Posts Tagged ‘Canadian small business’

By Donna Marrin

Tell us about your business and how you started it.
In January 2006, I traveled to Israel with my nephew. On our last day, we had some time to kill before going to the airport for the long flight home. As we were walking along a street, I spotted some pieces of the Margarita activewear line through a store doorway. 

I instantly noticed the vibrant colours. I’d never seen another activewear clothing line with such an energetic design. I felt the material and could tell right away that it was very good quality. I spent the afternoon studying the company website and decided right then that I would try to bring this line to Canada. I had no experience in retail – I just enjoy exercise. So I went back to Israel that summer to visit the company and secure Canadian distribution rights. Using my own money, I made an initial purchase, came back to Canada and started to sell.

What was your early vision for your business, and has it changed over time?
Originally, the business was simply retailing the Margarita activewear line locally. We are now distributing the brand across North America. As well, we have added a few more product lines to our website, and that has been going well for us.

Your biggest learning curve?
Starting my own business, I had to learn how to do the bookkeeping/paperwork, manage the business financially, and deal with the daily business itself. At the time, I was not married yet, so I had the extra time!

Describe a day in the life…
A typical day goes like this: First I make my morning green smoothie and I share it with my 2.5-year-old son. While he is busy eating breakfast, I answer the urgent emails.

I spend mornings with my son and I work in the afternoons, while he naps. After his nap, I prepare dinner for the family (sometimes my son helps:). After he’s in bed, I continue working into the night. On a good day, I will stop working and have an evening with my husband; watch a movie or read a book until I fall asleep.

What makes your business stand out?
Our main product line, Margarita activewear, itself is a unique brand. There are other websites selling it, but we are the only one (as far as I’ve seen) that allows customers to customize their order: customers can choose the colours they want, however they want them, with any Margarita item.

How do you find balance between your business and home life?
It can be tough to find balance at times. The problem with having your own business is that it never stops. You set the schedule and that schedule can run around the clock if you let it. I spend weekday mornings with my son, and I work in the afternoon while he naps, as well as after he goes to sleep at night. I schedule days so that meetings and other business activities are on certain days and during particular hours, so I can get what I need done and have time for my family. Spending time with them and taking a break makes me more productive and inspired. We all have a healthy dinner together each night, and spend time together on weekends. When it’s time to focus on the family, it’s time to turn the phone off and shut down the computer.

What’s the best part of running your own business? The most challenging?
I like keeping my own hours and being my own boss. I love the clothing and still get excited when the new styles come out. I also enjoy the letters I get from customers saying how much they love our products and our exceptional customer service; it is very rewarding. I still can’t believe they are talking about the company I started.

The challenging part is that because I do my own bookkeeping, I spend so much time on that it can be hard to focus on the business; I often find myself spending more time on bookkeeping than actually thinking of new ways to increase revenues.

What business tool or resource could you not live without?
I really benefit from having contacts and a mentor that I am able to call on when I need guidance or assistance.

What is the key to your success?
Positive thinking and a passion for what I am doing!

What advice would you give to anyone thinking about starting a business?
Be positive, dream big, work hard and enjoy it! You can accomplish a lot with a “can-do” attitude. Know and love your business, know your market. Research, research, research! Have a clear vision about where you want your business to go, and find a mentor who can help guide you, especially when you hit a brick wall. Be prepared for changes; things usually don’t go exactly as planned.

ERIN BUDD owns energyxpressions.com, a website that carries yoga and fitness clothing. She is also mom to an adorable 28-month-old boy, and wife to a wonderful husband. When she’s not having fun with the family, or working on the business, she’s busy creating in the kitchen: since she became a new mother, she’s been engrossed in how she can help her family be as healthy as possible. And she’s doing something right because they never get sick. She also enjoys drinking a green smoothie every day. Look the part, live the part! For more information, visit www.energyxpressions.com or send an email to: info@energyxpressions.com

Running a small business requires many tools, but one of the most important is access to the internet. When was the last time you thought about replacing your router? Watch the latest episode of Staples Tech TV to see the top five reasons why you should replace your router.

