Got Tax and Financial Stress? Here's How to Avoid It

There is one time of year we all dread. No, it's not going over to the in-laws for Thanksgiving. It's tax day. Whether you pay your business taxes on the due date or in advance this can be a stressful time of the year.

Depending on the circumstances, you could find yourself writing out a huge check to the government that wipes out your cash reserves. It's no wonder your blood pressure spikes and the headaches come on.

The good news is that it doesn't have to be that way.

Yes, you'll still have to pay taxes but there is no reason why you should stress out about this part of your business. First thing to understand - everyone is in the same boat. Beyond that there are some tactics you can adopt to help manage your small business finances and avoid getting on the government's bad side.

Make a Plan

A business's success is built on the back of meeting deadlines. That comes with shipping products to customers and paying the bills. It's important to have a well thought out plan for your entire business. This is not something that should be "kept in your head."

You should be using a written calendar that covers all your responsibilities both to customers and to the government. If you know a payment is approaching you won't feel burdened or surprised when it comes time to write the check.

It comes down to a matter of making priorities. And yes, there is an app for that!

Don't Do it Alone

Feelings of stress go hand in hand with feelings of being overwhelmed. When was the last time you asked for help? As a small business owner there are a lot of new aspects of your business you thought you wouldn't have to contend with. Sure, you knew you'd be paying the bills but keeping up with your company's Facebook page and generating original content for your website? Did you budget time for that? More importantly, do you know what you're doing when it comes to optimizing search engines and social media?

You don't have to become an expert because there are plenty of experts out there in cyber land willing to lend a hand. Even your kids could probably be a big help posting notices or even cleaning up around the office. Start asking for help and watch the stress melt away.

Take Time for Yourself

All work and no play? We've heard it before and it has meaning for the small business owner. The first few weeks or months of your start up will be grueling. No doubt about that. However, that doesn't mean running yourself into the ground. You certainly can't pay your tax bills that way. Leave some relaxation time for yourself and/or with your family every week. Schedule it like a business meeting and hold it with the same level of importance. You'll find that approaching your business after taking a "time out" won't be a struggle. 

A Tale of Two Independents – What’s in a Name?

Jerry and Steve each operate their own web services company. Strictly speaking they are each a company of just one and the bulk of their work involves coding, formatting, updating and maintaining the functionality of various websites. They are about the same age, have a similar education and work experience, and provide essentially the same services regarding each of their clients as completely separate contracts. The only real difference is that Jerry calls himself a freelance web developer whereas Steve has given himself the title of “Consultant” for his firm Omni-Global Web.

Candice, Rachel, and Tamara are the support staff for a new surgical clinic operating in a ritzy part of town and, with a particular budget, they’ve been asked to set up the website that will represent the clinic on the web. Since none of them have the requisite skillset to do the job themselves, they sit down and hash out what they are looking for and promptly place an ad seeking a Webmaster which outlines what the job entails and what demonstrable skills the applicants should have. Both Jerry and Steve apply with a concise and well thought out email along with links to various samples of their work. Jerry applies as himself, but Steve applies as Omni-Global Web and offers his own personal information merely as a point of contact. Both quote the same price.

When reviewing the various applicants, Candice, Rachel and Tamara describe their feelings about Jerry and Steve:

Candice (about Jerry): “I like his work, I’m just concerned that as a freelancer he may not be able to give our project the time and care that it requires. These Guys that work as agents for hire, I just find they’re grabbing at every job out there and don’t put their full effort into their contracts the way real professionals do.”

Rachel and Tamara feel that Candice makes a very compelling argument.

Tamara (about Steve and Omni-Global Web): “I’m really impressed. There’s something neat and tidy about this company’s work. I think they should be our first call and hopefully they’ll be willing to take us on.”

Rachel nods her head in agreement, and Candice assumes control grabbing the phone.

“Omni-Global Web! Steve speaking.”

“Hello Steve, my name is Candice and your company got in touch with us recently about providing us with services for our website and we were wondering if Omni-Global Web might still be able to help us out?”

“I imagine that will be possible, how about we set up a time to talk about what you need?”

