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Your Guide to Starting & Self-Financing 

Your Own Business in Canada

 

Revised 2017-2018 Edition

 

By: Iain Williamson

 

 

Published July 2017

 

 

 

ABOUT THIS BOOK

 

This edition has undergone significant revisions to make it more encompassing of the business start-up process. Thus, you will find new chapters on human resources and traditional advertising methods.

What does it take to go out on your own and where can you find ideas to start your business? You could manufacture your own products or sell other peoplesí products. Alternatively, you could offer a service. But first, you have to find out if you can sell your products or services and if there is a market for them. Find out where to obtain the latest marketing information and how to establish your marketing strategy. This 2017/2018 Edition has been updated and revised to reflect the many changes that have taken place in the sources of marketing and statistical information.

It covers the registration and legal form you can choose for your business. It also points out how the Government will tax it. It will help you set your objectives. Consider the advantages of operating out of your home and be cautious of leasing commercial premises.

Technology has made starting your business much easier than it was 30 years ago. Computer hardware and software can help you run your business more efficiently and save time and money. Accounting software will help you deal with your financials and taxes. Customer Relationship Management software will help to grow your business by helping you to communicate with your customers more effectively.

Learn about off-line and online advertising and how to create your own website that will allow you to sell your products online. Find out how to sell through Amazon, eBay, CraigsList or Etsy. Social media makes it easier for your start-up to inexpensively compete with huge corporations.

Determine how much money you really need to get started. Can your business bootstrap itself once it is up and running? Take a look at how crowdfunding could help you. Learn about cash management and cost control. Find out what to do if your business runs into financial trouble.

Author, Iain Williamson, is an entrepreneur, business consultant and seminar leader. His views have appeared in many newspaper articles. He has also been the guest speaker on a CBC Radio phone-in show on starting a business in a recession. In addition, he has appeared on television shows such as: CBC TV's Venture; TVO's MoneysWorth, and Canada Tonight of BCTV and CHCH Television.

Iain spent five years as a financial analyst and knows what makes business tick. For fourteen years he operated his own businesses in importing, high technology and manufacturing. He is now a small business consultant and also owns a book publishing business. He writes from his personal experience in the trenches, as an entrepreneur and consultant, and shares these insights with you. He holds degrees from the Universities of St. Andrew's in Scotland and Oxford. His book should be at the top of your must read list if you want to start and self-finance your new business and compete in the digital age.

 

 

 

Your Guide to Starting & Self-Financing Your Own Business in Canada: 2017-2018 Edition; by Iain Williamson; 316 pages; softcover; ISBN 978-1-55270-773-9; ISSN 1191-0518; published in July 2017; Canadian $64.95.   

 

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DETAILED CONTENTS

 

CHAPTER 1 - Join the Entrepreneurial Revolution!

The State of Entrepreneurship in Canada

What is a Small Business?

Small Business as a Creator of Jobs

The "Independent Contractor"

What is an Entrepreneur, Anyway?

What is the Canadian Government's Part?

Why do People Become Entrepreneurs?

 

CHAPTER 2 Have You Got What it Takes to Become an Entrepreneur?

What it Takes to Become an Entrepreneur

No Regular Pay Cheque if You Run Your Own Business

Determination and Enthusiasm are the Hallmarks of Successful Entrepreneurs

A Close Regard for Detail

You Need to Be Prepared to Learn New Skills

Be Prepared to Learn from Your Mistakes

Accept Criticism Gracefully

Are You a Risk Taker?

Small Business Failure Rates

 

CHAPTER 3 Where to Find Ideas to Start Your Business

The Internet

Search Engines

Narrow Down the Search

An Example of a Search

What do People Want?

Needs Abound!

Visit Trade Shows

Print-on-Paper Trade Magazines and e-Magazines

Visit Manufacturers' Websites to Get Ideas

Visit Retail Stores and their Websites to Get Ideas

Catalogues

Drop-Ship Arrangements

Hobbies

Foreign Trade Commissioners

Buy on eBay Wholesale and Sell Individually

Store Your Ideas

Negotiating Prices for Resale Items

Selling on a Consignment Basis

Make Sure Manufacturers Can Back You Up

Be Aware that Some Business Activities are Regulated

Pay Attention to Disruptive Technologies!

Just Look Around You!

 

CHAPTER 4 What's Involved in Developing a New Product on Your Own?

Make Your Own Products

How Do You Protect Your Invention?

Patents in Plain Speak

Patents in Canada

What Is a PCT Application?

Copyright

Copyright in Canada

"Fair Use" and "Fair Dealing"

The Significance of Patent or Copyright Protection

Register Trademarks

Create a Working Prototype

 

CHAPTER 5 What's Involved in Selling an Existing Product?

