advantages of owning your own company."
Why are Montreal small business owners so happy?
Small business owners in Montreal say that owning a small business gives them a sense of pride and accomplishment (96%) and they feel a deep personal connection to their employees (82%) and to their customers (73%). Eighty per cent say owning a small business gives them the opportunity to volunteer their time or make donations to charities or sports teams.
The benefits of small business ownership
According to the TD Small Business Happiness Index, Montreal small business owners are most likely in Canada to say the top benefit of small business ownership is being in control and making their own decisions (22% versus 16% nationally). They also like being their own boss (19%) and the freedom do what they want (16%).
"Small business owners tell us that owning a business has many advantages, despite the day-to-day challenges that come with running a company like red tape, property taxes and attracting and retaining talent," says Gaston Trépanier. "If you have always dreamed of owning your own company and are interested in getting started, or need assistance in growing your small business, there are small business banking experts at TD Canada Trust branches across Canada who can help."
Small business owners work long hours
Owning a small business may offer more freedom to make decisions, but it can also mean working long hours, fortunately compared to business owners in other cities, many in Montreal have managed to avoid the long hours. Business owners in Montreal work the least average hours per week (44 versus 48 in North America) and more owners in Montreal than any other city report working less than 35 hours (39% versus 26% in North America). But, there are still many small business owners in Montreal who are burning the midnight oil; 11% work 50-59 hours per week and 40% work more than 60 hours per week.
Impact of small business ownership
Eighty-six per cent say owning a small business makes it hard to keep their mind off work. Montrealers are most likely in North America to say that the biggest challenge of owning a business is the responsibility and risk involved (33% versus 22% in North America). Other top challenges include long hours and limited time-off (20%) and cash flow management (19%). Despite the challenges, 81% expect they will still be running their business in five years time.
Happiest cities for small business owners
The TD Small Business Happiness Index analyzed small business owners' happiness levels by city. This was calculated by looking at which cities had the most small business owners who ranked in the top quartile on the happiness index (they described themselves as a 'very happy person'). The findings revealed that the top three happiest cities for small business owners in Canada are:
1. Calgary (30%)
2. Montreal (29%)
3. Ottawa (27%)
Interestingly, the index showed that there are more 'very happy' small business owners in several U.S. cities than Canadian ones, with Los Angeles (36%) and Boston (31%) ranking ahead of Calgary, which tied with Chicago (30%) and Miami (30%).
