Starting A Business 101

Starting a Business 101
(Canadian Edition)
A Blue Beetle Books Publication

Copyright © 2012 Blue Beetle Books
(Canadian Edition)
Published as an eBook original by

Blue Beetle Books.
No part of this eBook may be reproduced in

any manner whatsoever without the written
permission of Blue Beetle Books.
Blue Beetle Books

204-900 Wollaston St., Victoria, BC V9A 5B2
Tel: 250-704-6686
E: [email protected]
www.bluebeetlebooks.com
(Canadian Edition)
Table of Contents
Introduction ............................................................................................................................4
To Be, Or Not To Be An Entrepreneur ..................................................................................7
Your Business Idea ..............................................................................................................10
Current Trendy Business Ideas...........................................................................................12
Buy or Start - the Pros and Cons .......................................................................................15
Do You Have Enough Money? ............................................................................................18
So, Where Do You Get the Money From? ..........................................................................19
The Power of Knowledge ....................................................................................................22
7 Ways To Check Whether Your Business Will Fly ............................................................25
The Importance of Having a USP .......................................................................................29
Choosing a Great Business Name .....................................................................................32
It’s All About Brand Image ..................................................................................................35
How Important Is It to Have a Website? ............................................................................37
To Be, or Not to Be an Entrepreneur - The Quiz Results..................................................39
Prince Albert and District Community 3 www.pacf.ca

Futures Development Corporation
Introduction
When you start a company it is important to set it up correctly from
the outset. The best place to start the process of registering your
business, and to discover all the other things you need to do to
comply with the many regulations that govern small business, is the
Canada Business Network www.canadabusiness.ca/eng).
In this book we are not going to take you through all the steps
required to legally set up your business. This information is readily,
and exhaustively, available through several federal and provincial
government websites, which guide you step-by-step through the
entire process.
Sufice it to say that the list of what you will need to do is long, and will include: deciding whether
your business will be a sole proprietorship, partnership or corporation; registering the name of your
company; registering for GST/PST/HST (depending on which province or territory your business is in);
registering for WCB/Worksafe; getting you local business licence; inding out what permits or licences
you will need for your speciic business, and more.
It’s a lot of paperwork, but you only have to do it once and your accountant and lawyer will help you
if you get stuck. If you have enough start-up capital to pay professionals to do this for you, so much
the better.
P
So, what are we going to talk about? Well, irst off before you get carried away with the dream of being
your own boss, and becoming the next Bill Gates, you should take stock and think about what life will
be like as an entrepreneur. It’s easy to get excited about the potential for the product, or service you
are planning to sell, or the fact that at last you can truly turn your hobby, or natural skill into a way to
earn a living. The reality however, is that whatever business you are going to start, your primary role will
be that of salesperson. That is the stark reality, unless of course you have suficient start-up capital to
hire a sales team from day one. Even then, you will not be able to hide away in the back room avoiding
contact with potential customers, suppliers, bankers and the multitude of other people who you will
need to “sell” your business concept to.
I once knew a government worker, whose hobby was making wooden toys. He made the best wooden
toys I had ever seen and whenever he showed them to people they wanted to buy them for their

children, or grandchildren. He decided to leave his secure government position to pursue his dream
of making a living out of his hobby. Unfortunately he went out of business after a little over a year. The
reason? He loved making wooden toys - his passion was to make the best wooden toys anyone could
possibly make. Confused? Let me explain - he loved making wooden toys, he hated selling them, he
hated running a business, he hated being disturbed by customers when they visited his workshop - he
just wanted to be left alone to make his toys.
In Starting a Business 101, we want to provide you with information and advice that is less readily
available in start-up business books. First, we want to encourage you to look deep within yourself
to see if starting a business really suits you - after all we wouldn’t want you to leave a secure job,
like our wooden toy maker, and fail, wishing someone had only warned you what entrepreneurship
was really like. Basically, this volume is all about making you think about what’s important when
starting a business.
After you’ve taken the To Be, or Not to Be an Entrepreneur quiz, we look at how to come up with,
and judge, your business concept. Then to help you a little further with that all important task, we take
a look at which business ideas are trendy at the moment. Even if none of them are within the realm of
your expertise, or they simply don’t appeal to you, I urge you to take a good look at them because they
tell you what’s working out there in the world of business. What can you learn from these trends, and
what do they tell you about your particular business concept? Digging a little deeper, 12 Industries
to Consider is well worth reading as it offers a great starting point for your investigation into what
business might be best for you.
Whether to start your own business, or buy one that already exists (or a franchise maybe) is a serious
question that should be considered early on in deciding your entrepreneurial future. Reading Buy or
Start - The Pros and Cons, may change your mind about starting from scratch, or it might make you
even more determined to make your business idea a reality.
The perennial problem with becoming an entrepreneur is the cost of starting, or buying a business.
Do You Have Enough Money? gives you a quick overview of the sort of expenses you will incur, then
looks at high and low cost start-ups, before talking about where the money might come from.
The Power of Knowledge focuses on something few, if any, books on starting up a business cover. It
is surprising how many people start-up a business in the dark, with no real education on the industry,
or market they are entering. Once, on a vacation in Spain, I was encouraged to enter a bull-ring to
“play-ight” a young bull. I had no idea what I was doing, had no training and it did not go well. I made
a lot of rookie mistakes, such as holding the cape in front of me rather than to one side, and worst of
all I took my eyes off the bull. As soon as I did, it charged, I ran, I fell, and I it gored me - not badly (the
bull’s small and conveniently blunt horn hit my hip bone), but enough for there to be a fair amount of
blood and causing me to walk with a limp for a few months. Learn from my mistake and don’t enter the
business ring without knowing fully what you are getting into - do your homework and hopefully there
won’t be too many gory surprises.

Whenever anyone starts a business the odds are against them, but there a number of things you can
do to stack the odds in your favour. That’s where 7 Ways To Check Whether Your Business Will
Fly can help. This chapter will help you assess whether there really is a market out there for what you
plan to sell.
Whatever business you start, you will need to ensure that it has something different about it, something
special. The Importance of Having a USP deals with unique selling propositions, and provides
examples of how some businesses set themselves apart from the crowd. It goes on to provide some
strategies for discovering and developing your own USP.
What’s in a name? A great deal, as Choosing a Great Business Name explains; for a start,
these days you have to have a name that is available as a URL, otherwise you may be sending
yourself into Internet oblivion. It can’t be too clever, otherwise people won’t understand it, on the
other hand keeping with a family name can also potentially send the wrong message as with an
undertaker in Illinois called Slaughter and Son Funeral Directors. Sounds like something straight
out of the O.K. Corral!
Branding is becoming increasingly important in this day and age, where consumers are Internet
savvy, and more knowledgeable about their choices and our products and services then ever before.
Our organizational culture is under scrutiny, so our branding had better be spot on. In It’s All About
Brand Image we discuss all these issues and look at what the current trend is in terms of branding.
An integral part of branding is the corporate website so we provide ten reasons why it is vital to have a
website. If you count carefully, there’s a whole lot more than ten, because we cheat and include several
points under each number!
We inish off by providing the quiz results for To Be, or Not to Be an Entrepreneur and give brief
comments on all 41 questions.
I hope that once you have read this book, taken the test, and carried out all the suggested research,
you’ll have a good idea as to whether starting a business is right for you, and if that germ of a business
idea you have might stand a chance of success.
Whatever you decide, I wish you luck. It’s hard work starting a business, and even harder work running
one. Success will depend on how you deine it, and I can assure you the goal posts will change along
the way, but for true entrepreneurs, there’s no other way of life.
Mike Wicks
Publisher, Blue Beetle Books Inc.

To Be, Or Not To Be An Entrepreneur
This exercise may look like a bit of fun, but if you To get the best out of this pop quiz, you need to take
take it seriously it will provide you with an insight a little time over it and consider each question and
into whether starting your own business is the right the multiple choice answers carefully. Remember,
route for you to take. Of course, it’s only meant as a you’re the only one that will see the answers, so be
guide, just one more thing to consider before taking brutally honest with yourself. It’s an important, often
the plunge into self employment. life-changing decision to become self-employed - to
start a business and burn some bridges. You should
The test was designed to see how your social and be very sure that it’s the right way for you to proceed
personal traits compare with those of a typical with your career, and your life.
entrepreneur.
You might notice that some of the questions are
Running one’s own business is deinitely not for very similar, but asked in a different way. Don’t over
everyone; it can be a highly stressful way to earn a analyze the quiz, just answer each question as it is
living. On the one side you have total control over asked. There is reason in our madness - honest!
your life; there’s no boss telling you what to do
and when to do it. You are master, or mistress of You might want to print off these few pages of your
your own destiny. But, there is a lip side; you will eBook so that you can check off your answers.
work longer hours and there’s no guarantee that, Taking the quiz is easy, just check the box on the
magically, money will appear in your bank account right-hand side that best represents your answer
bi-weekly, or monthly. That security of income to each question, then add up the number of
suddenly disappears, as dozens of other things checkmarks in each column, multiply it by the
require paying before you can take your wage. factor at the end of the column, then add all the
columns together to get a inal score.

That’s Me! Sort of No Huh?
1 I’m always trying to convince people to believe what I
believe.
2 I tend to lose my temper with people quite easily when
they’re not with the agenda.
3 I have a lot of friends and family who support my ideas
and plans.
4 I have several friends and acquaintances who run
businesses and often chat with them.
5 I am comfortable talking to strangers on the phone.
6 I like people to agree with me, but it’s more important

that they respect me.
7 I ind it quite easy to get people to do what I want them
to do.
8 I’m a people person.
9 I’ve have had experience managing people.
10 I get really frustrated when people are slow, or do a job

badly, or provide bad service.
11 I like the idea of working alone.
12 I’m always reading about the industry and market I plan

to open my business in.
13 If I really believe in something, I have a tendency to
ignore the opinions of other people.
14 I laugh at myself often.
15 I get really bored, really quickly!
16 I’m a morning person, I wake up believing that

anything’s possible, if I have the right attitude.
17 I love new technology, new ideas and new ways of
doing things.
18 I do masses of research online, before I make a
purchase decision.
19 I’m a well organized type of person.
20 If I don’t know much about some new area of interest, I

usually want to ind out more about it.
21 I like to feel appreciated. I want people to recognize the
work I do.
22 I like to look at the big picture rather than the minute details.
23 I’m pretty good at picking myself up and brushing

myself down after a let down.