Set Yourself Up as a Manufacturer of an Existing Product

Sell a Domestically Produced Product

Sell Imported Products

Ways to Import Your Goods

NAFTA

Do-it-Yourself Customs Clearance

Customs Brokers

Paying for Imported Goods

 

CHAPTER 6 What's Involved in Starting a Service Business?

Services Can Cover a Wide Spectrum

Selling Real Estate

Bricks-and-Mortar Retail Stores

Restaurants

Financial Services

Computer Repairs, Installation, Web Design

Digital Photography and Film Making

Book and Magazine Publishing

There's More and More

 

CHAPTER 7 Is There a Market for Your Product or Service?

The World's Best Mousetrap

"Gut Feel" Marketing

The Importance of a Market Survey

The Challenge of Market Surveys for New Technology

How to Conduct Your Market Survey

What Should Your Marketing Survey Tell You?

Sources of Marketing and Statistical Information

 

CHAPTER 8 Sources of Marketing and Statistical Information

Online Sources

Traditional Sources

Public Libraries

The Importance of Statistical Marketing Information

Statistics Canada (StatsCan)

U.S. Census Bureau

UK Office for National Statistics (ONS)

Eurostat Yearbook 2016

Ipsos Canada

 

CHAPTER 9 Develop Your Marketing Strategy

Get to Know Your Competition!

Your Marketing Strategy

Methods of Distribution

Pricing

Packaging and Merchandising

Image

Advertising and Lead Generation

Promotion

 

CHAPTER 10 Legal Form of Your Business (so the Government can tax it!)

Choose a Great Name!

The Legal Structure of Your Business is Important

Sole Proprietorships

Partnerships

Limited Liability Partnerships

Tax Aspects of Limited Partnerships

Joint Venture (or Undeclared Partnership)

Incorporated Companies

Professional Corporations

Federally Incorporated Company

Cooperatives

Name Search

Obtain Your Business Number (BN)

The Importance of Structure if You Are Seeking Financing

The Legal Structure for Independent Contractors

Sales Taxes

Corporate Income Tax

Small Business Income Tax Rates

Municipal Taxes

Logo, Business Cards, Letterhead, Legal Documentation, etc.

 

CHAPTER 11 Set Your Objectives

Where Do You Go Now?

Setting Your Strategic Objectives

Are Your Strategic Objectives Realistic?

The Peril of Too Many Objectives

Monitoring and Altering Your Strategic Objectives

 

CHAPTER 12 Operate Your Business From Home or From Commercial Space

Home-based Businesses are a Popular Idea

Home-Based Businesses are Survivors

How Legal is it to Work Out of Your Home or Apartment?

Tax Advantages

Save on Commuting Time

Commercial Space

Bricks-and-Mortar Retail Space

Watch Out for the Lease Renewal Trap!

Locating in a Mall

Find Yourself a Good Lawyer

Warehousing

Bonded Warehousing

 

CHAPTER 13 Choose the Right Computer to Run Your Business

How Computers Can Help You

What to Do Before You Choose the Computer Hardware for Your Business

Find Out the System Requirements for the Software You Wish to Purchase

The Data Storage Devices

Desktop, Laptop, Netbook or Tablet?

Monitors

Dual Monitors

Modems

Communicating with Your Computer

All-in-One Printer-Scanner-Fax Machine

Optical Character Recognition (OCR) Software

Printers

Be Alert to the Cost of Colour Toner Cartridges!

Routers

Wi-Fi

Surge Protection and Power Backup

New or Used?

 

CHAPTER 14 Computer Software to Help You Run Your Business More Efficiently

What is an Operating System?

Device Drivers

The Suites

Adobe Creative Cloud

Microsoft Office

Publishing Software

Spreadsheets

Business Planning Software

Database Software

Time Management

Project Management

Clip Art and Click Art

Presentation Graphics

Voice Over Internet Protocol (VoIP)

Save Money by Staying Behind the Technology Curve!

The Perils of Obsolescence

Total Cost of Ownership

 

CHAPTER 15 Canadian Accounting and Tax Software

A Review of Accounting Software

MyInvoices & Estimates Deluxe

QuickBooks Pro

QuickBooks Self-Employed

QuickBooks Desktop Premier

TurboTax Business

Sage 50 Accounting

Sage One

 

CHAPTER 16 Use Customer Relationship Management to Stay in Touch with Customers and Prospects

Why "CRM"is so Important

Act!

Maximizer CRM 2016

GoldMine CRM

Microsoft Outlook

Microsoft Dynamics

Salesforce.com

Keep Track of Your Mailing Lists and Orders Received

 

CHAPTER 17 Advertising and Promoting Your Business

The "Blur" Between Marketing and Advertising

What Marketing Encompasses

What Advertising Encompasses

The Amount of Money Spent on Advertising

Why Spend the Money?

