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Archive for Entrepreneurial Lifestyle

Does Your Business Know That It’s Autumn?

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Thursday, September 3rd, 2015

autumn tasks  Where did it go? Summer has passed in a flash and most of us are scurrying to get ready for fall when we haven’t even adjusted to the warmer temperatures yet. You, as a small business owner, feel it and your customers feel it too.

Remember, the weather will not be summer like for long. Running your business from home requires that you have access to everything that a brick and mortar business has and if you live in a part of the country where it storms or snows often, you have to ensure that the weather won’t affect your ability to run your business successfully.

How would you, personally, as well as your business, fare, during a loss of power or a shutdown of certain streets or neighbourhoods in your city? September is the best time to make your list of absolute necessities and make sure they are in place well before the weather turns. This is also the best time of year to review your insurance coverage. Find out if your policy covers your needs adequately.

Other than emergencies, what else should you be thinking about in order to prepare your business for the fall and winter? After September and before May, there are at least five holidays that your business should be planning for. Now is the time to look at offers for your best customers as well as new marketing plans to draw in new customers. Recessions aside, there will always be services and products that your customers need. Put your best efforts into drawing attention to those.

When it comes to new products, think of what your business can provide that will interest hobby enthusiasts. Hobbies and crafts are of huge interest now and almost any business can come up with something that will interest those who love the indoors or the outdoors over the next six or seven months.

Autumn means a fresh start for many businesses, more so than the beginning of the new year and spring. It harks back to the days when we all started school with fresh notebooks and new clothes.

Going over your business in the fall and preparing for the months ahead is an annual task that small business owners should do and get out of the way so they have the time to enjoy their winter months and not have to worry about finances, the state of their business and organization at a time when they have so much else to do.

Preparing ahead of time for the busy periods and the slower ones will ensure that your business maintains its success.

© Chris Draper, DemGen Inc. 2015

image courtesy of theweathernetwork

 

Categories : Entrepreneurial Lifestyle, Small Business, Time Management
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How to Recession Proof Your Small Business

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Thursday, August 13th, 2015

recession proof

With rumblings in the news of another recession on the way and politicians advising us to tighten our belts, how can we, as small business owners, ensure our business will make it through the next recession successfully.

In Canada especially, the GDP is falling along with the dollar, China is purposely weakening their yuan, oil prices have dropped worldwide and the US is headed into a recession for the second time, which never bodes well for a world where many commodities are based on the US dollar.

What can a small business owner do when all of these different factors are affecting their business?

Even in a bad market, consumers still need necessities and while their idea of luxuries may downgrade, those little luxuries will still be important to them. Focusing on the items you sell which aren’t expensive but are still thought of as unnecessary is an option in this case. There are services which are always needed and if your business is at all maintenance related or health related, it may still sail through the hard times if you’re careful.

This is the time to offer discounts. If there are any prices you can cut, do it now and not only will your most loyal customers stay with you, you may bring in new customers that have jumped to you from a more expensive competitor. Realizing ahead of time that there will be less purchases over all by consumers will help you adjust your selling and marketing strategy instead of being surprised when you find that your profits are dropping.

Now is the time to cut back on your spending. If you carry an inventory, don’t keep anything extra in stock. If you don’t absolutely need it, don’t buy it. Look for ways to diversify your business if possible. Focus on what you do best and which services and products you provide which are the most popular.

Keeping in close touch with your customers at this time is the best thing you can do. Ask them what they need and want the most and then provide it, at a low price if you’re able. A small business that is well taken care of can vastly out perform a large corporation during a recession. Customers tend to shop closer to home and keep their money in their own area rather than give it to an unknown company.

© Chris Draper, DemGen Inc. 2015

image courtesy of maneobjective

 

Categories : Entrepreneurial Lifestyle, Small Business
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When Your Business Gives You the Blues

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Thursday, July 9th, 2015

blues business “I ain’t had nothin’ but bad news
Now I got the crazy blues”

Sound familiar? The lyrics are actually from an old blues song called Crazy Blues by Mamie Smith but at any time they can also describe hundreds of small business owners who see nothing but difficulties ahead.

