money Archives - Canadian Small Business Women

Jul 09 2018

Where To Put Your Money?

I remember 10 years ago when I just started working at my first job in Canada. I knew I needed to save and grow my money, but I had no idea how to go about doing it.

I was also working 12-15 hours a day and by the time I got home I was too exhausted to try to figure this money thing out. Can you relate?

As business owners, we need to spend the core of our time doing what we’re good at: building our business, which will inevitably give us huge returns later on. Some of us may still have a full-time job, making our time even more precious.

So how exactly do you start investing your money in the midst of everything you have going on?

For some of us, Mutual Funds may be a great option, read on!

WHAT IS A MUTUAL FUND?

A Mutual Fund is basically a collection of different securities (usually in the form of stocks and bonds).

A group of investors pools their money together to buy the different assets in the mutual fund and the investments are managed by a professional money management company.

The goal of the money manager is to invest in securities that will generate positive returns for the group of investors.

BENEFITS OF MUTUAL FUNDS

Here are a few reasons why you may consider using mutual funds:

Low entry pricing
- Suppose you want to invest in shares of Amazon and Google. At the time of writing, the price of one share of Amazon is $1,742.04 USD and one share of Google is $1,169.36 USD.
- You would therefore require a large amount of capital to buy a significant amount of these stocks on your own.
- If you invest in a mutual fund that contains Amazon and Google shares, you are still buying those stocks, but at a much lower amount (sometimes as little as $25 a month), since you would be leveraging the buying power of a group of people.

Diversification
- Let’s say you only bought Google shares and in one particular year the company doesn’t do well. Your investment will fluctuate along with the performance of the company, increasing the risk of losing money.
- If you bought shares in both Google and Amazon, the probability of the two companies doing badly at the exact same time decreases a bit, so your risk decreases.
- Imagine if you bought shares in 10 or more companies – your risk decreases even further.
- This is what happens in a mutual fund. The fund manager buys shares of many different companies and other assets to provide a diverse range of investment opportunities.

Professional money management
- A good fund manager has a team of people doing research for him/her, constantly looking for growth opportunities within companies, sometimes across the globe. They have to be aware of current economic and political climates that may affect the future performance of investments.
- From a time/value standpoint, having these teams working for you allows you to focus your efforts on building your business, spending time with family and doing what’s most important to you.

WHAT ABOUT FEES?

Yes, there are fees associated with investing in a mutual fund, called a Management Expense Ratio (MER). These fees differ depending on the management company and the type of services being offered in the investments and it’s usually a small percentage of the total value of your investment.

While there’s a lot of controversy over these fees recently, I urge you to consider it from this angle: As business owners, we expect to get paid for goods and services we provide to our customers, right?

It’s the exact same principle in a mutual fund. These fees go towards paying the fund manager and his team for the research and infrastructure they set up to ensure your money grows. A portion of it also goes towards your advisor for providing his/her service to you.

That being said, I personally don’t believe in paying for service you don’t receive. A good advisor will work with you each year to review your goals to make sure you’re on track with your investments, based on your risk tolerance.

If you are someone who prefers guarantees, I will discuss segregated funds in my next article. Stay tuned!

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Kim Lowrie is an insurance agent and mutual fund representative with World Financial Group.

She and her husband have made it their lifelong mission to help families, individuals and business owners succeed financially.

To find a solution that best fits your needs and goals, connect with Kim:

647.231.9052

klowrie02unjc@wfgmail.ca

Website | LinkedIn | Facebook | Twitter

Apr 09 2018

What To Do With Your Tax Refund?

It’s tax season again!

Do you usually get a refund? If so, it’s important to remember that it’s not “free money” you get from the government – it just means you overpaid last year and now you’re getting your money back.

The average refund is $1,620 and while it’s very tempting to use it to go on a vacation (especially with the weather outside), or splurge on that new big screen TV, using it towards your financial goals instead can pay huge returns in the long run.

Let’s look at a few ways you can maximize your refund.

PAY DOWN DEBT

Did you know that the average Canadian owes $1.71 for every $1.00 earned?

