Canadian Small Business Women

Connection, Synergy, Community

3 Ways to Network This Summer

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Summer is fast approaching and as the days get longer and warmer entrepreneurs put their networking goals on hold.  Sadly many people think of networking as work and forget that a strong network is built through relationships not rules or business card quotas. Contrary to popular belief summer is a great time to get out there and strengthen your network. Here are three ways you can network this Summer:

Get in the game
Outdoor sports are extremely popular in the summer. Whether you’re a player or simply a fan get in the game by joining a sports team or attending a sporting event.  There are also some great charity sports events such as golf or volleyball tournaments that you can get involved in.  Sharing a common interest such as sports, brings people together and helps form better relationships.

Leverage your lunch break
The warmer summer weather is a great reason to be outside and an even better opportunity to invite a new connection out to lunch. Most people enjoy being out of the office during the warmer summer months and are more likely to accept a lunch invitation. The season also makes a lunch meeting more informal as you can opt for outdoor seating and enjoy your surroundings.

Attend some festivals
Summer is famous for its festivals. Attending a few summer festivals is a great way to learn about new music and different cultures. It also exposes you to many potential connections.  Most festivals are free and open to the public so it’s a cost effective way to enjoy the summer and build your network.

  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.

The importance of using social media for networking

 

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Social media has changed the way companies and people network themselves because now a days it isn’t about who you know, it’s about who knows you. Marketing yourself through social media has become the norm for businesses and thanks to sites like Facebook and Twitter, interacting with your cliental couldn’t be more easy and beneficial.

 

  • Feedback: receiving supportive criticism could potentially impact your business in a more positive direction and help adjust your marketing strategy.
  • Constantly connected: social media provides you with the ability to view problems or concerns customers may have. In return this gives you the opportunity to respond and resolve these issues immediately.
  • Personal: social media to many can feel more like a personal connection and not just some business shoving out advertisement. Being able to read tweets or posts will give you the opportunity to learn what your clients have to say, which can become helpful advice in making improvements within your business.
  • Finding customers: using key word searches is a helpful way to find new clients. Using this tool will give you the opportunity to redirect them to your company’s personal website.
  • Connecting: join multiple groups through Facebook relating to your scope of work. Market yourself within theses groups by posting a link to redirect potential customers to your site; this will help create brand awareness.
  • Promote: media sites give you the chance to get your name out there. This can also help lead to clients recommending you to friends and family members through Facebook and helping create traffic to your website.
  • It’s free marketing: unfortunately we aren’t all rolling in money and have millions of dollars to blow on ad’s for our company. These media outlets are easy to use and manage, while giving you the opportunity to promoting yourself without any fee.

 

Contact Canadian Small Business Women:

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Keeping it Consistent on Social Media

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With millions of people to reach online, spread over hundreds of Social Networks, how do you keep up engagement levels with your fan base for your small business? The simple answer is: consistency. The more consistent you are in posting, liking and commenting through your business profiles on social media, the easier it will be to break through all of the online noise with your message.

Finding Consistent Content

Quality content is the most important commodity in the online world today; it is also the most time consuming to create. Don’t worry – the good news is that you probably have more to share than you know of. Answer these questions to look for existing content in obvious places and as a starting point to help you to start thinking of what you can post, share and create:  

  • How many previous blogs, social media posts, videos or reviews can you repurpose?
  • Do you have daily/weekly sales or specials that you can share routinely?
  • Can you talk about any problems or concerns that your customers have that is relevant to your business?
  • Start thinking of your content as the voice of your business – What is your business passionate about?
  • If your business had an avatar, what would their personality be and how would their voice sound?

Posting Consistent Content

Once you have good content, it’s important to be posting it regularly. Social Networks function person-to-person, so be social! In order to be seen on busy social networks you have to be active, just like in real life. Posting content once a week just isn’t going to cut it. Ideally, brands need to be posting multiple things daily.

How does this work in practice? For example, if I have a daily special, then I might put a post about that special online each day at 8AM. If you publish a blog, make sure that you are posting that blog at the same time every week or month. Building around that single consistent daily post you can start to plan when (2-3x daily) and where (1-2 social networks) online you will share the rest of your content. Just don’t get so stuck on the plan that you don’t allow for any spontaneity in your posting!