That’s Me! Sort of No Huh?
24 I have a good handle on my life and can discipline myself
to do what needs to be done, when it needs to be done.
25 I have a great imagination and can vision what my future
will look like.
26 I always see the silver lining in challenging times and ind
where the opportunity is.
27 I’m generally a brave person where life is concerned.
28 I am okay with taking risks.
29 I am often accused of being controlling.
30 People think of me as being enthusiastic and energetic.
31 I know how to ight for what I believe in and have done

so in the past.
32 I hate being stuck in a rut, I hate routine.
33 People trust me and know they can rely on me.
34 I am conident in myself and my abilities.
35 When I make a mistake I put a positive spin on it by

realizing that mistakes are just a way we learn how to do
it better next time.
36 I like to be healthy and look after myself.
37 When I’m low, I can usually pull myself through it by

thinking positively.
38 I’ve been asked to leave, or been ired from a few jobs
in my time, because I was a dificult employee.
39 When I was a kid I had part-time jobs, or ran my own
sideline business.
40 I don’t need a lot of fancy stuff in my life, I can live quite
simply when I have to and not be depressed by it.
41 I have a little money put by so that I can support myself
for a year or so, if I need to.
Columns A B C D
Add together the total number of check marks you made in each
column (make sure A to D add up to 41!)
Score the following for each check mark in the column x1 x2 x3 x2
Multiply your numbers in columns A, B, C, and D by the

numbers above and enter the totals here
Now, enter your total score for all four columns and then turn to page 39 to discover
entrepreneurial suitability rating, and read an overview of why we asked each
question.

Your Business Idea
Coming up with a business concept is fraught with 1. How knowledgeable are you about the
challenges. In this chapter we’ll look at some basic business you are considering opening? What
guidelines, before providing an overview of global do you know about the products, services, and
business trends. market? Look at businesses that you know very
well, and not just from a technical perspective,
Here are our top ten things to consider when but from a market standpoint.
deciding on what business you should start.
2. Make sure you have all the necessary
skills to run the business (e.g. not just those
required to manufacture the product, or deliver
the service). Remember no matter what the
business is, you will have to do some selling.
3. How much money do you have to invest?

Businesses such as graphic design and
consulting require far less start-up capital, for
instance, than opening a retail establishment.
Buying a franchise can be a good idea, but do
you have enough capital for both the purchase
and the initial running costs?
4. Think about what you enjoy doing, and what

you are passionate about. You are more likely
to stay the course and be successful, if you
enjoy what you do. However, be careful that
your passion for your hobby doesn’t blind you
to the business potential it has. You may be an
excellent writer of poetry, but making a living
from it is all but impossible.
5. Decide what type of selling might be

involved. A retail store for instance allows you
to be a little like a spider in its web, waiting for
people to come along before interacting with
them. Being a consultant on the other hand,
means cold calling and attending business
mixers. Remember selling is ALWAYS a major
part of any business.

6. H
owcompetitiveistheieldyouwantto or DVD’s. If, however, you can develop apps (or
enter? You may have worked for many years perhaps be a reseller) for Smart phones then
as a lube technician and feel that you have you’d be in a growing business. In 2010 the
what it takes to launch your own business, industry was worth around $1.7 billion, within
but how many other oil and lube businesses the next three years it is predicted to grow to
are there in your town, and is there enough $3.8 billion. Now, that’s a business to get into.
business for another? Analyze your market and Later in the book, we’ll be taking a look at
see how saturated it is. Remember, you will be current business trends in more detail.
trying to take market share away from existing
businesses, unless your business is the only 9. Be wary of going into any business where
one of its kind in the locale. consumers make their buying decisions
based entirely, or primarily on price alone. As
7. Look for where there is a gap in the market someone new in the market, your competition
-wherethereisunfulilleddemand. If you will have deeper pockets than you and you
are looking at the retail market, is there a could watch your proit go down the drain as
product that people currently have to travel a they undercut your prices. This is where service
long way to purchase? Consider the example businesses have the edge, as people don’t
of social media consultants; as the business choose who they work with solely on price.
world started to see the potential for marketing
their products via Facebook, Twitter and other 10. Come up with several business concepts
sites, there was no one around to tell them how and test them out. The best thing you can
to go about it. The gap was quickly illed by do to prevent yourself starting a business that
entrepreneurs who saw a need that was at that simply doesn’t work for you, is to work in it for
time unanswered. a while. If, for example, you are considering
opening a coffee shop, go and work in one
8. Look at market trends and see what is while you are writing your business plan.
becoming increasingly popular, and what Experience the business irst-hand and you will
may be coming to the end of its popularity. not only learn a great deal, but you’ll see if you
For instance, now would not be the time to enjoy the environment.
open a video rental store, or one selling CD’s

Current Trendy Business Ideas
Everywhere you look pundits are predicting what

type of businesses entrepreneurs should move into;
12 Industries or Markets
here we take a look at the top ive industries the to Consider
Globe and Mail, in early 2012, suggested were the There are many types of businesses that offer a
best for start-ups. better than average chance of success in today’s
business environment, and if you go online you
will ind dozens of lists and all will be different.
1. Elder Care - we all know the population is The list below is based both on solid research,
aging, so it’s no surprise that this features and many decades of helping people start-up new
prominently. We are living longer, healthier, companies. Treat it as a starting point for your
and more independently - but the longer we investigation of what might be the right business for
stay in our own homes the more help we’ll you to start.
need.
If you ind any of these markets interesting,
2. Health and Wellness - everything from investigate them further on the Internet; within
healthy food, to itness gyms and regimes each there are dozens, if not hundreds, of business
are covered in this sector, along with health opportunities. Here we just give a short overview of
coaching and online health programs and why they might be worth checking out.
apps.
1. Consumer Staples - at the end of the day
3. Warehousing - as companies look for ways we all have to eat, and we all use consumable
to cut budgets, tying up money in expensive items that we need to replace regularly. So,
real estate looks less attractive when they manufacturing such items, or buying and selling
could outsource their storage needs. This is them will always be a solid business.
especially true of companies where storage
needs are seasonal. 2. Smart Phone Apps - as mentioned earlier
this is big business with some 500,000 Apple
4. Shipping/Logistics - as with warehousing, approved apps to date. If you are thinking
smaller companies are increasingly that making a business out of developing
looking to outsource this work, providing apps might be rather ambitious, check out the
opportunities to entrepreneurs. following Ted Talk given by an app developer
called Thomas Suarez, who just happens to be
5. O
utsourcing/Stafing- after downsizing a 6th Grader! (http://youtu.be/ehDAP1OQ9Zw)
staff during the tough economic times, many
businesses are recognizing that they can 3. Elder Care - First some facts: 5 million baby
manage with temporary, or part-time staff boomers turn sixty years of age every year,
instead of re-hiring. that’s 416,666 per month, 96,153 per week,
13,698 per day, 9.5 per minute. A boomer turns
sixty every 6.3 seconds and every 7 seconds a

boomer turns 50. This generation is living longer
and healthier, and remaining independent well
into their dotage. As they remain in their homes
longer, they will need supplementary care. This
is a market that is going to grow signiicantly in
the coming years.
4. Health and Fitness - the general public is

becoming increasingly interested in the state of
their bodies, whether it is losing weight, getting
itter, toning those abs, or taking supplements.
This marketplace is going to be hot for the
foreseeable future.
5. Yoga - although this could easily it under

health and itness we are highlighting it
after Inc. magazine reported that Yoga
Journal carried out a study which found that
Americans spent $5.7 billion on yoga products,
equipment, and clothing in 2008 (87 per cent
more than they did in 2004). Inc. went onto
report that nearly 14 million Americans say
a doctor or therapist has recommended
yoga to them.
6. Home Improvement - The recent economic

climate has led to many people putting off
moving house, or renovating. This pent up
demand for repair work, and upgrading,
is apparently beginning to be released.
Green improvements such as solar power
are particularly hot at the moment (no pun
intended). This has always been a good market
for self-employment, but now just might be a
particularly good time to investigate this as a
start-up business opportunity.
7. Green Construction - the move toward

building green is accelerating. Consumers are
increasingly looking to buy “green” houses, or
do “green” renovations. Industry pundits report
that “green” residential home construction will
grow by some 500 per cent by 2016.
8. Niche Consulting - consulting has always

been a favourite start-up option as the cost
of entry is extremely low. In today’s economy
many companies that laid off staff are now

seeing shortages in certain skill sectors,
which they need to ill by outsourcing. What is
interesting is that increasingly, corporations and
government are moving from larger agencies to
smaller irms that specialize in a niche market.
Hot niches right now include anything that
saves companies money, sustainable business
practices (including greening) and social media.
9. Accounting Services - an increase in outsourcing

in general, is beneiting businesses in this market.
Bookkeeping is an especially low cost, easy entry,
start up business with great potential. As new
businesses are starting up all the time, there is
a never-ending supply of potential new clients,
and as we slowly come out of the recent tough
economic times, there will be a matching need for
accounting services in general.
10. Fast-Casual Dining - According to MainStreet

Restaurant Licensing Ltd., which is a full service
Canadian private equity company servicing the
food-restaurant-hospitality industry, “Full-service
restaurants are passé. Hybrid, fast-casual
restaurants offering high quality and delicious
food à la carte at pocket-friendly prices are
the new sweet spot of the growing economy.
The master concept of fast casual restaurants 11. Online Shopping - Although dominated by
is based on two most important parameters – retail giants such as Amazon, Apple, Best
great quality fresh food and instant service. The Buy/Future Shop there is plenty of room for
fast casual restaurant segments have been start-ups to enter this market. According
growing at a tremendous rate, thanks to the to Statistics Canada, a little over half of all
multi-fare menus that offer ‘more pocket-friendly Canadian web surfers purchased something
choices’ to the customers and multifaceted online in 2010, buying on average, $1,300
growth opportunities available in the highly worth of product with a total market value of
lucrative food business.” One sector of this $15.3 billion. Interestingly 8 out of 10 bought
new market that may be of particular interest from Canadian sites.
to entrepreneurs looking for a low-cost way to
enter the market is Food Trucks. A survey carried 12. Repair Services - As the general population
out by the National Restaurant Association (NRA) becomes more environmentally friendly, the
found that 30 per cent of chefs consider mobile desire to repair, rather than replace, a wide
food trucks to be one of the hottest operational range of items offers good opportunities for
trends. For more information on this trend visit: entrepreneurs. We are hanging on to our
www.mainstreetrestaurants.ca/hottest-segment. cars longer and getting them ixed, we are
php. If you are considering entering the food repairing our shoes and electronic goods, and
industry we advise you to download the NRA’s purchasing spare parts for stoves, dishwashers
survey: www.restaurant.org/pdfs/research/ and other appliances. Mister, or Ms Fixit’s are
whats_hot_2011.pdf. becoming sought after commodities.

