Strategies to keep your new business organized

 

Setting time aside to organize and put strategies in place to increase productivity will help your new business run smoothly as it grows. When it comes to organization every business has different needs. Don’t be afraid to experiment with different strategies, eventually you’ll find the perfect combination for your business. The strategies outlined below include some of the best ways that you can keep your new business organized. Pick a a few that you can easily implement into your new business.

1.    Go Paper Less
Paper is one of the biggest sources of disorganization for many offices. Digitizing your papers is not only time efficient but it is also cost effective. You’ll never have to rummage through papers again looking for that receipt you last saw three months ago. Everything will be easily accessible by all members of your organization making for easy collaboration and communication. There are several different ways you can transition into a paperless office which includes scanning and transferring receipts into a digital filing system, incorporate a digital signature program like DocuSign, or storing your files in a cloud service like Dropbox for data back-up.

2.    Find the Productivity Tools that Work for You
One of the most important components of a running a business is having systems in place that help you be more productive and efficient.

The top areas where many business owners find productivity tools are:

Meetings and Communication
Whether you are in an office or working remotely, it is crucial that you have systems in place that allow your employees to communicate and collaborate with one another. Services like Chanty offers unlimited messaging, voice and video calls, file sharing, and screen sharing ensuring that everyone within your business will be connected no matter where they are.

Social Media Management
Social media can be a challenge to manage if you don’t approach it strategically. Tools like Hootsuite and Later, help your plan, schedule, and post your content so you can allocate more time to other areas of your business.

Project Management
A good project management tool like Trello or Asana will help you keep track of tasks, share files, and collaborate with teammates all in one place.

Remember to keep track of the apps and tools that you are using, so that you can clearly determine whether they are meeting the needs of your new business.

3.    Organize your desktops
As a business owner, you get swamped with some many files that you can find yourself looking at a desktop that is cluttered with icons and downloads. Before you get lost in your on-line documents try setting up a digital filing system, to ensure that you’re documents are always in the right place.

The tips listed above will help you get your small business organized quickly. However it is important that you have a evaluation system in place to ensure that your business does not reach unmanageable levels of disorganization.

Covid-19: A Catalyst for Entrepreneurship

 

The moment we are in is truly unprecedented. Then again, we’ve been here before. Across the pages of history are chapters written with stories of global upheaval and unexpected crises that forced the world to change its course in unexpected ways. Heroes and villains emerge on both ends. Inefficient ways of living and doing business fade, replaced by new innovations and inventions that change the global landscape.

Every global crisis gives rise to new opportunities for individuals who are bold enough to seize the moment and introduce new solutions for unique problems.

 Consider the global market crash of 2008. While many businesses closed their doors for good and individuals lost their life savings through plunging stock prices, some entrepreneurs rose above the dust and gave the world innovations that are considered commonplace today. Wildly successful companies such as Uber and AirBnB were launched following what many - until 2020 - considered one of the worst economic downturns in history.

 The novel coronavirus pandemic is no different. COVID-19 has a remarkable ability to bring the entire global economic system to a shuddering halt, yet the past few months have shown the resiliency of both humanity and the market. Many businesses are now reemerging from the global shutdown nobody expected - and some are rising up stronger than ever.

 In navigating crisis, businesses have played a vital role in helping communities work their way through the economic rubble caused by global upheaval. At the head of those businesses who shine in emergencies are courageous and bold entrepreneurs who seized the moment and saw the crisis as a catalyst for cultural and market change.

The Power of Pandemics To Shape Innovation

Unfortunately, many businesses and brands have felt the stab of COVID-19’s total economic shutdown. For those who were unable or unwilling to innovate their practices to meet the needs of individuals stuck at home, their death was almost guaranteed as the weeks of shutdown turned into months.

Yet amid the seismic changes in the market, some industries took advantage of the opportunity to get creative with their services to meet the new need. Grocery stores turned to delivery services to send products to consumers through online ordering. Restaurants moved from dining service to curbside and contactless delivery, allowing for greater convenience for consumers and jobs for employees. Distilleries turned their operations into sanitizer manufacturing and carmakers began to build life-saving ventilators.