This means that a huge chunk of household income goes towards paying off debt each month. If you use your refund to pay down your highest interest debt first, you can reduce the amount of interest you owe and shorten the length of time you’ll be paying for.

Look at the difference even $10 a month makes:

INVEST IN YOUR RRSP

If you do contribute to an RRSP throughout the year to be able to get your tax refund, you can consider this a head start.

You will also be contributing more towards your retirement savings.

INVEST IN YOUR TFSA

As discussed in my last post, the TFSA is a great way to have your money grow tax-free while investing and be able to withdraw the money tax-free in the future.

You can build your emergency fund using a TFSA or also use it for retirement savings.

CONTRIBUTE TO AN RESP

If you have kids, this is one way you can ensure their education will be funded later on.

This allows you to maximize the government grants each child receives as well.

BUY LIFE OR DISABILITY INSURANCE

Life insurance gives your family peace of mind, knowing that they will not face financial difficulties if you are no longer around. Life insurance can also be used to build your own wealth and ensure this wealth is transferred to your children, grandchildren and future generations.

Disability insurance (which includes Critical Illness Insurance) gives you peace of mind, so that if you become ill or cannot work, your bills are taken care of.

Your tax refund can help pay for the cost of these insurance premiums and most companies have the option to pay once annually instead of monthly.

RE-INVEST IN YOUR BUSINESS

Most of us reading this post are business owners and I’m pretty sure you want your business to grow. We all need to invest into resources that can potentially expand our reach and profits.

Marketing tools, employees, software, infrastructure and office supplies are some of the things that you can allocate your refund towards.

What are your plans for your refund? I’d love to hear from you!

For more information on filing your 2017 taxes: https://www.canada.ca/en/revenue-agency/campaigns/taxes-get-ready.html

—————

Kim Lowrie is an insurance agent and mutual fund representative with World Financial Group.

She and her husband have made it their lifelong mission to help families, individuals and business owners succeed financially.

To find a solution that best fits your needs and goals, connect with Kim:

647.231.9052

klowrie02unjc@wfgmail.ca

Website | LinkedIn | Facebook | Twitter

Oct 18 2017

Why Start-ups Should NOT focus on Cash Flows

The first thing I usually hear when a new client comes on board, especially a new client in the start-up phase, is “I want to work on my cash flow statement”. And while I am happy to help create one, there is an inherent road block in a start-up focusing on cash flow – you have no idea where your sales are coming from!

For some reason cash flow seems to be the creditor favourite for lending. In lieu of historical financial statements for start-ups, they’ll often ask for cash flow projections and future sales growth etc. before approving any lending applications. And then you are held accountable to meet those projections because that was the basis of the loan.

A cash flow projection is supposed to help you manage when money is coming in and when money is going out; but this assumes that you have a consistent stream of money in/out to be able to make this work! If you’re a start-up then you don’t have a steady sales stream yet. Not to mention, you’re probably still experimenting with your costs so you’re expenses are fluctuating as you play around with things. This means you can project a sales of $10,000 and expenses of $8000 for September… but you don’t have enough historical data to really see if this is a reasonable projection. And now you’re being held accountable to something that maybe should not have been set in the first place.

Instead, a break-even analysis is a much more useful tool for entrepreneurs to use in the start-up phase. What this analysis shows is how much sales you would need to just cover your fixed costs. This, for most entrepreneurs, is the goal in the beginning – just to break even and maybe show a little profit. To calculate this you take your average sales price divided by your fixed costs. This will give you the number of sales you need to cover your costs.

This, for a start-up, provides a more reasonable goal to work towards. Once you’re consistently covering your costs you can start focusing on bigger sales targets. When you have consistent monthly revenues and expenses, then a cash flow projection can be made!

