Is a Pandemic the Right Time to Start a Business? It Just Might Be.

 

As millions of businesses shut their doors and sent their workforces home during the early stages of the COVID-19 pandemic, many wondered what they would do with their copious amounts of new free time. "Pandemic Bucket Lists" quickly became a viral internet meme, with many sharing the personal development goals they hoped to achieve in their free time:

 

●     Run a backyard marathon.

●     Learn how to bake sourdough.

●     Write the next great American novel

●     Finish an online degree.

 

Unlikely to make that list of pandemic bucket lists is "start a new business." From the startup costs and massive amounts of energy required to launch a company, starting something new in the best economic conditions can be hard enough. Throw into the mix a global pandemic that has the power to shut down national economies, and the idea of starting a new business can seem far-fetched… if not downright insane.

Yet, history has shown us time and again that some of the most significant innovations in business and culture occurred during times of massive disruption. For entrepreneurs who dare to take a step forward instead of back, these economic upheaval moments can create avenues for new opportunities. Sure, some ideas may flop before they get off the ground. The ones that do work have the potential to change the business landscape forever.

 

So You Want To Start A Business?

The pandemic has given many would-be entrepreneurs to put themselves in the first shoes of great innovators such as Steve Jobs and Jeff Bezos. However, just because you have an excellent idea for a service or product that could come in handy during this time of great need, make sure you consider the following tips before you hop online and purchase www.mygreatnewbusinessidea.com:

 

Define Your Unique Value Proposition (UVP)

The first step in launching your business is defining what you are offering the world. Take a look at your product and service, and consider what unique value it brings to the market. This will be regarded as your unique value proposition - what sets you apart from the rest of the market. Do some research online for other versions of your business idea and note whether or not the market is already saturated with your product.

The last thing you need is your brand new business venture falling below the noise of countless copycats- especially if your business is going to rely on online digital marketing to get off the ground.

 

Do Some Research On The Startup Process & Experience

Think of your model entrepreneur who hit it big with an industry-breaking innovation. While their story is likely filled with success and fame, they probably didn't start at the top. Behind every great business idea are countless failed attempts and sleepless nights.

The process of launching a new business in today's competitive market is not for the faint of heart. It will require you to put in the work - often physically - to help put your name and brand in front of your future customers. You will likely fail - which can be a great thing if you know how to fail well!

The best step in ensuring you succeed in your launch phase is to build a strong foundation of support. Find individuals who support you and your vision, and will be your strongest cheerleaders. The market is full of cynical critics - drown them out with a strong startup team's support.

 

Run A Systems Check On Your Leadership Abilities

What was your job before setting out on your own? Were you at the bottom of the rung, or were you wasting away in middle management? The pandemic shutdown might have been the catalyst you needed to break free of the chains of having little influence. However, leading a new business as the founder and CEO is no walk in the park!

Make sure that you read, interview, and study the great business leaders of the past. Heading up a department or a small team is one thing. Ask questions about their leadership tactics, their team-building methods, and their work-life balance. By finding a tribe of mentors to help you grow your leadership skills, you will set your new business up for success with a strong foundation of confidence and credibility. This will be vital for building a healthy team and a strong brand reputation.

 

Start Your Business For The Right Reasons

It may be tempting to start a new business simply because the current job market is difficult. With high unemployment numbers and increasing anxiety about the future of the economy, it is easy to see why so many are considering now as the best time for something new. However, before you throw your life into a new venture, make sure you are starting something for the right reasons.

What are the "right reasons"? Part of that answer depends on how you respond to the above tips. If you are simply frustrated with your current situation and are looking for something new for your nine to five, then the leadership and management needed to start a new business might not be right for you.

However, suppose you are driven by a passion for bringing a new idea or innovation to the market or are desiring to see a need met where none have answered before. In that case, you will find that you have the drive necessary to push forward against the obstacles that a pandemic economy can bring to a new business.

 

Ready To Start A New Business In The Pandemic Economy?

 

So what do you think? Do you have what it takes to step out in faith and start something new when the world is pulling back? For those with the entrepreneurial edge, the opportunity to enjoy success where others are withdrawing from the market is everywhere.

By taking the time to consider your aspirations, your current situation, and what you want to bring to the world, you may find yourself looking at a brand new life. If your idea catches in the winds of pandemic-led change, enjoy the ride. If not, pick yourself, dust yourself off, and get started on your next idea!

