https://businessplangenius.com/blog/ Recent content on Flock Free Nation Hugo -- gohugo.io en-can Thu, 07 Jan 2021 17:20:20 -0600 https://businessplangenius.com/blog/2021/01/07/the-best-way-to-share-a-powerpoint-presentation-over-teams/ Thu, 07 Jan 2021 17:20:20 -0600 https://businessplangenius.com/blog/2021/01/07/the-best-way-to-share-a-powerpoint-presentation-over-teams/ This is the best way to present your PowerPoint over Teams while being able to see the presenter notes. On the Slide Show tab in the ribbon, click the “From Beginning” button. This will take your presentation full screen. Use Alt-Tab (Cmd-Tab on a Mac) to cycle through the open applications and select the Teams meeting window. Click the sharing button in Teams and choose the PowerPoint that is in full screen presentation mode. https://businessplangenius.com/blog/2020/12/12/ceba-program-is-expanded/ Sat, 12 Dec 2020 16:58:07 -0600 https://businessplangenius.com/blog/2020/12/12/ceba-program-is-expanded/ The Canada Emergency Business Account (CEBA) requirements and deadlines have changed. As of December 4, 2020, CEBA loans for eligible businesses will increase from $40,000 to $60,000. Applicants who have received the $40,000 CEBA loan may apply for the $20,000 expansion, which provides eligible businesses with an additional $20,000 in financing. All applicants have until March 31, 2021, to apply for $60,000 CEBA loan or the $20,000 expansion. https://businessplangenius.com/blog/2020/10/27/changes-to-ceba-eligibility/ Tue, 27 Oct 2020 13:36:42 -0600 https://businessplangenius.com/blog/2020/10/27/changes-to-ceba-eligibility/ The government has announced three key changes to the Canada Emergency Business Account (CEBA) program. As of October 26, 2020, eligible Canadian businesses that currently operate through a personal bank account will be able to apply for CEBA. All applicants now have until December 31, 2020, to apply for CEBA. COMING SOON - CEBA support is being expanded from $40K to $60K. This expansion will be available to all eligible previous and new CEBA applicants. https://businessplangenius.com/blog/2020/04/27/canada-emergency-wage-subsidy-cews/ Mon, 27 Apr 2020 15:27:40 -0600 https://businessplangenius.com/blog/2020/04/27/canada-emergency-wage-subsidy-cews/ The Canada Emergency Wage Subsidy (CEWS) is a subsidy that generally covers 75% of an employee’s wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May. The program will be in place for a 12-week period, from March 15 to June 6, 2020. https://businessplangenius.com/blog/2020/04/22/canada-emergency-business-account-ceba/ Wed, 22 Apr 2020 10:42:57 -0600 https://businessplangenius.com/blog/2020/04/22/canada-emergency-business-account-ceba/ This $25 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus. Eligibility Requirements The Borrower is a Canadian operating business in operation as of March 1, 2020. The Borrower has a federal tax registration.(See our post for an explanation of Business Numbers) The Borrower’s total employment income paid in the 2019 calendar year was between Cdn. https://businessplangenius.com/blog/2020/04/15/saskatchewan-small-business-emergency-payment-program/ Wed, 15 Apr 2020 11:57:43 -0600 https://businessplangenius.com/blog/2020/04/15/saskatchewan-small-business-emergency-payment-program/ The Saskatchewan government has announced the Saskatchewan Small Business Emergency Payment Program. It’s a program meant to help out businesses that have had a loss in revenue due to a COVID-19 public health order. If your business hasn’t been ordered to close or modify your operations due to a public health order, you won’t be eligible for this program. Benefits Payments are based on 15% of a business’s monthly sales revenue in either April 2019 or February 2020. https://businessplangenius.com/blog/2020/02/14/the-value-of-a-business-plan/ Fri, 14 Feb 2020 06:59:09 -0600 https://businessplangenius.com/blog/2020/02/14/the-value-of-a-business-plan/ I’ve learned over the years that people can often be confused about the purpose of a business plan. Some see it as a means to an end — a necessary prerequisite for getting a loan from a banker or to satisfy the obligations for a commercial real estate lease. The biggest value of a business plan is the planning and thought that goes into its creation. The tweet below from @WilHarris illustrates this nicely. https://businessplangenius.com/blog/2020/01/04/how-old-is-too-old-to-start-a-business/ Sat, 04 Jan 2020 13:08:27 -0600 https://businessplangenius.com/blog/2020/01/04/how-old-is-too-old-to-start-a-business/ We’ve just entered into another New Year and it is a natural point for people to reflect on the year past and what lies ahead. If you have had starting a business on your mind for a few years now, you might be thinking, “Have I missed my window of opportunity for this?” “Is it too late to pursue my dream of starting a business?” Fortunately, the answer is no. https://businessplangenius.com/blog/2019/09/17/herturn-competition-for-canadian-women-entrepreneurs/ Tue, 17 Sep 2019 13:30:11 -0600 https://businessplangenius.com/blog/2019/09/17/herturn-competition-for-canadian-women-entrepreneurs/ PayPal Canada, Facebook Canada and BDC are joining AmberMac Media and Pint Glass Productions to launch HerTurn, Canada’s new online business competition series for women entrepreneurs. The competition will take applications over a six week period. Three finalists will be chosen from the list of applicants and they will participate in a series of challenges with the competition’s mentors. A winner will be chosen based on the outcome of the challenges and will receive a grand prize valued at $20,000 worth of cash and prizes thanks to PayPal Canada, which includes $15,000 CAD and $5,000 worth of marketing services from AmberMac Media Inc. https://businessplangenius.com/blog/2019/09/07/an-opportunity-to-comment-on-digital-competition/ Sat, 07 Sep 2019 15:53:32 -0600 https://businessplangenius.com/blog/2019/09/07/an-opportunity-to-comment-on-digital-competition/ The Canadian Competition Bureau has put out a call-out for information. The Bureau is looking into concerns that online search, social media, display advertising and online marketplaces, have become increasingly concentrated, to the detriment of consumers and businesses. As the multi-national companies start to find that growing revenue is becoming more difficult, they are starting to try new strategies and tactics to make money. Some of these aren’t always in the best interest of entrepreneurs with small businesses. https://businessplangenius.com/blog/2019/08/21/saskatoon-school-for-startups/ Wed, 21 Aug 2019 18:21:55 -0600 https://businessplangenius.com/blog/2019/08/21/saskatoon-school-for-startups/ Saskatoon’s School For Startups is a 12 night course that is designed to deliver practical knowledge to entrepreneurs who are looking to start a business. The course will cover the following topics: Introduction to Entrepreneurship Business Plan Preparation Financial Literacy Branding Digital Marketing Marketing & Communications Legal Accounting & Bookkeeping Human Resources Online Tools Financing, Credit and Banking Entrepreneurship Resources and Associations The next class starts September 3, 2019 and runs through November 19, 2019. https://businessplangenius.com/blog/2019/07/25/understanding-the-cras-my-business-account-service/ Thu, 25 Jul 2019 07:41:27 -0600 https://businessplangenius.com/blog/2019/07/25/understanding-the-cras-my-business-account-service/ The Canada Revenue Agency’s (CRA) My Business Account service is a self-serve website that allows you to perform a number of actions on behalf of your business. The website includes the ability to deal with the following topics. GST/HST Payroll Corporation Income Tax Excise duty Excise tax Excise tax on insurance premiums Air Travellers Security Charge Softwood Lumber Products Export Charge Registered charity Information Returns TFSA Partnerships Contract Payments (T5018) It’s possible to file returns through the website and to provide other information to CRA. https://businessplangenius.com/blog/2019/06/26/what-is-securekey-concierge/ Wed, 26 Jun 2019 07:30:00 -0600 https://businessplangenius.com/blog/2019/06/26/what-is-securekey-concierge/ SecureKey is a Canadian company that provides Concierge, which is a credential brokerage service. A credential brokerage service allows someone who wants to access a website to use the credentials of another, trusted third party to access the website. In SecureKey’s case, the trusted third parties that provide the credentials are Canadian banks and credit unions. These financial institutions allow the use of their online banking credentials to allow access to websites that Concierge supports. https://businessplangenius.com/blog/2019/06/09/saskatchewan-immigration-consultant-list/ Sun, 09 Jun 2019 07:30:00 -0600 https://businessplangenius.com/blog/2019/06/09/saskatchewan-immigration-consultant-list/ We write business plans for provincial nominee programs (PNP) but we are not immigration consultants. We often partner with immigration consultants to write a business plan for a client’s PNP application. In Saskatchwan Immigration Consultants and Foreign Worker Recruiters must be licensed under The Foreign Worker and Recruitment Services Act (FWRISA) before they can practise in Saskatchewan. The government has helpfully provided a list of licensed immigration consultants that can be downloaded in PDF format. https://businessplangenius.com/blog/2015/03/24/sinp-accepting-entrepreneurs/ Tue, 24 Mar 2015 07:30:00 -0600 https://businessplangenius.com/blog/2015/03/24/sinp-accepting-entrepreneurs/ The Saskatchewan Government has announced changes to the Saskatchewan Immigrant Nominee Program (SINP). The five previous applicant streams - entrepreneur, science and technology, farm, large scale investor and young farmer - have been consolidated into entrepreneur and farmer owner/operator streams. The previous guidelines required a nominee in the Entrepreneural stream to have a $300,000 net worth and make an investment of $150,000 in a business in Saskatchewan. These requirements have increased so that a net worth of $500,000 is required and an investment of $300,000 must be made if the business is to be located in Regina or Saskatoon. https://businessplangenius.com/blog/2014/07/16/understanding-canadas-anti-spam-legislation-casl/ Wed, 16 Jul 2014 07:30:00 -0600 https://businessplangenius.com/blog/2014/07/16/understanding-canadas-anti-spam-legislation-casl/ On July 1, 2014 the Canada’s Anti-spam Legislation (CASL) came into effect. This law was put into place to help prevent a number of problems that spam creates. it impairs the use of electronic channels to carry out legitimate commercial activity dealing with spam imposes additional costs on businesses and consumers spam can lead to compromises of privacy and security threats to confidential information it undermines the general confidence of the