Scheduling Consistent Content

Keeping up with this demand for visibility can be a huge challenge – content planning calendars are perfect for this. Using either a digital or paper planning calendar will help you to plan out what content you want to post, at what times and on what networks. It’s a good idea to stick to a basic posting schedule that allows for 2-3 posts daily.

Planning out 2-3 posts (or more) daily across multiple social networks can be a full-time job in itself (just ask me!), so busy businesses need to ensure they are not spending too much time each day thinking about planning their social media posts. You can save time by using apps like Buffer or Hootsuite to manage your social networking content calendars and pre-schedule posts for an entire week or month at a time. Additionally, there are many other Apps that work with specific platforms (ie. Tweetdeck for Twitter, Latergramme for Instagram, etc.) and Facebook has it’s own build in “schedule” for Facebook Business Pages. By pre-planning content, you can spend as little as 10 minutes a day online responding to comments and engaging with other brands.

The most important thing to remember is that an abandoned online presence is worse than no presence at all. You have real people waiting on the other end of “the internet” that want to hear what you are saying, so don’t let them down!

Teach Me Social owner Kelly Farrell has been helping empower Canadian Small Business owners through social media for over three years. Her team now offers services ranging from training sessions for small business owners and their teams, to full-service social media account management. Visit teachmesocial.ca to learn more about our service offerings or to contact us today for a no obligation consultation, including an audit of your existing social media channels.

Why you should not download a legal template from the Internet

Karima

As a Canadian entrepreneur and small business owner, chances are you’ve downloaded, at least once, a legal document from the Internet. Whether for an employment contract, a partnership agreement, a finder’s fee, a non-disclosure agreement, a final invoice letter or a general agreement, you’ve probably turned to the Internet in the hope that a free template would help you cut costs. After all, the terminology looks complex enough, so we may think the document will be good to use.

Here enters Randy Ai, an employment lawyer I met through my professional networking group. A couple of weeks later, we sat down to learn more about each other and our businesses. While we chatted – him about employment law and me about how social media can help businesses establish their online presence and grow – it became clear to me that we had great synergies. Most entrepreneurs and small business owners are always looking for ways to sustain our business while keeping costs down and stay profitable. The Internet and Google is where most of us turn for responses to our questions and for free documents. One of the topics Randy Ai and I tackled was how entrepreneurs and small businesses download legal templates from the Internet, and the cases he frequently sees in his practice. The conclusion is, “don’t cheap out on legal by downloading templates from the Internet”, and here is why.

The legal document you are downloading from the Internet contains irrelevant or too much information. Chances are that the template you found on the Internet is not customized to your business and situation. In addition, most templates are American or have an American focus, so they likely won’t be valid in Canada. The document may contain a high volume of extra noise that does not apply to your business situation and just adds irrelevant information. Unless you are legally trained, you don’t know how to separate the “junk” and the part of the contract that applies. As an example, the notion of Employment at will exists in most employment contract templates you’ll find online, but as this is an American concept, it can’t be enforced in Canada. Thus, you are exposing yourself and your business to liability and in case of dispute, you will have to hire a lawyer because part of the contract is invalid.

The legal document you are downloading from the Internet is missing key clauses. When you’re using a template off the Internet, these documents are not customized for your situation, as we’ve established. That means it puts you and your business at risk of liability. In case of a dispute, this sort of template is not tailored to your needs and you might as well have no agreement. Having missing information is as bad as having too little information or inadequate clauses that don’t protect you. When you are a business owner entering into a legally binding relationship with someone else, you need a solid contract that will take into account the types of issues that may take place.

The legal document you are using is easily attacked. A template downloaded from the Internet easily falls apart, since it was not drafted specifically for you and your business. A defense lawyer could easily attack the integrity of the document and compromise its validity in court. Furthermore, as the law changes frequently, a contract is not a static document. Thus, the downloaded template you’re using may be obsolete and no longer applicable. In addition, the wording alone can make your document unenforceable and easily attackable in case of a dispute. The judge can look at your document and decide it does not make sense. By using one of these documents, you’re exposing yourself to liability.