Steve eventually got the job without any referral or previous business with anyone involved with the clinic, and Jerry never received so much as a phone call back. Even Steve will tell you that it wasn’t his finest work, but the clients were happy and they paid well and on time.

The Moral of the Story

The reason why Steve got the job (and subsequently paid) and Jerry didn’t is pretty simple, but says a lot about the people that hire contract workers and how they think.

First, Candice had a negative impression about what it means to be a freelancer, and her bias, no matter how unfounded, still earned merit with her peers as being valid. Second, the fact that it was a company, and not just an individual, planted the expectation in Tamara’s mind that there was a larger degree of legitimacy to the work coming from Steve. It didn’t matter who’s work was actually better, as both were capable of doing the job that was asked, but Steve and his title of consultant created a more acceptable framework in the minds of Candice, Rachel and Tamara. Lastly, the way Candice, Rachel and Tamara viewed how both Jerry and Steve might accept being offered the work was completely different. Candice had an image of Jerry attempting to gather up any work he could get as though, working for himself, he was just happy to have something to work on to pay the next few bills. When she finally called and spoke to Steve it was almost as though she hoped Steve would accept them as clients. To Candice, Rachel, and Tamara it would have been a privilege for Jerry to work for them, but with the way they viewed Steve it was a privilege for them to have him work on their website.

If you are a small business owner and you work for yourself it’s important to make these nuanced considerations to have any chance of competing in a market place where contractors are consistently bringing more and more diversified skills to the table. Never forget that how to market and promote one’s self is itself a skill, and the difference between freelancer and consultant, however slight in practice, can be profound in light of the expectation it creates in the minds of potential clients.

Tips for Small Business Owners and Startup Founders

Having a terrific idea for a business is only the beginning. Getting that idea from the "drawing board" to production is going to be a long and challenging journey.

The good news is that there are many resources and experienced folks standing by to help in your endeavor. The moment you embrace the simple fact that you’re not on your own, the better off you'll be. Here are some other helpful tips for small business owners and startup founders:

Bank Working Capital

You're going to need money for your startup. There's no way around that. Beyond lining up investors to back your business plan, you also should have some capital in the bank. This might not necessarily be for your business, but for your personal expenses. There will come a time in the initial phase of your start up when you're transitioning from a salaried position to entrepreneur. In other words, you're not going to have a steady paycheck, but you still need to pay the bills. A good starting point would be to have savings for at least four to six months of personal expenses. A decent size savings account will also let you float loans to your company to cover a wide range of expenses.

Start Small but Aim Big

Every great business owner has a story about humble beginnings. This is when a handful of employees worked together in "low rent" conditions to get things going. Although you know how big you'd like your business to become, it is not going to start out that way. Start small, working out of a space that won't cost you a lot of money. Your current home, apartment or parent's garage is as good a place as any. You also don't want to hire staff unless you've got a lot of work for them to do and all of that work should be generating income. The goal is to ramp up towards success.

Keep Records of Everything

No matter what, where or how you spend money for your business, there should be a receipt for that. You want to make sure you're keeping clean records of all of your expenditures and income. At the same time you also want to protect you personal assets. This is why it is important to incorporate your business and begin to run all your expenses through that entity. It's not a lot of money to set up a corporation and it will certainly pay for itself many times over.

Get a Plan of Action

You need a business plan. This can be a multi-page document or a graphic laden power point presentation. Either way it will become your road map towards success. That doesn't mean you have to strictly adhere to that business plan. You're going to make adjustments all along the way. However, with a well thought out business plan you'll be able to appreciate the trajectory of your business. That is also something your investors are going to embrace.

How to Avoid Facing Burnout

Burning the candle at both ends. Burning the midnight oil. Burnout.

It's easy to find yourself working extreme hours and putting yourself under a lot of pressure as you get your new business up and running. Even though that hard work might be paying off in terms of your bottom line, that doesn't mean you'll be insulated from suffering burnout. As much focus as you have been pouring into your business you also have to pour into your personal life to avoid facing burnout. Here's how you can avoid the burnout syndrome:


Early Morning Workout

As you dive into your new business, one of the first things that get shot out the window is your health. Don't skimp on the workouts. If you find that the end of the day has you too wiped out than squeeze in an early morning workout. This doesn't have to be a marathon at 4:00 a.m., but just something that will get the blood pumping and allow you to plot out your day. FYI: the morning is the time when our body produces the most testosterone, so it's a good time to get pumping.

