"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 Alec Morley, Senior Vice President, Small Business Banking, 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."

What makes Calgary business owners so happy?

Calgary business owners are most likely in North America to feel a deep personal connection to their employees (97 per cent); many also feel a close connection to their customers (87 per cent). Ninety-seven per cent feel a sense of pride and accomplishment from running their own business. Eighty-seven per cent find time to volunteer or donate money to local charities or sports teams. 

The benefits of small business ownership

According to the TD Small Business Happiness Index, small business owners in Calgary think te greatest advantages of owning a small business are making more money (20 per cent) and being able to set their own schedule (20 per cent). They also like being their own boss (18 per cent) and being the decision-maker (17 per cent).

"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 Morley. "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, as many small business owners in Calgary have found, it can also mean working long hours. Forty-three per cent of Calgary business owners report working more than 60 hours a week, another 19 per cent work 50-59 hours a week.

Impact of small business ownership

Even when they're not working, ninety-one per cent of small business owners in Calgary say that it is hard to stop thinking about their business. They name recruiting and retaining staff as the greatest challenge of being a small business owner (31 per cent), followed by managing cash flow (26 per cent), the responsibility and risk (22 per cent) and the long hours with limited time off (22 per cent).

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 per cent)

2. Montreal (29 per cent)

3. Ottawa (27 per cent)

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 per cent) and Boston (31 per cent) ranking ahead of Calgary, which tied with Chicago (30 per cent) and Miami (30 per cent).