Now that I’ve explained why using a legal document from the Internet is useless at best and, at worse, dangerous for you and your business, there a few ways you can protect yourself and what you’re working so hard for:

1 – Legal fees are typically seen as a cost instead of an investment. Spending two to three hours with a lawyer can prevent you from being sued, being dragged to court or simply having to settle and pay someone large amounts of money. If you can’t afford to hire a lawyer, you still may seek some legal advice through Legal Aid or through the Law Society of Upper Canada’s Lawyer Referral Service.

2 – If you still decide to download the template, we advise you to send it to a lawyer for review. This may cut down on costs. The industry standard is that entrepreneurs and small business owners should spend 5 to 8 percent of their initial capital on legal fees. As Randy Ai says, “If you’re not going to spend any money towards setting up your business, you are not doing your job as an entrepreneur.”

3 – Another reason to seek legal advice is that it brings credibility to your business and sends a strong signal to your ecosystem that you are serious about your success.

As an entrepreneur, I am aware that setting up a business requires lots of hard work and dedication. But there are areas where you can’t cut corners. Randy emphasized that legal advice is one of the cornerstones to setting up a successful and sustainable business. For any legal advice related to employment law, connect with Randy Ai by email (Randy@Randyai.com) or by telephone (416-716-2256).

Karima-Catherine is the co-founder of Red Dot Digital, a digital agency that strives to deliver top-notch solutions to various clients.  Red Dot Digital drives real, meaningful, quantifiable business outcomes for companies. Karima-Catherine is also the co-moderator of #MMchat, a Twitter weekly forum which focuses on business, marketing and social media.  

Connect with Karima-Catherine:

karima@reddotdigital.net

Website, Twitter, LinkedIn, Pinterest

When should you say No?

Praveeni

 

“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

  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.

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.

Standing Alone

yvonne

I was about to send some information I stumbled across to a friend that I thought would surely help them with a situation they were experiencing and lift their mood, and just before I hit the send button it occurred to me that I had been doing the same thing for the last couple of years… always quick to send unsolicited tidbits and give advice where I had not been asked even though it was with best intentions.

At the point of hesitation, I felt a nudge (what I call the spirit) say to me ‘sometimes you have to let people help themselves’. In that second I was reminded that if we continue to spoon-feed our kids, friends, colleagues and even clients with the answers and not let them find it for themselves, we rob them of the opportunity to build the required muscles that help them to stand strong and successfully move forward in finding lasting success.

When we take the bold step to find the way and answers we need, we empower ourselves to find true and lasting success. We may struggle, stumble and fall at the beginning, but every fall has the ability to make us stronger as we learn from our mistakes and fail forward!

How do you feel when given unsolicited help or advice? Do you help or give advice without being asked? How do you know when to give unsolicited help or advice or not?

Comment below. Would love to hear your thoughts.

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

Lessons from social entrepreneurs for newbie self-starters

As an organization that helps socially conscious ideas come alive, our teams faces the same challenges faced by first-time entrepreneurs. Perhaps you can relate to this:

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Here are 3 tips from this #socent gal for all you lovely folks:

 

  1. It’s All In The Details

Many starter projects struggle through the infancy stages. During this period, projects are usually not fully developed yet, missing details, or are unable to fully guarantee success. During this stage, nothing is perfect. Money is tight, and manpower limited.

However, if you are just testing the waters, but don’t have everything figured out, or feel a little insecure about your project – Don’t worry. Just make sure you are able to communicate your project ideas and the intended outcomes clearly. Being able to do so will already set you apart from many other entrepreneurs.

Amidst the unpredictability of starting off, use storytelling and visuals to minimize misunderstandings for your listeners. Moreover, try to engage your audience by carefully crafting your communications material ahead of time, and have someone else review it for you.

  1. Keep Growing Your Track Record

We all know it. Starting a business can put a big financial stress on business owners – no matter how well prepared they are. Plans can fall through, partnerships may crumble, economic climates will change.

