As we have experienced a world tragedy over the past year or so due to COVID-19, many businesses have closed their doors or they are struggling to make ends meet. This may intimidate any potential new business owners in the future. I have some suggestions;

• Make sure you are signed up for Self Employment EI, and pay into it yearly. This way you will qualify for EI just like anyone else during difficult times
• Carry business insurance, you may need it if anything goes wrong. I personally would recommend using Zen Insurance. They are affordable, and quick to respond to any inquires, also Canadian owned!
• Become incorporated, this way you have easier access to business financing and/or grants that may become available.
• Make sure you have access to business legal advice, you may need it if anyone attempts to make claims towards you. I recommend using Pre Paid Legal, as it’s very affordable where it’s paid monthly, and convenient.
• Become a member of CFIB (Canadian Federation of Independent Business). They have many resources for all business types, and can advocate for you when needed during difficult times.
• Refer to business coaching professionals online, many of them are available on Facebook. I personally like to follow Ziglar and The Secret, I also follow Happiness In Your Life, Strong Women Quotes, Women Working, Power of Positivity, and Higher Perspective
• Become a member of business Facebook groups, there are other business owners experiencing the same issues that can help you.
• Follow the news and pay attention to what your leaders are saying, as they have programs available to help small business either through grants or federal funding programs.
• Use invoicing software for accounting purposes and convenience for customers to pay you easily via email or your online store.
• Setup a business banking account and ask for a business credit card and line of credit to easily keep track of business expenses and to expand possibilities.
• Make sure you have a Facebook business page, a Google Maps listing, and a Yelp.ca listing which are all free. You can also post 2 free ads on Kijiji.ca to gain some new leads. It works well! If you can pay for Kijiji ads, even better. I would recommend top ads and bump ups, and you can also try Kijiji Admrkt for buy and sell services (online stores)
• Set aside a monthly marketing budget, this is a must. I would recommend a minimum of $150/month expecting to increase it over time to up to $1500/month. Google Adwords, Facebook Ads or Boosts, Kijiji Ads, Microsoft Ads, Facebook Marketplace, and Youtube Ads might work for you. They are all worth a try ! Tracking the leads you get from these marketing avenues is important also via Google Analytics.
• One of the best things you can do is obtain reviews regularity. I would do this through your Google My Business page (ask for reviews and provide customer rewards for it), Facebook Business page, Trustpilot.com, and some of the listing sites such as homestars.com, or trustedpros.com. When obtaining reviews, try to get some video testimonials as well as theses are extrememly effective. Check it out being done here by our long time client James Timleck (The Deck Guys)

All in all, keep an open mind and think outside of the box. If you are worried about any of the above business costs, remember that it is important to spend money in order to make money. It is not possible to run a business effectively without incurring some costs. If you are afraid to spend money, I would re-evaluate becoming a business owner, as the harsh reality is you likely won’t be able to succeed. Overcoming fear is necessary, and you will need to have access to business financing whether it be your own or through the bank to make the larger and necessary purchases.