The Advertising Market is Not Homogeneous

"Hooks" for the Business Market

"Hooks" for the Consumer Market

Testimonials, Endorsements, Logos and Trademarks

Is Your Consumer Audience Made up of Yuppies, Guppies, Boomers or Geners?

Hispanic, French-Speaking and Ethnic Markets

Co-op Advertising

Creating the Message

Try to Be Different

Delivering Your Message

Try to Create a Sense of Urgency

In the Creative Process, Make Sure You Achieve Your Objectives

Selecting Your Media

The "Freebies"

Newspapers: Regional vs. National

Magazines

Trade Journals and Professional Magazines

Magazines from Street Dispensers

Measuring Readership

Positioning and "Out of the Ordinary"

Direct Mail Advertising

Use Direct Mail to Generate Sales Leads

Use Direct Mail to Increase Retail Store Traffic

Use Direct Mail to Raise Money for Charities

Use Direct Mail to Reward Customer Loyalty

Use Direct Mail to Let Customers Try a Product or Service

Direct Mail for One-on-One Advertising and Marketing

Direct Mail Response Can Be Measured

Direct Mail Gets Attention

Cost Effectiveness of Direct Mail in Advertising and Marketing

Discount Rates for Bulk Mailings

Your Internal Mailing List

Direct Mail List Brokers

Get Direct Mail Names from Directories

The Basic Ingredients of the Mailing Piece

Using Your Word Processing Mail Merge Feature

How Long Should Your Letter Be?

Legal Considerations Regarding Copyright

The Best Time to Mail

Unaddressed Bulk Mail

What is Database Marketing?

Ranking Your Customers Using the RFM Method

Advertising in Professional Directories

Advertising in Trade Directories

Billboard Advertising

Transit Advertising

Advertising on Vehicles

In-Store Signage

Exterior Store Signage

Premiums and Incentives

Advertising From the Air

Participating in Trade Shows

Exhibiting in Fairs

Selling at Flea Markets

Crunch the Numbers!

Advertising on Radio

Measuring the Number of Radio Listeners or TV Viewers

The Basics of Telephone Marketing

Preparations for Telemarketing

The Outbound Call Centre

The Importance of Targeting Your Telemarketing

Call Centres are Going Overseas

What Do We Mean by Fax Broadcasting?

Suggestions to Make Your Fax Broadcasting More Successful

How to Fax Broadcast

The Do-Not-Call List

The Concept of Lifetime Value of a Customer

Cost of the Mailing Piece Using Addressed Bulk Mail

Testing Your Mailing Piece

Is There Enough Money to be Made with Direct Mailings?

Analysing Direct Mail Response

Frequency When Using Print and Broadcast Media

The Costs of Broadcast and Print Media Advertising

Comparisons Using Cost Per Thousand

The Role of the Advertising Agent

Advertising Standards

Laws Covering Advertising

Privacy Concerns

Canada's Draconian Anti-Spam Laws are an Advertising and Social Media Killer

Contests

 

CHAPTER 18 How to Create Your Own Business Website

The World is Your Oyster

Register Your Domain Name

It's Easy to Create Your Own Website

Web Hosting

Web Design Software

Include Links to Your Social Media Sites

Support Your Web Advertising with Offline Advertising

 

CHAPTER 19 How to Sell Your Products Online

What is E-Commerce?

Your Shopping Cart

Your Checkout

Your Methods of Receiving Payment

Payment Gateways

Offer Alternative Ways for Your Customers to Order and Pay

International Transactions

Security of Transaction

Fulfilment

Main Types of E-Commerce Software

The Plug-ins

Stand-alone E-commerce Software

Other Shopping Cart Software Programs

 

CHAPTER 20 Sell Through Others: Amazon, eBay, Craigslist, Etsy, Kijiji

Hosted E-commerce Solutions

Kagi

Become an Amazon Merchant!

eBay: The World's Largest Auction

eBay Categories

Prohibited Goods

Types of eBay Auctions

Second Chance Offer

Timing

Open an eBay Store

Requirements to Open an eBay Store

Naming Your eBay Store

Building Your eBay Store

Keep Track of How Your Store is Doing

Where to Learn More About eBay Auctions and eBay Stores

Craigslist

Etsy

Kijiji

Electronic Newspapers

Selling Through Online Video Broadcasters

 

CHAPTER 21 Use Social Media to Grow Your Business

The Huge Surge in the Use of Social Media

How Can You Use Social Media in Your Business?

Caveat: Social Media is "Social" not "Business Media"

Social Media as the Great Equalizer

The Cost

Paid Advertising

Watch Out on Paid Advertising

Don't Treat All Social Media as the Same

Web Blogs

Twitter

Snapchat

Facebook

Google+

YouTube

Instagram

Flickr

Pinterest

Linkedin

Is Social Media Worth The Time?