 

By John Lindo

For many small business owners, the holiday season means sending out greeting cards, delivering some gift baskets, perhaps a holiday party or dinner for employees, but it also (for most) signals the end of the fiscal year.

Before you ring in the New Year, take advantage of some of the downtime during the holidays to complete this year-end checklist.

Start gathering all your financial documents. Tax time will come before you know it, so ensure that you’ve collected all your important documents (receipts,

charitable donations, expense forms, tax forms). Your accountant will thank you.

Be sure to complete all your monthly expenses. This is a dreaded task for most small business owners. Try to stay up-to-date so you’re not left scrambling at the end of the year.

Set your goals. First evaluate the objectives you set at the beginning of the year, and then assess how well you measured up. From there, you can set new goals, which will give you something to strive for in the upcoming year. It can be tough to stay motivated when you don’t have a boss to report to (read: breathing down your neck), so try to be self-disciplined and push yourself to meeting or exceeding the goals you set. You may not have a “bonus” riding on it, but it will definitely pay off in the long run.

Update your business plan. The end of the year is a good time to reassess your business plan to see what’s working, what isn’t working, and what new opportunities exist for your business. Do your research and plan accordingly.

Update your promotional collateral. Did you land some new clients this year? Why not ask to list them on your website, or even better, ask for a testimonial. Maybe you received some great news coverage. Be sure to update your website with all your recent work and accomplishments. Hey, there’s nothing wrong with doing a little PR for yourself.

But most importantly, be sure to take the time to look back and celebrate all your great achievements throughout the year. You worked hard, so you deserve a toast.

Cheers!

John Lindo is the Founder of Razor Voice Inc., a Public Relations agency based in the GTA. During his first 10 years in the PR industry, John oversaw the communications departments at both Bridgestone Canada and Nissan Canada. Visit http://www.razorvoice.com/

At some point in the life of your business, you will start thinking about selling, retiring or passing the torch to someone else. If that time is now—or it’s coming up within the next five years—you need an exit strategy.

Often called a succession plan, this document will prepare you to transfer control of your business to your successor. You will want to maximize the value of your business before you sell, to ensure a smooth operational transition to the next owner.

CanadaBusiness.ca is packed with information for Canadian entrepreneurs, including ways to plan your exit (http://www.canadabusiness.ca/eng/93/876/). Here are actions to consider:

Start as early as you can

Research by the Canadian Federation of Independent Business found that:
• only 10% of Canadian small business owners have a formal, written succession plan;
• 38% have an informal, unwritten plan, and
• the remaining 52% have no plan at all.

Far too many entrepreneurs miss the opportunity to earn top dollar from the sale of their businesses and the ability to ensure a trouble-free transition.

Surround yourself with experts

Build a team of advisors to help you plan your business exit. These can include lawyers, accountants, tax specialists and management consultants.

A chartered business valuator can be an important resource. Valuators can place an objective price-tag on your business by conducting in-depth research and analysis. They may also help locate solid buyers.

By working with a team of outside experts, you will get valuable, independent advice to help guide your succession planning.

Prepare a plan

As you consider your exit, there are many decisions to make. Look at your company’s long-term potential, markets, positioning, strengths, weaknesses and opportunities. Then ask:
• What skills will your successor need?
• How involved do you want to remain in the business?
• What tax considerations will impact the transfer of ownership?
• How do you ensure your own financial security when you leave?

Research and document these questions. It will help you make these important decisions.

Craft a solid exit strategy

When exiting your business, you can wind down the business, transfer it to family, or sell it.

Winding down your business will not require a great deal of advance planning, but you should carefully consider how to sell your assets and meet your legal obligations.

If you are transferring the business to family members, consider these points:
•  Communicate your intentions clearly and involve them early.
•  Explain the transition process to them so they know what to expect.
•  Establish clear guidelines for who does what.
•  Explain how you will continue to be involved in the business, if at all.

If you decide to sell, then your primary goal is to maximize the price potential of your business. You will need to evaluate your business’ worth, which can be done with the help of a chartered business valuator. You can locate one on the Canadian Institute of Chartered Business Valuators’ website at www.cicbv.ca.

