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Four Things I Wish I’d Known Before I Started My First Business

In 2013, I learned my federal government job would be moved from Oshawa, where I had a house, to Richmond Hill. I’d been unhappy for a long time in that job. It was scary to give up 11 years of security. But what other people might find comforting, I found restrictive and stultifying.

I had wanted, for years, to have my own business of some kind. I didn’t care what. I just wanted to do something of my own.

In 2012 I started my own retail business. I won’t lie, the financial toll has been much worse than I’d ever have envisioned, but I’m still happier than I had been for many years.

When I started, I was full of optimism. I believed in myself and my business with absolute certainty. There was no way this could go wrong. I was doing something good, for all the right reasons, and because of that, I would succeed.

Five years later, I have learned a lot. I have grown a lot. I have some regrets, but mostly I’ve gained insight.

Here are the top four things I would do differently, if I knew then what I know now:

  1. I’d get a line of credit while I still had a good job. This will be obvious to some, but I really under estimated how hard it would be to get credit once I was out on my own. When the loans officer at the credit union in Oshawa found out I was no longer a civil servant, she became a lot less friendly. In fact, once I left the government, my former credit union became downright hostile toward me.

Because I was a new business, I couldn’t get overdraft on my business account. “Come back in a year,” they said. After a year they wouldn’t give me overdraft because I’d had some payments returned NSF – because I was trying to run a business without something as basic as overdraft. The frustration of this circular reasoning probably took ten years off my life.

More importantly, with no line of credit — or even overdraft — to float me over emergencies like overdue hydro bills and being short to cover payroll, life was just pretty damn hard a lot of the time. There were a lot of calls to my parents. This was by far the hardest lesson learned.

  1. If I started again, I’d hire a trained, qualified bookkeeper, who could start me off using Quickbooks or some other automated bookkeeping software. I tried to handle it myself in the beginning. Then I hired a friend of a friend. Her incompetence (she wasn’t actually a bookkeeper, for starters) created a mess with CRA that I am still trying to pay off. There are certifications for bookkeepers. Don’t trust your books to just anyone. Things can get out of control really fast.
  2. Incorporate

There are elements beyond your control. If you’re a sole proprietor and your business fails, you will be left with A LOT of bills. That mess I mentioned earlier wouldn’t be my problem anymore if I had incorporated.

When I started, I was full of optimism. I believed in myself and my business with absolute certainty. There was no way this could go wrong. I was doing something good, for all the right reasons, and because of that, I would succeed. Unfortunately, all the “You-can-do-anything-if-you-just-believe-in-yourself!” messages I got from the cartoons of the 1980s can’t match the effects of, say, the anchor store disappearing from your plaza. Bad stuff happens, no matter how much you don’t think it can.

  1. When you go out on your own, you’re really on your own. There is no one else. Entrepreneurship isn’t for the faint of heart, because you’re it.

There is no IT guy to help with your computer when it dies; there is no payroll clerk to make sure you get paid              and make your government deductions.

There is support, such as business development agencies and the Chambers of Commerce, where you can attend workshops and networking meetings. In Durham region, where I live there is the Business Advisory Centre of Durham. Other communities have their own resources for small business owners. Make sure you use those resources. You’ll be surprised at the amazing, free offerings.

Those are the hardest lessons I learned when I opened my first business, a consignment store in Ajax. My current business is freelance writing, which is a bit lonely at times but also much easier as it is what I do best. Find me at www.durhamwritingservices.com.

 

Stephanie Regan is a writer and editor who gets her husband to hide her laptop at night. Some of her work can be seen at www.durhamwritingservices.com.

North Aware Founder Jamil Khan Gives Inside Look at Kickstarter Crowdfunding

north aware - jamil kahn - kickstarter - smartparka

People who live in cold climates need outerwear to protect them from often harsh elements. Jamil Khan lives in Canada and has experienced his share of frigid winters. That was the driving force behind his idea to found North Aware, an apparel company that came out last year with the Smart Parka – the first winter coat to include built-in gloves, a removable liner, length extension and separate pockets for your hat, glasses, and technology.