Take a Walk at Night

Just as you should fire up your mornings with a workout, you should cool down your day with a night stroll. If you have a dog this is easy and it kills two birds with one stone. Even without the dog, take the time for a leisurely stroll, maybe after dinner. This is the perfect way to decompress after a day of being in demand.

Read Best Sellers

Or any other type of fiction. Give your mind a rest from the pressures of your business by escaping into a good book. Taking in a couple of chapters before falling to sleep each night could actually help your brain shut down and reboot like it does. It can also put you in the mood for sleep if you're not constantly going over in your mind all the stuff related to your business.

Take Up a Hobby

"I don't have time for pottery class!" Make time to try something new that piques your interest. Perhaps there is a hobby you've always wanted to start. Throwing yourself into that kind of project allows for a very Zen-like approach to relaxing. Even if all you're doing is building a jigsaw puzzle, it's still a way to accomplish something that isn't related to your business.

A Real Day Off

The late actor Larry Hagman made it a rule not to talk on Sundays. Literally. Everyone around him knew he wasn't going to be saying a word. For him, that was a way to re-energize for the week to come. You should take one day when there will be no business calls, no business emails, no business meetings. Hopefully, you can do that once a week. Be sure to let your staff know you're off limits!

Issuing Shares for Your Corporation

If you are approaching the phase of your business where incorporation is the next move then congratulations!

This is a positive step towards expanding your business and bringing in an infusion of cash.

Every province will have their own distinct set of rules for articles of incorporation. Some of these "zones" are more corporation friendly than other regions. No matter where you land, you'll more than likely be required to write up bylaws, explain the roles on your board of directors and their responsibilities and issue stock.

Questions such as: how many shares should be authorized for an incorporation? Who should be listed as officers and directors? How many shares should be created?

You'll have to look at the big picture of your business for the right answer.

Millions of Shares

Every single stock certificate represents a piece of the company. The owner of that stock is entitled to a dividend based on the stock's performance and the amount of stocks they own. A typical offering of common stock could be anywhere between 10 to 15 million shares.

You can break this down as 8 million shares divided among the founders and 2 million shares for an option pool. The rest can be held in reserved and released down the road. Whatever amount you settle on for the initial release you have to stick to the number.

If you want to increase the amount of shares available that will have to be put to a vote by the board of directors and shareholders because they are all now part-owners.

That first number of shares is also important when you are considering offering them as employee incentives. In other words, you don't want to give everything away all at once and you want to make the incentive large enough to attract good talent.

Stocks for the Small Business Owner

Set aside the headline grabbing IPOs like Facebook or Yahoo. The typical startup can have a stock price share beginning at around $15. Add them up to 20 million shares and you've got a $300 million market cap. That would be an extremely successful IPO launch. It also allows for plenty of buffer room that can prevent stocks from splitting at the time of the launch.

From a small business perspective, you can incorporate your company and issue a single share of stock. Keep in mind that the more shares you do end up issuing the more you'll pay in corporation filing fees.

Before making that call, plot out where you see your business in 5, 10 and 20 years from now. If it's just going to be you and your family running things you might not need to go big. However, if you're goal is to go global, let your stock offering reflect that plan.

For more information on shares, articles of incorporation, and how to incorporate your business in Canada, please visit our website.

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. 

Starting a Business on the Side

You’ve had the entrepreneur itch for a long time but haven't acted on it yet. Starting a business is never easy... especially when you’re a full-time employee, have bills to pay and a family to feed. With that pressure, it’s no surprise that many people don’t want to lose their safety net instead of being a business owner. Other than saving a small part of your paycheck every week until you have enough money saved to quit your job, the other option would be to become a part-time entrepreneur.