“Behind Every Great Business is a Great Accountant”

For more information on how to keep your business tax efficient, or to get a consultation on whether you are making all the right tax choices for your business, contact Dharna CPA. www.dharnacpa.ca. Info@dharnacpa.ca

Aug 18 2017

The Cash Flow Paradox

The number one concern most business owners have – especially in the beginning – is how to manage their cash flows. It’s not just about generating the sales – but getting those clients to pay. Pay on time. So you can pay your bills on time. And just because you aren’t getting paid doesn’t mean that your vendors will excuse your late payment. And so we find ourselves in this cash flow paradox of you need money to pay your bills, but what do you do when your clients just aren’t paying you?

The reality is cash flow ups and downs happen in any business and the excuse of your clients aren’t paying you does not bode well with most vendors. You need to be prepared for this and have a plan. The solution is a business line of credit.

For some reason most entrepreneurs do not want to get a business line of credit. Perhaps they’re afraid they’ll abuse the credit available or they need to personally guarantee it. But the fact of the matter is, you will inevitably need it at some point. Here are the two mistakes I see the most when it comes to borrowing money.

Timing

Getting a line of credit can be a challenge for many business owners. If you’re a new business you don’t have enough credit established as a business and many banks will deny you unless you personally guarantee the loan. If you’re an established business, but have a lot of debts, you can also be denied the loan. Or If you’re an established business, the banks can question why you need a bank loan now when you’ve been in business for X years already. It can be a red flag to all of a sudden need to borrow money unless you have an expansion or specific tangible purpose.

Typically banks and creditors like to support clients in either the start-up phase or the expanding phase. So getting a line of credit established early on – even if you have to personally guarantee or put up some collateral – is advisable. You can support your business case by citing all the start-up costs that require immediate cash flow (website, advertising, space rental etc) and banks understand that in the beginning there will be more money out than in. Versus, needing money to just survive. The latter is a guaranteed loan denial. So ask for the line of credit application when you’re starting your business! You don’t have to use it, but it’s easier to not use it when you have it, than be denied when you need it.

Borrowing the wrong way.

Yes, there is a right and wrong way to borrow. The right way includes a nice tax write off! If you borrow money for business purposes, the interest you pay on that loan is TAX DEDUCTIBLE. Yay!

Often what I see happen is entrepreneurs put their SAVINGS in the business and then BORROW to fund their PERSONAL lives. Borrowing for personal purposes is NOT tax deductible. So only use your personal savings into the business if you have enough to cover your personal needs. Otherwise, see point 1 about getting a line of credit.

Note: even if you use your personal line of credit for business purposes the interest is still tax deductible. Either way, you need to be able to support the “business purpose” with a paper trail.

“Behind Every Great Business is a Great Accountant”

Dec 19 2015

HOW TO GIVE THE MOST MEMORABLE GIFT EVER!

Each year as the Christmas season nears, the advertisements’ get hot and heavy for anything and everything that a person can shop and purchase as a gift for Christmas. Turn on the TV and you see ads that basically say you don’t love your girl if you don’t buy her diamonds. Flip through a magazine and it’s loaded with more advertisements than content. Sign online and no doubt you will find tons of ads that scream BUY, BUY, BUY!

We all like to get gifts, that’s a given. But have we become so material oriented that we’ve forgotten about the greatest gift of all? The gift of love, of giving of oneself, far outweighs any amount of money that could be spent and any material things money could buy. The old saying that money can’t buy love hasn’t changed.

Many folks in today’s world are in such a hurry. We have instant oatmeal, instant coffee, instant messaging, microwave dinners, etc. We are in such a hurry to get somewhere that we fail to stop and see the beauty of where we are right now. It’s go, go, go, and don’t slow down for anything. While we are in such a hurry, we forget to take time and enjoy life. We often spend outrageous sums of money buying things for the people we love, yet deny them the greatest gift of all… ourselves. Come January we find ourselves in a perpetual state of debt again!

There is one perfect holiday gift. It’s a gift that can be shared and used throughout the entire year. It never gets overused. It never runs out of battery power. It never needs to get replaced. It’s the one thing you can never have too much of. That perfect gift is YOU!

