Small Business Month

3 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 W I N N I P E G F R E E P R E S S - T H U R S D A Y , O C T O B E R 2 0 , 2 0 1 6 *Manitoba Hydro is a licensee of the Trademark and Official Mark. Big savings for small business. The Power Smart * Shops Program is here to help your small business save with energy efficient upgrades. Start saving today: • FREE water and energy saving measures installed on the spot; • FREE lighting assessment to identify energy saving opportunities; • Enhanced financial incentives for lighting upgrades. For more information: powersmartforbusiness@hydro.mb.ca 204-360-3676 (Winnipeg) 1-888-624-9376 hydro.mb.ca/psfb EMB 'Starting or Growing a Business?' We Can Help Ad Winnipeg Free Press (Small Business Month feature 2016) Ad size: 6.875" wide x 4.5" deep Entrepreneurship Manitoba offers a range of services, including: embinfo@gov.mb.ca entrepreneurshipmb.ca 1-855-836-7250 Get answers to your business questions. Starting or Growing a Business? We Can Help. • workshops and seminars • financial assistance programs • business counselling Dan Kelly of the Canadian Federation of Business says it takes a great deal of personal commitment to run your own business. Photo by Chris Young / THE CANADIAN PRESS START ME UP Starting a new business can be a rewarding experience By Jennifer McFee for the Free Press I f you're a potential entrepreneur planning to start a new small business, you might want to heed some helpful advice about steps to take — and pitfalls to avoid. Dan Kelly, president of the Canadian Federation of Independent Business, offers some insight into the dos and don'ts of starting your own business. "It's certainly not something for everyone. It can be an incredibly rewarding experience, but it's not without its challenges. Often a business owner starts because they have a great idea or they're particularly good at something, but they may not know much about business," he says. "While they may have a great idea or a great skill, that might not cut it in running your own business. So if you're the kind of person that often struggles to get up in the morning and doesn't like to work a lot of hours, small business ownership might not be for you. It takes a great deal of personal commitment to run your own shop." If you still want to be your own boss, you need to remember that you'll be reliant on your own skills to succeed. However, that doesn't mean that you're all alone. "My biggest piece of advice is to seek out advice and don't try to do it all alone. Mentorship can be of terrific assistance to somebody in their early days," says Kelly, who is originally from Winnipeg. "Sometimes we are a little bit afraid to ask for mentors, but many people are very flattered and very willing to help people who are considering entrepreneurship." And there's no shortage of experts to ask, since there are nearly 3.5 million self-employed people and business owners across the country. In addition to personal mentors, help is also available through organizations such as Futurpreneur Canada (www.futurpreneur.ca), which supports young people who want to start their own business. Another useful resource is My StartUp (www.mystartup.ca), which provides advice to small business owners who are getting started. Entrepreneurship Manitoba (www.entrepreneurshipmanitoba.ca) also offers valuable programs and services for anyone who is just starting out. New business owners will also need to connect with different government agencies throughout the process. The website BizPaL (www.bizpal.ca) provides a good starting point for understanding what types of permits and licences might be needed. Another helpful hint is to keep overhead costs low during the early startup stages. "I would suggest to start modestly. A lot of business owners think they need to have all sorts of legal documentation and corporations right off the hop. My advice is to test out your product, service or idea on as small a scale as possible and then grow along the way," Kelly says. "Don't go out and hire 10 people at the beginning. Make sure that you start to see some revenue coming in before you go too far down that road." In fact, many successful entrepreneurs have made their mark by launching as a home-based business. "That's not possible for every business, but even in retail, you can do that by trying to sell online or market your product from home," Kelly says. "I think a lot of people want to have all the cool toys upfront like a terrific location and shiny merchandise and the best logos. But they can quickly blow their budget and find themselves in deep, deep trouble if the sales don't materialize. There's going to be a few years of very lean income for the business owner while the business gets up and running. Then they can grow their expenses as their revenue grows." ❚ "Sometimes we are a little bit afraid to ask for mentors, but many people are very flattered and very willing to help people who are considering entrepreneurship." - Dan Kelly, president of the Canadian Federation of Independent Business

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