Small Business BC

There was never a business figure around me. So, I had in mind that applying at a company or working for the public was the only way to go. I always thought of business women and businessmen as strong, powerful individuals. They have to study tax law, municipal licensing requirements, think about insurance and accounting, marketing plans and publicity, etc. These issues put me in confusion!

However, I recently heard that my cousin started her own business. She is 4 years older than me and now she has her own dog grooming shop. To me, she was that strong, powerful businesswoman! She is very kind and loves running her business. She’s one of my role models. I knew that she planned this for a while and she did her research. She’s always busy but she looks happier than ever!

Learning is always interesting. Starting a new experience is a challenging treasure in life and we can have good opportunity to study about starting business at Small Business BC .

There are many seminars, for example“Start Smart- Resources and Registrations”- it covers basic small business start-up information and is designated for the client in the thinking stage of starting a business.

Wednesday, October 6th , 2010-9:00am-12:00pm

Tuesday, October 19th, 2010-5:00pm-8:00pm

Tuesday, November 9th, 2010-1:00pm-4:00pm

Thursday, December 2nd ,2010-9:00pm-12:00pm

Cost: $49.00 plus taxes

In addition, there is “Young Entrepreneurship Day-September”. It is a seminar for those between 18 and 35 and interested in business planning and financing.

To register:  http://www.smallbusinessbc.ca/seminars or visit your local office.

Posted via email from minna's posterous

Coworking: Rethink Office Space

The coworking movement is one that has every one rethink how they work. With technology giving us the ability to work wherever and whenever we want to, it then creates a unique situation where we crave for colleagues and social interactions after being cooped up for a long period of time.

“As working from home becomes more and more common for creative professionals – be they freelancers or otherwise – the need for social interaction in the workplace has become increasingly more apparent. While home offices allow the flexibility to do what you want, when you want, it is important to question how our environment affects both state of mind and productivity.”

“By bringing like-minded folks from diverse professions together into one place, you create a very powerful contingent of brain power.”

Read more about: New Workspace

Posted via email from minna's posterous

How we incorporated our business

Must be something in the air but at least a dozen young entrepreneurs have asked me, “How can I go about incorporating my business?”

It is a wonderful thing for the economy when someone decides to venture into the world of entrepreneurship but it can also be very overwhelming.  Sole proprietorship or corporation?  What name should I use for my business?  What logo? Should I trademark my logo?  Incorporating federally or provincially?   It all becomes very overwhelming but thankfully there are FREE resources available to help answer those questions.

When The Network Hub was conceived, my two partners and I were students, so, there was no way we could afford lawyers to take care of everything. Although, depending on your business, you should DEFINITELY be talking to a startup/business/incorporation lawyer.

Jay, John and I have had experience working together and we previously incorporated for our other company so we were familiar with the process.  To register your business name, you have the option of going in person to Small Business BC or submitting your business name online with BC Registry Services.  Now here is the odd thing, you would think submitting would be a 24/7 service – nope, not with BC Registry Online.  BC Registry Services operates from 6 am to 10 pm Monday-Saturday and from 1 pm to 10 pm on Sundays.

We opted to go in-person because we wanted to incorporate our business name. Now, when your company is incorporated, the name is checked against a list of registered corporations in BC to ensure there are no duplicates.  We wanted to consider all possibilities of our company name submission, so that it would not rejected because that means $49 gone to waste and we would have to resubmit.  With proprietorship or partnership, business names are not protected so you can have multiple companies with the same names. (Note: if you feel overwhelmed already, get yourself a good lawyer to incorporate for you)

Once we got the approval letter mailed back from the BC Registry Services, we went ahead and started the incorporating process.  You have 56 days from when your business name is approved to decide on a business structure, otherwise, you have to submit AGAIN for approval – another $49 dollars.   If you have no idea which business structure is right for you – go to Small Business BC, Google it.,or consult a lawyer.

Here is the excerpt from Small Business BC:

1. Sole proprietorship. If you plan to operate the business on your own, either under a business name or your own name
2. Partnership. If you plan to operate the business with one or more partners
3. Corporation. If you plan to operate the business as a separate legal entity, separate from yourself and your personal assets
4. Society. If you plan to operate a not-for-profit organization, in which any funds or profits will be used only for the society’s purposes
5. Co-operative. If you plan to operate a business that is owned and democratically controlled by the people who use and benefit from your services

A major difference between a corporation and a sole proprietorship or partnership is that, in a corporation, no individual person is responsible or liable for debt (unless specifically outlined in a contract or legal document for your business). Also, if any members of your business leave or are replaced, it won’t affect the business as a whole and operations can continue, uninterrupted.