For entrepreneurs who have an eye on the changing needs of the world, changing their operations to reach a unique need born of crisis can make all the difference. Not only do these businesses see increased relevance in the market, but many begin to thrive as the community responds to their increased service availability.

A Case Study: Digital Education

An entrepreneurial catalyst that has already emerged from the COVID-19 pandemic is the market for digital educational tools. As schools struggle to form reopening policies, education systems are becoming increasingly dependent on technological solutions such as Zoom and Google Hangouts to offer digital classrooms for students.

In answer to the sudden need for digital learning, businesses that offer new innovations in this market have incredible opportunities to shape the industry moving forward. Not only are schools searching for learning apps solutions, but parents are eager to provide their children with entertainment options that encourage positive engagement.

In a similar way, online gaming apps have become a catalyst for entrepreneurial opportunity during COVID-19 as well.

How Will You Take Advantage Of This Entrepreneurial Moment?

After the tidal wave of COVID-19 abates, it will be the strong, bold entrepreneurs who will be given the unique opportunity to direct how the economy recovers, and in what new directions the world moves. As an entrepreneur, how will you respond to the catalyst that the COVID-19 pandemic is offering in this unique moment of an economic restart? Will you implement strategies that you have developed to address the concerns that COVID-19 revealed, or will you return to the same old habits? (Hint: You won’t survive long looking back to the way things used to be!)

Get started! Register a business online or get incorporated in Canada!

How to Make Mistakes Intelligently

In the world of business, a mistake is usually a risk that didn't turn out so well. On the other end, if you take a risk and it pays off you'll be considered a bold visionary. A compelling argument can be made that you'll learn more from your mistakes than your successes. In entrepreneurship, making mistakes is a better way to grow than just doing things safely all the time. Here's why making mistakes can benefit your business:

Getting over the fear factor.

Starting up a new business is filled with a long list of "known unknowns." Will you turn a profit? Will you be able to expand? Will your employees embrace your leadership style? Those types of questions are important to ask from a planning perspective but they should become fear based. You're going to make mistakes. Hopefully, they won't be debilitating from your business but worrying about what could go wrong might just stop you from effectively moving forward. Let go of the fear and embrace the mistake when it happens.

We learn more from failure.

You might not remember when you took your first steps but it's a safe bet you took plenty of falls as well. Did you give up? Of course not! You figured out how to balance yourself and what coordination means. Same thing when it came to learning how to ride a bike. A mistake shouldn't be looked upon as a failure but as a lesson. What went wrong and how can you avoid that in the future? Understanding the answer to that question is going to improve your business by leaps and bounds.

Mistakes make us smarter.

You're simply going to have to learn by doing. When a mistake happens you'll be learning more about your business and probably from a different perspective. This would apply to everything from filing your tax forms to shipping orders around the world. Always think of mistakes as your "learning curve" and you can't go wrong.

Big mistakes can lead to big business.

This comes back to the issue of risk taking. If you're truly striving for a huge success in your business then you're going to have to take a huge risk. As it happens, you might also be making a huge mistake. You can't let a mistake cause you to crumble. Look at the biography of any successful entrepreneur and you're sure to find a history of "striking out" before they hit it out of the ballpark.

Mistakes make for a better manager.

We've all had those moments when we've been smarter than our bosses. When you become the boss you want to get out in front of the occasional mistakes that will be made. Don't make finding someone to blame the primary focus. You really have to figure out "why" something went wrong. Was it a breakdown in communication? Was it not having the right information? Ultimately, a business' mistake will be your own. Accept responsibility and move on. Your staff will respect you for your strong leadership.  

The Best Business Opportunities For 2013

When it comes to starting up a new business there are two basic categories: Those you can get rolling right away or those that need years and expertise to build. For instance, starting up a biotech type of company will require a lot of investment and plenty of PhDs. On the other hand investing in a franchise could be as simple as coming up with the down payment for the business. Looking towards the coming year, here are the top 5 business opportunities for 2013. And yes, these could all be considered "quick start" companies.