Trying to balance a career while running a business is a challenge. Here are some ways to make it a success:

 Ask for help.  Recruit family members into your business.  Ask for help in answering the phone, shipping orders, or even managing your company social media accounts. Having your family members involved makes your bond stronger. However, there’s a caveat – be very wary of hiring your friends as it could have a negative affect on your relationship.

Get ready to sacrifice some “me” time.  Once you make your decision to start a part-time business, your time is limited. You won’t be have time to relax and have any downtime to pursue your hobbies… but remember, the sacrifice is only temporary until your business gets  on its feet. 

Focus on one thing at a time.  Schedule your time for your business in the evening and weekends. So, when you're at your full-time job, focus on your work.  Focus on your business on your personal time only so you don't jeopardize your current employment.

Make every minute count. Your time is precious. Prioritize your time for important activities – use your lunch hour for touching base with clients. Get up early or burn the midnight oil to deal with paperwork.  Use your time wisely without affecting your full-time career. 

Be global.  With today’s technologies such as cloud services and outsourcing, you can run literally run your business with just your smartphone. Use technologies that you’re your life efficient and automate repetitive tasks. Take advantage of different time zones and outsource various activities at the fraction of the cost than that of an employee locally. 

Be patient.  Running a business while juggling a full time career requires you to take your time with your financial goals. You don’t want to run before you walk, otherwise you’ll be overwhelmed with work and your performance will suffer.  Find the right pace for you so you can see progress without completely wearing yourself out. As long as you keep moving forward each day, don’t worry too much on how fast you’re moving towards your goals.

Getting Incorporated: Tips on Incorporating a Business

There has been a lot of talk recently about whether or not a corporation can be considered a person. While pundits debate those points, the courts have already decided: a corporation is a legal entity that can enter into lawsuits, be taxed and buy land just as any individual will. As a small business owner you might soon discover there is very little space between you as a person and your corporation. The biggest advantage of incorporating is that it can protect your personal assets. Those should always be kept separate from your corporate umbrella.

The following are tips to follow as you head down the road of incorporating your company.

1)      Decide Where You’ll Incorporate

The three options for business incorporation would be within your own state or province, within your own country or in a foreign country. Most small businesses start out by keeping it simple and incorporating within their own region. However, it is worth exploring other options if for no other reason than the possible tax breaks you might receive. Once you are incorporated all the general laws will apply no matter where your company chooses to file the paperwork.

2)      Decide Your Board of Directors

The next step is to create a pre-incorporation agreement. This agreement will establish who will be on your board of directors and in what position. It will also have you establish the value of your company stock. Note that these stock shares have more to do with position than actual trading. For instance, when Facebook started up, investors and employees were offered stock options as part of their compensation. Years later, Facebook is finally going to go public and those original stock options will hold true value based on what the market decides.

3)      Decide Your Company Name

You’ll next have to file an official registration name for your corporation. Before doing this, you’ll have to research your name to make sure no other corporations that have the same title. You could simply file without the research but if your company name is rejected then you’ll have to start all over again.

4)      Decide on Your Articles of Incorporation

This will become the bulk of your incorporation paperwork and is not something you’ll be able to handle without a corporate lawyer. The procedures for creating these articles will be based on the rules and regulations that have been established in the region where you’ll be incorporating. When these articles have been filed, you’ll be sent an official certificate of incorporation. Once you sign that, you’re an official, fully recognized corporation.

Along every step of the way, there will be filing fees and legal costs you’ll have to pay out. There are some law firms that specialize in filing incorporation papers and offer affordable packages for start-up business. After you’ve completed all of these incorporation steps, you’ll need to hold your first board meeting and set up your own bylaws.

Helpful Hints to Avoid Procrastination

If you're reading this article then it's probably because of two reasons: you want to find ways to avoid procrastination or you’re actually procrastinating at this moment. Procrastination is that habit many people often fall into that prevents them from getting something done, whether it's a business proposal, a trip to the gym or spring cleaning.

If left unchecked, a bad procrastination habit can actually be a deterrent to advancement in a career or getting good grades in school. In the realm of independent consultants, procrastination can lead to a loss of business. No employer wants to wait for a project that has passed the deadline. There are some very helpful hints when it comes to avoiding procrastination. How quickly can you make these a part of your daily routine?