Instead of spending a load of money for Christmas and going deeper into debt, wrap up something new and different this year. Wrap up a nice note that gives the gift of your time to those you love and that love you. Rather than trying to buy loads of stuff for your friends, kids, spouse, and loved ones, give the best gift there is, the gift of your time.

For instance this year, my family and I (6 of us including my husband, child, parents, father-in-law, sister and I) are each contributing $50 and buying a Christmas for a less fortunate family, including Turkey and all the trimmings and a gift for each child.

The most memorable Christmas gifts won’t be the ones that you spent hundreds of dollars on. It’ll be the gift where you gave yourself, when you spent time with the people that love you and that you love.

With this message in mind, I hope you give the most memorable gift to those you love and also receive the same from those that love you.

Merry Christmas and Happy New Year!

To your Wealth!

Amina

Please “like” my facebook page here Please follow me on twitter here

Sep 15 2015

5 Things I Wish I Knew When I was Younger

I’m organizing a job fair in the fall and one of my goals is to help high school students explore their career options beyond the traditional professions. Since this idea has been kicking around in my head, I’ve been thinking about what I wished I’d known a few years ago (ahem), when I was in high school 🙂

Entrepreneurship is an option

Maybe times have changed, but I don’t remember much conversation about entrepreneurship as an option when I was in high school. It’s possible that I was just talking to the wrong people. Career day never had someone who owned their own business. I know that the Richard Branson’s and Bill Gates’ of the world aren’t the norm, but wouldn’t it be great to light the fire of entrepreneurship at an early age?

A degree doesn’t guarantee a job, never mind a high paying one

While I was in high school, I had a standing summer job at my mom’s warehouse. I started there making $8 an hour, working 40 hours a week. Not bad for a 15 year old! By the time I left there I was making about $16 an hour. Imagine my horror and dismay when my first job after graduation paid me $10 an hour! Sure, I wasn’t lifting heavy boxes and wearing steel toed boots, but it was still a letdown. Even my parents couldn’t believe that my education didn’t command higher pay.

You don’t have to figure it all out now

I don’t know about you, but what I wanted to be when I grew up isn’t what I want to be now! Before becoming an entrepreneur, I averaged three years at any job. How can you possibly know what you want to do when there’s no way you’re aware of all the options, especially at the age of 17 or 18? I used to roll my eyes at people who needed to take a year off to “find themselves”, but now I totally get it!

Follow your passion and the money will come

I used to think that there was no way that you could do something you love and get paid well for it. My father was a truck mechanic and loved his job. I believed that he was the exception to the rule. When you so many people working jobs that brings them no joy, you begin to believe that’s just the way things are. When you love what you do, you’ll spend the hours needed to master your craft, whatever it is. It’s not easy to commit to something that you’re not passionate about.

The concept of “work smarter not harder”

There was a time when I was working a full time job and a part time job. I remember being on a flight to Las Vegas for work and chatting with the couple I was sitting next to. I was talking about my lack of time for fun when the wife told me that I had to learn how to work smarter, not harder. It was the first time I had heard that, and I thought she was crazy. I totally get it now and no longer believe I have to exchange my time for money, as an employee or a business owner. There are only so many hours in a day and I don’t know about you, but working 24/7 doesn’t sound appealing to me!

What advice would you give students graduating from high school? What words of wisdom would you share with your younger self if you could? I’d love to hear your thoughts!

Sandra Dawes is a certified life coach specializing in helping women who feel unfulfilled with their 9-5 follow their dreams and pursue their passions. She holds an Honours BA, an MBA as well as a certificate in Dispute Resolution.She has completed her first book,Embrace Your Destiny: 12 Steps to Living the Life You Deserve!

Connect:

www.embraceyourdestiny.ca

www.facebook.com/embraceyourdestiny

www.facebook.com/embraceyourdestinythebook

www.twitter.com/sandradawes

Aug 29 2015

Taking the leap into the world of Business?

Are you thinking of starting your business? If so, join the millions of people who at one point or the other in their lives have considered whether or not to start a business. The thought of having a successful business, being your boss or doing something you are really passionate about sounds very appealing, right? And these, amongst other reasons are why people leave their jobs and decide to start their own thing. The familiar question is; do I take the leap? And if so, when and how do I take the leap?