public in the use of electronic communications for commercial activities This law applies to email, SMS, social media or instant messaging that is used to send promotional or commercial messages. https://businessplangenius.com/blog/2014/03/24/more-than-half-of-canadian-businesses-still-dont-have-a-website/ Mon, 24 Mar 2014 07:30:00 -0600 https://businessplangenius.com/blog/2014/03/24/more-than-half-of-canadian-businesses-still-dont-have-a-website/ According to a recent study released by the Canadian Internet Registration Authority (CIRA)^1 only 45.5% of Canadian businesses have a website. Among small businesses, only 41.1% have a website. ComScore reported that e-commerce spending in Canada increased by 10% to $22.3 billion. The number of transactions were up 17% and 50% of Canadians used the internet to purchase a good or service online. What do all of these numbers mean? The internet is a very important tool for consumers. https://businessplangenius.com/blog/2014/03/10/new-guidelines-for-the-csbfp/ Mon, 10 Mar 2014 07:30:00 -0600 https://businessplangenius.com/blog/2014/03/10/new-guidelines-for-the-csbfp/ The Canadian Small Business Financing Program (CSBFP) has been revamped by Industry Canada. The changes will go into effect April 1, 2014. The CSBFP is a a program whereby Industry Canada provides a level of insurance against loan losses to banks and credit unions. The idea behind this is that these lenders will be more willing to lend money to startups and existing businesses if they can be protected against loan losses. https://businessplangenius.com/blog/2014/02/15/saskatoon-business-licensing-now-online/ Sat, 15 Feb 2014 07:30:00 -0600 https://businessplangenius.com/blog/2014/02/15/saskatoon-business-licensing-now-online/ Saskatoon business owners can now renew their business licenses online. New business owners can also apply for their business license through this online service.(https://www.saskatoon.ca/business-development/business-licenses/business-license-online) This convenience comes at no cost. Business license fees have not increased. The website has some issues but it works. It doesn’t seem to work well with Safari or Chrome. You’ll want to use Firefox. Load times are quite slow but be patient. It will eventually render the next page. https://businessplangenius.com/blog/2013/06/13/empower-business-program-opens-for-applications/ Thu, 13 Jun 2013 07:30:00 -0600 https://businessplangenius.com/blog/2013/06/13/empower-business-program-opens-for-applications/ The Empower Business Program, which is run by Saskatoon Ideas Inc. and is supported by BHP Billiton as its title sponsor, has opened to another 10 aspiring entrepreneurs. The program provides mentoring to First Nations and Métis entrepreneurs in Saskatchewan. The program will provide mentoring to assist to assist in all parts of starting your business. They will help you determine your business model and a plan to implement it. They will assist in marketing as well as financial, market and competitor analysis. https://businessplangenius.com/blog/2012/11/28/ideas-inc.-and-bhp-billiton-launch-empower-business-program/ Wed, 28 Nov 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/11/28/ideas-inc.-and-bhp-billiton-launch-empower-business-program/ Ideas Inc. and BHP Billiton have teamed up to create the Empower Business Program for Saskatchewan First Nations and Métis entrepreneurs. The program will help entrepreneurs get the resources and training they need to start and grow their businesses. The program is taking applications from December 1, 2012 to January 31, 3013. Interested entrepreneurs should visit the Ideas Inc. website or send an email to empower @ saskatoonideas.com. If you are thinking of starting a business and you qualify for the program, this would be an excellent way for you to get help in getting your business of the ground. https://businessplangenius.com/blog/2012/11/21/bc-reviews-pnp-options-for-business-immigrants/ Wed, 21 Nov 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/11/21/bc-reviews-pnp-options-for-business-immigrants/ The BC PNP has two options through the business immigration stream – the Fast Track nomination option and the regular process. As of November 15, 2012, the government is suspending the Fast Track option as it reviews the effectiveness of the program. Under the Fast Track option, business applicants who had obtained a PNP-supported work permit and had arrived in BC could request immediate nomination for permanent residence if they posted a $125,000 bond with the Province. https://businessplangenius.com/blog/2012/11/14/canadian-immigration-trends/ Wed, 14 Nov 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/11/14/canadian-immigration-trends/ Take a look at the immigration trends infographics below (via Niren & Associates(https://www.visaplace.com)). They reflect the positive impact that immigration is having on the Canadian population. Courtesy of: Niren & Associates https://businessplangenius.com/blog/2012/10/29/understanding-the-saskatchewan-small-business-loans-association-sbla-program/ Mon, 29 Oct 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/10/29/understanding-the-saskatchewan-small-business-loans-association-sbla-program/ This program was eliminated in the 2015/2016 budget. The SBLA program is a provincial government program that is administered through local community-run loan associations. An individual business can borrow up to $20,000 to start or expand a business. Eligible Borrowers The program is meant to provide financing to new businesses or existing businesses that want to expand. It is meant to fill the funding gap to finance businesses that traditional banks or credit unions might find too risky. https://businessplangenius.com/blog/2012/10/18/major-changes-being-proposed-to-canadian-small-business-financing-program/ Thu, 18 Oct 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/10/18/major-changes-being-proposed-to-canadian-small-business-financing-program/ Industry Canada is proposing major changes to the CSBFA that would take effect April 1, 2013. The proposal is currently under a 30 day consultation period that began last Saturday. The main changes to the current program are: The maximum interest rate would increase by 0.75% to prime + 3.75% or the residential mortgage rate + 3.75% Banks would be able to charge higher loan administration fees. These fees are capped under the current program. https://businessplangenius.com/blog/2012/08/09/clarence-campeau-develops-new-programs-for-metis-women-and-youth-entrepreneurs/ Thu, 09 Aug 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/08/09/clarence-campeau-develops-new-programs-for-metis-women-and-youth-entrepreneurs/ The Clarence Campeau Development Fund has created the Métis Women’s Equity Program and the Métis Youth Equity Program (18-35 years old). The Métis Women’s Equity Program The Métis Women’s Equity Program offers equity assistance of up to 65% of project costs to a maximum of $10,000. Total project costs cannot exceed $25,000, (excluding working capital). The funds can be used to purchase an existing business, start a new business or expand or renovate an existing business. https://businessplangenius.com/blog/2012/06/21/wave-accounting-summer-2012-small-business-owners-survey/ Thu, 21 Jun 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/06/21/wave-accounting-summer-2012-small-business-owners-survey/ The folks over at Wave Accounting have released the results of their small business survey. The nifty info-graphic below is courtesy of them. https://businessplangenius.com/blog/2012/05/02/canada-working-on-startup-visa-for-immigrant-entrepreneurs/ Wed, 02 May 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/05/02/canada-working-on-startup-visa-for-immigrant-entrepreneurs/ The Federal Government is going to launch consultations to develop a startup visa to attract entrepreneurs. It is important to understand what this means in the context of the different types of entrepreneurs. Details on this startup visa are still scarce but it seems that the government will be looking for scalable startup entrepreneurs rather than the more common small business entrepreneurs that are currently accommodated under existing entrepreneurship programs. https://businessplangenius.com/blog/2012/02/27/good-money-impact-venture-challenge/ Mon, 27 Feb 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/02/27/good-money-impact-venture-challenge/ Vancity is sponsoring a competition to help post-secondary and recent post-secondary graduates grow for-profit businesses that have a positive social or environmental impact. Applicants must submit an 8 page business plan that includes a description of the positive environmental or social impact of the business. Vancity personele will judge the plans based on their merits and up to 10 applicants may be selected to move on to the next phase of the competition. https://businessplangenius.com/blog/2012/01/24/saskatoon-entrepreneurship-contest-for-prospective-retailers/ Tue, 24 Jan 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/01/24/saskatoon-entrepreneurship-contest-for-prospective-retailers/ The Centre shopping mall in Saskatoon is running an entrepreneurship contest for Saskatoon entrepreneurs. The contest is eligible to Saskatoon area residents over the age of 18 who have a business plan and the financial backing to start their business. The winning business must be able to be operated at The Centre. Prices include 3 months of rent-free retail cart space, a Web Presence Business Starter Plan from BlackSun, and a $500 signage start up among others. https://businessplangenius.com/blog/2012/01/05/try-before-you-buy/ Thu, 05 Jan 2012 07:30:00 -0600 https://businessplangenius.com/blog/2012/01/05/try-before-you-buy/ It turns out that we aren’t very good at predicting the future. A sober look at the predictions of economists, political pundits, and sportscasters reveals this lack of foresight. What is more surprising, is that we do a very poor job of predicting our own futures. It’s difficult to predict how much we will like a certain situation. Part of the reason for this is that we are unable to completely imagine all the details of a certain situation. https://businessplangenius.com/blog/2011/12/06/bank-of-canada-leaves-interest-rates-unchanged/ Tue, 06 Dec 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/12/06/bank-of-canada-leaves-interest-rates-unchanged/ The Bank of Canada announced today that it is leaving its overnight lending rate at 1%, which is what is has been all year. Governor Mark Carney commented that economic uncertainty had increased in the past few weeks and that the recession in Europe was more pronounced than expected. Canada’s big bank economists expect the rate to remain at this level throughout most of 2012. https://businessplangenius.com/blog/2011/11/30/are-you-involved-or-are-you-committed/ Wed, 30 Nov 