When money is not falling from the sky, always remind yourself to be patient, and that clients seek out proven track records and testimonials. The more opportunities you have to prove yourself, the easier it will be to command the fees you want. Hence, look for opportunities to showcase your skills.  If you’re creative in demonstrating your abilities, the value of your product, and are not afraid to take risks (an essential part of the entrepreneurial DNA), clients will take notice, thereby making it easier for you to adjust your pricing in the long-run.

  1. Don’t Listen to Fear

People sense desperation and fear in email replies, when conducting meetings, or even when negotiating prices. And it sucks. Because if anything, fear is the last thing anyone needs – especially, when you’re already struggling to pay your bills.

Whenever you feel restlessness and desperation kicking in, just sit back, breathe and take a step back. Remind yourself of why you started. Acknowledge that failure is part of the journey. But most importantly, stop internalizing these feelings of inadequacy, and embrace the natural progression in your business.

And if all fails, be confident even when you’re not. If you have to, practice your pitch in the bathroom mirror until the words naturally glide off your tongue. Attend meetings with someone, especially if you know that person is going to fortify your presentation or overall standpoint. In other words, fake it until you make and don’t be afraid to own all the work you’ve put into your business.

Written by Marisol and Silvia Fornoni, Founders of JDC.

JDC supports socially conscious organizations with finding sustainable ways to tell their stories using visual design, engaging content and non-traditional media. We help you with anything from organizing fundraising campaigns to web design and social media management.

www.joint-development.com

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Are you stopping three feet from gold?

Uchechi

If you’re into personal growth (which is highly recommended for all business owners), then you most likely have come across Napoleon Hill’s classic book Think and Grow Rich. There was a story he shares called Three Feet from Gold. It’s basically a story during the time people went digging for gold to achieve wealth.

There was a man (Mr. Darby) that used his savings and those of his family’s and bought a great deal of equipment in order to dig for gold. He went on his quest to dig, but then got to a point where all signs of gold seemed to disappear. Feeling disappointed and frustrated, he then sells all the equipment’s to some ‘junk man’ who sought counsel of an engineer that lead him to finding gold just three feet from where Mr. Darby left off!

This story struck me because there are so many times when many of us face what seems to appear as a defeat and failure as we take on a project that we hope will bring us success. This is something many business owners face. We get an idea that we are passionate about, and then we plan and start taking action. At first things are going well and we are surprised at all the opportunities that seem to present themselves to us. As time goes on, things may get stagnant and we feel that our business is not progressing and we find it difficult to get to the place we envision in our dreams. Months, even years go by and nothing. As a result, many of us see this as a sign that it was not meant to be and often times, just when the tide is about to turn, we give up!

What would have happened if Mr. Darby kept going? He would have had all his dreams come to reality. However, his dreams of finding gold never came to pass because he stopped just three feet from gold!

How many times has that happened to you? Have you ever started something just to give up because it was just too difficult? If you knew you could not fail, what would have been your choice? I truly, believe that we can never fail! I know some people may not agree with this statement, but that is my belief! If we are persistent enough and keep working on our dreams, we will see it in physical form.

I am also reminded of the story of Jim Treliving who is Owner of Boston Pizza International Inc. and also one of the dragons in Dragon’s Den, the show where “wealthy high-powered entrepreneurs are pitched ideas from hopeful entrepreneurs looking for the dragon’s investments.” I saw a feature story on Jim when he was just starting out. There were times that were so difficult for him and his business that it was difficult to make ends meet. He worked several different jobs just to keep his business going. It amazes me when we look at him now, and admire or even envy his success and not realize nor think about all the trials he went through before he “reached gold”. He did not stop when times got tough, but keep persisting until his goal became a reality.

This is not easy to do, I know this, and that is why I always advise people to have passion in whatever business they wish to pursue. Your passion will fuel your energy and not allow you to give up just shy of your goal. It is the passion and love for what you do that drives and inspires you to keep going and push past any delays or detours in your journey. During these times, it is important to remember that these delays are not denials and that it only becomes a denial when you say so! Only at the point that you call it quits will you lose because if you keep persisting you will eventually achieve your dreams. It is not a matter of if, but when!