Buy or Start - the Pros and Cons
One big question entrepreneurs have to ask If you are looking to start a home-based business
themselves is, should I buy a business, or should in the consulting ield for instance, then the
I start one from scratch? The answer to that is a chances are that you can do this yourself with little
resounding, “It all depends.” to no outside help. If you want to offer a mobile
mechanic service, again it may be fairly easy to
There are pros and cons to both approaches and set this up yourself. But, if you want to start selling
a lot depends on what sort of business you are pizzas then you might want to at least investigate
looking to start, what your skill level is relating the the potential of buying a franchise as this could
business you are planning, and how much money save you a lot of effort and give you a recognizable
you have to invest. brand name from day one.

Let’s do a quick analysis of some of the pros and cons of buying a business, or a franchise.
Pros Cons
You are buying an established brand name, which Buying a business can be costly, and is often more
means that you will have credibility from day one, expensive at the outset than starting your own.
and people will have an expectation of quality and Remember however, that much of what you purchase
conidence in you that might take months, if not years to when you buy a business will still have to be bought
build on your own. over time for your own start up.
As long as you do your due diligence, the business You have to invest money in getting each prospective
concept will already have proven itself. It works, is business opportunity thoroughly checked out to the nth
known to generate revenues and more importantly a degree, by your accountant and lawyer.
reasonable proit.
It is likely that you will purchase all the equipment It is dificult to gauge the life left in much of the
you require to run the business, along with a starting equipment and some of it may be at the end of its life.
inventory. In the case of a franchise, you may get The inventory you purchase may not all be good; there
preferential pricing on the equipment you need. may be a high percentage of slow selling items.
If it’s a business, they will have all their operational It’s great to have systems, but they may not suit the
systems up and running. This will allow you to hit the way you work, or it the way you see the future of the
ground running. A franchise will have proven systems in business.
place.
The existing business owner may agree to a transition

period and help you to learn the systems etc.
You already have clients, or customers, and the goodwill How much of the goodwill was based on the personality
that has been built over the years. You will see revenue of the owner? If customers frequented the business
immediately. because of him, or her then will they keep using the
business when you take over? This is why a handover,
or transition period is important.
If you need to borrow money, or get a line of credit, The bank will still want to check your personal
you have a business history on which the bank can creditworthiness.
base a decision. You may even be able to take over the
company’s line of credit, or loans. Just as important is
that you have, or should have immediate cash low.
You maybe able to take over existing staff, who possess You get the good with the bad as far as employees
the skills required to deliver the products and/or services are concerned. It is wise to interview existing staff prior
you provide, know the equipment and systems in use - to purchasing the business, or between buying the
and have a relationship with your customers. business and taking over the operation.
You can start work on growing the business from a solid

base from day one. Most of the hard work establishing
the company has been done for you.

Overall, most experts would suggest that you have a better chance of success if you purchase an existing
business. But, let’s look at the pros and cons of starting your own business so that you can make your own
decision.
Pros Cons
Start-up costs are under your control and are often less Your business may be under-capitalized as you try
than when purchasing an existing business. to spend the least amount of money to get it off the
ground. It can also take a lot longer to establish yourself,
which can lead to additional inancing pressures.
You start with a blank slate. The concept, the products You have no brand, no credibility, no share of the market
and services, the branding can be tailor-made to your - you are unknown. You have to create the vision, the
business philosophy and organizational culture. products and services and they may not be proven.
There is considerable room for getting it wrong.
You can ind a new market niche that no one else is These are few and far between. Often, there is no one
taking advantage of. servicing a niche market because it’s not big enough, or
it’s been tried and the business, or businesses failed.
Success or failure is all down to your own efforts and The failure rate for start-ups is higher than for existing
determination. businesses. The one-year rate is around 85%, but drops
to 50% at ive-years* which would indicate that it’s
tough to establish a new business. These stats are for
companies with paid employees, so don’t include one-
person businesses. Business experts, such as Michael
Gerber, the author of the E-Myth, are less optimistic
saying that the survival rate is as low as 20%.
* See: The State of Entrepreneurship in Canada: Industry Canada

(www.ic.gc.ca/eic/site/sbrp-rppe.nsf/vwapj/SEC-EEC_eng.pdf/$ile/SEC-EEC_eng.pdf)
Think long and hard about your options when it comes to deciding between buying, or starting, a business.
Consider all the pros and cons and above all else get advice from business people you know, business
account managers at banks, accountants, lawyers, experts in your chosen industry and market, and
anyone else that you can think of. Then, go online and read as much as you can about the business you are
thinking of starting or buying. It is vital that you are thorough in your due diligence.

Do You Have Enough Money?
The majority of entrepreneurs underestimate

the amount of money they need to start a
business. Here is a list of some of the things you
should consider:
1. All the paper, and professional help - licenses,

permits, incorporation, legal fees, accountancy
fees, partnership agreements, and more.
2. Equipment (manufacturing machines,
computers, printers, cash registers, alarms,
chairs, desks, phones, the list goes on)
3. Inventory: goods, or raw materials
4. Insurance - liability, errors and omissions, life,
building etc.
5. Rent, and any leasehold improvements.
6. Hydro, gas, oil, water, telephone, Internet etc.
7. Staff payroll, taxes, beneits, WCB/Worksafe
8. Delivery, warehousing, courier, postage etc.
9. Marketing costs: business cards, stationery,
advertising, website, mailing lists, online, etc. High Cost - Low Cost Start Ups
10. Association membership More expensive start-ups require:
11. Travel, accommodation, entertainment, • Inventory

conferences
• Commercial premises, which may or may
In many cases, this list will only represent the not require leasehold improvements
starting point of all the money you will need to ind • Staff
to fund your start-up. And, all that is before you start
• Promotional budget
to pay yourself. Remember, you are unlikely to start
your business one day and be able to pay all your Less expensive start-ups are usually:
expenses from proit the next. Cash-low is a critical
component of survival, so it is vital that you have • Home-based
suficient capital to bridge the gap between the day • Service focused
you start your business, and the time your business • Owner operated
can not only sustain itself, but make a proit.
• Use contract staff when required

So, Where Do You Get the Money From?
A lot depends on the size and type of your Whatever the circumstances, you will require a
business. Home-based businesses need a relatively partnership agreement drawn up by a lawyer. Talk
small amount of money, while larger businesses in to your lawyer and accountant, but it is usually
manufacturing, or retail require larger capital to get advisable to incorporate your business if you are
off the ground. going to have a partner, or partners. If you have
issues later, it will make things a lot easier.
Here are a few places to go in search of
start-up funding. The other thing to remember is that it is all well
and good getting a bunch of cash when you need
Partners it most, at the outset of your business, but what
Partners can be a blessing and a curse. On the about sharing the proits down the road? The
upside many hands make light work, and if you amount of money you thought was a godsend
can ind someone you can trust that when you were struggling to get off the ground,
has a whole bunch of skills, may not seem much when compared to the
which are complementary to potentially large sums of money going out of the
your own, then this may be business to a silent partner in dividend payments.
a good way to share the
inancial burden. But, if Grants - Don’t buy a grant book
you are only bringing in The biggest message here is that there are almost
a partner for his, or her, no grants available to help you start a for-proit
money then you should business. There are plenty of grant books available
take into consideration online that promise millions of dollars in available
that you are giving that funding - they are not worth buying, for two reasons
person a signiicant say in 1) all the information is available through government
how your business operates sources for free, and 2) there is very little free money!
(how much will depend on the Now, I have to qualify that last statement slightly by
level of inancial support, and the saying there are some government grants but they
agreement you reach). are for very speciic types of businesses, doing very
special and unique things. If you still want to check
out whether there could possibly be a grant for
your business, the best place to start looking is the
Canada Business Network
www.canadabusiness.ca/eng/guide/1136.
Loans
Small business start-ups ind it dificult to get
loans from traditional sources. Don’t even
consider approaching a bank unless you have an
excellent personal credit rating and a irst-class,
professionally written, business plan. Even then,
you will often ind it dificult if you haven’t built up
an excellent relationship with the bank.