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/11/30/are-you-involved-or-are-you-committed/ There’s an old analogy that illustrates being involved versus being committed. A breakfast made of bacon and eggs beautifully illustrates the commitment of the pig vs. the compliance of the chicken. The chicken is involved, but it is the pig that is fully committed. In a way starting a business is a lot like this. You can be involved. You can make some initial inquires, ask people what they think and dream about starting your business. https://businessplangenius.com/blog/2011/11/16/understanding-an-import-letter-of-credit/ Wed, 16 Nov 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/11/16/understanding-an-import-letter-of-credit/ An import letter of credit (import documentary credit) is issued by a bank at the request of an importer. The letter of credit states that the bank will pay a specified sum of money to a beneficiary, normally an exporter, on presentation of particular, specific documents. If you are importing goods into Canada, you can go to your bank to request an import letter of credit. The bank will evaluate your credit worthiness much like it would for a loan. https://businessplangenius.com/blog/2011/11/15/fuel-awards-given-to-canadas-top-young-entrepreneurs/ Tue, 15 Nov 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/11/15/fuel-awards-given-to-canadas-top-young-entrepreneurs/ The Fuel Awards, a competition meant to inspire entrepreneurship and recognize top entrepreneurs under 30, has announced its winners. Arash Afrooze, 27 - HiretheWorld.com - Vancouver HiretheWorld helps businesses hire, manage and pay online workers Kenshi Arasaki, 28 - A Thinking Ape - Vancouver A Thinking Ape is a mobile development company that makes applications for smart phones. Ray Cao, 25 - Loose Button - Toronto A subscription service that allows members to try beauty products in the comfort of their own home before buying them full-sized. https://businessplangenius.com/blog/2011/11/03/execution-matters/ Thu, 03 Nov 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/11/03/execution-matters/ I’m in the process of reading the new Steve Jobs biography and it gives the details about the famous story of Jobs and his engineers visiting the Xerox PARC research centre to learn about the graphical user interface the Xerox engineers had developed. The legend that had always been told about this event was that Jobs convinced Xerox to give them a look at their technology, which Jobs then stole for the Macintosh. https://businessplangenius.com/blog/2011/11/01/dont-build-your-business-on-someone-elses-foundation/ Tue, 01 Nov 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/11/01/dont-build-your-business-on-someone-elses-foundation/ I was reading an article recently about how a once dominant player in the print advertising industry had fallen on hard times and was now attempting to remake itself as a digital marketer that put small businesses online by giving them websites. What disturbed me about this new business model was that the company would essentially “own” the small business’s sites and unless the business owners continued to pay the monthly fee, their sites would be taken down. https://businessplangenius.com/blog/2011/10/26/take-ownership-of-your-listing-on-google-places-for-business/ Wed, 26 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/26/take-ownership-of-your-listing-on-google-places-for-business/ Claiming your business’s listing on Google Places For Business is an important step in improving your visibility in Google searches. In this post, I’ll provide a tutorial on how to take ownership of your business’s listing. The screenshot shown above is the Google Places For Business Landing Page. The look of it may vary, depending on whether you have a Google account and are signed in. In the version I have posted here, the link to continue onward isn’t obvious so I’ve marked it with an arrow. https://businessplangenius.com/blog/2011/10/25/understanding-google-places-for-business/ Tue, 25 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/25/understanding-google-places-for-business/ Over the past week or so, I’ve had the need to search for businesses that sell products that I don’t purchase regularly. When looking for a place to purchase a product I’m not familiar with, I usually turn to Google to find business listings. I have a copy of the yellow pages but I don’t think I’ve opened it in over a year. I use the online version of the yellow pages rarely because their site is poorly designed and it takes too long to find what I want. https://businessplangenius.com/blog/2011/10/24/2011-enterprize-canada-business-plan-competition/ Mon, 24 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/24/2011-enterprize-canada-business-plan-competition/ If you are an undergraduate student at one of Canada’s universities, you have the opportunity to enter the Enterprize Canada Business Plan Competition and to compete for the $15,000 first prize. Contest entrants will be given feedback on their business ideas and their business plans by the panel of preliminary judges. Past competitors will work with contest entrants to help them refine their pitches to the judges. The competition is broken down into 4 rounds: https://businessplangenius.com/blog/2011/10/21/telus-sponsors-elevator-pitch-contest-on-facebook/ Fri, 21 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/21/telus-sponsors-elevator-pitch-contest-on-facebook/ Being able to tell someone what your business does in 30 seconds or less is an important skill. Getting a lot of information into this short message isn’t easy but if you can do a good job of it, you could win an iPhone 4, and iPad 2, and a $1,500 Amex gift card from Telus. To enter, “Like” the Telus Facebook page and enter your business information along with your elevator pitch into the online form. https://businessplangenius.com/blog/2011/10/19/canadian-government-announces-permanent-funding-for-bizpal-program/ Wed, 19 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/19/canadian-government-announces-permanent-funding-for-bizpal-program/ There will be $3 million in annual funding for the BizPal program. The vision is to have more jurisdictions join the program, which provides a one-stop online service for access to information on permits and licenses that small business entrepreneurs need to start and operate their businesses. Currently, there are 11 provinces and territories participating, with over 600 municipalities offering the service, which covers an estimated 57% of the Canadian population. https://businessplangenius.com/blog/2011/10/18/bdc-allocates-200-million-to-help-entrepreneurs-invest-in-it/ Tue, 18 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/18/bdc-allocates-200-million-to-help-entrepreneurs-invest-in-it/ The Business Development Bank of Canada (BDC) has allocated $200 million of loan funds to help entrepreneurs purchase new information and communications technology. The proceeds of the loans can be used to purchase hardware, software or consulting services including internet solutions. BDC clients and non-clients including small or home based businesses are encouraged to apply. Those businesses applying for loans under $50,000 in total must apply online. Businesses looking for more than $50,000 under this initiative should call BDC customer service at 1 877 BDC BANX (232-2269). https://businessplangenius.com/blog/2011/10/13/take-off-with-amex-contest/ Thu, 13 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/13/take-off-with-amex-contest/ American Express is offering $10,000 and a social marketing consultation with the Managing Director of Facebook Canada to a lucky Canadian business. You must be a resident of Canada (excluding Québec) and have authority to sign on behalf of your business to enter. To enter go to Amex’s Facebook page and click on the big green arrow in the graphic that says “Enter Here”. This will take you to a simple web form where you will fill out your basic contact information and write a 150 word statement that describes: https://businessplangenius.com/blog/2011/10/12/greater-saskatoon-chamber-of-commerce-connections-event/ Wed, 12 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/12/greater-saskatoon-chamber-of-commerce-connections-event/ The Greater Saskatoon Chamber Of Commerce is hosting an event called Connections. This is an excellent opportunity for people who are looking to start a business or people who have just started one to network with professionals from the business community. Representatives from the following organizations will be on hand. PwC LLP Women Entrepreneurs of Saskatchewan Praxis School of Entrepreneurship Ideas Inc. Canadian Youth Business Foundation Raj Manek Mentorship Program This will be an excellent opportunity to meet people from these organizations, which are dedicated to helping people start their own businesses. https://businessplangenius.com/blog/2011/10/11/get-out-of-your-own-way/ Tue, 11 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/11/get-out-of-your-own-way/ You want to start a business, yet you are not making any progress towards that goal. There seems to be a lot of things in the way. Your idea isn’t good enough. You don’t have enough money to invest into it. You don’t have the time to do the business planning that is necessary before you get started. You think of “some day” when these things that are in your way won’t be anymore. https://businessplangenius.com/blog/2011/10/05/canadian-government-introduces-hiring-credit-for-small-business/ Wed, 05 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/05/canadian-government-introduces-hiring-credit-for-small-business/ The federal government has announced that it will grant a one-time tax credit based on the increase in an employer’s employment insurance (EI) premiums paid in 2011 over those paid in 2010. The credit will be calculated on the employer’s 2011 T4. The business that are eligible for this tax credit are those who paid $10,000 or less in EI premiums in 2010. This effectively means that the credit is only available to smaller companies that don’t have a large number of employees. https://businessplangenius.com/blog/2011/10/04/how-to-license-a-business-in-regina/ Tue, 04 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/04/how-to-license-a-business-in-regina/ Regina is different from many other municipal jurisdictions because there is a good chance that you will not require a business license to operate your business. The city of Regina explains it this way: All businesses require a licence from the City of Regina unless: The business is considered a non-profit corporation under provincial jurisdiction. The business operates from a premise which pays commercial or industrial property taxes, with the exception of second-hand dealers, pawn brokers, and coin dealers. https://businessplangenius.com/blog/2011/10/03/the-difference-between-a-hobby-and-a-business/ Mon, 03 Oct 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/10/03/the-difference-between-a-hobby-and-a-business/ People often get into a particular type of business with the idea of pursuing a passion while earning a living. This is a good thing. Having passion for what you are doing can make it much easier to persevere through difficult times. It makes going to work every day a pleasure instead of a chore. No more Sunday evening stress about Monday morning because you love what you do. Unfortunately, many people have a passion for the activity the business does and not the business itself. https://businessplangenius.com/blog/2011/09/28/intuit-announces-quickbooks-intervention-contest/ Wed, 28 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/28/intuit-announces-quickbooks-intervention-contest/ Intuit is running a promotional contest to encourage work life balance and to promote its QuickBooks software. Over-worked business owners can be nominated or they can nominate themselves. Winners of the contest will be chosen at random from all of the eligible contest entrants. The winning business owner will receive $10,000 and the person nominating him or her will receive $10,000. If a business owner who self-nominates wins, he or she will get the full $20,000. https://businessplangenius.com/blog/2011/09/27/copyrights-in-canada/ Tue, 27 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/27/copyrights-in-canada/ The Canadian Intellectual Property Office defines a copyright as: Copyright is the exclusive right to copy a creative work or allow someone else to do so. Copyright applies to all original literary, dramatic, musical and artistic works. These include: books and other writings music sculptures paintings photographs films plays television and radio program sound recordings, such as records, cassettes or compact discs performer’s performances communication signals computer programs Copyright doesn’t apply to: https://businessplangenius.com/blog/2011/09/26/how-to-quickly-test-the-viability-of-your-idea/ Mon, 26 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/26/how-to-quickly-test-the-viability-of-your-idea/ People come up with ideas for businesses all the time. These ideas need to be tested to see if they have a serious possibility of becoming actual businesses. The first thing I like to do is some rough calculations to see if there is sufficient profit involved to even consider the opportunity. An idea needs to meet a certain threshold of profitability to even be worth looking into further. We each only have so much time in our day. https://businessplangenius.com/blog/2011/09/23/b-c-government-to-add-3-million-to-venture-capital-credit-vcc-program/ Fri, 23 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/23/b-c-government-to-add-3-million-to-venture-capital-credit-vcc-program/ The Ministry of Small Business, Technology and Economic Development administers the Venture Capital Program. Corporations investing in shares of a registered venture capital corporation or eligible business corporation can claim a Venture Capital Tax Credit (VCC). Corporations may claim a tax credit in a taxation year equal to the lesser of: the amount of the tax credit certificate issued by the Ministry of Small Business, Technology and Economic Development provincial income tax otherwise payable This credit only applies to provincial income taxes. https://businessplangenius.com/blog/2011/09/22/cybf-creates-you-innovate-canada-tournament/ Thu, 22 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/22/cybf-creates-you-innovate-canada-tournament/ The Canadian Youth Business Foundation (CYBF) has created an innovation contest to promote Global Entrepreneurship Week, which runs from November 14th to 20th, 2011. On September 26th, eligible participants will be asked to turn their minds to creating new value out of an everyday object. YOU Innovate Canada participants will use that object as the raw material to create a new innovation, define its value and submit a brief video about their innovation or the chance to win cold hard cash provided by Studentawards. https://businessplangenius.com/blog/2011/09/21/ottawa-universities-get-1m-to-launch-young-entrepreneurs-program/ Wed, 21 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/21/ottawa-universities-get-1m-to-launch-young-entrepreneurs-program/ The Ontario Centres of Excellence has given $1 million to Ottawa’s Young Entrepreneurs, which is a partnership between Carleton University, Algonquin College, La Cité collégiale and the University of Ottawa. The funds are intended to support the entrepreneurial ecosystem in Ottawa. Students and recent alumni can apply for funds to assist in business planning and to help with bridging the gap between initial start up and generating sales. Each of the four participating universities have programs designed to assist entrepreneurs as they start and grow their businesses. https://businessplangenius.com/blog/2011/09/20/how-to-get-a-business-license-in-saskatoon/ Tue, 20 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/20/how-to-get-a-business-license-in-saskatoon/ February 15, 2014 - The city now has an online application. See our recent post. Saskatoon does not currently have an online system for getting a license for your business. The City does participate in BizPal, which will ask you a series of questions about your business and give you a list of licenses and permits you need before starting up, but to get a business license you will have to communicate directly with City Hall. https://businessplangenius.com/blog/2011/09/19/beware-of-canadian-banking-e-mail-scams/ Mon, 19 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/19/beware-of-canadian-banking-e-mail-scams/ I received the following email today: Bank of Montreal Interac EMT Alert! You have been sent an INTERAC Email Money Transfer. Amount: $890.00 (CAD) Sender’s Message: A message was not provided Action Required: To deposit your money, click here: https://gateway.certapay.com/RP.do?pID=CAuDw9ZQ Interac Email Money Transfer, BMO Bank of Montreal What is an INTERAC Email Money Transfer? If you have an email address and online banking password at a participating financial institution, you can send and receive money quickly and easily. https://businessplangenius.com/blog/2011/09/15/picking-the-right-domain-name/ Thu, 15 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/15/picking-the-right-domain-name/ Much like picking a name for your business, picking the right domain name can make things much easier when it comes time to market your business. With the large number of good domain names that have been taken, this can be difficult to do but if you take a few key things into consideration, you can get closer to the ideal. You should be able to tell someone your domain name over the telephone without having him or her ask you to spell it out. https://businessplangenius.com/blog/2011/09/14/what-is-a-domain-name/ Wed, 14 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/14/what-is-a-domain-name/ Wikipedia defines a domain name as: A domain name is an identification label that defines a realm of administrative autonomy, authority, or control in the Internet. Domain names are hostnames that identify Internet Protocol (IP) resources such as web sites. Domain names are formed by the rules and procedures of the Domain Name System (DNS). I’ll try to make this a bit simpler. For our purposes, a domain name is the address of a website. https://businessplangenius.com/blog/2011/09/12/ideas-are-a-dime-a-dozen/ Mon, 12 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/12/ideas-are-a-dime-a-dozen/ I often hear people say that they have a great idea for a business but they are missing something to make it a reality. They don’t know how much it would cost to start up. They don’t know how to develop for the internet. They don’t know where to get financing. They don’t know where to start. These are real barriers to starting a business but they are not as big a barrier as your own inertia. https://businessplangenius.com/blog/2011/09/08/canadian-government-looks-to-reduce-red-tape-for-small-business/ Thu, 08 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/08/canadian-government-looks-to-reduce-red-tape-for-small-business/ Did you know that we have a Red Tape Reduction Commission? I know I didn’t. For those not familiar with the term “red tape”, it comes from the American Civil War. Veterans' war records were physically bound with red tape. The red tape became a symbol in veterans' difficulty in accessing their war benefits. “Cutting through the red tape” became a phrase used to describe the speeding up of a bureaucratic process. https://businessplangenius.com/blog/2011/09/07/cybf-spin-master-innovation-fund-winners-announced/ Wed, 07 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/07/cybf-spin-master-innovation-fund-winners-announced/ From Rick Spence writing in FP Entrepreneur Christopher Kang of Toronto-based Hygennia engineered a plastic nozzle that transforms a plastic water bottle into “a personal, portable bidet.” It’s targeted to Islamic consumers who follow strict sanitary guidelines, and to millions of Canadians suffering from irritable bowel syndrome. Montreal-based Monumental Technologies has devised an application that lets musicians and bands create their own smartphone apps to sell their music and connect with fans. https://businessplangenius.com/blog/2011/09/06/name-your-business-with-your-customer-in-mind/ Tue, 06 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/06/name-your-business-with-your-customer-in-mind/ A recent episode of MSNBC’s Your Business featured Just For Fun Playgrounds located in Asheville, North Carolina in its Small Business Makeover segment. The owners, Jerry and Evelyn, had purchased the business five years ago and had been successful until the recession took its toll and significantly reduced revenues. As part of the makeover process, the show brought in Mike Michalowicz, author of The Toilet Paper Entrepreneur. One of the issues he identified was that the business needed a name change and rebranding. https://businessplangenius.com/blog/2011/09/02/sdtc-announces-call-for-statement-of-interest-applications-for-clean-technology-funding/ Fri, 02 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/02/sdtc-announces-call-for-statement-of-interest-applications-for-clean-technology-funding/ Sustainable Development Technology Canada (SDTC) announced its 20th round of funding which will be open until October 19, 2011. SDTC is a non-profit corporation created the Canadian Government to fund late stage development and pre-commercial demonstration of clean technologies. These SDTC supported clean technologies address the challenges of climate change, clean air, soil and water. The SDTC has identified the following as priority areas: Natural Resources: Technologies that reduce the environmental impact of mining, the impact