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Speaker and Writer, but most importantly, a proud Mother and Wife. Uchechi is Founder of My Empowered Living (http://www.myempoweredliving.com) a website aimed at helping women shift their mindset and live their passion! Whether it’s starting and building their dream business, or helping them create a lifestyle they crave, Uchechi is the modern woman’s secret to success! Visit Uchechi at www.myempoweredliving.com to get her FREE online video training series The 4 Keys to your Business Success! This free 4-day business training reveals her 4 key strategies needed to build a profitable and successful business, and how to put them to work in your business!

Can Your Brand Become a Movement?

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I just spent the last 10 days or so at the South by Southwest Interactive Festival.  Not to be confused with the very popular music festival, SXSW Interactive is a yearly pilgrimage of the Internet faithful to Austin Texas, that happens right before the music part of the festival.  There are upwards of 72 000 registrants at the festival, not to mention all of the speakers, and all of the people who don’t actually register for the conference but who travel to Austin for the networking and business opportunities.  Suffice it to say, it is packed!

The conference takes place in the giant Austin Convention Centre, and in every hotel in the downtown core, offering literally hundreds of possible sessions every day.  It is, in a nutshell, barely controlled chaos.  But it is also a unique opportunity to hear from some of the brightest minds in digital content, marketing, innovation, and forecasting.

Every year, there are themes: there is always a buzz, an undercurrent of new thinking.  This year, there was one standout theme that will change the way I think about marketing my business.  That theme is that what we think about marketing and branding, and even building our businesses, is broken.

Now, some things that were said were not new; things like:

  • The customer is in charge: social media has meant that our customers often know more about our products than our sales staff, before we even know that they are interested in us. As a matter of fact, the average person is already 57% of the way down your sales funnel before you even know they exist, having gathered lots of information about your business and your products from friends, reviews, searches, and other touch points that you don’t control.
  • Your brand is not something you can easily control: it exists as much (or more) in the minds of your customers as it does in your own marketing department. Consumers today interact with brands as if they are people: they want to trust them as much or more than they want to find their products or services competent.
  • Our decisions are not rational, they are primarily emotional. We make decisions based on guts, feelings, intuitions, and connections.  Think about buying a house (or in my case, a pair of shoes).  The spreadsheet goes out the window when you get that signal from your emotional brain that says “I’m home”.

What was new was a different way of looking at how brands, businesses, and their marketing departments need to adjust to this new reality.

 

Storyscaping

One of the most compelling cases I heard was from Darren McColl, the Global Chief Brand Strategist for Sapient Nitro.  Sapient Nitro was the company responsible for the  “Best Job in the World” campaign , an incredibly successful tourism campaign for Australia that was rolled out on a very low budget.  McColl talked about how, contrary to popular wisdom, brands are not built by telling a great story.  Rather, they are built by creating compelling experiences or worlds within which the company, the product or service, the employees and other stakeholders, AND the customers coexist, and interact with the brand.  It is described in their blog and book as Storyscaping.  Storyscaping is a move from advertising and storytelling, which they refer to as “Story Yelling”,  to creating participatory storyscapes.   He points out that brands need more than a great story: they need a storyworld that leaves room for the customer to integrate the brand into their life and their story.

 

Brands as Movements

John Hagel, Chairman of the Centre for the Edge at Deloitte, took this idea one step further.  Hagel’s talk was all about brands and movements, and he made an important distinction between story and narratives.  As Hagel points out, a story has a beginning, a middle, and an end.  It is told to a listener, and doesn’t really involve the listener.  In contrast, a narrative is something different.  A narrative is an idea, it is a story that doesn’t have an end, in which the listener is involved and in fact, is empowered to create the ending.

For example, a story might be told about an immigrant family who comes to Toronto and makes their life here.  A narrative is “Ontario: the land of opportunity”.  There is no ending to that narrative, it is dependant on the individual to create their own ending should they become involved in the narrative.

