13 minute read
BUSINESS & INDUSTRY Someday is Today – Start
START THE BUSINESS YOU WANT Someday is Today
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By Brook Thalgott
At some point, most of us have thought about owning our own business. Whether it’s the bar you dreamed up in university, taking Grandma’s best recipe to the masses or elevating a hobby to a hustle, there’s an entrepreneur in a lot of us. So, where do you even begin once you’ve got an inkling for a venture?
The Big Idea
First, examine your idea closely. How will you make money? What resources do you need? What knowledge or skills do you have that will drive the business? These questions will lead you to figuring out your business model. A business model is how a business operates—including what you will do (sell products or offer services), your revenue sources, your customers, and how you will finance its start. Be sure to put it all on paper to make your idea concrete.
on something that already exists or is introducing something totally new to the market, you’ll need to see what’s out there already. The internet makes research easier than ever. And, your local library will also have great resources with books on everything from marketing to management and more.
Identify all your competitors and see where you compare. Identify your customers and drill down how many of them there are, where they are, and how to reach them. Think about the costs to start up, what you will charge to make money, and how much revenue you need to be a viable enterprise.
Do Your Homework
Once you have a draft of your business model, it’s now time to do some research. Whether your business is improving
The Right Plan
Your idea and your research will form your business plan. Business plans are essential to your success. A business plan is the roadmap to how you will get where you want to go. In your plan, you will finalize your idea and your business model, define your customers, develop your marketing and sales strategy, and project your revenue and expenses. Don’t rush this stage—you want to make sure your plan is solid.
There are many business plan templates available for you—the Business Development Bank of Canada and Square One: Saskatchewan's Centre for Entrepreneurship are both excellent resources for developing business plans and getting advice on your idea. Women Entrepreneurs of Saskatchewan (WESK) helps women develop business ideas, and Futurpreneur Canada works with young people with entrepreneurial aspirations.
your business plan to determine if your idea is realistic and has a good chance of success.
Taking the Plunge
Once your business plan is solid, it’s now time to formalize your business. This is the stage where you will want to chat with an accountant and a banker, even if you’re going to be a small operation. It can be as simple as registering yourself as a sole proprietorship and getting a business license for a microbusiness from your home, or it can be more complex with corporations and partnerships. You’ll also need a business bank account and tax number registration. An accountant will help you set up your books to track your revenue and your taxes, and a banker can advise on what banking services you’ll need. If your venture involves incorporating or you have a business partner, you’ll also want to chat with a lawyer to incorporate and to formalize a partnership agreement.
Getting Out There
Once you’ve done your planning and made the decision to move forward, now it’s time to get out in the world and do business. This is where you implement your business plan—in particular, your marketing strategy to your customers and start making sales. Whether your business is you making artisanal goods at your kitchen table, offering consulting services from a home office, starting a restaurant or retail shop, or something even bigger—people need to know
you exist. This is often where fledgling businesses fall down. Marketing you and your venture is necessary. Businesses don’t make it with just a Facebook page and some hope. Be where your customers are with a brand and message that matters to them.
Prepare to Work HARD
Being your own boss can be a rewarding experience in ways more than just money, and the idea of managing your own time and writing your own paycheque is a dream come true. However, you’re going to work harder than you ever have before. Successful entrepreneurs are dedicated, resourceful, creative and motivated. Startup mode is not a nine-to-five, five day a week gig. It’s a hustle every day. Know that upfront and be prepared for the long haul. As they say, Rome wasn’t built in a day—and neither will your business.
With thorough planning, good advice, realistic goals and lots of determination, your venture can become reality.
Local People, Local Advice Accounting is the Language of Business
By Brook Thalgott Photos Images by Jon Gillies
Proudly locally owned and operated, N.M McMahon CPA Professional Corporation is an accounting practice for businesses and individuals throughout the southeast. Headed by Nancy McMahon—an accountant with more than 25 years of experience—the company provides quality, dedicated service to every client they serve.