“People who live in cold weather understand a good coat is a necessity, not a luxury,” Jamil Khan explains. “You need to know your winter coat will protect you.”

Taking his idea from concept to reality, however, was challenging to say the least. The first hurdle he had to cross was to secure start up capital, and for this reason, he turned to Kickstarter, a popular crowdfunding platform.

“Our product was really well-suited for the platform,” Khan says. “The Kickstarter community is very supportive of new products.”

North Aware’s Kickstarter campaign, which was launched in January of 2016 and ran until late March, raised over $3.25 million, more money than any other crowdfunding campaign in Canadian history, in fact. With an original goal of generating $30,000 in start up capital, it’s safe to say the results of the campaign exceeded Khan and North Aware’s wildest expectations.

However, North Aware’s story is far from typical and the vast majority of Kickstarter campaigns fail to reach their initial funding goals. While Khan was genuinely amazed by the positive response, he is quick to acknowledge a host of factors that contributed to the campaign’s success.

“Prior to launching our campaign, we advertised on different platforms to build momentum,” Khan said. After building a base of interested subscribers, the North Aware team contacted them to promote the campaign launch. Once the campaign launched, word spread rapidly, with people sharing it with their friends and social networks at an unprecedented rate.

“We reached our goal on the second day. It felt great, but it was a mixture of joy and responsibility. We immediately got busy taking the campaign to the next level,” he explains. “We really didn’t have time to celebrate.”

The campaign continued to raise funds at record breaking speed, but there were some pitfalls along the way.

Launching a successful Kickstarter campaign is “a learning process, all along the way,” Khan adds. “Whatever you do, the first time you will do it wrong. Don’t be afraid of mistakes.”

Khan says that the majority of backers pledged their support in the last ten days, with the bulk of supporters hailing from Toronto and New York.

“If you look at our photos and videos on the site, they’re all set in metropolitan areas,” Khan says, a marketing decision he explained was intentional. Additionally, all of the photography and videography used as part of the Kickstarter campaign was professional in nature, another conscious choice.

“With Kickstarter, it’s really important how you present photos and videos. Do it professionally. Spend time on how you display your products.”.

Obviously pleased by the overwhelming success of North Aware’s campaign, Khan would “absolutely recommend Kickstarter for people starting out” trying to market a new product.

“Kickstarter is great for publicity. You can start playing with the big boys right away,” he says, which isn’t necessarily true of other funding sources.

Khan’s advice to those considering a Kickstarter campaign is “to create a really good product people need and want,” and then “get the word out anyway you can, as quickly as you can. If you have 100 ways to get the word out, you do all of them.”

 

Immigrant Women’s Small Business Expo returns to Toronto, September 17, 2017

 

In light of current undertones towards immigrants in Canada, the expo promotes peace, hope and success for all business women

 

Toronto…Now in its fifth year, the one-day, experiential Immigrant Women’s Small Business Expo (IWSM Expo) celebrates the aspirations and achievements of immigrant women, taking place in Toronto on Sunday, September 17th, at Daniels Spectrum. Under the theme “The Changing Face of the Immigrant Community,” IWSBE offers women an opportunity to get informed, empowered and enlightened, while providing access to business building services, networking opportunities and entrepreneur workshops.

Expos are a crucial factor in helping new businesses acquire the leads, networks, information and polish they need to succeed in the business world.

This is according to Dwania Peele, founder of Canadian Small Business Women (CSBW) and the IWSB expo who notes that women owned small and mid-sized businesses generate around $117 billion to the Canadian economy annually.

“We’ve always championed the fact that women matter, and we’ve sought to celebrate all the roles they fill in their family, career and community,” said Peele. “Immigrants, specifically, struggle in Canada’s labour market despite their many skills, and we are more than excited to be in Toronto with this rallying cry of support for immigrant women entrepreneurs across Ontario.”

