How to Turn a Good Idea into a Great One
It’s a common sentiment that ideas are a dime a dozen, and that proper execution is what truly makes a small business successful. While there is some truth to this, polishing your idea before putting it into action will make it that much easier to turn your concept into reality.
Define Your Business Vision
Having a business plan is important, but committing your business plan to paper isn’t enough. You should also know – and be able to articulate – your business vision.
How to protect your business idea
Starting a business begins with a great idea so it’s quite natural to worry about someone stealing it. But can an idea be protected?
How to get your practice up and running
Starting a business can seem intimidating because there is so much to do. Yes, you’ll eventually need to tend to things like marketing, production, administration and finance.
Types of bank financing
Your plan for your new business likely includes raising some money to finance start-up.
Saving to start-up
You know how to save for big purchases like a new car, a dream vacation or kitchen makeover.
Where start-ups spend their money
Like renovating a house, it’s easy for new business owners to get caught up in the excitement of the project and exceed their start-up budget.
Why you should embrace your competitors
Every entrepreneur occasionally dreams about what it would be like to run a business without competition.
Registering a business name in Canada
By Roger Pierce,
Like naming a new baby, it’s fun to think up names for your new business.
Anatomy of a Business Plan
A well-developed business plan can play a vital part in attaining success. It can help you organize your thoughts in logical order, anticipate problems, secure financing, guide you in decision-making and keep you focused on your goals. Although your plan should be tailored to your vision and can contain creative touches, there are key elements that every plan should contain. Most traditional business plans are broken down into the following key sections.
Hire good people.
Once your business is in the enviable of position of having to hire staff to keep pace with your growth, you'll be faced with some important human resource decisions. Whatever the prospects for the job market are like, you should try to hire and retain the best people, not just reasonably competent ones. For instance, if you're hiring for a customer-facing position, it's crucial to bring staff on board who are sociable, engaging, and who genuinely like other people. Otherwise, you risk losing customers, especially in today's highly competitive business climate.
How can I connect with other small business owners?
Ask an Expert
This month's question is answered by Susan Patteri, Account Manager Small Business, Scotiabank.
Take advantage of mobile banking in your small business
Whether your small business takes you on the road, or you are simply looking for a convenient way to stay on top of your business and personal finances, mobile banking is an ideal solution for your business.
Starting a home-based business? Here's what you need to know
Starting a home-based business is a dream shared by many. The rewards include the flexibility to set your own schedule, a chance to watch your children grow up, and the opportunity to follow your dreams. But it can also bring new risks, such as the possibility of social isolation and the loss of a regular paycheque and benefits.
What steps can I take to prepare for getting financing for my business?
This month’s question is answered by Dominic Jipos, Account Manager, Small Business & Professional, Montreal, Québec
5 Tips to Getting Started
1. Develop a sound business plan. Successful entrepreneurs do a lot of background research before they sell their products and services. A business plan pulls it all together. Your plan will include, among other things, the following:
The type of business you are creating.
The goals of your business — for both the short term and longer term.
How you intend to accomplish those goals.
An understanding of the marketplace, the competition, and your potential customers.
How you intend to finance your business.
Thinking about starting your own business? check here
Working for yourself can bring many rewards, but it also comes with many challenges. Take a look at the questions below. They can help you decide if the entrepreneurial route is right for you.
Are you willing to take risks? Going into business for yourself means giving up many benefits (such as health and dental) available to employees. It may also mean going without a regular salary, especially in the early years.
Starting a small business?
Entrepreneurs start businesses for many reasons, and the freedom, flexibility, and chance to realize a passion rank high on the list. But along with the rewards come challenges. Preparing to meet those challenges will put you in a better position to follow your dreams. Here’s how to get started.
Cash Flow is King
Susan Baka, experienced information specialist, writer, and international speaker specializing in the women's market, talks about cash flow strategies for your small business.