of fossil fuels and forestry. https://businessplangenius.com/blog/2011/09/01/your-business-must-have-a-website/ Thu, 01 Sep 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/09/01/your-business-must-have-a-website/ In 2011 if your business doesn’t have a website, it doesn’t really exist. Millions of Canadians who search for products and services on the internet, aren’t going to take the time to look you up in the yellow pages if you don’t show up in Google. They will just move on to your competitors, who took the time to market themselves online. You might think that most Canadian small businesses have a website. https://businessplangenius.com/blog/2011/08/31/a-step-by-step-guide-to-registering-a-business-name-in-saskatchewan/ Wed, 31 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/31/a-step-by-step-guide-to-registering-a-business-name-in-saskatchewan/ This post is about registering a business name in Saskatchewan. This is different from incorporating a company or applying for a business license. As a sole proprietor, if you are going to do business under a name other than your own, you must register that business name. A partnership must also register its business name. This helps to clarify that you are the owner of a business with a particular name. https://businessplangenius.com/blog/2011/08/30/how-much-will-it-cost-to-start-my-business/ Tue, 30 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/30/how-much-will-it-cost-to-start-my-business/ I often hear this question from prospective small business owners. It can be a difficult one to answer for someone without a lot of experience in starting a business. The problem is that it’s also incredibly important. There is an old saying that it will take twice as long and cost twice as much as you think to start a business. There is some truth to this. Entrepreneurial types as very optimistic by nature and tend to think they can do things much faster and much cheaper than they really can. https://businessplangenius.com/blog/2011/08/29/use-bizpal-to-learn-about-licenses-and-permits-in-saskatchewan/ Mon, 29 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/29/use-bizpal-to-learn-about-licenses-and-permits-in-saskatchewan/ Saskatchewan has teamed with Industry Canada’s BizPal website to provide an easy way to find out which licenses and permits you need to start your business. The BizPal website is an effort by Industry Canada to make it easier for business owners across the country to get the information they need on licenses and permits. Not all municipalities are involved but Saskatchewan has managed to engage a large number of participants. https://businessplangenius.com/blog/2011/08/25/how-to-license-a-business-in-edmonton/ Thu, 25 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/25/how-to-license-a-business-in-edmonton/ This post will provide you with information on how to license your business in Edmonton. This is different than registering a business name] or [incorporating a business.][2 All businesses in Edmonton need a business license and a development permit. The business license shows the public that your business is permitted to operate in Edmonton. The development permit verifies that a specific business activity is allowed in a certain location. A business license and a development are applied for as part of the same process. https://businessplangenius.com/blog/2011/08/24/how-to-apply-for-a-business-license-in-calgary/ Wed, 24 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/24/how-to-apply-for-a-business-license-in-calgary/ This post is about applying for a business license to operate a business within Calgary. This is different from incorporating a company] or [registering a name for your business][2. Most cities require a license to operate and this is the process to get registered in Calgary. Most businesses will require a license. In addition to those with a commercial location, this applies to most home based businesses and people that provide a service without a fixed commercial location. https://businessplangenius.com/blog/2011/08/23/how-to-incorporate-a-business-in-alberta/ Tue, 23 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/23/how-to-incorporate-a-business-in-alberta/ This post is about registering a provincial corporation in Alberta (For the difference between a federal and a provincial corporation see our previous blog post). There are a number of advantages to a federal corporation. If you plan on doing business in other provinces, you should strongly consider federal incorporation. The first step to registering your business as an Alberta provincial corporation is to see if the name you have chosen for your business is available. https://businessplangenius.com/blog/2011/08/22/registering-a-business-name-in-alberta/ Mon, 22 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/22/registering-a-business-name-in-alberta/ It’s important to note the difference between a business name and the name of a corporation]. A corporation is a distinct legal entity that will have a legal element such as Ltd., Inc. or Corp in its name. A business name is used by a sole proprietorship or a [partnership][3 as the name under which it is “doing business as”. Sole proprietorships and partnerships are not separate legal entities from their owners. https://businessplangenius.com/blog/2011/08/17/what-you-need-to-know-about-trade-marks-in-canada/ Wed, 17 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/17/what-you-need-to-know-about-trade-marks-in-canada/ Trade-marks can be important. They can form an essential part of a business’s branding effort. It is not necessary to register a product name or a logo to establish a trade-mark because use of a name or a logo for a certain amount of time can establish a trade-mark under common law. However, it makes things much clearer if a company registers its trademarks. This is because a registered trade-mark is considered prima facie (direct) evidence of ownership. https://businessplangenius.com/blog/2011/08/16/how-to-start-a-business-in-ontario/ Tue, 16 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/16/how-to-start-a-business-in-ontario/ If you’re thinking of starting a business, the guide that follows will give you an overview of the steps you need to take to get up and running. Like all big projects, things are more manageable if you break them down to a series of smaller tasks. There will obviously be differences depending on where you are located in Ontario, but whether you are in Toronto or Thunder Bay, the overall process will be very similar. https://businessplangenius.com/blog/2011/08/15/the-difference-between-a-trade-mark-and-a-trade-name/ Mon, 15 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/15/the-difference-between-a-trade-mark-and-a-trade-name/ A trade name is the name under which a company does business. A numbered company like 123456789 Ontario Ltd. could conduct business under a name like Paul’s Ice Cream. Paul’s Ice Cream would be a trade name. The name would be registered with the proper authority but it would not be a trade-mark. A trade-mark is used to identify a product or service. If Paul called his ice cream True North Vanilla and True North Chocolate, True North could be considered a trade-mark. https://businessplangenius.com/blog/2011/08/11/what-is-a-trade-mark/ Thu, 11 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/11/what-is-a-trade-mark/ The Canadian Intellectual Property Office defines a trade-mark as: A trade-mark is a word (or words), a design, or a combination of these, used to identify the goods or services of one person or organization and to distinguish these goods or services from those of others in the marketplace. This can be further broken down into three different types of trade-marks. An ordinary mark can be words or a design or a combination of both that is used to distinguish a product or service from others in the marketplace. https://businessplangenius.com/blog/2011/08/10/how-to-register-a-business-in-ontario/ Wed, 10 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/10/how-to-register-a-business-in-ontario/ This post is about registering a business name in Ontario, which is different from incorporating a company. If you are starting a business as a sole proprietorship, partnership or if you want to register a “doing business as” name for an existing corporation this post will give you an overview of the process. To open a business bank account, you must have your business’s name registered. This is necessary because the bank needs to know that you are authorized to deposit cheques made out to the business’s name. https://businessplangenius.com/blog/2011/08/09/the-centrsource-ad-contest/ Tue, 09 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/09/the-centrsource-ad-contest/ CentrSource is a new Canadian discount site. Consumers can shop on the site and get discounted merchandise from Canadian merchants. Sellers can list their items on the site for free. CentrSource only gets paid when a sale takes place. To promote themselves the company is running a contest. Any seller who signs up and posts an ad through Facebook will be eligible to win the grand prize of $15,000 cash and 6 months of free advertising on CentrSource. https://businessplangenius.com/blog/2011/08/08/how-to-incorporate-a-business-in-ontario/ Mon, 08 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/08/how-to-incorporate-a-business-in-ontario/ If you decide to start a business in Ontario and you choose a corporation as your legal form of ownership, you can either incorporate your company federally or provincially. If you choose to incorporate your company provincially, there are three methods of incorporation for the do-it-yourselfer. Articles of incorporation can be filed electronically through one of the contracted service providers. Articles of Incorporation can be filed directly at the Toronto office of the Ministry of Government and Consumer Services or at one of the offices that endorse Articles submitted under the Business Corporations Act. https://businessplangenius.com/blog/2011/08/05/how-to-make-money-online/ Fri, 05 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/05/how-to-make-money-online/ I often see questions from people who want to start a small business or work from home asking how they can make money online. It’s an interesting question because it has a central premise that there is something different or magical about making money “online”. There isn’t. Don’t get me wrong. There are methods of making money using the internet, There just isn’t anything special about it that makes money magically appear. https://businessplangenius.com/blog/2011/08/04/2011-ebay-entrepreneur-of-the-year-awards/ Thu, 04 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/04/2011-ebay-entrepreneur-of-the-year-awards/ For all you eBayers out there, the 2011 eBay Entrepreneur of the Year Awards have launched. The contest is open