Never settle for the way it has always been done.
Make one of your business and personal goals to stay ahead of new innovations in your industry and more broadly. This could mean embracing new technologies or trying new ideas, particularly from your own pool of talented employees. It also means making sure you have the basic tools to keep your business humming, including the right types and amounts of insurance.
Focus on people, not sales.
It’s tempting when you are a small business owner, particularly a new one, to assume that you must live and die by your profits. In fact, it’s your people and the people who trust your products and/or services that will guide your fate. Invest in getting the right people in the right roles, and then make sure you’re giving them the tools and protections they need to succeed.
One in 10 Canadians wish they worked for a small- or medium-sized business.
Okay, so that number hasn’t been verified, but it is true that nine out of 10 Canadians in the private sector do work for a small- to medium-sized business. Think about that for a moment. It’s truly incredible the impact that small businesses have on our economy.
Invest in your business by investing in your employees.
Making an investment in your people makes them feel valued. It also encourages their loyalty to you and your business. As your business grows, it is important to continue to help your employees grow their own careers along with the business by providing insurance, education and mentorship.
Always look forward
Being a great small business owner means being a great leader, and being a great leader is about being a forward thinker. Be bold! Go beyond proven business and market trends! The best small business owners are pioneers, even in small ways, which means taking chances.
Entrepreneurship is no good-old boys club.
Nearly 85% of Canadian women say they’re interested in starting a business. In fact, about 37 percent of all self-employed Canadians are women, and these female entrepreneurs tend to be younger and more highly educated than their male counterparts. Business ownership is an equal opportunity dream.
Reminder: you’re never in it alone.
Whether you’re a veteran entrepreneur or just getting started on your journey, it’s always good to learn from those who have gone before. Here are seven quick business tips from successful small business owners to help motivate you along your way: 1) build a support network, because you will need help; 2) be hyper-specific with your goals, so you can plan accordingly; 3) delegate whenever you can, it’s more important for you to work on your business than in it; 4) keep your overhead low, invest in your business at every stage; 5) you can’t do everything, find your niche and stick with it; 6) keep your day job longer than you think you should, that extra income will help your fledgling venture; 7) avoid distractions, they’re all around and only help to slow us down.
Five industries dominate the Canadian small business landscape.
More than half of Canadian small businesses are concentrated in five industries: construction (12.3%); retail (12.1%); professional, scientific and technical services (12.1%); health care and social assistance (9.5%); and other services (9.2%). If you have a passion, chances are it fits into one of these markets. Why not give it a go?
Want to start a business? It’s not hard.
According to a 2019 World Bank report, Canada is the third easiest country in the world to start a business in. So if you have an idea for a company, you’re in the right place! Of course, just because it’s easy to get started doesn’t mean it’s easy to sustain a business. Do your homework, make a plan and make sure you’ve got the right insurance to cover you now and in the future.