Remember that advance planning and a thoughtful, strategic approach can maximize the money in your pockets and ensure a successful transition.

More information is available at www.CanadaBusiness.ca or by calling 1-888-576-4444 (TTY 1-800-457-8466).

By Bonnie Sokoloff

With the holiday season around the corner, you’re probably hoping for some much-needed time off—but there are some important considerations to address before deciding to close up shop. After all, your business is your baby and you would never leave your baby without making sure that it’s properly cared for in your absence, right?

Here are some questions to consider:

Should you shut down completely or remain open with a skeleton staff and relaxed hours?
The answer to this depends largely on the type of business you operate, your customer base, and your business partners. For example, if you run a retail store, you probably won’t want to risk losing what could be substantial sales opportunities, not to mention upsetting customers planning to pre- or post-holiday shop at your location. But if you run a service-oriented business and your customers and vendors are likely to be taking time off themselves, it’s a safe bet that you can safely close down for a few days so you and your staff can enjoy a break.

Who needs to know?
Whether you decide to shut down or remain open, you need to make sure that your holiday schedule is clearly communicated. However you plan to let people know—posting a sign in your front window or sending out letters or email to customers, clients and vendors—you must clarify your availability (or lack thereof) so they can plan around it, if need be.

What is your emergency backup plan?
Even if your neighbourhood is a ghost town over the holiday season, you still need to have a contingency plan just in case something comes up that needs to be handled right away. If possible, make sure your staff and contacts know how to get in touch with you, and make sure you periodically check your messages and emails to avoid missing any SOS calls. If the problem requires a physical presence to solve it and you are out of town or unable to respond, make sure you have arranged for a designated, reliable staff member to step in and take control of the situation—this includes having the authority to make decisions if they are not able to consult with you beforehand.

Anything else?
Make sure you have adequate coverage for the time you’ll be away. If you decide to remain open, make sure the staff members on duty are aware of any tasks or issues that will/could come up over the holidays, as well as the information they will require to handle them. It’s a good idea to put details in writing, so they know what to expect as well as what to do if the unexpected should occur.

Now you’re ready to relax and recharge for the New Year ahead!

BONNIE SOKOLOFF currently works as an Internal Communications Specialist for Staples Canada. She has over 15 years of experience with copywriting, editing and print production.

By Ashley Jang

As we approach the holidays our televisions sets, favourite websites and radio stations are inundated with advertisements from companies showing off their coolest gift ideas. It can be challenging for a small business to compete and show shoppers why they should be shopping at their local small business instead.

With the craziness of Black Friday and Cyber Monday in the U.S. it’s easy to forget about the special day that lies in between: Small Business Saturday. It’s a day for consumers to show support for their favourite small business by shopping at their stores. It also happens to fall perfectly in-line with holiday shopping time.

It can be easy to visit your local mall for a one-stop shop for everyone on your Christmas list but it can also be a nightmare trying to get through the crazy crowds and find a parking spot that isn’t a 10-minute walk from the entrance. For those of you interesting in avoiding the hustle and bustle, shopping small businesses might be the route for you.

Is there a small business that you will be supporting on Saturday? Tell us in the comments section!

Ashley Jang currently works as a Social Media Community Specialist for Staples Canada. She has a background in journalism, social media marketing, blogging and strategic communications.

If you’re the owner of a small or medium-sized business, and have a voice that needs to be heard, Staples is ready to listen! We currently have openings available on our Staples Ideas On Work Panel, where your opinions count.

Staples Ideas On Work Panel was created in 2008 as a way to improve and tailor our products and customer services to meet the specific needs of small businesses and offer solutions to best serve your needs in growing your business. We understand how busy you are; as a panelist, time requirements are minimal—your contribution of a few ‘yes’ or ‘no’ answers to our emailed survey questions is all we need. And if you sign up now, your name will be entered in a draw to win one of five $50 Staples gift cards.

The Staples Ideas On Work Panel encourages small business owners to join a network of approximately 1,500 other small-business-owner panelists. We benefit by hearing your opinions on business initiatives, new ideas and concepts on how we can serve you better in providing exactly what you need.