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

Coping with Failure

There are unlimited mantras, quotes, and stories dedicated to coping with failure. This is perhaps because it is a well-accepted fact that failure is simply a part of life. Starting and running a business is often subject to the same outcome. In fact, failure is often a welcomed disposition in the discourse of entrepreneurship because it helps to shape and reshape a successful business.  Failure should never be a deterrent from pursuing your business goals. Rather, it should be embraced and perhaps anticipated. In this article, we’ll explore coping with failure in business and using it as a sword rather than a shield.

 

Business failure can span anywhere from an unsuccessful marketing or promotional method to the complete termination. Regardless of what failure looks like in this particular context, it has an impact on the psyche of the self-employed individual who started or took over the business. 

According to Bruno, McQuarrie, and Torgrimson in an article published in Journal of Business Venturing, the self-employed appear to have an emotional relationship with their business.  More specifically, the motivation for managing one’s business spans beyond personal profit, into loyalty to a product, loyalty to a market and customers, and the need to prove one’s self. When you consider these elements of this emotional relationship, it becomes clear, first, why failure elicits such a huge response in business and second, why the way in which you recover is much more important than the failure itself.  So, how do you cope? How do you recover?

1. Learn

                       

One of the best ways to cope with failure in business is to make a conscious decision to learn from it. In a 2003 article published in Academy of Management Review, Dean Shepherd suggests, “learning from business failure occurs when you can use the information available about why the business failed to revise your existing knowledge of how to manage your own business effectively.”  This requires the ability to stare failure in the face and accept that you are still a student even when you run the business. It further requires an ability to “revise assumptions about the consequences” of previous decisions, actions, and omissions.  When you can approach your failure in an evaluative manner, you are more likely to have a successful outcome.

2.  Anticipate and Rehearse

“Don’t make the same mistake twice”.  This warning cannot be echoed loud enough in business. When you’ve done something wrong or insufficient a first time it should prompt you to be more careful the second time around. In other words, you should anticipate an error; rehearse with that error in mind and control for it.  Many entrepreneurs have had to test and retest prototypes continuously to ensure it is failure proof.  Sometimes this means getting out of your comfort zone and being completely transparent.  The more you dissect your product or service piece by piece and ask yourself “how can this fail”, the closer you get towards a product or service you can proudly stand behind in success. This will not make you failure proof, but it can certainly minimize the outcome of same and teach you more about yourself as a business owner.

3.  Think Positively

One of the immediate responses to failure is negativity. A close second is doubt. These two devils can drive your business into hell if you allow them to manifest and percolate.  When you’ve come face to face with failure, take a few minutes to cry and scream if you have to. But once those minutes have expired, commend yourself for your effort, feed your mind with positive affirmations, and most importantly, saturate yourself with acceptance. Accept that the one thing that makes you most like any other business is your susceptibility to failure. Once you’ve acknowledged that, immediately begin rebuilding, modifying, or changing your direction.

4. Start Again

Some of the biggest companies that exist today have failed hundreds of times before getting their big breaks; Apple and Disney are prime examples. Failing just might be the answered prayer you didn’t know you need. It can challenge you into success. Don’t pressure yourself with deadlines if your product isn’t ready. Take your time with your craft. If you love it, you’ll be tender and starting over will only allow you to become more intimate with your business. Embrace a fresh start.

Failure is a part of life and that life doesn’t stop when you acquire a business. Instead, it becomes much greater. Consequently, your failures will increase, but so will your successes.

Getting Acquainted With the Habits of Successful Entrepreneurs

Psychologists have proven, through continuous research, that behaviour can be learned through observation and mirroring. They also purport that it takes 21 days of consistency for an individual to make or break a habit. Why is this important to entrepreneurship? Well, your success as an entrepreneur can lie heavily on the monitoring, observing, and putting into action some of the habits, techniques and practices that are common among entrepreneurs and small business owners who have propelled their careers beyond the confines of “a single start up”. Many entrepreneurs credit their success to modeled behaviour and plans. Consequently, we have compiled a list of some of the habits of successful entrepreneurs to help steer you in the right direction and give you a head start on your return on investment.

Watch the company you keep.

If you want to attain entrepreneurial success, you should find yourself in the company of those who have gone before you and have excelled. You can learn a lot from people who are smarter than you. Don’t let their knowledge dissuade or intimidate you. They, too, once had a startup (in many cases, of humble beginnings). Once you’ve selected the individuals you want in your circle, refrain from suffocating yourself with business and business-related tasks and conversation. 