Another advantage of a business-focused event is that it presents practically unlimited opportunities for information-sharing, says Peele. “We have found there is significant demand for practical advice and insights that help would-be immigrant entrepreneurs and small businesses to run their businesses effectively. Expos bring together stakeholders from across a niche spectrum and present an ideal platform for workshops, demonstrations and seminars that help participants grow their businesses.”

ISWB expo offers a rich experience with informative seminars and panel discussions presented by notable speakers including the Honorable Gagan Sikand, MP for Mississauga-Streetsville,  and entrepreneur Julie Suen, President and CEO of Chinese Canadian Voice. Throughout the day attendees can view educational exhibits and corporate displays from Canada Business Ontario and the Government of Canada. The seminars and workshops will be far ranging and engaging, featuring topics that impact women’s daily lives addressing such issues as health & wellness, marketing and social media tips, career advancement, business/entrepreneurship, the welfare of our children and much more. While IWSB expo targets immigrant women, there are elements for all women business owners.

In addition, ISWB expo offers ample opportunity for shopping and sampling from local artists and artisans showcasing their handmade wares at the Craftadian pavilion, formerly the Made by Hand Show.

 

IWSB expo offers a one-stop business platform to gather information, exchange ideas and network for anyone considering starting their own business, and for those already in business and looking to expand.

Admission runs for $5 / person including access to seminars, panel discussions and the handmade market.

What:                                   Immigrant Women’s Small Business Expo

 

Where: Daniels Spectrum, 585 Dundas St E, Toronto, ON M5A 2B7

When: Sunday, September 17, 9 a.m. – 5 p.m.

Cost: Admission: $5 (Under 16 years of age free)

Website: http://toronto.immigrantsmallbizexpo.ca

 Tickets: https://www.eventbrite.ca/e/immigrant-womens-small-business-expo-toronto-2017-tickets-31623796627

Taking the leap into the world of Business?


yvonne

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

What’s in a name? 6 tips for choosing the right company name

Evelyn Senyi

Choosing your organization’s name is probably one of the most important decisions you will make when starting your business. The identity you choose will be the public face of the company and your primary marketing tool. Choose correctly and your company will prosper. Choose incorrectly and you may lose valuable time and energy in your marketing efforts.

 

The name of your business should convey what you do or sell, the culture of the company and what makes it unique. With all this is mind, choosing the right name can be a daunting task.

 

30 years ago naming your business was as complicated as checking with your local business bureau to see if the name already existed and searching the federal trademark database. Now you have to take into consideration web domains, Twitter accounts and Facebook pages. There are millions of small businesses across the internet that you have to contend with for web addresses, search rankings and social media clout. It’s not easy to find unclaimed digital real estate.

 

To succeed in choosing the right name that is unique and available, you need to think outside the box.

 

  • Do your research – first, see what else is out there in your industry. What types of names do the industry leaders have? Are they fun, serious or quirky? This will let you know what is accepted and expected in your field. Second, make sure that you don’t choose something that is already taken or very popular. This will make securing a domain name and search rankings in Google difficult.

 

  • Keep it simple – creativity is great, but make sure that your potential customers can pronounce and spell your name. Using long words from languages other than that of our business can cause confusion and make you hard to find (for example Abrakebabra). Simple names are easy to market and easy to remember.

 

  • Stick to real words – with so few original names left out there, marketers have taken to creating their own words. While for some (Instagram) this has worked, chances are it will backfire for most. Stick to real, traditionally spelled words when thinking of your name. Names that have no meaning are difficult to market without a lot of paid advertising and are hard to search for.

 

  • Don’t limit yourself – if you own a cafe on St. Peter’s Street it might be tempting to call yourself St. Peter’s Cafe, but what if you move? Alternatively calling yourself Bob’s Door Repair might limit you if you were ever to expand your business to more than just door repair. Be sure to choose a name that can withstand change and growth.