Community Futures Development Corporations
run a small business loan program which is well
worth checking out. Here is a typical overview of
the program, in this case from Western Canada
(just Google CFDC plus your town and you will be
able to access information about the loan program
in your part of the country).
Throughout Western Canada the locally run,

non-proit, Community Futures organizations
have achieved outstanding success by
integrating the social and economic needs of
their communities. A wide range of services
and inancing opportunities are available to
small businesses and entrepreneurs at the local
Community Futures (CF) ofices.
In general, businesses seeking inancing must:
• be located in a rural area of one of the

four Western provinces (Manitoba,
Saskatchewan, Alberta or British Columbia)
• be operating, or about to operate, in a
designated Community Futures area
• contribute to local economic growth
• be seeking inancing of up to $150,000
Loans on commercial terms, equity inancing
and loan guarantees are available through the One such program aimed at women is offered
Community Futures ofices. Applications are by the Women’s Enterprise Centre in BC. It
assessed by the Community Future’s local offers loans up to $150,000 for women in B.C.
volunteer Board of Directors. Training and and has lower fees than many other lenders. The
assistance preparing business plans are also centre loans money for leaseholds, equipment,
available at the Community Futures ofices. operating capital and more. Their loans come
with free, ongoing business advice delivered by
As each Community Futures community is professionals. To ind out more you can participate
different, speciic inancing activities undertaken in one of their weekly phone-in Business Loans
by each individual Community Futures ofice Information Sessions.
varies from community to community. Search
our Business Service Network database to For First Nations entrepreneurs in Atlantic Canada
locate the network ofices nearest you or visit there is the Aboriginal Business Development
the Community Futures national website. Fund (Ulnooweg Loan) managed by the Atlantic
Canada Opportunities Agency. This Government
There are several loans programs aimed at women of Canada fund is offered in New Brunswick, Nova
and irst nations’ entrepreneurs. Often these are Scotia, Prince Edward Island, Newfoundland and
delivered provincially and we encourage you to Labrador only. For more information click:
seek them out. www.canadabusiness.ca/eng/summary/1228.

Other regions and provinces offer similar programs, to eligible individuals to help them create jobs for
so search the Internet and you will ind a wide themselves by starting a business. While it doesn’t
variety of loan programs offered by agencies help with start up costs, it does offer inancial
across Canada. assistance through participants being able to
receive E.I. beneits while on the program.
Bank of Mom and Dad
It’s surprising how many young entrepreneurs get Government programs change all the time, and
their irst business loans from friends and family, inding information on the self employment program
and more often than not it’s mom and dad that at national level is quite dificult. However, at
come to the rescue. This can be by way of a formal the local level try your local Community Futures
loan with shares, or part ownership, or informal on Development Corporation as they might be
the understanding that they will get their money delivering it, if not they will usually know where to
back (with or without interest) once the business send you.
is successful. This type of inancial help is baed
on blind faith, and requires little to none of the due Conclusion
diligence a bank, or an outside investor will require. I hope that this dose of reality has not disillusioned
you, because no matter how hard starting a
Creative inancing business is, it is without doubt possible. Take a look
Over the years I have helped thousands of small at this list of under-capitalized start-ups that made
businesses start-up and their creativity surrounding it big. The following is based on brand values as at
early inancing, when the banks wouldn’t touch 2011, taken from the Brandz Top 100 Most Valuable
them, never ceases to amaze me. Global Brands study (click here to see the top 100
www.millwardbrown.com/libraries/optimor_brandz_
Think about what you can sell that could raise iles/2011_brandz_top100_chart.slb.ashx):
that highly important start-up capital. I have
seen people sell their boats, Harley-Davidson • Starbucks was started by three guys in 1971
motorcycles, cigarette card and stamp collections, who invested $1,350 each. 2011 brand value:
even houses. It is a good indication of an $119 billion.
entrepreneur’s commitment to his or her idea, when
you see them sell something they treasure. Bank • UPS - was started by a couple of teenagers
account managers are particularly impressed when who possessed one bicycle between them and
entrepreneurs are willing to risk their own assets. $100, 2011 brand value: $35.7 billion.
• Apple - It’s 1976, two guys make a sale, buy
Another imaginative entrepreneur, a few years ago, a bunch of parts bought on credit and deliver
skirted the law when she used several department some computers. 2011 brand value: $153 billion.
store credit cards to buy products and then
returned the goods, charming the male clerk into • Gillette started in 1903 with 25 cents. 2011
giving her cash back. Thus a successful small brand value: $19.7 billion.
business was launched. This is not a method of • Nike, in 1963, launched with $1,000. 2011 brand
accessing start-up funding that we recommend for value: $13.9 billion.
many reasons, not least because the interest rates
• Hewlett Packard started in 1938 with the
charged by such credit cards is extremely high.
princely sum of $538 dollars. 2011 brand value:
$35.4 billion.
Programs
The Self-Employment Program, offered by the You can do it too, with a lot of hard work, sound
federal government through service agencies planning and perhaps more than a fair share
across Canada, is an employment program that of luck.
provides inancial and entrepreneurial assistance

The Power of Knowledge
If you are considering starting, or are in the process

of starting, a business then the single biggest
Knowing Your Industry
You cannot operate in isolation, you are part of an
thing you can do to stack the odds of success in
industry and it is vital you understand how that
your favour is to increase your knowledge base on
industry operates, what your place within it is, and
everything that might have an impact on it. What
where the industry is heading. If you can’t answer
follows are several dozen things you should know
the following questions authoritatively, then you
before launching your business. Why?
don’t know the industry you plan to operate in
well enough.
Because increased knowledge:
• Who are the industry leaders (both in terms of
• Gives you more conidence
corporations and CEOs)?
• Improves communications
• What is the media saying about your industry?
• Encourages closer relationships
• Who are the industry players currently in the news?
• Makes you an expert, not a bluffer
• What are they doing and why?
• Gives you an objective point of view
• Who are the pundits (people reporting on the
• Allows you to become the eyes and ears of your industry, and being interviewed) and what are
buyers they commenting on?
• Means you are in touch with your customers, • Technologically speaking, what’s new and
industry and marketplace what’s coming?

• How are the major players in your industry doing • I know how people in my industry operate
in the stock market? locally.
• Do you know the trade magazines representing • I am a member of local industry associations,
your industry? and those allied to it.
• Do you read them? • I follow what’s happening in the local, provincial
and national economy.
Knowing Your Market • I read the local press and am especially aware
It doesn’t matter whether you deine your market of what’s happening in the business community.
geographically, or demographically, you need to
know it intimately. The greater knowledge you • I regularly attend business mixers, and am well
possess, the more likely you are to become a known in the local business community.
major player within your market. Read the following
statements, and if you can’t honestly agree with John Nesbitt in Megatrends said that 100 people
each of them, you might want to start doing some run each town no matter the size - how many of
homework. If your market is not local, but perhaps the 100 in your town do you know? The same
in another part of the country, or even overseas, can be said of any market, any industry, or any
then interpret “local” in the questions below as community.
whatever is “local” to your business.
Knowing Your Customer
• I know the strengths and weaknesses of my (Personally)
competition. When it comes to our customers, the more we
• I know exactly which companies and/or know about them the better we will be able to
individuals are most likely to buy what I sell. serve them. Here is a list of some of the things you
should know about your customers and prospects.
• I understand the needs and wants of the How much do you know?
companies/individuals on my prospect list.

• What do they think of you, and your company? • Its management structure.
• What excites them - their hobbies and interests • Its last year’s revenues.
for example?
• Whether it is budgeting for an increase in sales
• Do they have a family, are they married, single? revenues this year.
• What are their needs in relation to what you • What proit it made last year, or at least whether
sell? it is in a proitable situation.
• What are their passions? • The names of the owners and directors, and
what other companies they own.
• How honest and truthful are they?
• What competitors of yours they are currently
• What is their political persuasion?
buying from.
• Are they fans of your industry, or do they see
• How much they are paying for the same or
you as a necessary evil?
similar products/services.
• Have they had issues with any of your
competitors in the past? Knowing Your Product or
• Do you know what social style they are (i.e. Service
Analytical, Driver, Expressive, Amiable)? This sounds strange at irst sight; of course you
• Do you know their birthday? know all about what you sell, but can you answer
the following questions? If you can, you’re all set. If
This list is not exhaustive, but is meant to give not, then it would be wise to seek out the answers
you an idea of the things that might help you before going forth into the marketplace.
make a sale to people. The more you know about
someone the better you will interact with them, • How does your product/service help your
and the better relationship you will build. People customer?
buy from people they like and trust and that is • What needs/problems do they have that your
based on mutual understanding. product/service answers?
• How does it solve their problem(s)?
Knowing the Customer
(The Company) • What are the strengths of your product over
your competitors?
Knowing the personality and characteristics of
you prospects is only half the story, you need to • What are the weaknesses of your product in
have an equal understanding and knowledge of comparison to your competitors?
their businesses too. Here are the basic things you
• Do you know the complete technical
should know about the companies you plan to do
speciications of your product?
business with. Not all the information is readily
available, but most can be sought out, or even • How competitive is your pricing?
asked of the companies themselves.
• In what way is your product or service unique?

7 Ways To Check Whether Your Business Will Fly
One of the biggest mistakes new entrepreneurs the competition is for what you are going sell, then
make is failing to check whether there is actually a you can structure your business plan and marketing
market for what they plan to sell. You may believe strategy accordingly.
that the business concept, the product, or service
you have come up with is the best thing since 1. Check out the competition
sliced bread, but other than your friends and family
does anyone else? Let’s face it, someone even This is one of the areas new entrepreneurs fail to
believed that an energy drink, named “Cocaine” address properly; in many cases they ignore it
with it’s bright red can and lettering which looked because they don’t want to hear any bad news,
like white powder, would sell like hotcakes. such as, the market is looded with businesses
Surprise, surprise it was taken off the shelves by offering the same, or better products or services
the FDA, but with major retailers refusing to stock at less than they can afford to charge. Then there
it, it would have bombed anyway. are the new business owners who believe that their
idea is unique, and that there is no competition for
If you carry out the following research you will it - without ever thoroughly checking. More often
increase your chances of business success than not, there is competition, but they haven’t
by more than you could ever imagine. Many discovered it. If there isn’t any competition at all,
businesses fail because something unexpected then that in itself is a red lag and should elicit the
came out of left ield. If you are fully aware of what question, “Why not?”