To elaborate, refrain from meeting these  “role models” in networking and business settings. Instead, spend time with them at sporting events, barbeques, or even light coffee. If you surround yourself with successful business owners beyond the context of business, you create the opportunity to learn how they live their lives on a day-to-day basis. Conclusively, if you intend on starting an accounting firm, make sure accountants make up a percentage of your “friends group”. 

Be intentional about your day-to-day routine.

Successful entrepreneurs rarely complain about lacking enough hours in the day. They recognize that everyone is allotted the same time and it is the use of that time that is transformative. If you are a morning person, wake up early to capitalize on your hours of productivity. That doesn’t mean waking up at 7 a.m. It means really taking advantage of the time you complete your best work. That may translate into a 4:00 a.m. call time. If you want to maximize your daily productivity potential, you must take your body’s cues seriously. Recognize that work is just as important as rest and when there’s an imbalance of these two things, you and your business are bound to suffer. Further, incorporate time for exercise, personal time, and quality time with family and friends. Once you’ve settled on your day-to-day routine, be consistent.

Make use of the short-list.

When you own a business, your to-do list is often eternal. The list itself might discourage you from completing any work at all. In other instances, it can be so demanding that you seldom complete tasks in a reasonable manner.  Successful entrepreneurs report condensing tasks to two to three priority items each day. As a result, in the likely event that you do not get through your entire list, your most important tasks are completed daily. This technique keeps you accountable, increases task completion, and provides an overall picture for your efficiency. Additionally, short-lists function as an evaluation tool on how to run and grow your business.

Aim high.

Finally, one of the most common emotional traits that persist among entrepreneurs is doubt. Will this work? What if I fail? Is this the right way? Will they buy it? Should I do this? The second-guessing disease is correlated with goal setting. The more you second-guess yourself, the smaller the goals. Successful entrepreneurs aim high, no matter how unsure they are. Why? Because starting a business is a risk and that’s where the magic happens in many instances. Will the outcome always be favourable? Probably not, but at least you can edit and go back to the drawing board when something does not work out.

It is better to aim high and land somewhere at the top than to aim low and hit the mark.

Staying Motivated as an Entrepreneur

Entrepreneurship is a liberating journey that highlights the emancipation of being an employee, but it is also work-heavy. And the natural accessories that come along with this position of leadership can quickly result in regret and remorse for choosing a path so heavily ridden with high levels of responsibility and stress. When discouraging moments do arise, how can a new business owner find enough strength to push through and see beyond the temporary circumstances? What keeps an entrepreneur motivated?

Track your progress

It is easy to point out all the things that are going wrong in your business. In those moments however, it is useful to remind yourself of  your accomplishments up to the point of your fatigue. This helps motivate entrepreneurs by identifying and categorizing attainable and realistic goals in comparison to goals that might take a little longer to accomplish and are better off as long-term ambitions.  Tracking your progress is not an exercise that should be reserved solely for moments of demotivation. Instead, implement this practice at the very start of your business and do weekly or monthly checks to see how far you’ve come and how much farther you have to go. This tangible tool will motivate you, on a regular basis, to work hard in order to see your business attain and surpass each level of success you envision for your company.

Reflect on the beginning

Why did you want to become an entrepreneur? Some individuals only have to recall a single experience whereby sitting at a cubicle at a dead-end job, with a boss who was not interested in accelerating the company while simultaneously suppressing the ideas of employees, posed a far greater challenge. Reflecting on previous experiences of “occupational prison” can jolt you back into your purpose and motivate you to keep going. Other individuals initially begin their entrepreneurial pursuit in the hopes that they can give their families better lives. If that was your starting point, talk to your loved ones and rediscover what their goals and aspirations are. Then, ask yourself if your contribution to their goals and dreams will be fulfilled working for yourself or working for someone else. The idea here is simple: when you reconnect with your origin stories, you can reconnect with the motivation that initially allowed you to start a business in the first place.

Join Networking groups

Mingling with likeminded people is perhaps one of the easiest ways to stay motivated as a business owner. Stepping away from your computer screen to listen and share ideas with others, sparks your own creativity and forces you to think about where your business is currently, and how you can make it better. Further, the sharing of similar experiences reassures you that a lack of motivation is a part of the discourse of entrepreneurship. Your peers have been through and may be going through the same things and you may benefit from their coping strategies. Socializing with a group of successful people who had the courage to stand alone and start a business can give you the mental push you need to move forward with confidence.

