Small Business Month

2022

Small Business news in Canada

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C M Y K S M A L L B U S I N E S S M O N T H - S U P P L E M E N T T O T H E F R E E P R E S S - S A T U R D A Y , O C T O B E R 1 , 2 0 2 2 4 Apartments, condos, industrial… we're experts in money matters, when money matters. Commercial mortgages, construction financing, term loans, lines of credit, and the advice and guidance you're looking for. We know the market and we're here to support you and help you grow. Finance with ACU and build success. Visit or talk to an ACU Business Account Manager today. 204.949.5882 ACUforbusiness.ca When it comes to business projects, big or small, we do it all. Old Grace Housing Co-operative Le Marché St. Norbert Farmers' Market Hyatt House Winnipeg-South/Outlet Collection Royal Aviation Museum of Western Canada Ronald McDonald House Charities Manitoba May's dream included selling goat milk soaps, deodorants, creams, offering farm tours, and even goat yoga. To reduce the risk in setting up her own small business, May decided to keep her day job and work evenings and weekends until the farm became established. "I designed it and started running it while I was working another full-time job and it slowly became a business over time," May recalls. "Every route to becoming a business is different and there's no right set of conditions or background or even skill sets that are going to assure you success." For May, that process began about 18 years ago and she began working part-time at the farm about 11 years ago, before finally becoming full-time six years ago. She says it was the best approach for her as she juggled finances, the challenges of being a single parent, and various health issues. In the end, she says it was worth the effort – which is something that beginning entrepreneurs need to consider before they begin. "It's really about cross examining yourself really hard," she says. "You need to ask yourself: Is this truly what I feel is the best thing for me to be doing with my life? And, if the answer is yes, then you can proceed to the next stage. You have to do a lot of soul searching before you can answer that question." Chuck Davidson, president and CEO of the Manitoba Chambers of Commerce, recommends that first and foremost, those who are considering setting up a small business should do their homework and develop a business plan before opening the doors. "The plan should outline what it is that you are looking to provide, whether there is a need for it, what your market looks like, what your workforce looks like, and so on. There's a whole bunch of things that you want to take into consideration early because the majority of start- up businesses tend to fail during the first year. It's not easy," he says. Fortunately, Davidson says there are plenty of supports available for these early steps. The World Trade Centre Winnipeg provides hands-on, in-depth advice and guidance while the Women's Enterprise Centre is a resource for women looking to start of expand their businesses. He says they are just a small sampling of the business organizations that can point potential entrepreneurs in the right direction. Davidson adds that potential business owners need to become extremely detailed in their planning since some have good ideas but they are not properly vetted before they begin. It's important to consult with business experts and discuss ideas as consultants will have the experience and connections to help identify and solve problems before they arise. "You have do conduct your due diligence so you know what your markets are going to be, what you are going to need for capital, what your potential workforce looks like – and that's another challenge right now since there's so much competition in the workforce right now," he says. Technology is another consideration since the pandemic demonstrated that having an online presence with the ability to fill orders is a crucial element for many businesses. Davidson says technology should be incorporated into your business plan and it will be beneficial over the longer term, even if it is not immediately required. He added that joining organizations such as a local chamber of commerce also offers networking opportunities and provides an indication that you are taking legitimate steps to build your business. Starting your own small business requires planning, patience and plenty of homework BY PAT REDIGER When Louise May decided she wanted to set up Aurora Farm as a unique, sustainable farm operation near St. Norbert, she knew that she had her work cut out for her. Cleared for Launch Photos by Darcy Finley Aurora Farm started as a part-time business for owner Louise May 18 years ago but has since grown into a full-time enterprise.

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