You benefit by:

  • Gaining insightful information about the latest trends and business practices. Receiving a bi-monthly newsletter that offers the latest on what other small businesses are doing, corporate news and the decisions we’ve made as a result of your feedback.
  • Volunteering to participate in the surveys twice each month, where you can voice your opinions about your needs, likes and dislikes, and why.

Occasionally, you’ll have the option of attending one of our focus group sessions, where you’ll meet other business owners in discussing new initiatives or concerns and receive some great rewards for your participation.

If you are interested in joining forces with 1,500 of your fellow small business owners, please click here to start: Staples Ideas On Work Panel

Guest post by Ferdinand Siquioco, SMB Segment Marketing Manager, HP Canada

As a small business owner, you face new challenges every day – but how do your challenges compare to those of your competitors?  Is the Canadian population behind your efforts?  Earlier this year, HP Canada teamed up with the Canadian Federation of Independent Business (CFIB) and Intel to find the answers to these questions, and more.  In a two-part Angus Reid Forum survey, we questioned more than 2,000 Canadians about small business in Canada, as well as more than 1,000 Canadian small businesses about the challenges they face.

Canadians have big love for small businesses

The good news: small businesses earn high respect in our country.  Ninety-eight per cent of Canadians surveyed say small business is important to Canada’s future, and 95 per cent say they value the products, services and personal attention they get from a small business. Further, 94 per cent of respondents admire entrepreneurs and 92 per cent indicate they would approve of their child or immediate family member starting their own business.

But being a successful SMB takes work

Small businesses clearly have the support of Canadians, but to be successful, business owners have to overcome many challenges.  According to the survey, small businesses from across the country identified competition as their number one challenge (tied with regulation and paper burden).

While competition has always been a challenge, the past several years have given rise to a business community that’s online and connected 24/7, thereby changing the face of competition. Today, SMBs are not only competing for market share with the shop around the corner, but also with online-based businesses around the world.

SMBs look to technology for a competitive edge

Technologies such as desktop and notebook PCs, the Internet, smartphones and new types of software have given a clear edge to those who have harnessed it to connect with employees and customers alike.  But are small businesses across Canada embracing technology to get ahead?  Here’s what we found out:

  • Nearly half (43 per cent) indicated that increased investment in technology would help their business achieve its overall goals.
  • Of those respondents, 58 per cent said technology would help them remain competitive. Other benefits of an increased investment in technology included saving time and money, improving access to information, and promoting innovation – which are all vital to top-line growth.
  • 76 per cent of Canadian small businesses believe they are utilizing technology either at the same level, or to a greater extent, than their competitors.

Small businesses clearly see the value in technology, but the fact that most respondents say they utilize technology at the same level as their competition means that there’s an opportunity for early adopters to gain a competitive edge with the right investment.  From better managing inventory, to connecting with customers, to maintaining a professional image, technology isn’t a just a nice-to-have, it’s a must-have for small businesses looking to compete, and win, in today’s competitive business environment.

What technologies has your organization invested in to get ahead?

To view the full report from this study, please visit: http://www.cfib-fcei.ca/cfib-documents/rr3231.pdf

Guest post by Ferdinand Siquioco, SMB Segment Marketing Manager, HP Canada

By Nicole d’Entremont

You have a product that is selling well in Canada and you’re thinking about next steps. The obvious choice? Exporting. Makes sense, but you need to know if there’s a market for your product outside of Canada. You may be ready to take on the world, but is the world ready for you? Here’s how to find out:

Start small: The best way to go global is to stay focused. While your website allows you to throw your doors open to the world, your exporting efforts should begin on a smaller scale. Experts recommend that you focus your energy on no more than one or two countries at a time. This approach makes your venture easier to manage and ensures your strategy is customized to fit your chosen market(s), giving you a greater chance of success.

Examine potential markets: Before you narrow down a list of countries, examine your options. Collect information and statistics related to your sector’s product exports to other countries. Next, identify five to ten large and fast-growing markets. Look at their performance over the past three to five years. Has market growth been consistent year-to-year? Consider smaller emerging markets where there are fewer competitors and your chances of gaining a foothold are strong.