Make positive affirmations a part of everyday discourse

In business, you get out what you put in. Feed your mind with positive affirmations daily. It may sound silly, but it works. Some entrepreneurs have mantras that they recite on a daily basis. Others keep inspirational words in a frame on their desk as a screensaver on their computer. Whether you say these things out loud to yourself, write them down daily, or read them in silence, they are healthy for your mind and motivation. The more positive you are about your business, the less the negative shortcomings will affect you. They will occur, but their impact will motivate rather than discourage you.

If you’ve been feeling demotivated lately, try one or a combination of these methods and see how your behaviour changes. Share some of your motivation tactics below to encourage fellow readers.

How to cope when you’re on double duty: Starting a business while working full time

When you decide to start a business, you usually aren’t sitting in the lap of luxury with unlimited free time, resources, and countless windows of opportunity. Instead, most new business owners are confronted with their business ideas amidst the stereotypical “9 to 5”.  Further, some start-up ideas do not materialize beyond the conception phase due to the intimidating challenge of juggling a new business while working full time. Despite this disposition, entrepreneurs have been and continue to nurture successful businesses in this way. So, what’s the big secret? The truth is really no secret at all. Managing a start-up while working a full time job does not have to make you a victim of entrepreneurial defeat. Our small guide below is designed to help you thrive and succeed at this balancing act.

Time Management

When you dedicate an average of eight hours per day to a full time job, it is inevitable that time is going to be one of your greatest competitors for success. Once you recognize and accept this fact, you will be well on your way. Part of effective time management is planning. Assess your current schedule and determine how much of your time is “wasted”.  For example, if you watch three hours of television after work, consider at least two out of those three hours disposable. Further, evaluate how you spend your weekends. The weekends consist of two full “non-work” days, how do you use them? 

Once you have mapped out your current weekly schedule, create a new one inserting small-business/start-up time in all your disposable time slots. Creating a schedule and planning how you will use your time will help you track your progress and give you a big picture on how you are allocating your time in favour of growing a lucrative business. You can also incorporate lists to ensure that each day you are completing a specific task. If you are fortunate enough to work at a company that has liberal policies on working other jobs simultaneously, take advantage of that time without jeopardizing your present employment. Alternatively, if your job opposes integration of this kind, capitalize on your lunch breaks. This does not mean that you should skip lunch however, but take time to eat and time to work. If you manage your time correctly you will still be able to do the more relaxing activities you enjoy.

Licensing and Registration

Obtain all the necessary license and registration at the start of your business. It is particularly important to engage in this process at the beginning stages of your start-up because in some jurisdictions it can be time-consuming. Additionally, you may need sufficient time to obtain necessary documents and tackle unforeseeable circumstances that can or may hinder your project. The last thing you need during this process is a setback.  That is not to say they will not happen, but you have a great chance of minimizing them by acting sooner rather than later.

Money Management

Most start-ups and small businesses are individually funded (out-of-pocket). Make a budget and monitor the distribution of funds. Determine what percentage, if any, of your full-time salary can be redirected into your business.  Further, ensure that your business expenses do not compromise your personal expenses. If you are really pressed for funding you may have to make smart but effective lifestyle changes. For example, bring a lunch and limit the amount of coffee purchases you make in a day or week. Go to the movies once a month and substitute your frequent social outings for a night in. Reassign those funds to your business. These changes are not about ridding your life of its social pride, but rather, cutting out what it beyond necessary objectively.

Don’t think too big, too quickly

Starting a business can be exciting, but do not allow that excitement to cloud your judgment.  Take your time and understand your business. Do not waste time worrying about office space and spending frivolously on products and services that are not fundamental to your start-up. Take meetings at coffee shops if you have to. Schedule phone and Skype calls where necessary. If you become too caught up in materializing your ideal business at the beginning of the process, you run the risk of losing money and, worse, losing your business.

Finally, enjoy the process. It is easy to get caught up in what is sometimes a dense world of business. Do not lose sight of yourself and your vision. Take regular breaks just like any other job and laugh a little. You will make mistakes, but do not fret on them for too long. Cry if you have to and get back in position remembering that failure is a natural progression of success.