Transportation for the Elderly

There is no escaping the fact that the baby boomer generation has grown up and are all heading into retirement. As the population ages, there will be an increased need to provide senior care. This type of specialized care will come in many forms but one thing is for certain; all of those seniors will need a safe and dependable way to get where they need to go. Folks of a certain age or infirmity may no longer be able to drive or take public transportation. An affordable door-to-door driving service can hold a lot of appeal to these seniors and their families. You might have the opportunity to buy into an existing business or start out with a couple of vans, certified drivers and insurance. Either way this is a business opportunity that is destined to expand in the coming years.

Bike Repair and Rental

As folks become more environmentally aware, they will be looking for eco-friendly ways to conduct their daily routines. One way would be to take an alternative method of transportation such as riding a bike. Many cities are helping support these endeavor by providing bike-parking zones. A business that can rent bikes would also be attracted especially in areas where there are tourists. Making simple bike repairs is also a lot easier to learn than fixing a car. This is also a perfect community business which can build a strong customer base in a neighborhood.

General Contractor

If you like working with your hands then you might be quite adept at fixing things. As the economy shows signs of improvements folks will be in the mood for a home makeover. Whether it's a new kitchen or bathroom or converting a garage into a spare bedroom there will be workers to supervise, permits to obtain and materials to purchase. This is the type of business that requires a bit more hustle but you won't be confined to an office.

Home Health Care

Like transportation for seniors, there is also a need for in-home care for the elderly. Being able to provide that kind of service with a staff of certified employees would be of a great benefit to the community. It would also provide decent job security because the demand will always be there. This is also another area where you could receive support from the government in terms of payments and guidelines.

Pet Care

Pet care is a multi-billion dollar industry. Dog and cat owners alike will think nothing of pampering their four-legged friends. A business that offers daily care such as dog walks or cat feeding will bring peace of mind to the owners of those companions. This is a low overhead business as most of the work will be done on location. All you really need to focus on is marketing, bookkeeping and staffing. 

Federal vs. Provincial Incorporation

 What's the ideal structure for your new company?

There are two types of incorporation available for new businesses in Canada;

1)      provincial incorporation

2)      and federal incorporation

The difference between the two types of incorporation lies in whether you want to do business locally or nationally. With a federal incorporation, you will have better protection of your brand and the ability to do business all across Canada even though there may be a business with the same name in a province.

 

With provincial incorporation, you can only operate in the province that you’ve incorporated in. This means that your brand is not protected outside of your province. This does not restrict you from doing business with companies in other provinces, however, you won’t be able to protect your name outside of your province or territory.

There are a couple of downsides to federal incorporation though.

 

·         First, federal incorporation involves more paperwork to be filed every year as required by the Canadian Government and also provincial filings in the province that you’re registered in.

 

·         Secondly, federal incorporation costs more. The fee for filing federal Articles of Incorporation is $200, as well as the additional fees from name search reports and registering your company in province.  Also, the ongoing paperwork each year will cost you more than maintaining your provincial incorporation.

If you plan to be a small business - operating locally, it makes no sense to spend the money to do a federal incorporation. However, if you’re a business that has clients across the nation and even in other countries, it would be a good idea to do a federal incorporation.  If you’re an ecommerce business, where you don’t need a physical location to do business, you don’t need to be federally incorporated if you’re just operating from one province.  You can always be provincially incorporated now and then change to a federal incorporation later as your business grows.

How To Find Your Next Great Business Idea

One of the biggest struggles that potential entrepreneurs face is trying to understand what kind of business that they should start. For many, the process in finding an idea can be long and challenging, even harder than writing a business plan! Deciding on what opportunity to pursue is dependent on variables such as:

·     If there is a “pain” that you can solve and if people are willing to pay for the solution;

·         How much money you have;

·         Whether you want to sell products or be a service-oriented business;

·         Whether you want to build a lifestyle small business or a million-dollar conglomerate.

 Here are some tips for a fast and successful search in identifying different business opportunities.

Find a solution

By keeping your eyes (and ears!) open, you will stumble upon opportunities to solve problems that may lead you to the perfect idea. Ask yourself - what pains or frustrations do people experience in their daily lives? Are there any challenges that people are complaining about? If there are, work on finding the solution as every problem is an opportunity for you to solve.