N.M. McMahon CPA Professional Corporation provides full-service accounting, including AgriStability and AgriInvest, tax planning and consulting, re-organizations, corporate and personal income tax preparation, family trusts, estate work, financial statement preparation, bookkeeping and payroll, and CRA assistance. Nancy and her team work with businesses and personal clients with accounting needs of all types. They manage issues both big and small and enjoy their work with their clients. “We provide personal service that is secondto-none,” says Nancy. “Our clients are more than just numbers and statements to us. We’re proud to serve the community we call home. Our clients are our friends, neighbours and colleagues.”
She also works with the local industries in the southeast—oil & gas and agriculture—making sure they are getting the accounting advice they need. “The practice lets me work with people from all walks of life,” says Nancy. “I get to help people make good decisions about their financial lives, and it’s so rewarding.”
The demand for Nancy’s services has grown since her arrival in Weyburn four years ago, and she has expanded her practice to downtown Regina. Whatever you need for your personal taxes or your business, Nancy and her staff can help. See what Nancy and team at the N.M. McMahon CPA Professional Corporation can do for you by calling 306.842.5344.
L-R Alima Tayyab, Aspen Joa, Nancy McMahon, Jenn Wagner, Nauman Tayyab, Mathew Malaschuk
N.M. McMahon CPA Professional Corporation Services include:
For Businesses: • Bookkeeping • Year-end preparations • Assistance with Canada Revenue Agency • Register for GST, PST and WCB • GST, PST, and WCB filings • Corporate taxes • T5 investment slips • Payroll and remittances • T4 employee slips • Petrinex for oil production accounting • Cortex invoice submissions for oil and gas companies • Open invoice submissions for oil field invoicing • AgriInvest and AgriStability preparation • Trust and Estate planning and tax filings • Assisting Executors • Consulting for business operations • Consulting for corporate structure • Assist businesses with evaluating key performance indicators • Tax planning and estimates • Reorganizations • Amalgamations and windups
For Individuals: • Personal taxes • Consulting for when to incorporate • Business advice for self-employment
N.M. McMahon CPA Professional Corporation 604 Government Road South Weyburn 306.842.5344
2010 11th Avenue, 7th Floor Regina 306.842.5344
BUSINESS SERVICES For All Entrepreneurs
Small business ownership is both exciting and challenging. The staff at Community Futures (CF) Sunrise work with entrepreneurs every day talking about the opportunities and risks as they start and grow their companies. By providing business loans, advisory services and business workshops, CF Sunrise connects entrepreneurs with the resources they need at every stage of business development.
Whether you’re starting a home-based business, thinking about a storefront opportunity, or want to grow your existing company, the friendly and knowledgeable staff at CF Sunrise can assist you along the way with financing options and business resources. Just look at these business-building workshops CF Sunrise has planned for March 2020.
Ron Robichaud Nail the Numbers
Brooke Spagrud Creative-I Marketing & Consulting
Is It Time to Pivot Your Business? Pivot for Profit with Ron Robichaud is a workshop that will help entrepreneurs assess when and how to make critical changes to boost their company’s profit-potential. Don’t miss this highly popular financial learning session.
March 3: Weyburn and Oxbow March 4: Estevan More Info and Tickets: https://cfsunrise.eventbrite.com
Connect with Customers Using Facebook & Instagram In this hands-on workshop, social media strategist, Brooke Spagrud, will help attendees learn how to use Stories, Messenger and Instagram to connect with their customers.
March 10: Moosomin March 17: Weyburn More Info and Tickets: https://cfsunrise.eventbrite.com
We’ve allocated $42,000 to our Community Fund!
Applications are now open!
Weyburn Credit Union is committed to building better, brighter and stronger communities! One of the ways we help build a stronger community is through our Community Fund. Typically, we allocate 1% of the Credit Union’s profits to the WCU Community Fund each year. Community groups and organizations can then apply for funding for projects and initiatives that have a positive impact within our local communities.