 

  • Use keywords – using keywords makes your business easier to find and more marketable online. It also helps customers determine what it is that you offer. East Coffee Company clearly sells coffee or coffee products, so it will be easier for their name to pop up when customers search for “coffee”.
  • Get input – you might think your name is great but you may not have looked at it from every angle. Words that have one meaning for you might mean something very different to someone else. Take the word dog. To some it might mean that cute little puppy down the street. To others it might be a derogatory word for a person they don’t like. Talking to people about your name will allow you to test how it may be received by the general public.

Whatever name you choose, make sure that YOU like it because hopefully you will be using it for a very long time. Make sure to do your homework and check your local business registry to see if the name is already taken.

Evelyn Senyi is a Toronto-based freelance writer, blogger and digital marketer. Through her passion for technology, solid writing skills and creative flare, Evelyn helps individuals, small businesses and not-for-profits share their stories. Visit her website at www.evelynsenyi.com to learn more about her services or follow her on Twitter @evelynsenyi

How Much Should You spend On Marketing?

Kerry George (1)

The amount that you spend on marketing has many different factors to take into consideration. For instance if you are starting a new business and you are well funded or going for a grant you will want to spend a larger percentage on marketing. Nobody has ever heard of you. You need to break into the market place. You will want to define who you are with your branding and put together a website, social media platforms, printed brochures, business cards and more that matches. You will want to carefully select a few strategic partnerships that can work with you to put out your marketing pieces, such as taking a spot in an annual magazine or working with someone to take part in a larger tradeshow. You may want to gather email addresses and build a loyal following using email marketing. Some time and thought should go into this process along with some study to wisely select some of the best pieces to your marketing puzzle.

Sometimes we go online and we see what others are doing, but one needs to compare apples to apples. Your company may not be coming from the same place. A well-established company such as Coca-Cola may only spend 4% a year on marketing. That still equals millions of dollars and the percentage may be enough for them because they are maintaining a presence. They are not trying to create a presence out of thin air.

Your brand new under-funded start up may need to do a lot of online marketing using profiles and setting up free channels. That may work for a while but the reality is that your business is going to have ups and downs. While you are on an upward rise financially you get very busy and you stop doing the things that got you there. That is when you better have your automation in place or else you will need to hire someone to keep the posting consistent.

So what is the right amount to spend?

There is no set number but here is the deal: You can’t afford to not be marketing. Marketing cost money, but it also is the machine that brings in money. So you can’t afford to shut the machine off or even to let it idle. The cost to stop marketing is far greater in lost sales.

In 2013 I worked with a couple of partners and founded www.cibn.ca a business networking organization in Calgary, AB. This new company had a unique advantage. As the CEO I also owned an online marketing company called www.loyal2U.ca and therefore had access to a team of people who created marketing materials and already owned a platform that could promote the CIBN across the city. By using simple online marketing strategies over and over we grew the engaged following of the Canadian Imperial Business Network to over 330,000 people in less than 9 months. The phone rings on a regular basis now as people have found us. Our blogs are viewed by a vast number of people weekly. Our posts are re-posted by fans all across the region and beyond. Sometimes we get interest in attending our events from as far away as New York City. People recognize my face and the faces of the other partners when we are out in the community. I often hear them talk about how they have been following our progress for years. That is quite remarkable for a company that is less than one year old. Why do they think that? It is because of perception. In online marketing, perception is everything. We make a bold statement online. We are everywhere. Our LinkedIn profiles are pimped out. Our Facebook pages are regularly updated. We put out a lot of new content every month and we tweet about it regularly from multiple Twitter accounts. Perception has made us as huge as our market.

You can also grow a large following of people in a relatively short period of time. Use the simple steps of marketing over and over again and invest in yourself. We invested a lot into marketing. We pulled 16 hour days to get more onto the website after the day’s work was done or to get one more blog article written. We often went without other things and took smaller paychecks. We made careful choices, watched the results and then reinvested again when something worked. We partnered with others. We bartered when necessary. We spent and spent and spent to make it happen, but now it is happening.