Carry a small notebook with you and note down anything you hear or see in regards to people’s frustrations. When you have filled out a page or two, try to find a solution to them. Are there companies that are solving those needs well? If not, how can you do it? What would be the ideal situation in solving that problem? And finally, can it be profitable?

Remember, if the “pain” is perceived as big and causes a lot of time and money to be wasted, people are willing to pay more to get it solved quickly.

Use your passion and knowledge

Another area you can draw ideas from is within yourself. What are your strengths, skills, knowledge and experience that you have which can be of benefit to others? What are the things that you naturally share with your friends that they turn to you for? Is there a challenge that you’ve successfully overcome?

Take for example, if you’ve successfully lost weight using natural methods after trying different kinds of therapies and diets, do you think millions of people would benefit from your experience? Of course! We often take what we know for granted and don’t realize how valuable our knowledge can be if shared with others. Don’t forget there are so many people you can help with your knowledge.

Set yourself apart! How can you do things differently?

There has always been a misconception that to be an entrepreneur, you must start a business that is very innovative and not found elsewhere. Business ideas need not to be very different or entirely unique to be successful. Innovation in a new business can be creating a new technique, process or even a brand.  You can target a new market or try a new marketing channel that may give you an edge over your competitors.

Analyze various companies that are in your chosen industry. Do their brands look and feel the same? Take a look at how good they are at delivering value to their customers and see if you can provide it more efficiently or better. 

Take advantage of changing trends

Pay attention to any changes that you notice in your industry or target markets and try to spot trends you can turn into new businesses. The first companies to identify an emerging trend and execute quickly often become the market leader in their industry.    

A great example is Facebook. Although they weren’t the first on the market, they were innovative and took advantage of trends to make it easy for people to communicate with each other. Facebook grew from a small site in Harvard to being the most visited website after Google. Because of Facebook, social media has become a game changer for a lot of companies and startups have sprouted that specifically target the new industry. By keeping your finger on the pulse of your target market, you will be able to foresee trends and take advantage of them long before they appear.

Regardless of what your goals are for your business, keep in mind that even if you have a million-dollar idea, it means nothing without proper execution. Create a business plan and test your idea to see how it stands in the market.  So, go discover lucrative business idea and start working on it – it’s a package and shouldn’t be sold separately.

Drive Traffic To Your Site with Give Aways

Let’s face it; we all love to get free stuff. Whether it’s a T-shirt, a delicious dessert or advice - as long as it’s free, we’re going to be smiling. Now flip that around to the business who is handing out that free stuff and think about what they are getting in return. They are generating a lot of “smiles.” That’s a proactive stance towards building a more robust business and branding. Keep in mind that adopting this approach doesn’t mean you have to give away the store. Instead, you’re looking for ways to drive traffic to your site through enticements which can ultimately lead to other business.

By providing your customer with free advice, product or service, you’re ultimately building customer loyalty. You can create a blog which provides great advice on solving your customers’ pains. This makes you a resource, giving your prospects plenty of reasons to return to your site. This in turn could make them more inclined to follow your advertisers to their websites or purchase what you’re selling. Think of the “freebie” as the bait to hook a new customer.

Here are some more reasons why providing free stuff helps your business:

1)      Providing free stuff is good PR: News travels fast. By offering free stuff, your prospects will start talking about it amongst their friends and colleagues, helping you spread the message organically. People love to receive free stuff, and they’re more willing to take action if their friend recommends it to them.   

2)      You minimize risk for your prospects: When you offer a free trial period, a free e-book filled with great information, or even a free item, you are reducing the perceived risk in purchasing your product or service. By taking away the risk, you are providing your prospects with the opportunity to have a positive experience with your brand and make it easier to purchase later. 

3)      Build customer loyalty: Everyone loves to get something for free, especially when there are no strings attached.  Customers remember how they got something special and will associate it with your brand. This builds loyalty and positions your brand as someone that is always looking out for the customer. 

Free stuff doesn’t just have to be products or services. There are examples of donations, contests, free food and even a dream job!  Giving away free items or trial offers is a win-win strategy for both you and your customers. If done right, offering a free incentive will pay your company back in spades.