Searching for competitors should be seen as an morning the iPad is released, or risk you being
opportunity to discover gaps in the market. It also sold out by turning up a day or so later. Now, Apple
allows you to see what prices are being charged, how has some huge advantages over you in the scenario
companies market themselves, what market they are above - call them strengths, but is there anything you
aiming at, and what their weaknesses might be. can offer that might outweigh the pluses on their side
of the scale? Maybe it’s the fact that people can’t
If you know the town, or city, you are opening your take the new version for a test run irst, perhaps being
business in well, then you probably already know able to buy from a real person is important to them,
the main local competition. But, what about online or that they feel more secure knowing that if they get
competition? Today, more than ever, your potential it home and it won’t turn on they can probably get a
customers may be able to purchase what you sell, replacement immediately at your store. Or, it could
or something similar, from anywhere in the world. be even simpler - they like you and your staff and
respect the fact that you support the community by
Create a list of words and phrases that identify your sponsoring the Little League.
industry, your business, your products and your
services; then use your favourite search engine The thing is - it’s important to know the strengths
to search each word and phrase and see who is and weakness of your competition. Know the
supplying that market, both locally and globally. strengths so you can combat them with your
Think like one of your customers when searching - strengths, and know their weaknesses because
what would they enter when they search for what these you can exploit. It could be as simple as the
you sell? Remember, even those people who prefer fact that it is dificult to park at your competitor’s
to shop locally will often research online before location, but you have ample free parking. In this
seeking you out, so they will know what your local case you highlight free parking in all your marketing.
and global competition are offering both in terms of
price, choice and service. Don’t just think about the strengths and weaknesses
of your competition in an abstract way, write them
2. Carry out a strengths and weaknesses down and study them. Here is a simple table you
analysis of your competition can use; just list multiple competitors and think
about each company’s strengths - the things that
In point one, we talked about how your customers make people want to buy from them. It could be
will search and research online for products and that they are established, their prices are low, they
services just like yours. Now, imagine you sell are convenient, they advertise heavily, they deliver -
Apple iPads and the new model has just been anything you can think of. Then do the same for their
announced. Apple sends out emails to every Mac weaknesses - perhaps they have a poor reputation,
user to promote the fact that its new version will a poor product range, awful customer service, they
be released in 2-weeks, and includes a prominent are in a bad location - again think of anything they
link to the Apple Online Store. It’s easy for your don’t do well. Ask your friends, family, and social
customer to click the link, go to the store and media contacts what they think.
order their iPad in seconds, even have it personally
engraved for free. Then they just have to sit back Once you have carried out this exercise, do the
and wait for the UPS guy to bring it right to their same thing on your own company, or business
door. No need to line-up at your store on the concept if you haven’t yet launched your company.
Company Strengths Weaknesses

This exercise will save you a lot of heartbreak people that are experts at what they do; the more
down the road, and a great deal of money up front knowledge you have and can impart to your
as you will be able to ensure there is a market for customers, the better your credibility and the more
what you sell, and target your marketing dollars far likely people are to buy from you.
more effectively.
There is no excuse with today’s easy access to
3. Send out a survey to everyone you know information, not to be highly educated about your
industry, market, suppliers, competitors, even the
In the last point we talked about asking friends, raw materials you use, and to follow the global
family and social media contacts what they events that might have an impact on them.
think about your competition. This can be done
effectively using a simple survey. There are several There are two easy ways to become an expert
online services that allow you to build your own on your industry, the irst is to simply Google it
survey for free. Check out www.luidsurveys.com; and see who are the main people talking about
www.surveymonkey.com; www.zoomerang.com it - these pundits can be a mine of information,
www.hostedincanadasurveys.ca - these are just especially as they are often tracking trends as
a few of the company’s offering free, or low cost well. Follow them through the newspapers and
create-you-own-surveys. magazines they write for, and also see if they have
a blog which you can follow.
These surveys can also be used to obtain
feedback on a wide range of things that are vital The second way is to set up a Google news
to the success of your company and its products alert. As soon as anything occurs in the media
and services, including: what people like and don’t connected with your industry you will receive a link
like about your proposed products and services; to the sources. This means you can keep up to
what they would be willing to pay; the number of date with events as they happen. News alerts are
times they might purchase in a year; and where simple to set up, just visit http://news.google.ca/
they currently purchase similar products - this is nwshp?hl=en&tab=wn and enter your search words
an opportunity to ind out everything you need or phrase and it will list all current news items.
to know, so add your own questions. And, it’s Once you have done that go to the bottom of
never been easier; if you have a Facebook page the page and it will ask you, “Keep up to date
or have connections on LinkedIn use these to ask with these results: Create an email alert for...” Click
your ‘friends’ to complete the survey. Don’t forget on the link, ill out the form and you will receive
to use Twitter to Tweet a link to the survey and news information on your industry everyday, or
you may be surprised how many people will offer every week - your choice.
their opinions, especially if you can offer some
incentive to people completing your survey, such 5. Check review sites
as a discount coupon, or code.
So, by now you have become very knowledgeable
4. Check out your industry and market about what’s happening in your industry. Now,
let’s dig a little deeper and see what people are
Information is power, and the more you know about saying about the market leaders, and your local
your business and the world it exists in the more competition. Today you can easily ind out what
likely you are to avoid being hit by a curve ball. We people are saying about your business, and just
live in a fast-moving world; your industry and your as importantly about your competition. Never
market are luid; what was true today, may not be before has it been so easy to gain an insight
true tomorrow. into what other people think, as bad reviews
especially can go go viral in minutes. Take a look
Customers are attracted to businesses and at the following sites that either elicit reviews in

a speciic industry, or allow people their say on Last but not least, be nosy. Sign up for the
an industry, and companies worldwide. One of Facebook pages of businesses like yours, whether
the most used examples is www.tripadvisor.ca they are competitors or not, and listen to the
currently celebrating 60,000,000 reviews of hotels, conversations. Attune yourself to what’s happening
restaurants and attractions. www.yelp.ca lets at street level and you will get a feel for what your
people review and search local businesses - try it potential customer base wants from a business like
out by entering any business you frequent and you yours.
will see what people are saying about it. Search out
your competition and you are one step closer to Join LinkedIn, if you are not already signed up, and
knowing what your potential customers want, and build a network of connections in your industry and
more importantly don’t want. with people that can help you build your business.
Remember though that all social media activity
People can also research products and prices needs to be social and not promotionally driven.
online at sites like Consumer Search Networking is like a healthy bank account, you
(www.consumersearch.com) and Next Tag should always put in more than you take out.
(www.nextag.ca). Today there is nowhere for your
competition to hide - but remember, it works both ways! Ten More Questions You Need to Ask
So, you’ve done everything above. Now, can you
6. Attend a trade show, or conference answer the following ten questions? If not you
still have a little more work to do before deciding
Do a little research and ind out when the next trade whether the business idea you have will actually
show is happening, at which your competitors and/ have a chance of being successful.
or your prospective customers are likely to attend.
Trade shows are usually open to people in the 1. Do people need what you are planning to sell?
industry at no charge, so go along and see how
2. Can you clearly identify the people, or
similar businesses to the one you are planning to
companies that may buy your product? That is,
launch are marketing themselves. What products
do you know who they are?
and services are they selling? How much are they
charging? How busy are their booths? Talk to the 3. Is the market big enough?
attendees and ask them what they think of the
4. Do you know how you are going to reach
show. What companies are impressing them? Have
potential buyers?
they seen any interesting new products or services?
Do they think the industry as a whole is fairing well 5. How much will it cost to reach the market and
in today’s economy? How do they see the future? can you afford it, given your proit margin?
6. Do you know who your competitors are, and are
Attending an industry conference will allow you they servicing the market need well enough?
to mix with your peer group and learn more about
what the industry itself is doing. Of course, with 7. Do you fully understand your competitors’
conferences there can be a cost to attend, but strengths and weaknesses?
consider offering yourself as a speaker, especially 8. Is your unique selling proposition strong enough
if you have some expertise to offer, or maybe as a to allow you take a share of the market away
panelist on a discussion panel or forum. from the competition?
This type of on-the-ground research can be 9. Do you know what price the market will bear?
invaluable to a start-up business. 10. Can you make a large enough proit, based
on the information you get from your market
7. Check the social networking sites research?

The Importance of Having a USP
Whatever business you decide to launch, it needs What you are doing when you create a USP for
to stand out from the competition. If your business your company is positioning yourself, it’s a strategic
is identical to your competition, then you will be activity and allows you to advertise and promote
forced to compete on price alone, and that can be your business with a unique message.
a tough ight if they are well established and you
are ighting for market share. USPs need to be speciic, and are far more than
just words - they are more of a philosophy that
That’s where discovering, or creating your USP underpins your business. It’s not about being the
(Unique Selling Proposition) is a vital component of best – it’s about being different.
your start-up strategic planning. It’s tough to make
a go of a new business and establish yourself, but Here are a few examples of companies with
it’s a whole lot tougher if there is nothing to set you excellent USP’s.
apart from the crowd.
The Saddleback Leather Company - sells
A USP is something that makes you special in amazing leather briefcases, suitcases and saddle
the eyes of your customers. For instance there is bags. Its primary USP is that it gives a 100-year
a mechanic shop in Toronto called Ms. Lube that warranty that you can pass down to your heirs, but
is owned by a woman, and she only hires women the company is so darn different that once you visit
mechanics. They claim to be the irst repair shop its website you’ll see why it’s not just the warranty
of their kind in North America - now that’s a that makes this company special.
great USP! (www.saddlebackleather.com)