One of the greatest challenges for some people in starting a business is the challenge of leaving the security of a paid job. For some it is the issue of choosing the right idea to turn into a successful business. Well, these two challenges can be easily overcome.

First and foremost before venturing into you own business, undertake some research on how viable the business idea(s) is. Are there potential customers? And what is the potential ROI (return on investment)? I’m sure you’d agree with me that it is not very wise to invest your time and money into a business that doesn’t seem viable on paper, or give up your job to start a business based on a whim. However, many people do.

Secondly, an approach to starting a business without giving up your Job is to actually undertake a pilot while still working. And believe me, doing this will require the skill of being able to multitask. To undertake a pilot means doing some test marketing in order to test the market or gauge how responsive people are to your product /service. This will enable you make better decisions on the idea and what to do next. I’ve got to warn you though that this could prove to be hard work juggling a business with your fulltime job, most especially if you have a family to take care of. It requires time management, focus, perseverance and more. These are only some of the requirements you will need both in the short and long run if you want to have your own business. So, as opposed to immediately taking a leap, consider taking long steady strides.

Having looked at your business idea and undertaken some research, you may decide the business idea is viable and you’d like to take that leap into the business world. There are a few basic things that you’d need to do in order to take off. I very much believe in building solid foundations that will allow one to build much taller and weatherproof buildings. And to build a solid foundation you need to get either some business advice or coaching and write a plan.

The word ‘Business Plan’ seems to be such a dreaded word, many people think of it as long-winded and unnecessary. However, I promise you that it is one thing that will need doing either now or later for a more successful business, better now than later I say. Planning and building the concept in your head is not enough, pen it down on paper. The saying goes, “Write the vision and make it plain, that those who is it may run with it” and that includes you, your potential business partner or financiers. Writing the plan takes you through the process of developing and refining your idea, it is also very much needed if you plan on raising capital externally. Please note that it is not enough to just write a business plan for the intention of raising capital, you should also use it as a blueprint for successfully managing your business.

Another challenge often faced in starting a business is Capital. Sometimes, the bigger the idea, the bigger the capital required. Don’t let this hinder you if raising capital seems to be your own challenge. Instead, think out-of-the box in identifying ways to raise the capital required. Look for avenues to cut back on the initial capital required, some ways of cutting back on capital includes; offering trade by batter or buying second-hand instead of new.

The following options are available to you and all except for personal savings will require a sound Business Plan; Personal savings, Friends & Family, Bank loan, Government Initiatives, Private Investors and Venture Capitalists.

Having researched the idea, written a ‘Plan’ and raised the required finance, you are all set to take off. Nothing Ventured, Nothing Gained. Take the leap if you feel very strongly about it, but plan and prepare for it.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

Yvonne is an Author, Speaker, Change Consultant & John Maxwell Leadership Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to help implement change they want and achieve their goals.

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

Jun 29 2015

Multiple Streams of Income … getting yours!

We seem to live in a world of wanting and needing more, and most times, meeting these needs requires money! For more than half the population or what we have come to know as the one percent, making more money is the key to unlocking all our desires. Even the scriptures aptly state that money answereth all things.

If you have ever asked, ‘how can I make money doing the things I like?’ and are unwilling to give up you primary source of income, then you are faced with a challenge many face in today’s economy.

A good way of taking of this feat is to identify what suits you best, take it seriously by committing to it, and create a plan that makes you stand out from the rest. Here are a few strategies to help get you started

Explore a skill you have. Something you enjoy doing, which you can easily be offered in your spare time in return for a charge. Have you got a flair for decorating, interior design, fixing furniture, baking or making clothes? Whatever it is, you can use this skill! Many people have created successful businesses from making use of their skills on a part-time basis.

Provide a service using the web. The world has become a global marketplace, and taking advantage of this easily accessible platform brings you closer to the centre of creating an income. Services that you can provide on the web may include proofreading; writing articles and reviews; designing graphics and websites; or anything else that does not require a face-to-face interaction. Web services are good money makers, given that you provide services based on your skills.