Assess the markets: Now that you’ve done your initial research, target the most promising markets for further analysis. Examine trends that could influence demand for your product. Take a look at the overall consumption of products like yours, and figure out how much is imported. Now identify some of the specific factors that might affect your approach in the market, including distribution channels, cultural differences and business practices. Look into trade barriers and Canadian restrictions, such as export controls. On the plus side, there may be Canadian or foreign government incentives to support your venture.

Make a decision: It’s time to ask some serious questions as you shorten your list to the top one or two markets:
- How big is the market and what is the local spending power?
- Who are your potential customers and what do they want?
- Is the competition well-established?
- What product adjustments are required to meet the needs and priorities of local consumers? How much will it cost?
In other words, look at your markets critically to determine your opportunity for success. Analysing the information you’ve gathered will help you choose your target market(s), and will guide the development of your export plan and marketing strategy.
Start networking: Create a list of vendors, suppliers and potential customers in your chosen market(s). Local on-the-ground contacts are crucial. Connect with the Canadian Trade Commissioner Service (www.tradecommissioner.gc.ca) to establish contacts, network and obtain market-specific advice. Keep a detailed contact list and manage it well. Remember that every single person on that list can give you access to networks of people who may want or need your product.

The success of your export venture depends on you. By choosing your market(s) wisely and considering local likes and needs in your marketing and product development efforts, you’ll be well on your way to becoming a global entrepreneur.

Article by Nicole d’Entremont, small business owner. More information is available at www.CanadaBusiness.ca or by calling 1-888-576-4444 (TTY 1-800-457-8466).

 

 

 

By Donna Marrin

Tell us about your business and how you started it.

I am the owner of Verve Hair Lounge. Verve is a boutique hair salon located in the Lower Lonsdale neighbourhood of North Vancouver BC. I brought Verve into being after over a decade in the hair business. My career had taken me through various stages and I found myself at a crossroads in my career, where a decision needed to be made as to “where do I go next?” I had left my position as the Department Head of Haircolour for a local hair school and was trying to define what the next stage would be. At this time, I was given the opportunity to interview for a position as Director of Education for a chain salon in Washington DC. During the interview process, several things became clear to me…I was qualified to be third in command of a chain and I didn’t want to leave Vancouver. And with this it became crystal clear; I was ready to start out on my own.

What was your early vision for your business, and how has it changed over time?
The early vision for the salon was to grow an artistic team of motivated and passionate hairstylists who were interested in working as a team with the idea that they could help elevate each other to higher levels. All of this while providing amazing service and maintaining a neighbourhood feel. This hasn’t really changed at all over time. It may not have come to immediate fruition, but the vision has definitely stayed the same. It has been hard at times to keep on track, as it has meant that certain sacrifices or decisions have had to be made, some of which may have appeared risky to outsiders, or felt risky to me at the time. In the end though, keeping faith in myself and my vision has proven to be the answer time and time again. If you can’t keep your vision, then what else do you have? Dream big! With that said… I did think that business plan, financing, construction, etc., would all be completed in a much, much, MUCH shorter time period than reality delivered. So that part of the vision was not accurate.

Your biggest learning curve?
Oh my, there have been many. Many, many, many. Finding my boss voice has definitely been a very big learning curve. I had spent over a decade in numerous leadership roles, but being the boss was a whole different ball game. I went into owning my salon thinking that I could rely on the professionalism of the teammates to do what was expected. But what I learned was that people need rules and consequences, and that it is my job to not only set an example, but also to voice the expectations and enforce them, as well. I have learned that a culture is really just a set of guidelines agreed upon by all members. And as the boss, it is my responsibility to see that all members are regularly held accountable to the team, to perform to these standards. The next biggest learning curve was definitely learning to ask for help; accepting that I couldn’t do everything and that I need time for myself as well. This is still part of my learning stage. I am learning to not feel guilty for not working. I have a really hard time taking time off if there are still things on my to-do list. I recently had an a-ha moment about this…if I no longer have a to-do list, then I am in trouble, therefore, I will always have one. And most things can wait until tomorrow.