to any adult resident in Canada. A contest entrant must Sell $1,000 per month through eBay List at list 10 items per month. Have a feedback rating of 98% or better. The entry process is fairly straightforward. Go to the entry form and provide your information. There is a requirement for a short (500 word maximum) essay. https://businessplangenius.com/blog/2011/08/03/the-buy-a-job-small-business/ Wed, 03 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/03/the-buy-a-job-small-business/ There is a difference between having a job and owning a business. Unfortunately, when many people start or buy a business they don’t make the proper distinction. Let’s use an example. Bob has a job where he earns $50,000 a year. He wants to be his own boss so he buys one of the smaller fast food franchises where he takes home $50,000 in profits every year. He is his own boss and he makes the same income as before. https://businessplangenius.com/blog/2011/08/02/new-cbc-show-searching-for-canadian-businesses-in-need/ Tue, 02 Aug 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/08/02/new-cbc-show-searching-for-canadian-businesses-in-need/ The producers of Dragons’ Den are looking for Canadian companies that are struggling financially. Top Canadian investors will give their time and money to help make the chosen businesses a success. To apply a company should have the following attributes: Must have been in operation for at least three to five years or more Gross revenue of $500,000 per year on average More than 5 employees Privately held business, family business, partnerships, limited partnerships Must be willing to commit to being filmed on camera for up to a two-week period A business registered in Canada Fluent English speakers The selected businesses can benefit from: https://businessplangenius.com/blog/2011/07/18/what-is-a-small-business/ Mon, 18 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/18/what-is-a-small-business/ The exact description of a small business varies depending on which source you consult. The Canadian Bankers Association defines small businesses as those having authorized credit limits of $500,000 or less, while medium-sized businesses have authorization levels of up to $1 million. The Export Development Corporation defines small exporters as having sales of less than $1 million. For the Canada Small Business Financing Program, Industry Canada uses a definition of $5 million in revenue or less. https://businessplangenius.com/blog/2011/07/14/comparing-small-business-overdrafts-at-canadas-banks/ Thu, 14 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/14/comparing-small-business-overdrafts-at-canadas-banks/ Overdrafts for small business bank accounts are attached to a business’s account so that if a cheque takes the account below a $0 balance, the overdraft will be there to pay the cheque. These overdrafts are usually meant to cover small, short term deficits in cash flow. Due to their higher interest rates, they are not the most ideal bank product for long term borrowing needs. Businesses with larger cash flow financing needs, such as those with accounts receivable, should look at a business operating line of credit instead. https://businessplangenius.com/blog/2011/07/12/visa-announces-winner-of-canadas-longest-elevator-pitch-contest/ Tue, 12 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/12/visa-announces-winner-of-canadas-longest-elevator-pitch-contest/ Anna-Maria Mountfort is the winner of the $10,000 credit to her Visa Business card for having the best elevator pitch among the five finalists who competed by giving their pitches during the 60 second elevator ride to the top of Toronto’s One King West Hotel And Residences. Anna-Maria’s business, mimiTENS, makes specialty children’s mittens right here in Canada. https://businessplangenius.com/blog/2011/07/11/understanding-the-canada-small-business-financing-program-csbfp/ Mon, 11 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/11/understanding-the-canada-small-business-financing-program-csbfp/ The Canada Small Business Financing Program (CSBFP) is a program in which the Canadian Government provides insurance to banks and credit unions to insure small business loans. This insurance allows banks and credit unions to take more risk than they would normally be comfortable in taking. In order to qualify for this program, your business must have less than $5 million in annual or projected revenue revenue and be located in Canada. https://businessplangenius.com/blog/2011/07/08/savvymom-is-looking-for-canadas-top-mom-entrepreneur/ Fri, 08 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/08/savvymom-is-looking-for-canadas-top-mom-entrepreneur/ SavvyMom is teaming up with Paypal to sponsor the SavvyMom Mom Entrepreneur of the Year Award. The winner will receive a $15,000 prize. The nomination process is simple. Mom Entrepreneurs can nominate themselves by visiting momentrepreneuraward.ca. Your entry will be placed into the Mom Entrepreneur gallery where visitors to the site will vote for their favourites. The top 10 finalists as selected by voting will be eligible for the grand prize, which will be decided by a panel of expert judges. https://businessplangenius.com/blog/2011/07/07/scotiabank-forecasts-alberta-saskatchewan-economies-to-lead-nation/ Thu, 07 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/07/scotiabank-forecasts-alberta-saskatchewan-economies-to-lead-nation/ Scotiabank is predicting Alberta’s economy will grow at an average rate of 3.8% during 2011 and 2012. Saskatchewan is close behind at 3.5%. Both provinces are expected to benefit from continued demand for their natural resources. Alberta will benefit from continue oil sands development, while Saskatchewan will benefit from further potash development and continued investment in the Bakken oil play. Canada as a whole is expected to grow an average of 2. https://businessplangenius.com/blog/2011/07/06/how-to-start-a-business-in-alberta/ Wed, 06 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/06/how-to-start-a-business-in-alberta/ Albertans have always had an entrepreneurial spirit. If you are thinking of starting a business and joining your fellow entrepreneurs, you have come to the right place. A large undertaking like starting a business can be daunting at first but if you focus on one step at a time you’ll find that things will become more manageable. This blog post will attempt to do that for you. Follow the links for a more in depth look at each topic. https://businessplangenius.com/blog/2011/07/05/banks-raise-residential-mortgage-rates/ Tue, 05 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/05/banks-raise-residential-mortgage-rates/ The Royal Bank, the TD and Laurention Bank have all increased their residential mortgage fixed rates. Rates have gone up across the various loan terms, with the 5 year mortgage rate up by 0.15% to 5.54%. The rest of the Banks will likely follow suit. This has an impact on small business borrowing because commercial mortgage rates often move in tandem with the residential rates. While this rate increase isn’t large, it does indicate that we will be moving into a period of rising interest rates. https://businessplangenius.com/blog/2011/07/04/choosing-a-bank-or-credit-union-for-your-small-business/ Mon, 04 Jul 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/07/04/choosing-a-bank-or-credit-union-for-your-small-business/ You might think that banks and credit unions are all the same but there are some subtle distinctions between them that should have an impact on your choice of financial institution. The first choice is between Canada’s big five banks (RBC, CIBC, BMO, Scotiabank, and TD) or a credit union. Canadian Banks The big banks have a number of advantages: A wide variety of products and services. Whatever you want to do, they likely already have a customer using the same financial product. https://businessplangenius.com/blog/2011/06/23/fuel-awards-promote-entrepreneurship-in-canada/ Thu, 23 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/23/fuel-awards-promote-entrepreneurship-in-canada/ The FuEL Awards are sponsored by Rogers, TD Bank, KPMG, File Mobile, Profit Magazine and Impact. They are looking for Canada’s future entrepreneurs. They will select 20 applicants who they deem Canada’s Future Entrepreneurial Leaders. These 20 applicants will: win a national award be featured on the FuEL website and in the December 2011 issue of profit magazine receive a one day consultation with KPMG https://businessplangenius.com/blog/2011/06/22/how-to-start-a-business-in-saskatchewan/ Wed, 22 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/22/how-to-start-a-business-in-saskatchewan/ It’s an excellent time to start a business in Saskatchewan. Whether you are in Saskatoon or Regina, Prince Albert or Yorkton, Maple Creek or Tisdale, the prospects for starting a successful business are as good as any time in recent memory. Starting a business can be a daunting task. Like all big projects, things are more manageable if you break them down to a series of smaller tasks. This blog post will attempt to do that for you. https://businessplangenius.com/blog/2011/06/21/i-have-a-business-idea-now-what/ Tue, 21 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/21/i-have-a-business-idea-now-what/ Through working with prospective small business entrepreneurs], I find that many of them don’t know what the next step is after coming up with their idea for a business. I hear many questions about how much it will cost to start this or that type of business. Unfortunately, there is no easy standard answer to a question like this. Someone who has opened a similar type of business in your area might be able to give you an indication but the costs of everything have likely changed with time. https://businessplangenius.com/blog/2011/06/20/buying-a-franchise/ Mon, 20 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/20/buying-a-franchise/ Franchises are attractive to the first time business owner. They are sort of like one of those home theatres in a box. The business owner doesn’t have to pick individual components and make sure they work together. The franchisor has already determined all of that. Theoretically, the franchisee has to take the training, follow the instructions and the business should operate successfully. Unfortunately, not all franchises are created equally. The level of support from the franchisor can vary dramatically from one franchise to the next. https://businessplangenius.com/blog/2011/06/15/the-number-one-thing-you-need-to-know-for-your-business/ Wed, 15 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/15/the-number-one-thing-you-need-to-know-for-your-business/ The biggest lesson I’ve learnt from business is that no matter how good your product or service is, if people don’t know about it, then you’re in big trouble. You could have the best product in the world but you’ll only find success