qprev_HBB Manual 2.qxd - Small Business BC

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Just two examples illustrate the kinds ofdevelopments that new business people will wantto be informed about: revisions to tradeagreements among the United States, Canada andMexico; and the impact of the decisionsnegotiated among member states of the WorldTrade Organization. Decisions made at theselevels might not seem like they have an effect onhome-based business, but they do. The globaleconomic picture may not seem relevant to mostnew home-based businesses, but it is. Suchevents influence many things that in turninfluence you – interest rates, to name just one.Researching the ‘world’ of business at that globallevel may be a lower priority for most homebasedbusiness start-ups than more immediatequestions of business planning. However, oncethe business is established, you should spendsome management time on current economicaffairs.Explore Global MarketsGlobal economic trends is also important formany home-based businesses because futuregrowth may depend on an export market. Forspecialized products and services, a Canadianmarket may just be too small. Export sales, ofservices as well as products, are expected tocontinue their increase in importance to Canadianbusinesses, including small and home-basedoperations.Exploring international markets is particularlyuseful for home-based businesses which sellproducts and services for which there is only asmall local market. The world is a big place.Reaching beyond your own backyard can behighly profitable if you can handle successfullythe corresponding increase in production.Consider these ways of achieving increasedmarket penetration:Home business owners can be reluctant to seekout export markets and international buyers. Thisis understandable: foreign languages, culturaldifferences, tariff barriers, slow communications,and other hindrances created real and perceptualhindrances to international trade. But in the lastdecade, the proliferation of English, theemergence of cheap telecommunicationstechnology and the spread of free trade practiceshave opened overseas markets to small business.Some ways to take advantage of this are:• Register with a database A variety ofCanadian and overseas databases now listcompanies that are looking for new markets orwhich are seeking suppliers for foreignmarkets. The World Information Network forExports (WINS) is one example.• Use expert assistance All large cities inCanada have International Trade Centresfunded by the federal government. Some citieseven have embassy branches with tradeofficers. Similarly, a wide range of training,counselling and mentoring programs areavailable to provide help.• Attend tradeshows International trade showsare held periodically both in Canada andabroad. These present current information,expose you to any competition, and offer costeffectivenetworking opportunities.• Seek financial aid Both federal and provincialgovernments offer business loan programs orother forms of funding mechanisms to assistbusinesses to enter the export market.• Take a course Several excellent andinexpensive training programs are offered fornew exporters to learn the ropes, gain adviceand avoid pitfalls. Some are available inperson,others on-line or via software disc.98solutions for small business home-based business
Where to find help with exportingWIN ExportsA computerized database of Canadian exporters.Registering your company opens doors to foreignmarkets and online bulletin board. Contactnearest ITC office for registration form.Export Development Corporation (EDC)A variety of financial and risk managementservices to help Canadians competeinternationally. 604-664-5828http://www.northstar.caTake a World View...Export Your ServicesInteractive software to develop your own exportplan for services industries. 819-956-4800Market Intelligence Service (MIS)An information request service to assistbusinesses access importing and exporting dataand reports. 1-800-328-6189New Export to Border States (NEBS)A brief inexpensive training course showingCanadian companies how to begin selling in theUSA. Includes tours and networking. Contactlocal ITC.New Exporters Training and CounsellingProgram (NEXPRO) A mentoring program tohelp businesses develop export potential. Contactnearest BD<strong>BC</strong> office.Exporter’s Guide A publication that outlinesoptions for financial transactions abroad.1-800-267-8376Program of Export Market Development(PEMD)A variety of financial assistance vehiclesfor small export-ready companies to aidexpansion. 1-800- 267-8376.Automated Customs Information ServiceRecorded 24-hour messages on regulations andother topics. Personal help available duringbusiness hours. 1-800-461-9999Alliance of Manufacturers andExportersCanada Non-partisan organization promotingworld trade. 416-798-8000Expand E-Commerce CapabilityWhile technology has already become a crucialpart of the operation of most small businesses,it’s significance can only increase in comingyears. Every home-based business ownernot only needs to use the new technologiesefficiently, but also to develop ways to usetechnology effectively to develop the company’spotential as an e-commerce enterprise. You don’tneed to be a technical wizard. This is simplyanother aspect of developing winning strategiesfor business success.