Tag Archives: entrepreneurship

Entrepreneurship, Owning a Business, Starting a Business

Running a Business Is Like Riding a Snowboard

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A couple years ago I tempted fate by tackling my first snowboarding lesson. I was 51. Though my future was in doubt for the entire incident, I survived. Whether from repeatedly landing on my head or from the hot toddies that followed, I felt compelled to apply the lessons of snowboarding to running a business.

  1. A rider becomes one with the snowboard; an owner gets immersed in the business. Neither business nor snowboard will run smoothly until you learn some skills and tune into the conditions. Until you reach that point you might look like a newborn calf – gangly, uncoordinated and off-balance.
  2. Snowboarding and business are both learned by doing. A bit of theory is nice, but the real thrill comes from getting out there and doing it. No amount of theory compares to a real ride down the mountainside or a day of running your own business.
  3. Fitness and flexibility are important. This seemed quite clear as, from a variety of unflattering positions I observed skilled snowboarders flying over jumps and loving the airtime. Ah yes, I thought, I really should have stuck with the cardio program. It’s also easier to withstand the rigors of business ownership when you’re fit.
  4. Dignity may abandon you at times. Why is it that people love to see skiers and aging snowboarders do face-plants? Furthermore, why is there always a crowd handy to cheer when you blow it and land in a heap? One gains a disturbing sense of humility while skidding to a stop on elbows and tailbone at the feet of the entire T-Bar line up. Make a mistake in business and the crowd will probably laugh – you might too once you get over the pain.
  5. Snowboarding and business are risky. Friends and family get concerned and start reciting horrifying statistics of bruises and injuries. Everybody knows someone who has hurt themselves snowboarding or who has lost everything they own in a bankruptcy. Things don’t always turn out the way you plan. In fact, if you don’t land upside down occasionally, perhaps you aren’t trying hard enough. Your survival depends upon your ability to assess and manage risk.
  6. Snowboarding and business are both manageable. The secret to success is to start by learning the basics, like standing upright and controlling your direction. Until I learned to use the edges of my snowboard, I changed direction by landing on various body parts and by careening off trees and unsuspecting skiers. You bump into some of the nicest people on the hill… and in business.

Whatever else can be said, snowboarding and business ownership will both get you outside your comfort zone and present opportunities to learn.

Ready to hit the slopes of business ownership?  Get started on your business plan today. We’ve got free resources and tools to make your business planning fast, easy and fun.

See you on the slopes!

Business Planning, Entrepreneurship, Starting a Business

Ten Ways to Strengthen Your Business Plan

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The most important reason to write a business plan is create a roadmap for the entrepreneur or business owner. A business plan can also be a valuable tool for communicating your business idea to others, for example, to secure financing or attract investors.

Whatever your reasons, any business plan will be stronger by following these basic guidelines.

  1. Anticipate the questions readers will have and answer them in your business plan. They’ll want to know about you, your business, and your industry. They’ll be interested in your financial and employment history. They’ll need to know that you understand your customer, and that you know how to makes sales and serve customers.
  2. Forecast sales a bit lower than you think they will be. Smart business planners will intentionally err on the conservative side, showing viability with as few sales as possible.
  3. Estimate expenses a little higher than you believe they might be. The brutal truth is that contingencies or expense buffers are all too often necessary and get spent once the business is in play.
  4. Remove some of the guesswork from your sales projections by gathering items such as signed contracts, letters of intent or some other form of written confirmation that customers are willing to buy your products or services from your business.
  5. Provide a complete set of clear and realistic financial forecasts, and make sure you know them well enough to discuss them intelligently with your banker or investor. Demonstrate your understanding of how money flows in and out of your business, and convey your knowledge with sales projections, a cash flow forecast, and pro forma income statements and balance sheets.
  6. Be frugal. In your business plan, show readers that you make wise buying decisions and that you are sourcing the best products and materials. If you can get by with an older truck, don’t ask for financing for that shiny new one.
  7. Be realistic and factual throughout your business plan. Nothing undermines your credibility quicker than inaccuracies. Where it makes sense to do so, state where the information comes from.
  8. Communicate various ways that you know your business, including, understanding your customers, having a savvy approach to pricing, and knowing how to make the operation work efficiently.
  9. Your business plan needs to communicate your knowledge of the industry you will operate in. What types of goods are sold? Who are your competitors? What competitive advantage will motivate customers to buy from you?
  10. Somewhere in your plan you’ll want to talk about your qualifications, and share information about any business-relevant assets such as your educational background or work experience.

Everything you do to create a business plan will increase or decrease your confidence in the business idea. As your confidence increases you move toward launching the business; if it decreases, you have more work to do.

For most small business or micro-business ventures, the business plan doesn’t need to convince anyone that you’ll be wealthy or retire early. It has only to demonstrate viability, that is, to show that the business will provide you with enough of a salary to pay your monthly living expenses, and hopefully earn a bit of profit as well.

Ready to write your business plan? Get started with our free business plan template or become a member of the Oasis today!