if enough people know about it to buy it. Marketing is king and if you can’t advertise effectively, then be prepared to fail. So how do you get people to know you and your business? https://businessplangenius.com/blog/2011/06/14/the-different-types-of-entrepreneurs/ Tue, 14 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/14/the-different-types-of-entrepreneurs/ The term “entrepreneur” gets thrown around a lot these days. I think it’s important to clarify what the term means. Merriam-Webster defines “entrepreneur” as: one who organizes, manages, and assumes the risks of a business or enterprise The dictionary definition is helpful but I think the types of entrepreneurs as defined by entrepreneur and Stanford professor Steve Blank are much more useful for practical purposes. Small Business Entrepreneur Scalable Startup Entrepreneur Large Company Entrepreneur Social Entrepreneur The Small Business Entrepreneur is looking to start a business that will provide for a comfortable living for his or her family. https://businessplangenius.com/blog/2011/06/03/types-of-business-bank-accounts/ Fri, 03 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/03/types-of-business-bank-accounts/ Business accounts basically come in three flavours; operating accounts, savings accounts and U.S. dollar accounts. There are many variations of these three types as banks and credit unions add features to try to gain competitive advantage but ultimately beneath the window dressing, it’s just these three basic accounts. Operating accounts are for the day to day activities of the businesses. Business owners can write cheques on these accounts or use a debit card to make purchases, much like a personal bank account. https://businessplangenius.com/blog/2011/06/01/are-business-plans-useful/ Wed, 01 Jun 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/06/01/are-business-plans-useful/ So what’s the deal with business plans? Are they actually useful or are they just formal documents needed to satisfy loan or investor requirements? I’ll start of by saying that a business plan does not guarantee you success. I’ll go even further by saying that if you don’t write a business plan your business can still succeed. Okay, so why invest so much time and effort into writing a comprehensive business plan? https://businessplangenius.com/blog/2011/05/31/bank-of-canada-holds-interest-rate/ Tue, 31 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/31/bank-of-canada-holds-interest-rate/ At its meeting today, the Bank of Canada decided to leave interest rates unchanged. While the Canadian economy remains strong with annualized growth of 3.9% in the first quarter, a strong dollar has kept inflation in check. The Bank has indicated that it will start raising rates as the recovery continues. Experts predict that we could start to see rate increases this fall. https://businessplangenius.com/blog/2011/05/30/opening-a-business-bank-account/ Mon, 30 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/30/opening-a-business-bank-account/ Business transactions should always be kept separate from your personal transactions. For this reason, every business owner should have a separate bank account for the business. Banks have business bank account products that are different than personal chequing accounts. Running your business out of a separate personal chequing account may violate the terms of service with your bank. I recommend that you open a business bank account from the beginning to avoid the hassle of switching accounts later as your business grows. https://businessplangenius.com/blog/2011/05/26/what-is-a-business-account-number/ Thu, 26 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/26/what-is-a-business-account-number/ A Business Account Number is used by the Canadian government to track a number of activities related to your business. Think of it like a social insurance number for your business. If you incorporate a new business at the federal level, you will automatically be issued a business number. The business number is the basis for a number of the accounts that the Canada Revenue Agency keeps track of. These take the following format. https://businessplangenius.com/blog/2011/05/25/the-challenge-contest-offers-a-100000-canadian-business-grant/ Wed, 25 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/25/the-challenge-contest-offers-a-100000-canadian-business-grant/ Telus and the Globe & Mail are running a contest called The Challenge. Small and medium sized Canadian businesses can enter the contest by filling out a short one page form on the Globe & Mail’s website. The contest asks that you describe your business challenge, how $100,000 will help you overcome it, and what results you think you will achieve once you overcome your challenge. The winner will be chosen by a panel of expert judges. https://businessplangenius.com/blog/2011/05/24/choosing-a-provincial-or-federal-corporation-in-canada/ Tue, 24 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/24/choosing-a-provincial-or-federal-corporation-in-canada/ Corporations in Canada can be registered at either the federal or provincial level. If you are registering a federal corporation the first step is to order a NUANS report]. This is a preliminary search that must be conducted to see if the name you have chosen for your company is available. The report can be [ordered online][3 for $20 or you can get one in person from a NUANS member organization. https://businessplangenius.com/blog/2011/05/19/would-you-buy-this/ Thu, 19 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/19/would-you-buy-this/ We came across a Kijiji ad this week advertising a completed business plan for the health care industry. Here’s the ad: Canadian business plan for sale 2,500.00 firm serious inquiries Canadian business plan completed for health industry. Will sell with powerpoint. Only selling because of lack of funding. Definite growth and profit for a growing demographic group. It looks like this guy is trying to sell a treasure map. I wouldn’t pay $0. https://businessplangenius.com/blog/2011/05/13/some-advice-on-how-to-name-a-business/ Fri, 13 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/13/some-advice-on-how-to-name-a-business/ It can be a difficult decision when it comes time to name a company. You may have have an idea that is very personal to you, yet you worry about it being an easy name to market and create a brand around. The first thing that you must consider is that there are two restrictions that will limit your choice of a business name; trade or corporate name registration and internet domain name registration. https://businessplangenius.com/blog/2011/05/12/wilson-centre-highlights-young-entrepreneurs/ Thu, 12 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/12/wilson-centre-highlights-young-entrepreneurs/ The Wilson Centre For Entrepreneurial Excellence was established by was established in 2007 and made possible through the generous donation by philanthropist, University of Saskatchewan Alumni and businessman W. Brett Wilson. The Wilson Centre held its annual I3 Idea Challenge last night. Eleven teams had six minutes to pitch their business plans to a panel of industry judges. The participating teams were: Industrial Motor Self Diagnostic System - eliminates unplanned downtime of large industrial electric motors and saves companies the cost of unscheduled maintenance and increases safety. https://businessplangenius.com/blog/2011/05/11/marketing-tip-how-you-respond-tells-a-lot-about-you/ Wed, 11 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/11/marketing-tip-how-you-respond-tells-a-lot-about-you/ There is lots of good advice on marketing available. Much of it is based on solid research and can help you grow your business. This post is much more basic. Once a prospect contacts you, how you deal with him says a lot about you. Here’s a case in point. I’m trying to track down some mall lease rates and property availability for a client looking to establish a jewellery business in Saskatoon. https://businessplangenius.com/blog/2011/05/10/visa-canada-sponsors-elevator-pitch-contest/ Tue, 10 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/10/visa-canada-sponsors-elevator-pitch-contest/ If you are a Canadian small business owner with a Visa Business Card you can enter Visa’s Go Biz Elevator Pitch contest. By filling out an entry form on Visa’s site, you can compete for a $10,000 credit to your Visa Business Card. Visa will choose 5 semi finalists who will receive free airfare and accommodation to Toronto, where they will pitch the judges during the one minute elevator ride up 49 stories at the One King West Hotel & Residence. https://businessplangenius.com/blog/2011/05/09/know-your-financial-statements-part-4-putting-them-all-together/ Mon, 09 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/09/know-your-financial-statements-part-4-putting-them-all-together/ Last week, we looked at the individual] financial [statements][3. Being an expert on the individual pieces isn’t the same as knowing the total financial performance of your business. To show this, I’ll give an example of when something looks good but is actually bad, and one where something that looks bad is actually good. Example #1: Good is actually bad. The first set of numbers that draw attention is the net profit on the income statement. https://businessplangenius.com/blog/2011/05/06/starting-a-business-in-saskatchewan-just-got-easier/ Fri, 06 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/06/starting-a-business-in-saskatchewan-just-got-easier/ Information Services Corporation (ISC), a Saskatchewan crown corporation, just announced that they have launched an online business registration system. It is now possible to register with the Corporate Registry, Worker’s Compensation Board, and the Ministry of Finance in just one process. This new Saskatchewan Business Registrations website, allows a new business owner to register either a sole proprietorship, a partnership or a corporation. It also provides registration with the Worker’s Compensation Board and the Saskatchewan Ministry of Finance for provincial sales tax (PST). https://businessplangenius.com/blog/2011/05/05/corporations/ Thu, 05 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/05/corporations/ There are basically three legal forms of business ownership; sole proprietorship], [partnership][2, and corporation. A corporation is a legal entity that is distinct from its shareholders. In Canada, corporations can be incorporated federally or provincially. A shareholder is not liable for the debts or obligations of the corporation. Advantages Liability. The shareholders of a corporation are shielded from the liabilities of the corporation. This provides a measure of projection for the personal assets of the shareholders. https://businessplangenius.com/blog/2011/05/04/partnership/ Wed, 04 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/04/partnership/ There are basically three legal forms of business ownership; sole proprietorship, partnership, and corporation. In a partnership, you and your partners own the business and its assets directly. All business income would be reported and declared on each partner’s personal tax return. Each partner would take a percentage of the net income or net loss based on his or her share of the partnership. For example, if a partnership was shared 50/50, each partner would have to pay tax on half of the net income of the partnership. https://businessplangenius.com/blog/2011/05/03/know-your-financial-statements-part-three-the-cash-flow-statement/ Tue, 03 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/03/know-your-financial-statements-part-three-the-cash-flow-statement/ If you have read the first two postings in this series, you know what the balance sheet] and [income statement][2 say about a business. These two pieces do not tell the whole story. For that you need the cash flow statement. Why? Because you can’t buy groceries with inventory and you can’t buy gas with net income. Cash is like blood to a business - without enough even the healthiest business will come to a screeching halt. https://businessplangenius.com/blog/2011/05/02/know-your-financial-statements-part-two-the-income-statement/ Mon, 02 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/02/know-your-financial-statements-part-two-the-income-statement/ Unlike the balance sheet, the income statement summarizes activity for a period of time. This is most often a year, but can the owner specify any time period. It has three major sections: Revenue, Expenses and Net Profit. Revenue A company’s revenue is the sales for the particular time period. Simple as that. For those of you that like buzzwords, this is referred to as the company’s Top Line, because it is the first line on the income statement. https://businessplangenius.com/blog/2011/05/02/sole-proprietorship/ Mon, 02 May 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/05/02/sole-proprietorship/ There are basically three legal forms of business ownership; sole proprietorship, partnership, and corporation. In a sole proprietorship, you own the business and its assets directly. All business income would be reported and declared on your personal tax return. Because you are inseparable from your business, you have full liability for the obligations of your business. A lender could make a claim against your personal assets for business debts. There are a number advantages and disadvantages to this form of ownership: Advantages https://businessplangenius.com/blog/2011/04/29/know-your-financial-statements-part-one-the-balance-sheet/ Fri, 29 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/29/know-your-financial-statements-part-one-the-balance-sheet/ Many small business owners know next to nothing about their financial statements. So what? Why is that a problem? Financial statements can tell you a lot about your business. To the right reader, they communicate the health, strengths and weaknesses of the business. They also go a long way in determining the value of the firm. Whether you are selling, buying, financing or operating a business, learning the language of financial statements is a must for any good manager. https://businessplangenius.com/blog/2011/04/28/google-offers-free-websites-to-canadian-businesses/ Thu, 28 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/28/google-offers-free-websites-to-canadian-businesses/ Google has teamed up with a number of sponsors, including the Royal Bank, to offer a free website to any Canadian business. In the video below, Kevin O’Leary introduces the program. A domain name is the “www” address you are familiar with; ie. www.businessplangenius.com. The Get Your Business Online (GYBO) program includes a .ca domain free for the first year. This is approximately a $10 value. You will own your domain and you are free to transfer it to another service if you want after 60 days. https://businessplangenius.com/blog/2011/04/27/business-plan-templates-samples-outlines/ Wed, 27 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/27/business-plan-templates-samples-outlines/ Many people’s first instinct when starting the business planning process is to find a template, outline or sample plan that they can copy to create their own business plan. A quick Google search will show that there are thousands of these templates on the internet. Like anything on the internet, there is a large variation in the quality of these plans. So how do you know which one to use as a guide? https://businessplangenius.com/blog/2011/04/26/evaluate-your-business-idea/ Tue, 26 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/26/evaluate-your-business-idea/ People come up with ideas for new businesses every day. How does one judge whether an idea has merit or not? Should the business be pursued or should the idea be tossed on the scrap heap of bad ideas? Here is a process you can follow to find out. A feasibility study is used to test a business concept. It takes into account the strengths, weakness, opportunities and threats (SWOT) of the proposed business’s environment and the resources it has at hand to try to evaluate the business’s chances of success. https://businessplangenius.com/blog/2011/04/25/what-is-a-business-model/ Mon, 25 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/25/what-is-a-business-model/ The book, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, written by Alexander Osterwalder and & Yves Pigneur defines the term business model as: A business model describes the rationale of how an organization, creates, delivers, and captures value. This is a very good definition, however I think it is important to understand the difference between a business model and a business plan. A business organizes its assets and activities into a system that it uses to deliver value to the customer. https://businessplangenius.com/blog/2011/04/21/what-is-a-business-plan/ Thu, 21 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/21/what-is-a-business-plan/ The Government of Canada’s Business Services For Entrepreneurs website defines a business plan as: “A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and the financial forecast for your business. It will assist in setting realistic and timely goals, help secure external funding, help measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will help you focus on how your new business will need to operate to give it the best chance for success. https://businessplangenius.com/blog/2011/04/20/how-much-debt-to-take-a-golf-analogy/ Wed, 20 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/20/how-much-debt-to-take-a-golf-analogy/ A common topic of discussion with my clients is how much debt is the right amount. This is a big question. Not enough debt can restrict your growth and too much debt can destroy your business. How can you tell if you have too much or too little debt? Since it’s the start of golf season, how about a golf analogy? A loan is like a high tech, long distance driver to a business. https://businessplangenius.com/blog/2011/04/15/location-location-location/ Fri, 15 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/15/location-location-location/ When scouting locations for your new business, you can be beset with a variety of choices. Picking the location for your business is one of the most important choices you will make. Your success or failure rests on this. This blog will give some insight into what the important considerations are. Where are your customers? This is by far the most important consideration. You need to be where your customer can reach you when he is in a buying mood. https://businessplangenius.com/blog/2011/04/14/cybf-launches-spinmaster-innovation-fund/ Thu, 14 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/14/cybf-launches-spinmaster-innovation-fund/ The Canadian Youth Business Foundation (CYBF) has partnered with Spinmaster to launch the Spinmaster Innovation Fund. The fund will offer financing, mentoring and support for up to 10 young entrepreneurs. Spinmaster was started by three Toronto entrepreneurs in the mid 1990s. The company has grown to be a successful toy maker, well known for its Air Hogs line of toys. The founders have decided to partner with the CYBF to give back to the entrepreneurial community. https://businessplangenius.com/blog/2011/04/12/bank-of-canada-holds-rates-steady/ Tue, 12 Apr 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/04/12/bank-of-canada-holds-rates-steady/ The Bank of Canada decided to leave its overnight lending rate at the current level of 1%. This is the rate that the banks base their prime lending rate on. This is good news as the cost of borrowing will remain stable for small business loans based on prime at least until the Bank of Canada’s next meeting on May 31st. The Bank noted that the economy is growing slightly faster than expected. https://businessplangenius.com/blog/2011/03/04/four-ways-to-build-your-plan-like-an-engineer/ Fri, 04 Mar 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/03/04/four-ways-to-build-your-plan-like-an-engineer/ I’m an engineer by trade, and while I don’t do much “engineering” anymore, I still think like one. One apt lesson for entrepreneurs is to plan their business with the care and rigour of an engineer. The number one priority for an engineer is to protect public safety. It is the reason why engineers are licensed. The iron ring that engineers in Canada wear is a symbol of the oath to protect public safety above all other considerations. https://businessplangenius.com/blog/2011/02/19/are-you-an-entrepreneur/ Sat, 19 Feb 2011 07:30:00 -0600 https://businessplangenius.com/blog/2011/02/19/are-you-an-entrepreneur/ There are many reasons people look at going into business for themselves. It could be that they hate their current job and yearn to be their own boss. Maybe a tradesperson feels that he or she could run a better business than the company they work for. It’s important that people go into business for the right reasons. Failure lurks around every corner and if someone is in business for the wrong reasons, he or she is much more susceptible to it. https://businessplangenius.com/blog/about/ Mon, 01 Jan 0001 00:00:00 +0000 https://businessplangenius.com/blog/about/ Flock Free Nation is the blog of Business Plan Genius Ltd., a Canadian business planning company. This blog is meant to be a resource for people wanting to start a business for the first time and people who want to take their business to the next level. We welcome your comments and questions. info@businessplangenius.com https://businessplangenius.com/blog/page/archive/ Mon, 01 Jan 0001 00:00:00 +0000 https://businessplangenius.com/blog/page/archive/ https://businessplangenius.com/blog/license/ Mon, 01 Jan 0001 00:00:00 +0000 https://businessplangenius.com/blog/license/ All rights reserved.