Are you Ready to Quit Your Job and Start a Company?

So, you’ve got a great idea for a business that you’re eager to pull the trigger on. One potential obstacle: you’re working in a job now and unless you quit you can’t get your start-up going. What do you need to do before you quit your job and start a company? Think about these issues before taking the plunge:

1.      Money Coming in Versus Money Going Out

Only you know what you need to survive on in terms of income. Many new business owners often forgo a salary until their new venture is on stable footing. Can you survive without a steady paycheck? Don’t imagine what you’ll be making; be realistic about what you’re making now and what you can anticipate making two weeks after you’ve quit. The harsh reality is you’re probably going to take a salary hit in terms of reduced weekly take home pay. Can you survive with that?

2.      Business Plan Projections

What does your business plan say about generating income? If you don’t have a business plan, then you’re really not ready to quit your job! A properly prepared business plan will become your road map for success. If you have used realistic projections then you should be able to gauge when revenue will start rolling in. More importantly you should have a contingency plan ready to activate if those projections don’t hold up.

3.      Emergency Capital

Your contingency plan should include a kind of “rainy day fund.” This should be additional operating expenses you might require to keep your business running should you experience a downturn in the first couple of weeks or months. Quick example: You’re starting a business selling beach umbrellas but on opening day it begins to rain for two weeks straight. Will you have the money to pay your bills while you wait for the sun to shine?

4.      Family Support

You can never underestimate the need for family support when you open up a new business. You’re going to be asking for a lot of sacrifices from your family as you devote long hours to make sure your business is running properly. If they’re not as committed as you are to this start up then you’re going to have added stress which isn’t going to do anybody any good. This kind of support is critical when you are making the transition from one job to another. They last thing you want to ever say is, “Surprise: I quit my job!” Major decisions like that should be made in partnership with your family.

5 Startup Lessons I Wish I'd Known

If someone can develop an app that provides “hindsight” they would truly make a fortune. Sadly, most startup businesses stumble out of the gate only to embrace valuable lessons too late in the game. Can you benefit from any of these lessons learned from startup entrepreneurs?

1.      Line Up Early Investors

Operating capital is essential in any business whether it’s just starting or has been around for generations. For the new business, it is important to have working capital on hand to not only cover the day-to-day operations but also as a “cushion” for any unforeseen circumstances. Too often new business owners look for the big investors who want to minimize their risk by only investing in a proven entity. This means they won’t be interested in a first position investment. Instead, look for contributions from eager investors who are willing to come in early. It might mean smaller amounts from more investors but it could pay off in the long run.

2.      Bank Your Content

If content is king, then do you know where all your content will be coming from? A lot of excitement can be generated by launching a new website. All the social media networks will be lined up and you’ll get started with a powerful push by providing tons of fresh content. Unfortunately, that fresh content could quickly dry up if you don’t prepare for the long haul. You should treat content fulfillment just as you would with any other type of fulfillment: it has to be delivered on a consistent schedule and maintain the standards you set for the company.

3.      Be Smart With Your Marketing

There are many valuable resources to tap into in terms of online marketing campaigns. The real question is do you know what you’re doing? Just because you set up a Facebook page and Twitter account doesn’t mean you’re work is done. Set aside some of your marketing budget (yes, you should have a marketing budget) for online consultants with a proven track record of success. Let them be your guide.

4.      Reach Out

No company should be an “isolated island.” You should be forming business partnerships as an ongoing function of your operations. Suppose you are setting up a web business to sell custom sneakers. Wouldn’t it make sense to partner with a shoelace company? Think about how you can expand the reach of your business through these partnerships.

5.      Manage Expectations

Every new business startup dreams of fast success. The same can be said for anyone buying a lottery ticket. Just because you think you’ve got it all figured out doesn’t mean your business will perform according to plan. Expect the unexpected and understand that a business is meant to endure. Your six month plan is every bit as valuable as your five year plan and both should be grounded in realistic expectations.