This next one is a feel-good USP. If you buy a
pair of Toms Shoes they will give a pair to a child
Tips on Discovering
in need somewhere in the world. To date they Your USP
have given away one million pairs of shoes. Every First things irst - you can’t please everyone. A USP
week they choose one customer and follow their is not a catch all - remember the anti-establishment
purchase around the world on a Toms giving trip. consulting irm mentioned earlier? One good way to
Watch their video at: www.toms.com/one-for-one. get started is to answer the question - who would
be an idea client? Once you know who it you want
Not all USP’s have to be feel good though, some to attract, the easier it will be to discover the right
can challenge the establishment. S**tcreek type of bait.
Consulting attacks the highbrow, and high-cost,
establishment consultants by telling things as Having said that, here are a few strategies to get
they are, and by shocking people. Does it work? you started.
Probably not on everyone, but as they say on
their website if you believe that a consultant is Use your personality -there’s nothing more unique
someone who, “Borrows my watch, tells me the than you! How can you igure in your USP?
time and charges me for it” they may be the type
of consulting irm you might like to talk to. A cartoon Find a gap in the market - or discover a need.
on their home page sums up their USP, and their Don’t look at what your competition is doing - look
overall philosophy, the caption reads, “After the at what they’re not doing.
big boys f**k it up completely, feel free to give us a
call.” As I say, not for everyone, but it appeals to Explore the intersection of ideas - What is your
enough people to make it a highly successful USP. business truly about? What can you add to the mix
Check them out at www.shitcreekconsulting.com. to make it more interesting and unique?
As I mentioned, this particular USP may well
put some people off dealing with their company, Narrow your target audience - inding a niche can
but to others it is a breath of fresh air amongst also mean discovering your USP. There is a inancial
the plethora of rhetoric coming from traditional planner in Victoria, BC that specializes in advising
consulting irms. physicians and dentists. He writes books advising
them, and is a highly sought after keynote speaker.
Eight Foundational Narrow your topic - for example, be a lorist but

Principles of a USP specialize almost exclusively in selling orchids.
1. It gives your company a unique image.
2. It is the focal point of your company. Carry out a strengths and weaknesses analysis
- make a list of all your competitors and make a
3. It makes your company appealing to a certain table for each of them listing all of their strengths
type of customer. and weaknesses. Now make one for your own
4. It is part of the character, personality and company’s strengths and weaknesses. Study the
philosophy of your company. tables and you may well see a pattern that will lead
you to your USP. Need a clue? Think about how to
5. It is the foundation of your marketing strategy. make one or more of their weaknesses into your
6. It provides excitement. major strength.
7. It differentiates you from the competition. Brainstorm - gather friends, family, your banker,
8. It gets you noticed. your accountant, your lawyer, your business
friends and anyone else you can think of, supply

pizza and beer and have a good old fashioned but they have the potential to be developed, or
brainstorming session. Encourage silly, even included with a stronger USP.
ridiculous, ideas because that is often where
the diamonds lie. Have one rule - during the • Best price in town (N.B. This is not a USP by
brainstorming session no one is allowed to say itself - and you had better be able to deliver)
that an idea is good, or bad - just write the idea
• Quickest delivery (can you keep it up?).
down on a lip chart, or white board. Later you
can discuss the pros and cons of each idea. The • Free delivery (only if no one else offers it).
reason for this is that positive afirmation makes
• Longest guarantee (e.g. Sears children’s
others think that their idea isn’t as good as the one
clothes: if they wear out before the child grows
getting all the acclaim, and negative comments,
out of them they are replaced free of charge).
of course, embarrass people and make them think
that their idea might also be criticized. In both • Widest selection.
cases people are unlikely to voice their opinion. To
• Friendliest staff.
make it a little more fun, give out soft foam balls
that can be thrown at anyone making a positive, or • Best parking.
negative comment. Trust me, it makes the whole
• Toll free number.
session fun and encourages people to open up
and be creative. • Best quality (hard to prove - although
Saddleback Leather Company implies it with
Watch television commercials - check out the their 100-year warranty).
USP’s being promoted, and see if you can steal
• 2 for l (this is no longer the USP it used to be,
one from another industry and adapt it to work in
as people have become suspicious the price
your market.
is inlated).
Here are a few very basic potential USP’s. None are • Free gift with purchase (hard to be unique,
as strong as the ones in the examples cited earlier, unless totally unheard of in your industry).

Choosing a Great Business Name
Naming a business should not be taken lightly; it to another company in the same industry as you.
will be your identity in the years to come. You need In this case people can get you confused with the
it to be memorable, you need people to like it and other company and go to them when they meant to
understand it - and more importantly it needs to it. go to you, or hear bad things about your competitor,
but think of you when they hear the comments.
The Key Elements of a
The bottom line is, be original and ensure you get
Great Name the primary domain names and there can be no
Can you get the URL? First things irst, in this
confusion between you and any other company.
Internet dominated world you have to have to be
able to get a URL to match your name. It doesn’t
The name has to work - it has to do its job, and
matter how much you love the name you’ve
ithastoit.Think of the couple that started “Rent
chosen, or how itting it is to your business, if
a Wreck” - they came up with the idea of renting
you can’t get the URL then forget it. I would even
well-used vehicles instead of new vehicles like all
go so far as to say that if you can get .ca but not
the other rental companies. Great idea, but how
.com then reconsider your name. Ideally you want
do you think the company would have fared if they
to be able to have both domain names because
had called the company “Premium Rental”? “Rent
people type .com automatically by default. Be extra
a Wreck” made people sit up and take notice - it
cautious if the name you have chosen is similar

almost forced them to check the company out. Did Nike and Toys R’ Us are both easy to remember.
they really rent wrecks? Could that be right? Of Although the former took a lot of promotional
course, once people discovered that the cars were activity to establish. There was a logic to it however,
not actually wrecks, but well maintained slightly as Niké is the Greek goddess of victory.
older vehicles available at a far lower price, they
were happy to have discovered a cost-effective way The bottom line is a good name tells people what
to rent a no frills vehicle. you do. Make it easy for people to ind you and
understand exactly what you do within the market
Other names that really work include “The Bathtub you operate in.
Doctor”; Mr. Lube; PayPal, and more recently Twitter.
Does your name explain enough about your
Your customers have to understand it - Would company? Let’s do a little business name
you know what the company Analtech does? comparison between names that identify what the
Would guessing help, or perhaps you wouldn’t company does, and those that don’t quite hit
want to know! What about a child’s clothing store the mark.
called Kids Exchange? Would you dare take your
child there? But the one that really confuses, and • Fast Frame versus De Bruin Picture Framing
worries me is Fifth Third Bank - what the devil does - the former clearly wins here as you instantly
it mean? Are they on Third Street, or Fifth? Don’t know what they sell, and that they specialize in a
they know? Is it some kind of new math? In fact, quick turnaround.
the name came about after a merger between two
• Midas Brake and Mufler, or Budget Brake and
banks and they forced their names together.
Mufler versus Razor Brake and Mufler - now
each company tells you what it offers, but the
Your name shouldn’t actively put people off.
irst two tell you that you can expect low prices.
Believe it or not there is a Herpes Pizza restaurant,
a fashion store called Ick, a BBQ Tanning salon, and • Harbour Air Seaplanes, or Seeair versus
more than one hair salon called Curl up and Dye. Cameron Air - it’s immediately obvious that the
I’m not sure about you, but none of those names irst two ly loat planes, but less obvious with
encourages me want to frequent their businesses. the latter.
• Budget Car Rental versus Avis - both successful
Does your name mean something, or is it just a
companies, but the name budget implies you
name? Many people just call their company after
will get a better deal.
their own name. This may work if they are a lawyer,
doctor or dentist, where it is important that the • Bath Wizard, or Bathtub King versus Loumerico
customer knows whose particular credentials they Reinishing and Coating - now the latter does tell
are putting their trust in. However, most companies you exactly what the business does, but is it as
ind that a name that explains exactly what they memorable as the irst two?
do provides the best advertising. Sometimes, you • Safe and Secure Locksmiths versus Greene
should stay well clear of using your own name - for Locksmiths - which would you choose?
instance what were the owners thinking when they
called their Illinois business, Slaughter and Son It’s not that you can’t be successful with the type
Funeral Directors? of name that we have shown last in the examples
above and it’s not necessarily that the names are
Is it memorable? Your name is part of your brand bad, it’s just that when you launch a business you
so you want it to have the ‘sticky’ factor - you want want to make it as easy for yourself as possible.
people to remember it, after all you will be spending Ideally you want people to say, Great name! I like
a lot of money on business cards and advertising. it!” You want to make an impression right out of
the gate. We doubt for instance that there is a

great deal of difference in the cost of renting a car them to have your stove, hot air dryer, microwave
from any of the rental car companies, but many or washer serviced?
consumers (especially irst time renters) may well
lean toward Budget Rental rather than Avis, in the Make your name easy to say and easy to spell.
absence of any other determining factors. But, you Think about people searching for you on Google, or
can make any name work - if you have enough while driving, through directory inquiries.
money to promote it extensively.
Imagine opening a car dealership in a small town
Think of the future. A great name can work for a in Wales and deciding to call yourself after the
while, but if your business changes or expands will town you are in, and your business becomes Neath
your name still be as effective? Check out these Nissan - nothing wrong with that, but what if you
examples. lived in Lanfairpwllgwyngyllgogerychwyrndrobwll-
llantysiliogogogoch? Not such a good idea. Okay
United Carpet - this tells you exactly what the that was pushing the envelope a bit, but you see
company sells, but did you know that they also sell what I mean; if your name was Piotr Tomaszewksi,
a wide range of other types of looring? If you were would it be a good idea to call your company
looking to buy ceramic tile would they be one of the Tomaszewksi Engineering Inc. Probably not,
irst names you thought of visiting? unless you were speciically targeting the Polish
community in your area.
Burnaby Kawasaki - when you link your name
to the town you are in, and then build a good Your name needs to be easy to remember, easy to
reputation everything seems rosy, but what if due say, easy to spell and look good in print.
to your success you want to open up in another
town? Maybe the name will carry some weight, It should also be available as a domain address,
but it’s no longer having the original desired effect. either in full, or abbreviated, if it makes sense to do
Furthermore, what if you have dificultly with supply, so. Basically, you need to make it easy for people
or lose the distributorship, and need to start selling to Google, or Bing you.
other brands?
The Legal Stuff
Downtown Photo Centre - great name unless you When you apply to incorporate a company under the
expand to the burbs, then how does it work? Canada Business Corporations Act, you may choose
to use a corporate name, or have a numbered name
Computer Software Unlimited - again, impressive, assigned to you. Although incorporating under a
but it doesn’t work as well when you start to branch name involves additional effort and expense, there
out and sell computers and printers. are advantages to doing so.
Blenheim Coffee - nothing wrong with this name, it There’s a bunch of legal stuff you have to do
exudes reinement, but what if you want to break when registering a name and it must meet certain
into the fashionable trend toward premium teas? requirements before it is approved by Corporations
Canada. The best thing you can do is to read the
Western Inlatable and Boat Centre - This company Name Granting Compendium put out by the federal
now sells ishing charters and a wide range of other government; it will answer all your questions. Click
products, but if you didn’t know them would they the following link to download a PDF of this 50
be a irst choice when looking for a ishing trip? page book: www.corporations.ic.gc.ca/eic/site/cd-
dgc.nsf/vwapj/Name_Granting_Compendium_May-
Arctic Air - Great name when they just serviced 2010.pdf/$FILE/Name_Granting_Compendium_
refrigerators and freezers, but would you go to May-2010.pdf