Minding Your Business with a Business Plan

“By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be." Mark Victor Hansen could not have spoken truer words. The idea of writing down thoughts, goals, and dreams, is a transcendental one. In fact this very practice has materialized to a standard requirement in the world of business, formally known as a business plan. It is the vital blueprint for any startup and entrepreneurs are recognizing just how drastic business can change positively, with written foundations. So why are business plans so important?

Vision

If you were traveling somewhere you’ve never been before, would you go without a map? Probably not, so why would you embark on a business venture, where the risk is far greater, without having a blueprint? Your business plan functions as a map—your big picture. Before you start any business your only tool is your idea. As you begin to think about it more and more, ideas develop and a plan emerges. You start to consider factors like your target audience, market research, funding, staff/ employees, business registration, and the list goes on, but they still just classify as ideas in your head.

Documenting this information is what keeps your vision alive. It is your way of stepping outside of yourself to allow your vision to materialize. Further, organizing your ideas by formulating them in a business plan helps you build effectively and remove information that may be detrimental to your business as a whole. This inherent editing and buffering allows you to keep your vision in mind; the more you work on the plan, the realer your entrepreneurship becomes. Simply put, creating your business plan takes you from a dreamer to a doer.

Accountability

Your ability to transition from the phase of a dreamer to a doer often determines how serious you are about your startup. Creating a business plan requires work and research and this investigative nature of the process keeps you accountable in more ways than one. Firstly, your business plan makes you accountable for your own actions. When you make a plan and write it down you are more likely to follow through on that plan than if you had simply stored it away in your mind. Your business plan is your personal correctional officer, ensuring that you are working towards the fulfillment of your startup. 

Secondly, a business plan keeps you accountable to your potential investors, sponsors, and banks (when you apply for a business loan).  At some point you will realize that your startup is less about you and more about what service you are capable of bringing to the table. Investors and those alike, want to ensure that you are worth the investment: a) is there a market for your idea b) is it lucrative, and c) how big is the return on investment. Additionally, they want to be able to trust you and your abilities. In most cases, the primary source of endorsement is a well-orchestrated and thought-out business plan.

To Answer the Question: Should you really be starting a business?

A common mistake entrepreneurs make is underestimating how much work actually goes into starting and running a business. A business plan is one of the primary tools to weed out the weak from the strong, the able from the disabled, and the determined from the desolate. As mentioned above, your business plan is where the evolution of your idea takes place. As you comb through each category of the plan and consider your place in the entrepreneurial world, things can become overwhelming. It is at this point that you must reason with yourself. Consider whether this is a journey you should embark on now or, alternatively, if you would benefit by waiting a while. 

You might also reflect on whether you should partner with someone or work individually. How much time would you have to invest daily, especially if you’re pursuing a startup while working a full time job? At the very least, your business plan is your platform for evaluation; don’t take it lightly.

We’ve shared some of the most fundamental reasons for using a business plan for your startup and we encourage you to consider them before your next venture.  If you’ve been working on a business plan tell us why it’s an important starting point for you!

Finding Your Calling

Nearly everyone wants a career that is emotionally, spiritually, and financially rewarding. But unfortunately, a lot of people never find that professional sweet spot—either because their passion

doesn’t happen to pay well, or because they feel stuck at a job they dislike for the sake of a steady paycheque.

To achieve a fulfilling career, think about how you can find synergy between your professional endeavours and your personal affinities, values, and strengths.

Let your character and values be your compass.

 

Consider your basic personality traits. Are you typically organized or disorganized? Are you patient and deliberate, or do you prefer to see results quickly? Extroverted, or introverted? Analytical, or intuitive?

Most importantly, what are the principles you believe in most strongly?

We can all imagine blatant examples of career mismatches: people who are vegetarians and vegans for ethical reasons shouldn’t become butchers; innumerate individuals are unlikely to thrive as accountants.

But there are many more subtle instances of career misalignment as well. If you like to keep moving and spend much of your time outdoors, a sedentary office job may wear you down. And if you have an artistic flair, you may desire significant creative autonomy, and feel frustrated if your career path doesn’t offer that.

Perseverance and resiliency are essential.

The main difference between a dream and a goal, is that a goal revolves around a concrete and achievable plan. But there is another important distinction: dreams occupy the realm of fantasy, while goals must contend with reality. In dreams, you can envision your own triumphs, but not necessarily the barriers that stand in the way.