Online Stores. Can you sell something that people from around the world would buy? Having an online shop does not require you to be constantly present. As long as you have a valid email, a proper payment tracking software, and desirable goods and services you can make more money. Items you could think of selling include unwanted furniture, traditional and vintage pieces, handmade crafts, accessories and clothing, etc.

Selling your knowledge. Are you good at giving advice and helping people find solutions to problems? Do you have the training and techniques that can mentor a person through a difficult time? Then you can turn your knowledge and wisdom into income. It is from such intellectual knowledge that consulting agencies, counselors and therapist make money.

Be aware that these ideas are not new, the only difference is the unique and special thing which you will add to make you stand-out, as well as planning and structuring your services professionally.

There is a quote that goes “A man’s gift makes room for him and brings him before great men.” The answer might very well be in your hands, but it is up to you to apply wisdom to you gifts, talents and skills, to make room for more money.

To learn about Yvonne’s latest book on Changing your Mindset for greater results, visit http://www.oliveblue.com/changeyourmindset/

She can be reached at: www.oliveblue.com . www.facebook.com/oliveblueinc . www.twitter.com/oliveblueinc.www.youtube.com/ChangeYouWantTV

Jun 18 2015

PLANTING ONE SEED (INVESTMENT) AT A TIME!

This past weekend the weather was finally amazing to get out in the garden, dig through the earth with my fingers and pull out all the weeds before planting my vegetable garden. It got me thinking that it takes one seed at a time to harvest your garden.

What if we took the same view on our investments?

When we first start we are so keen to learn and invest in anything that comes our way – but that can be foolhardy – especially when it comes to investing! WHY?

Ask any successful real estate investor and he or she she will tell you that the secret to their success was knowledge. They learned everything they could before investing in their first property. They planted one seed at a time! Did they stop there? No they keep learning and applying that knowledge to build on their portfolio.

As an investor you must take your time to learn, which strategy suits you best. Is it student rentals, multi-family, rent to own, buy & hold, flipping, just to name a few? Or is it lending your money for a great return or investing in syndicated mortgages or even 2^nd mortgages?

Lending your money or investing in 2^nd mortgages, may not provide as big returns as a bricks and mortar property, but you also don’t have the hassle of being a landlord and dealing with tenant issues.

I was recently approached by a financial advisor, who only believed that the road to wealth was paved on people investing in the stock market. I have nothing against financial advisors, but being a person who lost a lot in the 2009 crash, I did not want to repeat past mistakes, which included investing in the stock market. Does that mean I don’t invest in the stock market at all? NO – I do but I self-direct my investmetns and don’t leave it to somebody else to do it for me – thus I don’t incur huge MER (management expense ratio) fees, which can cut into the growth of my investments. He could not understand why I would not recommend him to my clients.

Taking charge of your financial future should not be left up to somebody else – burrying your head in the sand and hoping your money will be taken care of is also foolhardy! Does it take work to look after your finances? YES, but isn’t it more rewarding to see your garden grow when you have planted those initial seeds yourself?

Planting those seeds takes time but when that garden (investment portfolio) starts to grow, you will reap the rewards!

To your Wealth!

Amina

Please “like” my facebook page here Please follow me on twitter here

Jun 04 2015

Five Essentials for Successful Sales & Marketing Initiatives

The business world is governed by transactions. Everyone is either selling or buying a product or service. As entrepreneurs we’re constantly tying to grow our businesses by increasing our clientele. We tend to spend a lot of time and money on sales and marketing but do we really know what we’re doing and just how much do we know about marketing anyway? Here are five things you need to know in order to run successful sales and marketing initiatives :

Your product

Just what are you selling? Many entrepreneurs think they have a great idea, whether it be in the form of a tangible product like clothing or furniture or a service such as printing, advertising or consulting. In order to sell your business effectively you need to know your product inside out – what can it do, what are its limitations, is it customizable and how much are you willing to change it to suit your potential client.

