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Business Closures in Canada Surge to Pandemic-Era Levels: June Sees Significant Decline in Active Firms
Plus: Dream big: Business tips from Canada’s newest Dragon, Brian Scudamore
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Business closures in Canada surge to pandemic-era levels
Dream big: Business tips from Canada’s newest Dragon, Brian Scudamore
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Business Closures in Canada Surge to Pandemic-Era Levels: June Sees Significant Decline in Active Firms
Canada saw a sharp decline in active businesses in June 2023, the highest since the COVID-19 pandemic. About 5% of firms closed their doors that month, marking the largest monthly decrease since May 2020.
Key Takeaways
Closure Spike: Approximately 5% of businesses closed in June, the highest rate since the early pandemic days.
Low Business Openings: The number of new firms opening (4.2%) was the lowest since March 2023, driven by a sharp decrease in businesses reopening.
Active Businesses Drop: The number of active businesses in Canada fell by 1% in June to 929,173, a significant monthly decline.
Factors Driving the Decline
Pandemic-Era Loan Repayments: The end of the loan forgiveness period for the Canada Emergency Business Account (CEBA) loans likely contributed to the closures, as some firms struggled to repay pandemic-era support.
High Interest Rates: Rising interest rates have increased financing costs for businesses, impacting their ability to operate and driving closures.
Industry Impact
Construction Industry: A significant portion of the decline in active businesses was driven by the construction industry, along with sectors like health care, social assistance, and food services.
Outlook and Concerns: While it’s uncertain whether this is a one-time event or the start of a new trend, economists remain cautious. Small business optimism is also falling, with only 12% of firms planning to hire in the short term.
The sharp increase in business closures and reduced openings suggests Canada’s economic recovery remains fragile, and businesses continue to feel the pressure from rising costs and slowing consumer demand.
Dream Big and Build the Right Team: Business Tips from Canada’s New Dragon, Brian Scudamore
1-800-GOT-JUNK? founder Brian Scudamore shares insights on his entrepreneurial journey and how he hopes to inspire the next generation of business leaders as the newest Dragon on Dragons' Den. Scudamore’s journey from a spontaneous start in junk removal to building a global franchise empire highlights the importance of vision, resilience, and the right team.
Key Lessons from Brian Scudamore
Think Big, Don’t Limit Yourself: Scudamore emphasizes the importance of dreaming big without worrying about every detail. He encourages entrepreneurs to have a clear vision of where they want to go and surround themselves with the right people to help them get there.
The Importance of People: Scudamore attributes his success to his ability to find, support, and collaborate with the right team members. Building a strong company culture and ensuring the right people are in place is key to long-term success.
Overcoming Challenges: One of the toughest moments in Scudamore’s career came five years into his business when he fired his entire team of 11 people to rebuild from scratch. This experience taught him the critical lesson that having the right people is essential to growth.
Navigating Today’s Competitive Landscape: With the rapid pace of technological advancements and new companies emerging constantly, Scudamore sees staying ahead as a major challenge for modern entrepreneurs. He advises being strategic about which technologies to adopt.
Advice to His Younger Self: Scudamore encourages his 18-year-old self (and aspiring entrepreneurs) not to fear failure. Mistakes and failures, he believes, are stepping stones to greatness.
Excitement as a New Dragon: Scudamore is excited to be part of Dragons' Den, as it allows him to inspire and support Canada's next wave of entrepreneurs, helping them turn their dreams into reality.
By sharing his own journey and offering practical advice, Brian Scudamore aims to empower the next generation of Canadian entrepreneurs to think big, build strong teams, and embrace the learning that comes from failure.
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