Almost three-quarters of small businesses are bound to fail, yet a whopping 98% of small businesses make up Canada’s business landscape. In other words, they make up the majority.
The success or failure of a small business depends on a number of factors, and sheer luck is not one of them. The first 1-3 years are the most critical and can set your business up for growth or a quick death.
What Are the Key Tools Needed to Thrive as a Small Business Today?
We did an assessment of entrepreneur-focused programs across North America and found Futurpreneur’s #OwnersWanted program to be one of the most highly effective ones for small business success.
Here’s why.
With 76% of Canadian business owners planning to make their exit over the next decade, there are three parties that need to be considered: The Seller, The Buyer, and The New Business Owner.
Futurpreneur’s #OwnersWanted program does exactly that.
Business owners who plan on selling have made it past the critical three-year period and, after years in business, are now looking to pass the torch to a potential buyer. The program offers buyers and sellers actionable insights on how to:
- Find a viable business that may interest them
- Approach and appeal to business owners
- Put a deal together and practice negotiating
- Conduct due diligence
In addition, the program walks aspiring entrepreneurs through:
- How to close the deal in a mock negotiation process
- How to structure and obtain the necessary funding
For aspiring entrepreneurs who are not yet ready to buy, this program provides heaps of education that can be used down the road.
This culmination and level of complex, real-life training this program offers is unique and not typically offered by a singular organization.
Shifting Focus: Economic Diversification Isn’t Only for Those Within Urban Centers
Another aspect of the program that stood out to us is Futurpreneur’s widespread focus on economic diversification.
Within major urban centers, there is often a healthy level of programs tailored to the up-and-coming entrepreneur available. If you are not located in a prime location, however, it is usually more difficult to get the support you need (or want). Thankfully, there are many programs available online today, but your chance of receiving in-person support may be limited.
Futurpreneur has recognized this limitation and plans to host the #OwnersWanted program in-person within rural communities. Over the Fall 2024 season, the program will take place in rural communities across the province of British Columbia. This means populations with 20,000 or less will have free access to the program in addition to other resources, mentorship opportunities, and potentially some funding!
About Futurpreneur, the Organization Fueling Change
The BC chapter of Futurpreneur, which is a nationwide non-profit organization, is responsible for the development and execution of the #OwnersWanted program. The organization at large has supported over 18,700 diverse and young entrepreneurs. They have been the backbone of nearly 14,700 businesses launched across Canada and have provided $219 M in loan financing alongside mentorship since inception.
What’s more is that 42% of supported businesses are women-led, 15% of supported businesses have Black founders, and 5% have Indigenous founders.
Through their work, 88% of founders felt prepared to launch their business.
Upcoming Programs
The #OwnersWanted program will be held in Port Alberni on September 25 and 26th and in Cranbrook on October 16.
For more information on upcoming in-person and virtual events from this non-profit organization, you can visit their website.