“In the 21st century, the Internet is going to beas important a business tool as the cash registerand the telephone have been during the 20thcentury.”Task Force on Electronic Commerce,Industry CanadaYet e-commerce is a double-edged sword formost small business owners. It can accelerategrowth by speeding up the processes ofconducting business, but at the same time itmultiplies the difficulties of managing thatgrowth effectively to avoid becoming overextended.Without the deep pockets of largercorporations, small business cannot afford toexperiment with technology. This means theysolutions for small business home-based business 99
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This document has been developed fo
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List of AppendicesAppendix AList of
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There’s truly no place like home
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People have all sorts of good reaso
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Make an Inventory of ResourcesAvail
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Find Out if You are Permittedto Ope
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2What Will You Sell?Davey Mountainv
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Some work-at-home schemes are legit
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• Cleaner to use• Quieter to ru
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Exploring the merits of several ide
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Buy a Business - Advantages• You
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Get Off to a Good StartA “researc
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Licenses and PermitsOperating any b
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Sole ProprietorshipThis structure i
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Once your business starts to succes
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The four-part framework for a busin
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• Industry future (the view from
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3How Will You ReachBuyers?Fabulous
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This framework stresses that a succ
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uy for them, such as parents for ba
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• What might make you more likely
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Select Methods of Direct SalesPerso
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esearch will help you identify even
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Determine Price StructurePrice is a
Page 55 and 56: (Variable cost per unit x Volume)+
Page 57 and 58: with a week to ten days between eac
Page 59 and 60: service information. Such newslette
Page 61 and 62: Guarantees spell out what you promi
Page 63 and 64: Organize Physical SpaceWhy is Locat
Page 65 and 66: What About Premises and Facilities?
Page 67 and 68: Basic office equipment list• stap
Page 69 and 70: People with experience in small bus
Page 71 and 72: • Travel• Filing Systems• Equ
Page 73 and 74: help. Two methods of keeping record
Page 75 and 76: payment (usually a minimum of three
Page 77 and 78: 5Will You Make Money?Custom Busines
Page 79 and 80: elatives and friends, who as a grou
Page 81 and 82: interest rates or rental charges fo
Page 83 and 84: Feel and Look ConfidentA lender loo
Page 85 and 86: • Estimates of market share of yo
Page 87 and 88: home-based business. This loss of p
Page 89 and 90: costs of all such benefits appear i
Page 91 and 92: flow. If the flow goes the other wa
Page 93 and 94: NET WORTH: The balancing mechanismb
Page 95 and 96: Personal StylePersonal style is the
Page 97 and 98: Keys to managing these relationship
Page 99 and 100: You may, however, choose to registe
Page 101 and 102: Recruit VolunteersDrawing on the vo
Page 103 and 104: • Strategic alliancesAnother name
Page 105: Future-gazing can never be accurate
Page 109 and 110: production machinery and transporta
Page 111 and 112: Plan for changeAn “ideal solution
Page 113 and 114: 7ConclusionFirst StepsThe previous
Page 115 and 116: • Do accountants and bookkeepers
Page 117 and 118: Western Economic Diversification:Sm
Page 119 and 120: Marketing: All the things involved
Page 121 and 122: • Canadian Internet Business Dire
Page 123 and 124: Communication CanadaCanadian Govern
Page 125 and 126: Glass blowing and design, retail an
Page 127 and 128: 14. I find unexpected situations st
Page 129 and 130: Stability• Is my home-life financ
Page 131 and 132: Appendix HFiling System CategoriesU
Page 133 and 134: Appendix IPrimary Market Research T
Page 135 and 136: ProsConsMentor (experiencedbusiness
Page 137 and 138: Appendix KSample Cash FLow Statemen
Page 139 and 140: Appendix MRegistering a Company Nam
Page 141: solutions for smallbusinessThis pub
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