For us, we chose to incorporate because of liability protection and tax-benefits.   You have two choices when it comes to incorporating:  self-incorporation online at Corporate Online or consult a lawyer.   While we would have loved to have a lawyer to take care of this process for us, it wasn’t possible with all the expenses of starting up a business. So, we decided to register the business ourselves.

With the help of the Incorporation Guide for British Columbia by Self-Counsel Press for $19.95 and about $350 to incorporate online, we were officially incorporated.  Check out Self-Counsel Press for other forms such as Legal Forms for Incorporated Business.

Please note:  This is NOT legal advice. If you require advice, please consult a lawyer!!

Posted via email from minna's posterous

The Power of Emotion

As entrepreneurs, we invest so much time in the product that we forget sometimes successful products make an impact on the heart more so than the mind of consumers.

A feature can always be matched. A claim can always be mimicked. But an emotional sweet spot is something your brand can occupy all by itself.

Read more here: Brands: The Power of Emotion

Posted via email from minna's posterous

Should you have set business hours

When you run a brick and mortar business like a coffee shop or a grocery store, it goes without saying that you likely have set business hours. These hours are typically posted on the door and customers know exactly when they can expect you to be available.

What happens, then, if your business is primarily online or you operate on a “by appointment only” basis? The assumption that many people seem to have about freelancers and other similar professionals is that they are always “on the clock” and, as such, they are always available to be contacted by current and prospective clients.

There are certainly both advantages and disadvantages to setting standard business hours for situations like this. By having set business hours, it is much easier to achieve a healthy life-work balance, because it is much easier to leave work at work and home at home. This balance can be further enhanced by renting office space outside the home, rather than working out of a spare bedroom. To some, set business hours can also help to legitimize your company.

On the flip side, doing away with conventional business hours can also have its perks. One of the more popular reasons why some people choose entrepreneurship in the first place is the ability to have a more flexible work schedule. Set business hours can feel restrictive by comparison.

Having a more open schedule may mean that you may have greater opportunities to capture a potential sale, both at 3am and 3pm. On the other hand, clients may expect near-instant email responses at any hour of the day and they may even call you during what you consider personal time. The lines blur considerably.

In the end, it is largely a personal decision whether or not you should have set business hours. The best way to find out would be to give both configurations a try, seeing which you favor more.

About the author: http://michaelkwan.com" target="_blank">Michael Kwan is a professional freelance writer based out of Vancouver, Canada. He can be found blogging at http://btr.michaelkwan.com" target="_blank">Beyond the Rhetoric.

Posted via email from minna's posterous

Before you launch; things to consider before opening a business

For years I’ve worked with entrepreneurs as they go from bright idea to start-up business. Some people agonize over whether or not to launch. Others become reluctant entrepreneurs by inheriting a business or due to the sudden need for additional income. The decision to open a business can be complex both personally and professionally and for this reason the pre-start-up issues occupy a great deal of time in my introductory workshops. Start by asking yourself some questions. First, why are you starting this business? Is this an outgrowth of another career, do you have the “better mouse trap” the world is waiting for, or are you seeking a new stream of income?

Before opening a business there’s a lot of homework to be done. You need to thoroughly research your industry and your competition. After you launch is the wrong time to find out you don’t know who your target market is. Whether or not you plan to seek outside funding, your financial house should be in order as well. Your business plan should include a realistic view of projected cash flow and you need a good understanding of the responsible use of credit.

Do a personal assessment of your skills and talents. How are you going to fill in the gaps in your skill set? Most successful entrepreneurs have team around them to provide the specialized knowledge and abilities outside their core business talent. You will have to budget for and pay for some of these experts to do things like set-up your books or file your taxes. What’s your business model? Some businesses require you maintain an office, while others can be operated totally online. Are you looking at renting a storefront or will virtual office space be smarter? Location and communication methods are dependent upon knowing your market and how and where they shop.

The self-employed are some of the happiest people around. But like any major life decision you need to think carefully before taking the path of entrepreneurship. Consider how running a business will fit into your life and how you will pay bills during the start-up phase.

About the author: “Karen Southall Watts 

has been training and coaching entrepreneurs for over a decade. She teaches business courses for Bellingham Technical College.”

Posted via email from minna's posterous