Half of microbusinesses able to launch with $100,000 or less: BMO
One in ten of the ``microbusinesses'' needed only $2,500 or less to get started, poll finds.
TORONTO — A poll released by the Bank of Montreal suggests half of business which have fewer than 10 employees were able to launch with $100,000 or less.
It also suggests one in ten of the “microbusinesses” needed only $2,500 or less to get started.
By comparison, the poll suggests only 22% of business owners with between 11 to 49 employees got their ventures off the ground with $100,000 or under.
The poll says that microbusinesses spent an average of $120,000 to get started, while owners of businesses with 11-49 workers needed an average of $345,000.
The poll was conducted for BMO by Pollara between Aug. 20 and Sept. 8 through phone interviews with a random sample of 501 Canadian small business owners or managers.
It has a margin of error of plus or minus 4.4%, 19 times out of 20.
© 2015 The Canadian Press