It’s All About Brand Image
Many small businesses come up with a catchy want that brand of hot tub. A brand is the totality
name for their company, something that makes of perceptions that a consumer holds about the
people smile, or nod their head knowingly, some experience they associate with a product or a
also have a logo that symbolically links to their company. When we visit a Pizza Hut or Wal-Mart
product or service. But is all this enough? (love them, or hate them) we know exactly what to
expect from the brand, and therefore we are rarely
In these tough economic times, small businesses disappointed.
need to stand out from the crowd, and more
importantly look professional. A lot is said about Today, the trend in branding is toward what
corporate branding, and most small business is called “human brands.” In response to the
owners know that it’s more than just a logo, or a economic collapse in the U.S. brought about by
clever name, but how much more? business bad practices and dishonesty, there is
a level of distrust in the public that needs to be
Your brand is the distinct elements and attributes overcome. The immediacy and openness of the
of your product, and your company, communicated online world is driving consumers toward brands
through an image (or images) and words. It’s a that are human, have personality and are open,
promise, an expectation of performance and a honest and transparent.
mark of integrity and reputation. For instance, if
we ask for a Kleenex everybody understands we Think for a moment about how you want to portray
are referring to a tissue; if we say we are looking yourself to your future customers. Consider what
to buy a Jacuzzi it doesn’t necessarily mean organizational culture your company will have -
we speciically what do you believe in, what do you stand for,
what is your mission? Think about how you
want customers to

a problem. For instance, I know of a consignment
store specializing in high-end, used, designer
women’s clothing. The owner, on surveying her
customers, discovered that the majority found her
store by chance, or by recommendation, and that
they originally thought (from her brand image) that
she ran an ordinary used clothing store. In this case
her brand image had obviously been misleading
potential customers; when she changed it to
promote a more up-market image, she introduced a
whole new clientele to her product line.
It’s all very well knowing what a brand is, but how
do you discover the right brand for your company?
You could, of course, hire a company to brand
you, and they may well do an excellent job. A
graphic designer will create an evocative logo and
a marketing consultant will develop a targeted
message, but will this be enough, will it resonate
with your customers and prospective customers?
Maybe, maybe not.
What forward-thinking small business owners are

doing, is enlisting customers to help reinvent their
brand, and help get their image back on target.
In your case you have the opportunity to start out
with a powerful brand right from the get go. It’s
really quite simple, ask your prospective customers
what’s important to them when dealing with you.
think of you. Or, how you want them to perceive What is it that will encourage them to buy from you,
your company. Be sure. Take a few minutes and rather than your competition? What makes you
ask some of your potential customers (not your unique or special in their eyes? Ask them to sum
friends or family - they’re biased) what they think up what they think about your business concept,
of the name of your company. Show them the logo products and services in a single sentence. You
you are planning to use (it doesn’t matter if it’s in might even develop a survey, and either hand it
a draft format) and any slogan you might plan to to people who you think might be interested in
use, and encourage them to tell you what it says, or purchasing from you in the future, or use a free
means to them. No prompting! Their answers might online survey service such as SurveyMonkey.com
surprise you. and send it to your list.
The aim of this exercise is to discover whether your One thing is for sure, the resulting brand will be
future customers’ perceptions of you are in line with made up of your company’s identity, essence,
what you want them to be. If the two perceptions personality, image, character and culture – it will be
align, then you’re probably doing a good job, but if your brand, freshly created for you by those people
the majority of people either have no opinion, or see who are invested in your success, not something
you as something you are not, then you might have created in a sterile vacuum.

How Important Is It to Have a Website?
This is a question many people ask when opening a for having a presence on the web? Here are our top
business that does not have an online component. ten reasons to have a website, over and above the
However, the simple truth is that if your company credibility issue.
is not on the worldwide web then to many people it
doesn’t exist. To many people a company without 1. It’s an incredibly cost effective brochure, that
a website can’t be a real company, and they will can be updated quickly and easily. You can also
be duly suspicious of it. Companies are expected educate your market by offering more detailed
to have a website, not having one will affect your and intensive documents, for those who want to
credibility - period. But, what are the other reasons delve deeper into what you offer.

2. The number of people using Yellow Pages, or 6. It can offer you a whole new sales avenue as
other directories, to seek out businesses is people purchase online. 24/7 sales becomes
falling rapidly - people use the Internet to search effortless! Even if you don’t sell product, people
for businesses, opening hours, prices etc. Not could book appointments online, just as easy as
only are people looking for the opening hours they book hotel rooms.
and contact information online, they are also
7. Without a website your competitors are one
doing comparison shopping prior to turning
step ahead of you - actually get real, they’re
up at your establishment. If you don’t have an
light years ahead of you! Be sure to make your
online presence, then you may not feature on
website more attractive, more informative and
their prospective supplier’s list at all!
easier to navigate than theirs!
3. You can say a tremendous amount on a website
8. You can feature downloadable documents,
at no additional cost. From photographs of
brochures, price lists, technical spec sheets and
your products, testimonials and personnel
just about anything else on your website to save
biographies, to demonstration videos and
money on printing and mailing print materials -
blogs, you can reach out to your customers and
and help save the planet at the same time.
potential customers like never before.
9. With a FAQ (Frequently Asked Questions)
4. It allows you to present your brand, and your
page you can save yourself, or your customer
organizational culture. What is it they say? “You
service team a lot of time as people can ind the
are what you wear” - and just like your clothes
answers to their questions online.
your website says a lot about you! That’s not all,
as fashion changes, or you need to update your 10. A website is a lifesaver when selling, or dealing
brand, it’s easy and quick to rebrand your web with a customer, by telephone - simply direct
presence. them to your website and you can show
them photographs, give demonstrations and
5. Through blogs and other social media, you
presentations, show them videos and just about
can interact with your customers no matter
anything else.
where in the world they live. It reaches out far
beyond your primary target market into multiple There are many more reasons than those listed
demographics, across continents and across here, but you get the message - if you want to
cultural divides. Heck, you can even offer your survive in business in today’s business environment
site in multiple languages at a very low cost. you must have that all important online presence.

To Be, or Not to Be an Entrepreneur - The Quiz Results
So, is being an entrepreneur the

right course for you?
A score of 41 to 65 indicates that you will almost

certainly it well into the role of business owner.
You have what it takes to ight for success and
stick with it when the going gets tough. You have a
better than average chance of surviving in what is a
tough and challenging environment.
A score of 66-89 shows that you have a good

chance of being successful as an entrepreneur,
however there are some skills and attitudes that you
might want to develop to improve your chances.
A score of 90-122 means that you should consider

taking some courses on starting a business. Also
talk to several entrepreneurs and ask them what
they feel are the key characteristics and personality
traits you will need to be successful, and ask
yourself honestly if you possess them. Talk to
them about what life is like as an entrepreneur and
consider carefully whether this is really the life you
want for yourself.
A score of 123 is unlikely, but if that’s what it

adds up to, think long and hard as to whether this
is the life for you. No one should enter into self-
To get a better idea of why we asked the questions
employment lightly, it’s a very tough life. Be honest
and to relate them to the score guide above, read
with yourself, wouldn’t you better off and happier
through our comments below.
working for someone else?
1 I’m always trying to convince people to believe what I believe. When you run your own business you
have to sell yourself, your concept, your business and your products or services.
2 I tend to lose my temper with people quite easily when they’re not with the agenda. You can’t avoid
customers, or clients, when you’re running a business and they can often be dificult. Lose your temper
even once and it can ruin your reputation.
3 I have a lot of friends and family who support my ideas and plans. It’s a stressful life being in business
and you have to be surrounded by people that are supportive and understanding. When you can’t pay
yourself one month because you have to pay staff, or a supplier, you will need a spouse that stands by you
and your decisions and doesn’t lose faith at the irst sign of trouble.

4 I have several friends and acquaintances who run businesses and often chat with them. Getting
the inside scoop from someone who’s been in the trenches is vitally important. It’s so much better to learn
from other people’s mistakes than pay the cost yourself.
5 I am comfortable talking to strangers on the phone. Although we all chat away via email, text
messaging, Facebook, LinkedIn, the telephone is still the way most of us make irst contact. It’s the way
we set up appointments, the way we deal with inquiries and the method many of our clients irst contact
us. If you don’t like using the phone then this could be a challenge for you in your business.
6 I like people to agree with me, but it’s more important that they respect me. In business, your integrity
is on show and it is vital that you have the respect of not only your customers, but your employees and the
business community as a whole.
7 I ind it quite easy to get people to do what I want them to do. This is back to the question of being
able to sell. If you have that knack of being able to convince people to do the things you want to do, then
that will carry over to your business life and be a great asset.
8 I’m a people person. This is big - you have to like people to be in business. It’s no good thinking that you
can hire other people to handle all the interaction with clients, customers and the business community. You
are the face of your business.
9 I’ve have had experience managing people. Any experience you have in managing people will
be an enormous asset when running your own business. Think about all the times you have taken a
management role; it doesn’t have to have been during employment, it might have been coaching a sports
team, or running a little league, or as part of other volunteering.
10 I get really frustrated when people are slow, or do a job badly, or provide bad service. Entrepreneurs
are not the most patient of people; they can always see a better and faster way to do things and have a
habit of taking over if they see ineficiency.
11 I like the idea of working alone. It’s lonely at the top and many start-up businesses launch with just the
entrepreneur working from home. If beginning as a home-based business try not to isolate yourself too
much, get out and network, meet old colleagues for coffee - be part of the real world. Many start-ups
close after a year or so because the entrepreneur misses interacting with the ‘real’ world.
12 I’m always reading about the industry and market I plan to open my business in. The people who
usually succeed in any business are those that are passionate about what they do. These people are
totally immersed in their industry; they read trade journals, know all about new technology applicable to
what they do and follow the leaders and pundits in the industry.
13 If I really believe in something, I have a tendency to ignore the opinions of other people. Self-belief
is at the heart and soul of true entrepreneurs. Nothing will put them off following their dream. They are self-
opinionated and often do not give enough credence to the opinions of others.
14 I laugh at myself often. To be successful, an entrepreneur has to have fun and see the funny side of the
ups and downs of business. They can’t, and don’t, take themselves too seriously.
15 I get really bored, really quickly! Impatience is at the heart of most entrepreneurs’ psyche. They are busy
people, often good at multi-tasking and always looking for the next interesting opportunity.
16 I’m a morning person, I wake up believing that anything’s possible if I have the right attitude.
Entrepreneurs, almost by deinition, are optimists otherwise they would never start a business in the irst
place. Not only do they wake up raring to go, they often have a pen and paper on their nightstand to catch
all those ideas that occur to them in the middle of the night!
17 I love new technology, new ideas and new ways of doing things. Like cats, entrepreneurs are curious
creatures always looking for what’s new. They are very likely to have the latest iPhone, or tablet and their
computer is almost certainly less than three years old.