Your Target Market

Who can benefit from your product? Knowing your customer is as essential to running a successful business as knowing your product. Many times entrepreneurs try to sell to everyone all at once – this is a huge mistake. Sales initiatives work when you have a clearly defined market segment that you want to target. In other words your product may not be appropriate for all segments of the market. A streamlined, focused sales strategy is always better than a blanket strategy.

Your Competition

As an entrepreneur you need to be aware that yours may not be the only product of its kind out there. Never assume your product is the best. It’s always good to know what you’re up against. The biggest mistake entrepreneurs make is ignoring the competition; mainly because they’re threatened by it. A true sales person always keeps abreast of the competition and seeks to better their product. Instead of criticizing other products, seek to highlight the benefits and advantages of your own product.

The Stats

As an entrepreneur you need to be aware of the statistics surrounding your product or service. A few key statistics you must know are the demand for your product, market size and your own market capitalization. Statistics may sound boring but they are useful when you’re defending your product against skeptical buyers.

Your own strengths and weaknesses

Knowing yourself is extremely important as an entrepreneur. It’s essential to know what you can and cannot do, what you’re good at and what you need to improve on. Being aware of your strengths and weaknesses as a sales person will in turn help you set reasonable and attainable sales targets. Achieving these targets will keep you motivated to set higher goals.

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world. She can be reached via Website, Twitter, Facebook or her Blog.

Apr 19 2015

NO TIME OR MONEY BUT I WANT TO INVEST IN REAL ESTATE!

As a mortgage agent and real estate investor, I meet many first time as well as experience investors. Knowing that the government won’t take care of us in our golden years, most of us have come to realize that investing in real estate instead of other types of investments, such as GIC’s or mutual funds for example, can provide us with long-term growth, security not to mention monthly cash-flow.

Being a real estate investor, I write a number of blog posts about investing and I attend a lot of real estate based networking events. There is always something to learn!

But this is where the rubber hits the road. The difference is in the investor who takes what they have learned and applies it to purchasing properties and the other, who keeps learning but is hesitant to take action.

I always ask what does it take? Why do some people take action and other sit on the sidelines and watch?

It is lack of confidence, time, or money or a combination of all three?

I can understand “I don’t have enough money”, however there is a solution to this.

I can also understand “I do not have the time.” Many people already have full-time jobs and cannot take on another job, such as full-time real estate investing.

Let’s look at a solution to both of these problems.

You don’t have money so what can you do? Believe it or not, many people find themselves in this boat. There are people with money, who don’t have the time to invest and need an experienced investor (this is where you come in having learned everything there is to know) to partner with them. This is a joint-venture situation. The partner with the funds takes out the mortgage and invests the funds. You take care of the property, finding the tenant and ongoing maintenance and rent collection. You both split the profit 50/50. There are numerous ways to joint-venture with somebody but this is the usual.

The above solution also works for the person who does not have the time. He or she works 60-70 hours a week and is making great money but they want more. They want to make a better return on their investments and the time they have vested in their full-time job.

Once they start investing, many of these people see that the return on their time is better spent investing in real estate and learning more instead of just joint-venturing with other investors who have time.

It all comes down to what is more important to you – time or money? Or both?

For me, it’s both but I am far from that place where full-time investing takes over my present full-time job. How will I get there? By learning, taking action and making my investments work for me.

To your Wealth!

Amina

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Apr 04 2015

When should you say No?

“No” is something we may be used to hearing as entrepreneurs, for every yes there are at least five No’s that come before it, but saying it is something that may be unusual. As you become more established and gain more experience people will start to notice you; both for your work and your value. This attention can be a blessing and a curse as your workload and commitments will increase. But just how much work or involvement is too much? When is it time to start saying No? I’ve always had a difficult time declining business offers and saying no to people in general, until one day I realized I was agreeing just to oblige others with no real benefit to myself or my business. Here are a few rules I’ve come up with for instances when it is alright to decline an offer or say No

There’s no benefit to your business
As an entrepreneur may people will try to sell you products, services, their time etc. to “help” you. It’s important to take a step back and examine each offer to determine whether or not it actually benefits your business. If there is no direct benefit then simply say No.