In the real world, meaningful success rarely happens overnight—in fact, it often requires years, if not decades. You might have an extraordinary passion for something, but you’ll also be competing against many other individuals and organizations that share your enthusiasm. Almost invariably, you will encounter a great deal of rejection and shortfalls before you experience the thrill of victory. To bring your vision to fruition, you’ll need to remain committed to your goals through thick and thin.

An alternative mental approach to failure or rejection is to remember that your disappointments needn’t define you or even necessarily set you back. You can instead look at them as stepping stones that bring your closer to your final goal by affording you valuable lessons and experience.

Instead of “work-life balance”, think about your life’s work.

Of course, human beings are social animals, and it’s important to make time for family and friends outside of work hours. Your physical and mental health also depend on a healthy diet and regular exercise.

However, the optimal career path for you should bring you enough satisfaction that you believe your time on the job is beneficial to you, and that your work is fully integrated into the life you want. This is one reason why the concept of “work-life balance” is flawed: it implies that a firewall should separate your profession from the rest of your existence, and not that your career endeavours are a vital component of your life.

Instead of trying to achieve equilibrium between work and “life”, consider instead what you’d like to accomplish during your lifetime, and why. If you can’t identify how your current professional trajectory is helping you achieve the long-term goals you’ve set for yourself, then it’s time to contemplate a career change.

GST Registration for Canadian Businesses

Most Canadian businesses are required to register for GST.  The exception being some small suppliers – sole proprietorships, partnerships or corporations that have total taxable revenues that are less than $30,000 annually after expenses or if your business only provides GST exempt goods or services (i.e. child care or music lessons).  To determine if you are exempt from GST registration, click here  for the CRA requirements.

Even if you qualify as a small supplier, you may want to consider registering for the GST anyway.  Because you’ll be paying GST on purchased goods for the business, your GST registration will allow you to recoup some of the GST paid out on business purchases through Input Tax Credits. 

Registering for GST is actually quite easy.  The main thing to remember is that it needs to be done within 29 days from the day in which your business exceeds the small supplier amount in revenues ($30,000).   GST registration can be done either online or over the phone with the CRA.  You’ll be given a GST/HST number (also called a Business Number) to be used on invoices, for accounting and on all tax-related paperwork. 

Once you’ve registered for GST, you’ll be assigned a reporting period based on your total annual sales, which can be either monthly, quarterly or annually.   For your reports you’ll need to prepare a GST return showing the amount of GST/HST you’ve charged customers as well as the amount of GST/HST paid to suppliers.  This can get complicated when factoring in your Input Tax Credits as well as the various classes of GST/HST goods and services.  For more information on this, please visit follow the link. 

It’s important not only to keep your records and bookkeeping up to date and accurate, but also to understand the GST registration and reporting process from the outset so that you’re not scrambling to prepare your reports for each period and you’re maximizing your Input Tax Credits as much as possible.  

For One Day Only We Pay Your Professional Fee!

After weeks of preparation, the tax season has finally come to a close and we want to celebrate by paying the professional fee on your next business incorporation.

On May 1st we will cover the cost of the professional fee ($99 value) when you incorporate your business with CorporationCentre.ca.*

Incorporating your business protects you and your shareholders from debt and liabilities associated with your company and can help you save on taxes!

For more information on the advantages of incorporating, click here.

To take advantage of this offer, simply use the Promotional Code CC99INC2014 before submitting your incorporation order. The promotional code is valid on May 1st 2014 only.

Click here to start the order process.

*Plus government fees and optional products and services. Does not include non-profit incorporation. 

It’s Good to Be the Boss

We all come to a crossroads at some point in our life - a defining moment to choose one path over another and accept where it leads us. After college I bumped around from job to job trying to build up my experience, and my resume, looking for the right opportunity to grow and be a part of something big. I hated it. I mean I really couldn’t stand it. Everything about holding a job made me feel rotten inside. It’s not that I’m averse to working hard, or that I think that having a job is wrong for everybody, it was just that after a decade in the rat race I discovered a few important things about myself.

Balance

The first thing that I learned was that working for someone else made me really tired. The simple expectation of adjusting my schedule to suit someone else left me lethargic and with a distinct palpable malaise that made me angry at life, and it seeped into my free time. Since starting my own business I actually work more than I ever have, but because it’s on my own terms I seem to have a lighter step and am able to walk between the raindrops which has helped me to enjoy my free time even more. The positive impact this has had on my health and wellbeing has also been noticeable as, because I no longer suffer from the same lethargy, I find myself using my free time to be more active as well as making time to cook a proper meal instead of settling for something quick and devoid of nutrition.