·         Make a Commitment: This is a lot like accepting a deadline, but it's also more about your own personal responsibility. When you commit to finishing a project by a certain date then you are pretty much putting your reputation on the line. Even if it's a small matter of returning an e-mail or phone call within 24 hours, it's still a commitment that you can make to yourself. Staying true to that commitment can go a long way towards improving your business relationships which equates to success.

·         Prioritize: If you have a list of several small assignments and one big task, don't let the little jobs get in the way. You need to prioritize your tasks by level of importance and deadline. This can be done at the beginning of every morning as you set out plans for your work day.

·         Utilize the Morning: Speaking of the morning, that is a perfect time to accomplish tasks that are due by the end of the business day. It's simply a matter of figuring out how long a particular task will take and then setting aside those hours in the morning to do the actual work. In many cases this goal could be reached by lunchtime!

·         Get Prepared: A common theme for procrastinators is that they're never ready. This goes back to that issue of staying organized. As a freelance consultant, if you're working on a project that involves a certain amount of research then you should conduct that research all at once and assemble it in a single file or group. That way you'll have easy access to that information when it's time for you to disseminate it. There's no excuse for poor prep work.

 

·         Remove the Distractions: Ironically, the very thing you are reading this article on is probably the biggest contributor to procrastination. That would be the Internet. Today, we use the Internet to communicate with friends, read news and conduct business. While it's easy to get lost in the world of YouTube or Facebook, those activities should be regulated for off work hours. Perhaps you should look at spending time on those personal sites as a reward for a job well done. Don't let the Internet drag you down!

Now that you've read some helpful tips about avoiding procrastination, it’s time to get back to work!

The Top 10 Small Business Resources Online

Entrepreneurs can never have too many outlets to get questions answered, industry information and basic tips on all things business-related. That’s why we like to keep our blog up-to-date on information that can benefit you, the small business owner.

But there are tons more great resources out there to find all the information you need from just a click of the mouse. Below is a list of our top 10 favourite blogs and websites dedicated to the small business owner.

Canada Business Network

A Government of Canada blog dedicated to a wide range of business related topics, including insight into government programs, advancements, and events.

Young Entrepreneur

YE provides open forum for entrepreneurs, mentors and investors alike to ask questions, network, and create discussion while getting regular tips and information on the YE blog.

Canadian Federation of Independent Business

CFIB provides business owners support by lobbying on behalf of members on issues that affect Canadian business. Their website has a wealth of regularly updated information on current political issues and legislation as well as general information and tips to help your business grow.

Canadian Entrepreneur

Written by Rick Spence, a leading consultant on entrepreneurship and business growth in Canada, the Canadian Entrepreneur blog not only gives business owners great tips and ideas but also provides interesting anecdotes that make for a great read. He’s a regular contributor on the National Post blog as well.

How’s Business?

Staples is well known as the place to go for anything office related in Canada, but they also have a great business insights! The Staples blog has posts on a wide range of topics to appeal to business owners at any stage. The blog includes great recommendations on resources as well as highlighting successful Canadian entrepreneurs.

Small Business: Canada

Susan Ward’s “Small Business: Canada” section on the About.com website is a gold mine of information on any topic you can think of regarding Canadian business. Her posts are well written and easy to read, making even the most confusing concepts clear and understandable.

Small Business Trends

Though this is an American blog, there are many good tidbits of information on Small Business Trends that can apply to any business.  

The Daily Dose

Entrepreneur.com’s “The Daily Dose” provides excellent coverage of the latest information on all business related matters. It’s a great read to keep on top of current news and trends that may affect your business.

The Frugal Entrepreneur

Everybody wants to save a buck – especially small business owners! The Frugal Entrepreneur is dedicated to helping small business owners and entrepreneurs do just that. With cool tips and tricks to help you maximize your business on a minimized budget, this blog is a great read with great tips.

Canada One

Not only does CanadaOne.com provide business and event listing services, it also has a wealth of information for business owners. Get expert advice, business guides and book reviews all in one place and all dedicated to helping your business grow.