Describe a day in the life…
There is no set answer to this, as every day drastically differs from the next. I wear many hats as the owner, which include hairstylist, PR, marketing, leader, payroll, mentor, educator… One day, I may have a full book of clients, and on these days, my clients are my main focus. Then on my admin days, I can be in meetings with distributors, brand strategizing, or helping my teammates with their work, or doing my least favourite—paperwork.

What makes your business stand out?
I think we are doing a lot of really little things very, very well—the little things that often get overlooked by other businesses. And these little things add up to something big. I think my team’s belief in the vision is the key to our success. And with discipline, structure and passion, we will continue to stand out.

Do you have any entertaining stories to share about your line of work?
Every day is entertaining. This is an ever-changing landscape at the hair salon. Dynamic changes happen from day to day, moment to moment. Our team has a lot of fun with each other and with our guests. We love our jobs and our clients, and we all have a good sense of humour. This makes for many entertaining stories. But we are also hairdressers, so to share the stories publicly goes against our code of honour. What is said behind the chair, stays behind the chair. :)

How do you find balance between your business and home life?
Is there such a thing? Just kidding. Sort of. Trying to achieve this takes a lot of work at my end. I am still working on it, actually. I am trying to give myself at least one day off per week, as well as go home at a decent time. I learned early on that a good night’s sleep makes all the difference. I am now working on getting more social and family time in, and I’ve been dedicating more time to yoga and other physical activities.

What’s the best part of running your own business? The most challenging?
I like the leadership side of things. It is really a wonderful experience to watch stylists grow and reach their potential and goals. I also really like brainstorming and problem solving and the implementation of the ideas that evolve. Watching the business grow and acting and reacting to the ever changing landscape is a lot of fun.
The most challenging is probably finding my balance. This takes a lot of work and a lot of sacrifice by me, my friends and family. Also challenging was building the right team to fit the vision. And then, once the right team members were found, it has sometimes been challenging finding the flow within the relationships. These are things I hadn’t anticipated.

Do you have a favorite business tool or resource?
I am fortunate to be a third-generation entrepreneur, with grandparents, parents, aunts and uncles who run their own businesses. This is by far my favourite and most valuable resource. The love and support, as well as heartfelt and real advice I receive is amazing. Second to them is my network of close friends, who also are entrepreneurs. They lend me support in a different way—they give me advice and act as sounding boards for me. I get lots of love and support as well. They offer me an understanding that only they can give, as we are at similar places in similar journeys. Peers. I love that.

What is the key to your success?
The key to my success is that it didn’t happen overnight. I spent a decade gaining the experience necessary to open up a hair salon, and then I spent the next three years gaining more and learning from past experiences. The success that I have achieved began a very long time ago and continues on the same way as it started—one step at a time. I have learned from my mistakes—and there have been many mistakes. I value mentors who have shared their expertise. I have dedicated myself to learning all I can about hairdressing, the salon business and leadership, and I continue to do so with diligence and discipline. It has been a long journey of learning and gaining experience. Success is very rarely an “overnight” thing, and luck rarely has anything to do with it.

What is the one piece of advice you would like to give to others thinking about starting a business?
Make a plan. Think it through. Understand the risk, sacrifice and work involved. Get some sleep. And learn to laugh at it all. But most of all…LOVE it. Have PASSION for it.

AMBER GEORGE With 13 years of experience and a passion for education and artful hair design, Amber’s background as a successful technical director, department head and salon mentor have led her to open her own salon, Verve Hair Lounge. During her career, Amber has been fortunate to train with some of the top educators in the industry. With extensive training by Colour Masters, Dennis Gebhart and Peter Valenti, she was given the foundation to become an educator herself, having done so for the past decade. Her cutting mentors are equally impressive, with such names as Cindy Schaber, Sharon Biro and Sam Villa. Most recently, Amber has returned from a Master’s Cutting Class with Shu Uemura, featuring the US Director, Rick Cooper and UK Director, Darren Fowler. Amber’s salon business training comes from International Trainers: Peter Mahoney, Michael Cole and Blair Singer. Amber now rounds out her skill in the world of Session Styling, lending her talents to editorial photo shoots, having trained with New York Session Stylist, Noah Hatton. Visit the website at http://www.vervehairlounge.com/