The Big Shift to Mobile

Don't Forget to Analyse Your Results

Your Social Media Plan

 

CHAPTER 22 How Many Employees Do You Need to Hire?

Human Resources

Determine How Many Employees You Really Need to Hire

Job Descriptions Form the Basis for Job Specifications

It May Sound Crazy but Prepare Your Own Job Description!

Prepare Job Descriptions For All Your Employees

Salaries and Hidden Costs

Canada Payroll Account Number

Payroll Deductions in All Provinces

Private Worker Health Insurance Plans

Minimum Wage

Overtime Pay

Hiring Canadian Workers

Hiring Temporary Foreign Workers (TFW)

Pay Equity

Personal Information Protection

Industrial Accident Prevention Association (IAPA)

Workplace Safety and Insurance

Termination or Severance

Record of Employment (ROE)

The Balancing Act of Paying to Hire the Best Talent

and Trying to Keep Wage Costs as Low as Possible

Third Party Liability

Honesty Bonds or Fidelity Bonds

Intellectual Property and Non-competition Agreements

Employment Contracts

Are Employee Share Ownership Plans a Dream?

Types of ESOPs

Performance Bonuses

Your Human Resource Plan

Subcontracting

Use Family Members Where Possible

 

CHAPTER 23 Identify Your Financial Requirements

What's Your Start-up Going to Cost?

Use Cash Flow Projections to Calculate Your Needs

Will Your Cash Flow be Adequate?

Can Your Business Finance Itself?

The Importance of Knowing What You Need

Observations on Start-up Capital Needs

How Long Will it Take to Arrange Financing?

Costs to Raise External Financing

Do You Have a Contingency Plan?

 

CHAPTER 24 Your Financing Challenge

The Challenge of Self-Financing

Challenges of the Search for Financing

Changing Financing Requirements During Growth

Understatement of the Need for Financing

The Need for Growth Capital

 

CHAPTER 25 Can You Bootstrap from the Get-go to Provide Enough Financing?

How Far Can You Go it Alone?

You're Not Alone!

How Much Money Does it Take to Start?

Can You Supply You Own Capital?

Some Preliminary Considerations

The Personal Financial Statement

What is Bootstrap Financing?

A Question of Comparative Risk

Your Pricing Strategies

Tax Planning

Cash Budgeting

Could Licensing Reduce Your Cash Outlays?

 

CHAPTER 26 Credit Cards, Love Money, Futurpreneur Canada and Crowdfunding

Financing While Working Elsewhere

Credit Cards

Love Money

Futurpreneur Canada

Crowdfunding

What is Crowdfunding?

Crowdfunding by "Micro-Angels"

The Basic Concept Behind the Rewards Model or Perks-Based Crowdfunding

Kickstarter

RocketHub

Pozible

A KickIn Crowd

Going Beyond the Start-up Stage

 

CHAPTER 27 Lines of Credit and Some of the"Barriers" You May Face

What is a Line of Credit?

"Barriers"

 

CHAPTER 28 How to Manage Your Cash and Inventory

Cash Management 101

Accounts Receivable

Credit Ratings

Collecting Monies Due

Overdue Accounts

Set up a System to Control Your Receivables

Accounts Payable

Cash Balances

Inventory Management

Inventory Management for Retailers

How to Manage Your Cash and Inventory

 

CHAPTER 29 Make Sure You Control Your Costs

The Importance of Cost Control

Your Energy Costs

Your Transportation Costs

Your Travel Costs

Your Communication Costs

Your Advertising Costs

Computerization

Factory Automation

3D Printing

Quality Control

Waste Management

Theft and Shrinkage

Your Rental Space Costs

Labour Costs

Subcontracting to Independent Contractors

Outsourcing

 

CHAPTER 30 Self-financing If Your Business Gets into Difficulty

Small Business Failure Rates

If Your Business Gets into Difficulty

Reduce Your Cash Outlays to a Minimum

Layoff Your Staff

Reduce Your Space Requirements

Reduce Your Scale of Operations

Eliminate all Unnecessary Expenses

Stretch Your Accounts Payable

Speed up Your Accounts Receivable

Liquidate Your Inventory

Sell Your Assets

Consider Sale-Leaseback Arrangements

Divestitures

Convert Demand Loans Into Term Debt

Try to Convert Debt to Equity

Arrangements with Your Suppliers

Informal Proposal to Creditors

Formal Proposal

Receivership

Bankruptcy

Changes to the Bankruptcy Act

In the End

 

CHAPTER 31 Plan Your Business and Locate Outside Financing If You Need It

You Have to Prepare Yourself

Ways to Raise Venture Capital

Ways to Raise Debt Financing for Your Business

Ways to Finance Your Business By Giving Up Some of Your Ownership

Government Financing

Export Financing

Further Information

 

 

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