I Have Really Good Ideas

Within every company I ever worked for there was a hierarchy. It seemed odd to me that all the people higher up the chain of command were celebrated for having all of the best ideas. All of my contributions were immediately scoffed at and dismissed – until they were implemented and passed off as the boss’ big new idea. Now sure, there’s an argument for stick-to-itiveness, and that if I bided my time I could work myself up the ranks and start making the decisions. Maybe so, but I felt more burdened by the idea of seeing myself forced to pawn off the brilliant insight of an office lackey as my own because by the time it was my turn to get all the credit I was out of ideas.

I Don’t Value Security

I’m a risk taker and I always have been. I have gumption and believe that every time I get knocked down that I reemerge stronger than before. I know that there’s something comforting about having a job and knowing exactly where your next paycheck is coming from but it’s overshadowed by my own sense of excitement at starting something new and helping it grow. Having a steady job allows you to plan everything in advance and keeps you looking forward to your two-week vacation that was organized more than a year in advance, but being your own boss forces you take each day one day at time and keep your mind on what’s important right now.

Helping Others Grow

Within the hierarchy of all the companies I worked for I felt alone. I know I was supposed to emulate the work habits of those above me, but I felt like they kept their secrets of how they got to where they were under lock and key. Since striking off on my own, one of the most enjoyable aspects of my job has been mentoring and learning from those that work for me. Sure, I sign the paychecks, but in my efforts to build a successful small business it feels like it’s something we all share. It’s also very rewarding to share my expertise with my colleagues who might not have as much experience as myself.

I Did It My Way

Everyone is different, and owning your own business is incredibly challenging. It’s certainly not for the feint of heart, and before entering into something so profoundly life altering one has to really have a clear picture of who they are. I was ready to sink or swim, and learn the hard way, because I knew that if I was going to feel fulfilled I had to put myself in a work environment where I felt that I could operate under my own terms. The decision to choose the path that I did has made all the difference in my life and I never thought twice about retracing my steps.

The Nuance of NUANS

Your name can mean everything. It is what people associate with your brand and it is what will inevitably define your business in the minds of others. Therefore, it is imperative that you choose a name for your business that is original and that will stick in the minds of your target clientele. It is also important that once you have the perfect name for your business, that you protect it so that people don’t confuse your business with someone else’s. Below are some of the finer points of what one can expect when using NUANS (Newly Upgraded Automated Name Search) for registering or incorporating their business.

Not all provinces are created equal

No matter which province you live in, you will need to file a name search report. But, depending on where you live, you may have to file a name search report within your own province’s database. What NUANS actually refers to is a database for the following jurisdictions: P.E.I., Nova Scotia, New Brunswick, Ontario and Alberta, as well as the database of Canadian Federal Corporations. If you are registering your business in Quebec, for example, you don’t need to conduct a NUANS report, but you can if you wish. Doing so will give you an insight into whether or not someone has registered a business with the same, or similar, name as yours in another province, specifically those included in the NUANS database.

Don’t forget that no matter what insight you glean from any name search report that you are ultimately responsible for ensuring that your company name does not infringe on any third party rights.

The varied depths of NUANS search

Filing a NUANS report carries with it a fee to conduct the report. As a cost saving mechanism, it is possible to conduct a preliminary report at the fraction of the cost of a full report – a preliminary search costs about $0.23. However, the preliminary report only eliminates proposed names with exact matches to the names of other companies. A full NUANS report provides an even greater depth of insight by reporting company names that may be close, or could even illicit confusion, but costs significantly more and is required to register your business within the given jurisdiction. The reason a preliminary report can be beneficial is by allowing you to quickly ascertain whether or not a certain company name is available or not without the commitment of a full NUANS report. If you are satisfied with your company name, and its availability, you can then file for a full report and register your business.

Ordering a NUANS search report

Although there does exist a NUANS self-serve website, it is preferable in most cases to obtain your NUANS search report with the assistance of a NUANS registered member. The reason for this is that the self-serve website is limited to conducting NUANS reports for federal corporations. On the other hand, there are a variety of NUANS registered members available to you that are capable of not only filing the search report, but also of guiding you through the process of registering your company. 

Please visit CorporationCentre.ca for more information and to order your NUANS Report!