It doesn’t make you money
When you run a business it’s easy to get sidetracked and caught up in pointless meetings – basically meetings that have no profit or networking potential. They’re usually the kind of meeting where someone will email or call to “hear more about your business”. Be weary of these kinds of offers, if you don’t believe you can build a mutually beneficial business relationship then decline.

Beyond your expertise
Sometimes people ask you for your help or advice. Being an entrepreneur doesn’t make you an expert at everything business related so know the limits of knowledge. If something is beyond your expertise explain that it is beyond your scope and recommend someone else who may be of assistance.

Detrimental to your brand
Being aware of your brand and the message you want to convey is key when running your own business. Thus you must be conscious about how each business decision affects your brand. If allying yourself with a person, group or company compromises your brand or company image decline the meeting or offer.

You’re spread too thin
Time is something we never have enough of as entrepreneurs. If you find your commitments are taking away from your personal time with family and friends, it’s time to revaluate and prioritize. With all the volunteer and community involvement opportunities out there it’s hard to decline calls to help out, but remember when something is no longer enjoyable it’s time to quit. Volunteering can range from sitting on a board to even helping out at your local hospital. As a rule of thumb try to engage in two volunteer activities maximum, this way you’ll be able to focus more on them and give it your best.

Nov 24 2014

Don’t Leave Money On The Table!

Leaving money on the table, as a businesswoman, seems almost as bad as throwing it out of the window. You wouldn’t intentionally throw money out, yet you may well be ignoring untapped revenue sources.

This past month I was reminded by two experts that many of us “leave money on the table” by not utilising accessible sources of revenue.

Business coach Odette Laurie, for example, explains that getting yourself ‘out there’ as a speaker and knowledge expert in your field gets you in front of greater numbers of people, and therefore far more potential prospects and clients than you would otherwise find in the same amount of time.

Naturally, you need to have a topic and a signature speech that you can present, and which is of interest to a broad range of small business owners. Many business coaches, including Odette, and skilled communications specialists can teach you just that: How to find a story that is unique to you, and blend it with the why and the how you are so good at what you’re doing, and how as a result you can bring many benefits to your clients. If you don’t want to become a paid public speaker, then this still is a good step to grow your local contact list and client base. Of course you may become so good that event organisers will start hiring you as paid keynote speaker, becoming another source of income for you.

Another way you are probably leaving money on the table – or rather on the web – is by not tapping into an array of online revenue streams you can generate from your website. Successful entrepreneur and TV host Lee Romanov is one of Canada’s top internet marketers and has been making money online since 1994. She shares her online success and experience through How-To seminars, as well as her book called Today’s Multi-Millionaires: What I Did & You Can Too. Also, starting December 2014, Lee will be hosting her new Rogers Cable TV show called Income Activator TV.

In the seminar I attended, Lee treated the audience to an eye opening show-and-tell on her Top 10 online tips and tricks on converting visitors into revenue. If you already have a website, this really seems like a no-brainer. As long as you have interesting and regularly updated content, and links to related good content, you can earn ‘passive’ income from pay per click ads, lead generation, selling or linking to affiliate products, and more.

In doing so, Lee created the largest online quoting service for car insurance in Canada, generating over $50,000 revenue per month through lead generation (and then sold the business to TorStar). You decide whether you really want to leave that kind of money on the table!

Sources:

Lee Romanov, www.incomeactivator.com

Odette Laurie, Business Women On Top, http://businesswomenontop.com

Martina Rowley is the founder and operator of Beach Business Hub – THE co-working space east of the Don Valley. She combined her passion and experience in the environmental sector with her community engagement side to create a local work environment where space and resources are shared. She fosters and facilitates collaboration, networking, and learning for and with small business owners and new start-ups. Contact her at:http://www.beachbusinesshub.ca, on Facebook and on Twitter

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