18 I do masses of research online, before I make a purchase decision. Business success comes from
having all the relevant information you need before taking the next step.
19 I’m a well organized type of person. Because successful entrepreneurs are constantly multi-tasking they
can often appear, and be, disorganized. However this disorganization is more on the surface than in their
mind.
20 If I don’t know much about some new area of interest I usually want to ind out more about it. As
mentioned earlier entrepreneurs are inquisitive. They always want to know more about things and are
constantly asking questions. They are usually excellent at research and can ferret out information on just
about anything.
21 I like to feel appreciated. I want people to recognize the work I do. Having a big ego goes with the
territory. Take a look at all the hugely successful businesspeople around the world and you will see some
massive egos. If you watch Celebrity Apprentice, you will see wonderful examples - how would you feel if
you could emulate the big “Don” and have your name written in gold on hotels and ofice blocks?
22 I like to look at the big picture rather than the minute details. Entrepreneurs are goal oriented, they are
envisioning the end result and they hire other people to deal with the minutiae involved in reaching their
goals.
23 I’m pretty good at picking myself up and brushing myself down after a let down. Every
entrepreneur has felt failure usually more than once. There is no doubt that you will be metaphorically
kicked in the teeth at regular intervals. What’s important is how you deal with the downturns and curve
balls business life throws at you.
24 I have a good handle on my life and can discipline myself to do what needs to be done, when it
needs to be done. Entrepreneurs may well be dreamers, but they have the discipline to do what needs to
be done and to stay the course.
25 I have a great imagination and can vision what my future will look like. Back to being big picture
people, but more than that entrepreneurs need to be creative, they need to be visionaries.
26 I always see the silver lining in challenging times and ind where the opportunity is. It’s not what
goes wrong, it’s the attitude you have towards dealing with the challenges running a business throws at
you.
27 I’m generally a brave person where life is concerned. Make no mistake you will need a lot of courage
to be self-employed and to grow a business. This life is not for the faint-hearted.
28 I am okay with taking risks. It’s risky starting a business and no mistake. Try to start a business without
taking any risks and you will undoubtedly fail. But, a good entrepreneur qualiies all risks by thinking every
move through carefully and planning for every eventuality.
29 I am often accused of being controlling. Entrepreneurs are Type-A personalities, it’s in their make-up.
30 People think of me as being enthusiastic and energetic. If you’ve ever been accused of being the
Energizer bunny, then you’re probably suited to being an entrepreneur.
31 I know how to ight for what I believe in and have done so in the past. No one ever said starting-up
and running your own business was going to be easy. You will need to ight for your market share every
step of the way.
32 I hate being stuck in a rut, I hate routine. Being employed is having a routine - if that sounds okay, then
step away from being an entrepreneur. On the other hand if you want to enter a life where almost anything
can happen from day-to-day, both good and bad, stressful and elating, then welcome aboard.

33 People trust me and know they can rely on me. Whether they are or not, some people appear honest
and others not so much. If people think of you as being trustworthy and more importantly, reliable you
have a better chance of success in business life.
34 I am conident in myself and my abilities. Successful businesspeople believe in themselves no matter
what. Do you think Donald Trump ever doubts himself? Not so much.
35 When I make a mistake I put a positive spin on it by realizing that mistakes are just a way we learn
how to do it better next time. Entrepreneurs are constant learners and see the mistakes they make as
just another way to learn how to do things better next time. They don’t beat themselves up over it, they
just get on running their business better.
36 I like to be healthy and look after myself. Life as an small business owner is frenetic, stressful, joyful,
tiring and 101 other things. But, it can be hard on your body. Being it at the outset is a bonus to starting a
business, staying it is vital to your future success.
37 When I’m low, I can usually pull myself through it by thinking positively. We all get down from
time to time, especially during tough times, but entrepreneurs dig deep and always ind a way to pump
themselves up, put on a smile and bring back that positive attitude. It is the key to their success.
38 I’ve been asked to leave, or been ired from a few jobs in my time, because I was a dificult
employee. It is amazing how often when an entrepreneur is interviewed that it comes out that they were a
dificult employee and were ired from one or more jobs, or at least asked to leave. This comes back to not
suffering fools gladly and always wanting to do things their way!
39 When I was a kid I had part-time jobs, or ran my own sideline business. It’s in the blood, scratch
an entrepreneur and they’ll bleed lemonade. If you never had a lemonade stand, or knocked door-to-
door offering to wash windows, mow lawns or detail cars then you might be behind the eight-ball. Often
entrepreneurship is in the blood and surfaces early in life.
40 I don’t need a lot of fancy stuff in my life, I can live quite simply when I have to and not be
depressed by it. When you are employed, someone magically puts money in your bank account every few
weeks and you know what to expect in terms of income, month to month, year to year. Not so when you
start your own business. There will ups and down and often you may have little cash coming in. In the early
years at least, you may have to manage on very little income - the question is can you lead the simple life?
41 I have a little money put by so that I can support myself for a year or so, if I need to. Starting a
business in any circumstance is dificult, even if you have adequate capital to put into it. But, if you are
living hand-to-mouth before you start your business, then you are heading for dificult times. Ensuring you
have some back up cash (or a second income-earner in the family) to allow you to survive while earning
little to nothing for a year or so is probably the most important thing you can do to protect yourself.
As mentioned earlier, none of this is particularly scientiic, but it has been gleaned from decades
of experience in working with start-up companies (over 2,500 of them) and from interviews with
hundreds of successful entrepreneurs.
Take from it as much, or as little, as you feel will help you make the right decision for you in terms
of entering the world of small business.
I wish you well in your great entrepreneurial adventure.
Mike Wicks

Prince Albert & District Community Futures is a full service business
centre providing small business loans from $5,000 up to $150,000 to help
individuals start up a business or expand an existing business. We also
provide small business counselling services and workshops for new and
existing business owners. Apply on line at www.pacf.ca or drop by our
ofice across from SIAST to discuss your inancing needs.
For more information contact:

PA & District Community Futures
#1-1499-10th Avenue East
Prince Albert, SK S6V 7S6
Phone: (306) 763-8125
Fax: (306) 763-8127
Email: [email protected]
Website: www.pacf.ca
Small Business Success
A Blue Beetle Books Publication
Provided by
For more information contact:

PA & District Community Futures
#1-1499-10th Avenue East
Prince Albert, SK S6V 7S6
Phone: (306) 763-8125
Fax: (306) 763-8127
Email: [email protected]
Website: www.pacf.ca

Starting A Business 101

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What is the purpose of the book?

What is the purpose of the book?

What topics does the book cover?

What topics does the book cover?

Starting a Business 101

A Blue Beetle Books Publication

Published as an eBook original by

No part of this eBook may be reproduced in

Blue Beetle Books

To Be, Or Not To Be An Entrepreneur ..................................................................................7

Your Business Idea ..............................................................................................................10

Current Trendy Business Ideas...........................................................................................12

Buy or Start - the Pros and Cons .......................................................................................15

Do You Have Enough Money? ............................................................................................18

So, Where Do You Get the Money From? ..........................................................................19

The Power of Knowledge ....................................................................................................22

7 Ways To Check Whether Your Business Will Fly ............................................................25

The Importance of Having a USP .......................................................................................29

Choosing a Great Business Name .....................................................................................32

It’s All About Brand Image ..................................................................................................35

How Important Is It to Have a Website? ............................................................................37

To Be, or Not to Be an Entrepreneur - The Quiz Results..................................................39

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6 I like people to agree with me, but it’s more important

9 I’ve have had experience managing people.

10 I get really frustrated when people are slow, or do a job

12 I’m always reading about the industry and market I plan

15 I get really bored, really quickly!

16 I’m a morning person, I wake up believing that

20 If I don’t know much about some new area of interest, I

23 I’m pretty good at picking myself up and brushing

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28 I am okay with taking risks.

29 I am often accused of being controlling.

30 People think of me as being enthusiastic and energetic.

31 I know how to ight for what I believe in and have done

33 People trust me and know they can rely on me.

34 I am conident in myself and my abilities.

35 When I make a mistake I put a positive spin on it by

37 When I’m low, I can usually pull myself through it by

Multiply your numbers in columns A, B, C, and D by the

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3. How much money do you have to invest?

4. Think about what you enjoy doing, and what

5. Decide what type of selling might be

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Everywhere you look pundits are predicting what

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4. Health and Fitness - the general public is

5. Yoga - although this could easily it under

6. Home Improvement - The recent economic

7. Green Construction - the move toward

8. Niche Consulting - consulting has always

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