Over the past 10 years, the Community Fund has awarded over $375,000 in grants to local community organizations! This year, we are proud to announce an allocation of over $42,000 into the Community Fund.
Visit weyburncu.ca for details on how to apply for a Community Fund Grant; applications are now open! We put people above all.
Whatever your hopes, dreams, needs and wants are—that’s what we put first. Banking is just how we help you make it happen. Like other financial institutions, we are full-service and open to everyone. The difference? Weyburn Credit Union is run on principles. We use our profits for your good - not our pockets.
Celebrating 6 Years
You're an Essential Part of Our Success
Bookkeeping | Payroll Services | Business Planning and Management | Quickbooks Training
Thank you for six wonderful years, and for trusting us with your business. Here’s to many more years working together.
Ardell Small Business Solutions 306.842.2787 ardellbookkeeping@sasktel.net
REGISTRATION IS NOW OPEN! 2020 - 2021 Full Time Programs
Register at www.southeastcollege.org
Call: 1-866-999-7372
$ 191,000 in Southeast College Scholarships and Bursaries awarded to students in 2018-2019
CONTINUING CARE ASSISTANT Whitewood, Weyburn
PRACTICAL NURSING Weyburn
BUSINESS DIPLOMA IN MANAGEMENT Weyburn
WELDING Estevan
OFFICE ADMINISTRATION Moosomin
ELECTRICIAN Moosomin
HAIRSTYLIST Weyburn
HEAVY EQUIPMENT & TRUCK AND TRANSPORT TECHINICIAN Estevan
INDUSTRIAL MECHANIC Estevan
FOOD SERVICES COOK Whitewood
Getting it Done
By Brook Thalgott
It wasn’t that long ago when many of us made some promises about how we were going to make some changes in the coming year. You know what I am talking about—the New Year’s resolution. We all do it at some point, thinking “this year, I am going to do it!” and it could mean anything from eating better to exercising, to getting organized or getting back into a hobby. Whatever it is, you can set a goal and follow through. It’s easy to give up. However, let’s make a resolution not to give up on our resolutions this year!
A dream written down becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action becomes reality.
Setting Yourself Up for Success
1. Write it down and be specific. Putting your goal on paper will help make it concrete and help strengthen your intentions. Make a plan to achieve your goal and keep track in a place outside of your own brain.
2. Make your goal a priority. Set aside time to work on your goal. For example, if getting more exercise is your resolution, plan the time to do it. Be reasonable. You can’t run a marathon in day one. However, you could set aside 20 minutes three days a week to go for a walk at lunch or after supper.
The harder you work for something, the greater you’ll feel when you achieve it.
3. Get some quick wins. Give yourself a way to celebrate milestones on the route to your goal. If your goal is organizing your home, break up the work into smaller, manageable chunks and reward yourself when you complete your tasks. When you’re done tackling a closet, pat yourself on the back with 30 minutes of your favourite show, a mug of hot chocolate or something else you enjoy.
4. Don’t quit after one bad day. We’re all going to slip up along the way—it’s just human nature. The important thing is to not let that derail your goal. If your plan is to eat better but a get-together with friends led to some overindulgence, that’s okay. The important thing is to forgive yourself and get back to it the next day. There’s no one but you judging your journey, so be kind.
5. Check in with yourself. There’s nothing more motivating than seeing how far you have come. Look at your accomplishments along the way and celebrate it.
6. Chart your progress. When you set your goal, think about how you can monitor how you’re doing. Track your quick wins and see how they are leading you to the overall goal. Instead of a to-do list, make yourself an I did it list! Adjust as you go and stay focused on the end.
Should. Would. Could. DID.
7. Believe in yourself. This might be the hardest part of all. We’re often our worst critics and can self-sabotage our efforts. Take it day by day and remember results don’t happen overnight. Don’t give in. Instead, commit to yourself because you are worth it.
