Commercial Investor - Ontario - November 19, 2022

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All businesses take some risks, but taking too many risks or failing to protect yourself does not make

right type of

for

business

cases, the answers to these and other questions about risk is “no”.

and it is best to get advice from an insurance broker or agent who of business. The following are different types of insurance that may apply to your business.

business survive if one of the partners dies or becomes disabled?

hand to deal with any business

and key employees

The loss of a key person can devastate your business and your

livelihood. These types of insurance can help protect your business and your family from potential risks:

in the event that something happens to you. This is especially important in the case of a sole proprietorship, because the owner is personally liable for all the debts of the business.

business out of your home, you will likely need separate contents insurance for your business assets.

your business temporarily due

interruption insurance will cover your loss of earnings until you are back in business.

period of time, if you are unable to work due to an injury or illness.

passes away, partnership insurance will allow you to purchase the shares and continue running the business.

need to insure any vehicles that

personal vehicles for business purposes, be sure to advise your insurance company.

Liability insurance

are diagnosed with a critical illness. rely on certain key people to help run your business, protect yourself against the loss of these key employees.

Speak to your accountant

deductible as business expenses and which ones you will need to pay for yourself as an individual.

Insurance for business property and earnings

You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets. This could include:

insurance will cover the property and buildings owned by your business in the event of destruction or damage assets that you store at your leasing space for your business, the owner of the property probably has property insurance, but you are likely responsible for your own

Mistakes happen. You, your employees, your equipment or your suppliers could be the cause of mistakes that ultimately end up hurting your customers, your employees or other people who are involved with your business. To protect your business from being sued, you should consider these types of insurance to limit your liability:

injury to clients or employees on your premises

protection in the event that your products are defective or cause serious harm to those using them

You have to pay your employees and suppliers, and are essentially stuck covering the costs of goods sold, without the corresponding revenue. Accounts receivable insurance, also known as credit insurance, can help protect you from this risk, when a client goes bankrupt or refuses to pay.

The risks are often greater when dealing with export markets. The government offers export insurance to cover a variety of risks including accounts receivable insurance.

Health insurance

for employees can be a key factor in recruitment and retention of employees. You can talk to an insurance broker or company about group plans covering supplemental health and dental

are sued by a client for errors, omissions or negligence, when performing professional services

event of a lawsuit stemming from an electronic security breach involving compromised personal or

situations relating to the theft of devices containing organizational, client, employee, or similar data.

Accounts receivable insurance

Having a client that does not pay

business. Making sure you have the correct business insurance can provide peace of mind. To discuss your business insurance options, contact an insurance representative for you and your business. You may also wish to contact your local chamber of commerce or industry association, as some organizations offer members lower rates on their business insurance. CI

Source: Canadabusiness.ca

You need to protect your assets and earnings in the event that a disaster or emergency destroys part or all of your business premises and assets.

Make the most of your Windows

BY SARA BEDERMAN

Wonderful windows! Is there anything more welcome in a room? From a designer’s perspective, I doubt it. Windows become the natural focal point of any given space, as the source of light and views.

In fact, when you ask people what they want most in a home, “windows” and “views” will often top the list. It’s easy to understand why. Let’s start

with the obvious. Naturally lit spaces are more functional and “warmer.” Everything looks more vibrant and alive in the light of day. When

you’ve got great windows, rooms appear larger – which bodes well for compact spaces. A window or two completely transforms even a small room. Windows these days come in a wide variety of shapes, sizes and designs. Here are some things to think about to highlight your windows.

Finishing touches

Think of the window trim as the frame containing a beautiful piece

of art. You want something that will complement the view, but also be a feature piece on its own merit. A contemporary trend is painting the trim work in a dark shade of grey or black, as an alternative to the traditional white baseboards, window and door frames. Also, consider your window dressings. Are you leaning toward contemporary shutters or blinds, or a classic curtain? When shopping, consider which type of window covering will best meet your needs for privacy, which will vary depending on whether this is a public versus a private space, like a bedroom or bathroom. Work with a knowledgeable company like Fieldstone Windows & Doors that can educate you on which materials for your window replacements are wood.

Size and shape

As they say, go big or go home. If you’re adding windows, make them as large as allowed by the building code. Alternately, window walls have been trending for some time. This is a great way to maximize your views and natural light, and offer direct access to the outdoors. Ostaco Windows & Doors (ostaco.com) has a wide range of selections to choose from, to suit your home’s existing aesthetic – or to give it a whole new one.

Art and inspiration

If you’re graced with a fabulous view, why not make it something to be seen? Rather than hanging paintings or wall art that will compete with your windows, let the views do all the talking. You

can take cues from those views to make a cohesive, harmonious decor statement. This can mean a marine-inspired colour palette, organic, “woodsy” textures, or an “urban-chic” aesthetic. CI

Sara Bederman, principal designer for Sara Bederman Design. The firm provides residential design services for projects of all sizes. sarabederman.com

As they say, go big or go home. If you’re adding windows, make them as large as allowed by the building code.

First steps to starting a small business

The right attributes, a good idea, a plan to make

– Consider bootstrapping, a way of starting a business without external strategic and focuses on creating

The familiar characteristics of a successful entrepreneur include:

Optimism – Entrepreneurs focus on solutions, not problems.

Passion – The quality that fuels their business and their personal lives.

Persistence – Entrepreneurs keep going in times of adversity and stay focused on the end goal.

Flexibility – The ability to adapt to a changing environment.

Education – Not formal education but a desire to learn and a drive to improve.

Focus – Entrepreneurs focus on the big vision and recognize that short-term wins, although important, must add to long-term success.

Generating a business idea

The next step is to identify a gap in the market that your product or service will exploit. This is easier said than done and can be the toughest part of setting up your own business. To do this, ask yourself these questions: What services or products are missing from the market? Could you invent a new product? What do you dislike about existing products and services? Could you improve them?

Using your own life experiences to inspire your ideas can help you spot business opportunities. This will also make you passionate about your product as you will be

Remember, passion is one of the key characteristics of a successful entrepreneur.

Turning your idea into a strategic plan

amount of new businesses with no business plan fail within the

developing and maps out how you intend to drive your business forward. It should set out your product, your intended market, and your key Financing

capital you need to start up and your day-to-day working capital requirement. It is vital that your assumptions and estimates are accurate and reasonable. Do this and you will be able to foresee any problems and resolve them before they happen. A robust business plan allows you and potential investors to see how your business may perform in the future.

Here are some ways for

– Investigate any government support such as grants or loans.

– Borrow money from a bank or other lender.

– Ask for help from friends or family.

you raise money from external investors in return for a share of your business. These investors will business angels.

Structuring

How you structure your business will

it, and your long-term business goals. It will likely be a sole proprietor, partnership, franchise or corporation.

Before deciding on the structure, answer these

~ Is it important that you limit your personal liability?

~ Does your business need to meet any regulatory requirements that may have a bearing on your business structure?

~ How important are ease and set-up costs? One structure may be easier, quicker and cheaper than another.

~ Do you have an exit plan? If so, consider how the structure choices impact on your plan.

The tax and accounting requirements you have to meet will depend on where you operate. Also depending on where you operate, there may be government tax incentives, so be sure to investigate this. Wherever you are and whatever your business, choosing how to structure your business is an important decision. It is worth seeking professional tax and accounting advice to help you make the right choice.

Becoming a successful entrepreneur isn’t easy. If you have the right entrepreneurial characteristics, the right idea and structure your business the right way, you’ll stand a good chance of succeeding. CI

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