Market Research, Owning a Business, Starting a Business

Tips for Naming Your Business

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Naming a business can be thrilling and spooky. It’s exciting because naming a business always gives a feeling of getting closer to bringing your fledgling business into the world. But it can also be stressful because the wrong name can cost you.

Today’s environment is such that, even when you do everything right according to the local authorities, you can still be blindsided by a business owner from a far off jurisdiction.

When a local business owner started her housecleaning business a couple of years ago, she did her research, registered her name with the provincial corporate registry, and started building her business. A few months later she was advised by her lawyer that she should stop using her business name because someone else had the trademark pending for all of Canada.

Now, many months later, she has successfully changed her business name, but the cost has been considerable. She has redone her business cards, brochures, vehicle signage, media advertising, and rebuilt her website at naturallyneat.ca.

This situation is not unique. With that in mind, here are a few tips for naming a business.

  1. Search your name ideas using any of the search engines, such as www.google.com or www.bing.com. Too many hits might mean the name is overused. Be sure to try using different search engines, because they don’t all pull up the same information.
  2. Use the built-in search functions at domain registry websites to determine if the domains are available for your preferred business name. A couple of domain search websites are www.godaddy.com and www.hover.com. The search results will tell you whether your name is available in the .com, .net, .org, .biz or .info versions. If your name idea is already taken, some of the registry sites will also list a number of suggestions that are close or related to your name.
  3. Keep the name as brief as possible. Throughout the life of your business, you and others will write, type, think or speak your business name many times. If you wish to inspire others to repeat your business name, make it easy for them to do so. The worst names are those that are difficult to pronounce, or they are so long that you need an acronym to shorten them. Brief is better.
  4. Search copyrights and trademarks to determine if someone has already secured the name. You can either hire a trademark lawyer to do this or you can do it yourself by visiting the appropriate government agency or website. Use a search engine to search using keywords “trademark” and your location (example, “trademark Canada”) to locate the website.
  5. Ask others for feedback on your business name. How does the name fit the business? What do others think of when they hear the name? Does the name sound right for the image you wish to portray?
  6. Once you have chosen your name, register it in the jurisdiction where you intend to operate the business. For example, in British Columbia you will need to register your business with the Corporate Registry.

A great business name will help you avoid costly court disputes or name change exercises, at the same time drawing the right customers to your business. A little due diligence before settling on a business name can save you loads of trouble later. While there are no guarantees, the steps above should help you narrow your focus and choose that magic and hopefully – unique business name.

Are you ready to start your business plan? Get a free business plan template and get started today.

Entrepreneurship, Self-Employment, Starting a Business

Are You Ready to Own a Business?

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While most people like the idea of starting a business, many have no idea what’s really involved, and relatively few will actually take the leap of faith or do what it takes to succeed. It’s not easy to champion a business. It’s challenging to plot your way through the maze, especially if you’ve not done it before. Here are a few questions that will help you navigate the hurdles to opening day.

Are you ready to run a business? For the most part, your business’ success will depend on you. Do you have what it takes to succeed as a business owner? Will the business bring in enough money to support your personal financial needs? Is your family ready to support a crazy, fist-clenching entrepreneur? Are you ready to live with the risk a business will bring? A few moments of reflection will let you know whether you’re on track and what you need to do to prepare to run a business.

Is your business idea feasible? Is your idea really a business or is it just a hobby? Do you see examples of similar businesses in the marketplace? The fact that a business exists or occupies an office doesn’t necessarily mean it’s successful. Business success takes many forms—paying the bills, fair treatment of employees, creating satisfied customers, providing a valuable service to the community, not mucking up the environment, and profitability. Will your business pay you enough to survive and earn a profit? If not, perhaps it’s just a hobby.

Will your concept work in the marketplace? To figure this out you’ll need to develop a business plan, a task best done by the one taking the risk–you. The business planning process will guide you to understand the industry you’re getting into, to clarify which products and services you will offer, to be an authority on your customer’s needs and wants, and to determine whether you’ve got the right attitude and experience to run the business. While it may seem like a lot of work, a business plan is a great way to prepare for the rigors of business and it will definitely save you from making a lot of costly mistakes.

Will your business make money? As you learn about your business, you’ll gather the information needed to forecast your sales and expenses. A necessary part of proving your business case is determining whether or not the business will earn a profit. A sound financial plan should include a sales forecast, a cash flow forecast, and a pro forma (future) income statement. The sales projection tells you how much revenue you can expect. A cash flow forecast clarifies what your expenses will be and whether you need a loan, while the income statement tells if the business will be profitable.

While many people dream of owning a business, only a few are really prepared to jump in. One of the biggest benefits of owning a business is the joy of working at something you love to do. At the end of the day, when the dust settles and all the numbers are in, the most important business question we all need to answer is, “Do you enjoy what you’re doing each day?” If you can answer yes to that question, you’re well ahead of the game. It’s necessary to pay the bills and it’s grand to earn profits, but if you don’t enjoy what you do each day, is it really worth it?

Ready to unleash the small business within you?