Narratives are Storyscapes.  They are open ended, experience-based worlds that great brands create.  Think about the Apple brand, and its devotees: the narrative is that the world can be a different, better place if we just “Think Different”, think outside the box, think creatively.  Apple doesn’t really tell stories, rather, it invites customers to take part in what feels more like a movement and what has been referred to as a religion!

 

Making Change in my Business

The simple way that I bring this back to my own business is by asking these questions:

  • What is the feeling I want my customers to have when they interact with my products or services?
  • What is the experience I want them to share with their friends and colleagues?
  • How can I invite them to participate in helping me make the world a better place with my business offering?

You don’t have to be Apple to create a narrative or storyscape around your business, you just have to think in a radically customer-centric, customer-experience, customer-first way.

 

For more resources and information on Content Strategy and to download a detailed description of what content strategy entails, go to analyticalengine.ca/resources or download a Content Strategy Info graphic at http://bit.ly/1qY9tYp.

Christine McGlade is a Business Analyst, Content Strategist, and Usability Consultant.  With over 25 years experience in the media business, Christine helps small business, social enterprise, and Not for Profits how to leverage the power of the Internet to grow their business.  Learn more about Christine at analyticalengine.ca

Do you Qualify for a Fixed or Variable Rate Mortgage?

 

 Amina

Last week I was at the #CAAMP (Canadian Association of Accredited Mortgage Professionals) #Mortgage Symposium. The event happens once a year and highlights what happened in the #mortgage industry in the previous year and talks about the upcoming year and what we should expect.

It became very interesting when the #economist #Ted Tsiakopolous from #CMHC got up to speak. He spoke about the #Canadian #real estate landscape and provided #statistics. One statistic that was very surprising was the fact that only 30% of mortgages in Canada are #variable rate mortgages. So I thought this would make an interesting post.

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The first thing to note is the differences between fixed and variable mortgages. #Fixed rate mortgage – A #fixed rate mortgage is a mortgage where the #rate of interest and payment are fixed for a specific period of time. Generally known as the #mortgage term, it usually ranges from between 6 months and 10 years. As time goes on, more of the mortgage payment goes towards the #principal and less of the payment goes to the #interest. Furthermore, the #fixed rate mortgage is based on the #bond yield so as it rises, so do the fixed rates. #Variable rate mortgage – A #variable rate mortgage is a mortgage where the interest rate fluctuates with any changes in the lenders #prime rate. If interest rates go down, your mortgage payment will go down, but if rates go up, your payment goes up.  With some variable rate mortgages you can fix the payment and as long as rates stay below that required payment it will not change.  If rates rise high enough that you are not covering the necessary payment, your payment will be increased.

The important thing to note is that #qualification differs between fixed and variable and thus this is why it is only at 30% variable mortgages vs. fixed mortgages in Canada.

In a fixed mortgage, you will qualify at the #5 year fixed rate, which today is 2.73% and a 25, 30 or 35 year #amortization. The important thing to keep in mind is that with less than 20% down, you cannot qualify for an amortization greater than 25 years. The benefit of course with a #lower amortization is that you incur l#ess interest over the life of the mortgage.

Conversely in a variable mortgage, you must qualify at the #benchmark rate otherwise known as the #Bank of Canada #qualifying rate, which is currently 4.74%. if you remember only a few short weeks ago, the #BOC rate fell 5 #basis points after# oil prices also tumbled.

So which should you choose? Unfortunately it might not be up to you if your #GDS (#Gross Debt Service Ratio) and #TDS (#Total Debt Service Ratios) are not in line for qualifying for the Variable rate. Most “A” lenders look for a ratio of GDS – 32% & TDS-40%. “B” Lenders are more flexible but you will incur higher rates.

When I do a purchase analysis for my clients, I look at both options and present the pros and cons of both fixed and variable. I take into account my clients current monthly obligations, their current lifestyle and what they can afford.  Fixed or variable, it comes down to affordability and qualifiying. Don’t forget if you, a friend or family member have any questions about mortgage financing I’m here to answer those questions and to work with you to arrange the best product to fit your specific needs and comfort levels.

To your Wealth!