Do you have a go-to blog or website for small business information? Let us know in the comments!

 

Why people become entrepreneurs

You’re frustrated, tired and stressed. You’ve realized that your boss is only interested in squeezing more work out of you and that your career prospects in the company are almost nil. You have always dreamed about making it on your own and taking control of your destiny – your own success and failure.

You’re not alone! There are thousands of others who have decided to take the plunge towards entrepreneurship, and in these times of uncertainty more and more people have also decided to take matters in their own hands.

Here are a few more reasons why people decide to become business owners:

1. Becoming financially independent

Although a majority of new businesses fail within the first three years, those that succeed can become very profitable. Starting your business is the first step towards gaining financial independence and achieving the security that you want. Being an entrepreneur allows you to get an income stream that is dependent on your efforts and not on the whims of others.

2. Better career prospects

Sometimes people become frustrated as they feel that their career path is not going the way they want. By starting their own business they’ve decided to take control of their personal and career goals. Alternatively, sometimes entrepreneurs see a better way of doing things in their industry and act on it, providing much needed innovation that is lacking.

3. Looking for personal achievement

There are those who are interested in setting big challenges and striving towards it. These entrepreneurs are goal-oriented and gain satisfaction from accomplishing big things. This is a common trait amongst many entrepreneurs – especially motivated by risking everything on their ideas and overcoming big challenges.

4. Pursuing their own ideas

Certain people see opportunities in areas that are often missed by others -entrepreneurs can see new markets, create new products or improve upon a service. Whatever the reason is, the opportunity to innovate and create is what drives them. Their satisfaction comes from the successful creation of a business and validation of their ideas by the market.

Even though entrepreneurs work more hours, have higher stress and sometimes lower pay than non-entrepreneurs, many have a greater feeling of satisfaction in their work. There are many reasons for starting a business, but a true entrepreneur is someone who gets excited by setting big challenges and works towards overcoming them. Also, the act of building a lasting company is a validation of their ideas, and they gain a deep sense of pride from its successful implementation. So if you’re ready to jump in to the chaotic world of entrepreneurship, know that you’re part of the few that are willing to take charge of their destiny.

Awesome gifts for the entrepreneur on the go!

With the holidays around the corner, it’s time to do some late Christmas shopping. Trying to come up with the right gift for the entrepreneur in your life is difficult as their needs are more practical. Take a look at the list below to help you choose something that your favourite tycoon can appreciate.

A solar-powered electric gadget charger: This is an excellent gift for someone who carries a lot of gadgets – (i.e. iPhone, camera, tablet). So, instead of carrying multiple bulky chargers to charge them while travelling, you can just take one. And it’s all powered by the sun!

The GPS navigator: A great gift for the frequent traveller! They will never get lost on their way to the important business meeting and the best ones can be used for many countries. You should be able to find a good one in electronic retail stores.

Bluetooth headset: With many cities banning talking in cell phones while driving, it makes sense to use a hands-free headset so you can speak on your cellphone while in the car. Not only is it safe, they also look cool. If your favourite entrepreneur lives in their car, make sure they stay safe with this headset.

Smartphones: Regardless if you choose an iPhone, a Samsung, or Blackberry – a smartphone is a great tool for the entrepreneur on the go! They can respond to emails, store files and access the internet while still talking on the phone...This multi-purpose tool is perfect for someone who needs to keep in touch with their business while travelling.

Personal assistant service: A small business owner rarely has any free time between managing their business, making sales calls, dealing with client issues and overseeing employees. It’s no surprise that many of them do not have time to manage their personal affairs such as picking up the dry cleaning, cleaning their house, or groceries... By getting them a personal assistant or concierge you help them with the most valuable commodity – time. With the free time, they can focus on their business.

iPad: One of the most groundbreaking technological gadgets made, Apple has created this for both the business and regular user. Light, powerful and filled with features that the most jaded technologist would love, it’s a great alternative to lugging a heavy laptop. And its compact shape makes it perfect to be used for client presentations and poring over the reports at night in your hotel room.