How to Find a Business to Buy

One of the first lessons any savvy business person learns is that you’ve got to spend money to make money. The question then becomes how can you effectively spend your money or the money of your investors? This is where the issue of buying an established business comes into play. There are many advantages with finding a business that is already up any running because a staff and management structure might already be in place. The same can be said for any equipment required to run the business whether it’s a salon, gym or real estate agency. Having these elements in place can limit your initial expenditures but that doesn’t mean every turnkey business is going to be a perfect fit for your specific entrepreneurship interests. Consider these questions to ask yourself when looking for the best business to buy.

1.      What Are Your Viable Skill Sets?

The restaurant landscape is littered with dozens, if not hundreds, of failed restaurants that have collapsed merely because the new owner had no clue what they were getting into. Just because you have always fancied owning a place where “everybody knows your name” doesn’t mean you are suited for the restaurant business. On the other hand, a small fast food franchise could be the perfect business if you have a knack for management and bookkeeping. Those franchises are ready made with a textbook of valuable instructions to follow that will insure you can meet the obligations of the brand. There is no need for “out of the box” thinking to drum up business with a national franchise.

If you have strong “people” skills then you might benefit from buying a business that requires a lot of customer service and/or sales calls. If your talents are more of the “back office” sort then clearly you don’t want to have a business where you’ll need to become the face of the company. Always lead with your strength.


2.      What Effect Will This Business Have On Your Home Life?

Starting a new family might not be the best time to start a new business. The pressures on both sides of that equation could create fault lines that result in too much stress. Buying a new business means you’ll have to devote a serious amount of time and effort, especially in the start up phase. Entrepreneurship goes hand in hand with sacrifice. You might have to forgo a vacation or hanging out with the boys for poker night while you get things running. If you’re not willing to devote that time, you might not be ready to invest in a new business.

3.      Where to Find the Right Business?

Throughout the year, there are many franchise trade conventions held all around the country. These expos are a great place to find many potential business opportunities gathered in once place. Not only will you be able to meet franchise owners, but you can enter into some serious discussions with the franchise entities themselves. This is also the perfect environment to survey many options over the course of a single weekend. You might not leave with a business contract, but you’ll certainly leave with plenty of information to process. 

Researching your business opportunity

The success rate of a new business getting past its third year is low. To increase your probability of success, you must ensure that the business opportunity that you explore is financially viable, has a market and that the idea is suitable for your personality. Before you take the plunge, take the time to do some research into the opportunity and see if it’s a right fit for you. . Here are some tips that will help you determine if your business opportunity is going to be successful.

1. Do your market research.

This is the first and most important aspect of your research. Is your product or service something that you would use in your life on a daily basis? If not, then why do you want to get into that business? Remember, your clients want to buy a product that will help them solve their problems. At this stage, you should contact a few prospects and provide a demonstration and get their feedback. Take a deeper look into the market; are there a lot of competitors? How are they doing? Is there space for another competitor such as you? By finding the answers to these questions, you’ll determine if your new business has a market opportunity.

2. What is your business revenue model?

Or in other words – how are you going to make money? Take a detailed look at your business - do you know clearly how the cash is going to come in and how much your prospects are willing to pay? Are the profit margins so low that you can barely make a living from the sale? If you don’t understand where the money is coming from, then you shouldn’t be getting into this business.

3. Know your numbers

Starting a business requires you to not only understand if your clients will buy from you, but also knowing how much it will cost to deliver that service. Once you know the numbers (and you should have already identified how much your clients are willing to pay for your product/service), you will be able to determine whether there is enough of a profit margin for your business to grow. A good tip to determine your start-up costs is to outline all the steps you need to take in order to deliver a product to your client. Then list the equipment or services that you will need. This list should indicate how much those start-up costs are going to be.

4. Seek professional advice

Get some advice from experts and other entrepreneurs related to your business. Do your research on the internet, try to find a forum, or an association that is in your industry and try learning as much as you can. Understand potential challenges or any barriers to entry that new businesses face, any rules or regulations, and as many costs that may be related to your business. It would be wise to spend the money in hiring experts such as a lawyer and an accountant to help you.

Starting a business is very exciting, however, if you haven’t done your homework, you’ll soon find out how stressful it can be. Always seek advice from experienced people and use it to your advantage. It’s best that you make the right decisions early than suffer a major loss down the road as a result of selecting the wrong business opportunity.