Amina

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

Planning for the Unexpected

Tamara high res 1 

One of the central themes I think all entrepreneurs can agree on, (no matter what the industry) is that the ‘unexpected’ is inevitable.  Change happens whether it is a slight interruption of your day, (“Can we change our appointment to Tuesday?”), or a money draining, time consuming printing error.

As an entrepreneur who talks about (and advocates) for planning, people often ask me why they should bother planning when it is just going to change anyways. For those of you who may ask the same question or could use a little planning inspiration, the following is how (and why) I think you should do it anyways.

Planning creates momentum. When you put pen to paper (or fingers to keyboard), you are taking an action step – even if it is just getting an idea out of your mind. This momentum is often the thing that you need when those unexpected things arise. To use an analogy, it would be like a long distance runner who just pulled a muscle at the last mile of a race. Having all of that hard work, training and road behind him – a pulled muscle is not going to prevent him from crossing the finish line.  He (or she) has momentum and that counts for something.

Planning naturally reveals priorities. Looking at your current calendar/day timer – even a stranger could tell what you are putting your most time and energy towards. Priorities, whether family, work or your physical well-being will always ‘rise to the top’ and can handle a some unexpected circumstances because they matter that much to you. Have some confidence that if the unexpected happens, the things that matter the most to you will still get done.

Lastly, you can plan for the unexpected by giving yourself pre-determined flex time. No, you can’t say for sure what will end up taking that time. But, if your priorities are set and you still give time for things that you don’t expect, it does not have to be a stressor in your life. Even the great Tony Robbins is famously quoted saying “ …if you schedule it, it’s real”. That is why I suggest not packing your schedule so tight that one thing ‘not going right’, could negatively affect the rest of your day – and maybe even your week.

Having a mindset that ‘expects the unexpected’, as well as having the principles we have talked about in this article built in to your entrepreneurial habits will certainly help along your journey. So remember: Get your ideas out, plan for flex time and keep your priorities non-negotiable. Then plan on success.

Tamara is the owner and designer at ‘Your Pretty Pages’ where she provides templates, planners, guides and resources for creative entrepreneurs to get organized and plan productively and purposefully. To see her newest Essentials Pack of planning pages visit here: https://www.etsy.com/shop/yourprettypages

 

Should I Start A Podcast?

 

Malene Jorgensen

You may have noticed a spike in podcast shows over the last year, as more entrepreneurs are starting to record shows to expand their personal brands. Many people listen to podcasts to expand their business knowledge, get new ideas and connect with other entrepreneurs.

People start podcasts for various reasons, but many business owners start these shows to promote their respective businesses. For example, if someone is a health coach and advice on personal nutrition, he or she can create a podcast where the discussion will fall on health in various ways.

At the end of the podcast, the business owner can refer to various products or services to get people to go back to the company’s website. While the podcast may not generate money in itself unless there are deals with advertisers, it can be a great marketing tool to push more paying customers.

It is also a great way to self-promote, if the business owner is planning on starting speaking, blogging or being the face of the business.

There are plenty of how-to’s when it comes to starting a podcast online. A simple Google search will give you everything you need.

 

Malene Jorgensen is an entrepreneur, author and speaker. Jorgensen is passionate about online content, blogging, online business development and e-commerce. She owns an international media publishing company and a design studio. Jorgensen has written several books that are sold in over 50 countries. She is also obsessed with coffee and Twitter. You can reach Malene Jorgensen at Website | LinkedIn | Twitter | Instagram

 

The Four P’s of Time Management

Praveeni

As entrepreneurs there’s one thing we always wish we had more of – time! Running your own business is a full time 24h/ day job! Finding a way to balance everything we have going on in our lives can be challenging. Time management is a key skill that all entrepreneurs should work to gain and improve. Here are a few things to keep in mind when managing  your time:

  1. Plan
    Before you can manage your time you need to know exactly what you want to get done. It’s always good to have a short term (daily) and long term (weekly) plan for your business and your life in general. Take time to write down what tasks you’d like to have done and completed. It’s important to set daily and weekly goals for yourself.
  1. Prioritize
    Once you have your goals for each day set out you need to figure out which ones are more important. Prioritizing your tasks is a key component of time management. For example if you have a task that requires more time or concentration try to focus on that at the beginning of your day when you’re fresh and ready to work. It’s always better to get the more challenging/less appealing tasks done and out of the way first.
  1. Push
    Once you’ve started your daily tasks, make it a point to push through them and complete them. One of the biggest challenges of being your own boss is not having anyone to report to or watch over you- this can lead to procrastination and a less than stellar work ethic. So once you start on your tasks make sure to stick with it and complete them.
  1. Party
    Remember to set a side a few hours everyday for some unplanned fun. This could be some quiet time for yourself, time used to complete extra tasks or even time to meet with friends. The thought of planning for the unplanned may seem a little redundant it’s always good to have a few extra hours in your schedule. Although we work hard as entrepreneurs we need to be able to take a break and enjoy the perks of being our own boss as well.

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.

Kelly Farrell: Canadian Small Business Woman of the Month of February

Kelly headshot (2)

Kelly Farrell is the Founder and Chief Facilitator of Teach Me Social, a visionary company that has a mission to empower small business entrepreneurs to take control of their own online presence and manage it in-house to maintain an authentic voice for their brand. Teach Me Social has been providing valuable Social Media and online marketing support to small business owners for 3 years now, while Kelly’s personal experience in the marketing and Social Media realm extends over 15 years.

Kelly has been teaching elementary school professionally for over 10 years, 7 of those have been teaching Middle School at Star Academy in Mississauga where she also manages the school’s online and community presence. Before teaching in Ontario, Kelly taught Grade One for 2 years at an International school in Colombia, South America, gaining an international perspective on curriculum, child development and early engagement in internet communication to keep in touch with family and friends back home!

A well-travelled and well-read individual, Kelly is also an independent mother of an ambitious eight-year old daughter. As such, Kelly has a unique perspective to offer her clients, gaining participation and attention in her sessions by energizing participants and inspiring them to dive into the Social Media world while providing valuable skills, tips and strategies they can use to construct their online presence at their own pace.

Teach Me Social was launched in 2012, providing 1:1 tutorials and advice to small business owners to manage their social media on their own. The need for Kelly’s unique approach to teaching the ins and outs of Social Media was quickly evident and she began facilitating group workshops and seminars to a wide range of audiences. Teach Me Social continues to grow, offering small business owners a chance to understand and take ownership of their social media strategies, adding authenticity to their online presence.

 

Our Q & A with Kelly Farrell

 

*What inspires you?

I am inspired by the achievements of others. I love sharing in the success of others and revelling in the joy that achievement brings. I have always fed off the energy of others, and having a business where I constantly can help bring about growth and success for my clients energizes me to continue to do what I do.

*As a small business owner, what achievements make you most proud?

I am incredibly proud that my business has reached its 3 year anniversary! What began as a friendly endeavour to help fellow Mompreneurs gain control of their Social Media has bloomed into a unique approach to Social Media learning that has become sought after. Presenting at the Canadian Small Business Immigrant Women’s Expo was a huge milestone for me, as it was a diverse audience, full of new faces eager to learn and listen to what I had to say. I was humbled by the support and encouragement from the room full of passionate, driven business owners.

*What advice would you give to other aspiring small business owners?

Don’t be afraid to ask for help! It takes a village to raise a child, and it takes a similar village to run your own business! I would never be where I am today without the valuable support and guidance from friends and family. Attending networking events has provided incalculable support and advice for growing my business and staying on track in a realistic, yet motivated way.

*What new things can we look forward to from your business in the upcoming year?

Teach Me Social will continue to bring cutting edge support and advice on Online Marketing and Social Media to small business owners in the form on group workshops, seminars and large group presentations. Stay tuned for announcements on a special “Boot Camp” style series of workshops coming in Spring 2015, with the possibility of online accessible workshops coming in the summer!

 

Connect with Kelly via Facebook, Twitter, Website, Instagram, Linkedin 

info@teachmesocial.ca or via phone at 647-894-3511