Do not accept the reality that nobody knows who you are. Create a new reality. Use whatever is free. Use whatever you can trade. Use your connections. Use your head and be smart. Use boldness. Use a percentage if you need to but understand that nothing equals no return. The larger you pour out your marketing, the bigger the benefits later.

The Answer To The Question

The answer to how much should I spend is this: Spend whatever it takes. Keep spending and keep trying until you are making so much money you don’t have time to spend it all. Then spend some more, create an exit strategy and sell your business. When you successfully own your business and it no longer owns all of you and all of your time, you are good to go.

Happy Marketing!

Kerry George is the owner of the Canadian Imperial Business Network which is currently the largest business network in Alberta and rapidly expanding across the country. She is a serial entrepreneur/author and speaker with a zest for life and a passion to help others succeed in increasing their potential and their bottom line. Kerry has several publications and blogs that you can follow and welcomes most interaction online.

Twitter

@createloyalty2U

@CIBNtweets

@yycbiznetwork

Blogs

http://loyal2u.blogspot.ca/

http://calgarybiz.net/blog-3/

http://kidsincowtown.wordpress.com/

http://loyal2u.ca/category/social-media-2/linkedin/

How Bad Do You Want It?

sandra

 

Obstacles and challenges are par for the course when you make the decision to become an entrepreneur.  There’s the steep learning curve; tax laws, employment laws, business plan, marketing plan, website design, social media, oh yeah and getting customers/clients!  If that wasn’t enough to overwhelm you and have you running back to the ranks of the employed, you then have those well-meaning friends and family who will question your sanity as you declare that you are now ready to give up the comforts of a “steady paycheque”, benefits and paid vacations.  So how do you keep your head above water when you feel like the waves keep getting bigger and the undertow is pulling you down?

Networking with like-minded people is a definite must.  If you don’t have people you can talk to who can empathize with what you’re going through, all you have left is the peanut gallery of naysayers telling you they know someone who’s hiring.  Going to meetings where you can learn not only from a guest speaker, but from the successes and failures of colleagues is going to be a big help, and it gives you comfort in knowing that you aren’t alone in your struggles, doubts and concerns and that success is possible!

You also need an outlet to release the stress and frustration that is part of the package of being an entrepreneur.  Whether it’s going dancing with the girls or doing yoga, you need to do something that isn’t related to your business that will let you burn off some steam.  This is even more important if you work from home.  The feeling of being isolated can get to the best of us.  Do activities that bring you joy and/or quiet the mind.  Often, it’s during this “down time” that answers to what seem like impossible problems will present themselves to you.

Creating a positive environment is another key to keeping yourself motivated through challenging times.  One of my favourite ways to do this is to have affirmations around my workspace.  Affirmations are positive statements about yourself and/or your environment.  Having positive quotes or affirmations around your desk or work area can provide you with that inspiration and motivation you need on those difficult days.  Playing positive, uplifting music is another great way to get through the rough times.  Whatever you can do to keep your energy up and put a smile on your face is a good thing, even if it means busting a move in the middle of the day in your office!

The reality is that if you’re looking for an excuse not to follow your dreams, they will be easy to find.  What you need to ask yourself when your facing what seems like insurmountable obstacles is how badly do you really want this?  Whether “this” means a new client, a new product or the business itself doesn’t matter.  What matters is the fact that you have a choice.  You can let the difficulties of being an entrepreneur lead you back into the life of an employee, or you can choose to focus on the fulfillment and gratification you will experience when you’ve accomplished what you’ve set out to do despite the odds.  No one ever said the life of an entrepreneur was going to be easy, but I do believe that seeing your vision manifest into reality is worth it!

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 is working on her first book, Embracing My Destiny: My Journey to Discovering My Divine Path.

Connect with Sandra via the links below
www.embraceyourdestiny.ca
www.facebook.com/embraceyourdestiny
www.twitter.com/sandradawes

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