Feeling down over your business is a normal reaction for long term business owners. The daily routines begin to get boring and it isn’t unusual to lose your inspiration. The usual cause for this is not daring to try new things, fear of what the future may bring or just a lack of positivity.

Identifying the cause of your feelings is the first thing you should do. Is your business really doing that badly? Are there ways you could begin to change this today? If there are, take just one step. Then take another tomorrow. Small steps on a regular basis can bring things back in line more quickly and propel you further ahead than tackling a huge project that you might give up on or find is too much work.

Self doubt can be exhausting and a major cause of depression. The challenges of attempting to come up with new ideas on a regular basis are difficult without new input, either from talking to other business owners or possibly from taking up new hobbies. Even a change in routine and schedule can make a huge difference in the energy you have available for your business.

Entrepreneurs are known for their desire or insistence on perfection. We’ve been led to believe through numerous television shows and commercials that we can all have that perfect lifestyle if only we do this or that, own this or that, wear this or that, and so on. This illusion is one that several companies and manufacturers of various products are trying to break and the sooner small business owners join them, the better. Perfection is rather boring and leaves nothing interesting to the imagination. It also doesn’t appeal to a lot of your customers who are looking for the unique and different. Keeping that in mind, you may be motivated to try new things that are in line with your products and think up services that are difficult to find.

Learning to appreciate our own qualities can help us achieve greater success as business owners. Rather than trying to be like everyone else, decide what it is that you bring to the table. What do you have that no one else has? What can you provide better than anyone else? This can help you through any difficulties that arise with your business. Focusing on the needs of others is a great way to keep your mind from concentrating only on the worst fears.

© Chris Draper, DemGen Inc. 2015

image courtesy of allmusic

 

Categories : Entrepreneurial Lifestyle, Motivation, Small Business
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The Unimportance of Busyness

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Wednesday, July 1st, 2015

socrates

I have a friend, we’ll call her Ann, who has run a small business for a number of years and is always busy. Ann doesn’t live in the same area as I do, so phone calls are rare, almost as rare as emails. Though she always has her smartphone with her, she can never be reached. Her excuse? She’s busy.

While I will admit, she does have a lot of responsibility, her one and only child is now grown and has left home. I’m not sure what is still keeping her so busy, as almost everyone else she knows has also reared a number of children while working and maintaining a home. I think she actually enjoys the fact that she is seen as busy. It is a status thing for her. Yet, doesn’t she realize that there are so many more things that are so much more important than being busy or seen as busy?

Ann’s main problem revolves around several things. Even though she is seen as busy, she is actually unable to stop doing ‘things’. These tend to be unimportant time wasters but they keep her on the move and allow her to think she’s being proactive and productive, two of the most annoying words around when it comes to business lingo. If your business is doing even half decently, it’s obvious you’re productive and you had to be proactive to get it up and running.

She also doesn’t realize there is help available for outstanding business issues. While she’s been scurrying around doing other tasks, some of the most important have been left aside, either because she doesn’t want to tackle them or she’s unable to. Hiring a virtual team would be one of the smartest and most time saving moves she could make, saving her a lot of worry over jobs that may just end up incomplete if she continues to ignore them.

Ann also isn’t happy. The confusion over what is important and what isn’t, has left her unable to deal with the disorganization that her life has become. Simplifying her tasks and concentrating on the most important, would take away the constant feeling of distraction that has become the norm for her. She’s no longer able to relax and appreciate her time off because she feels she should be doing something. Though Ann feels like she’s overextended, she actually has lots of free time and would have more if she were to set priorities, realize she doesn’t have a lot of commitments and change her way of looking at her life.

Those of us who put a value on ourselves only by how busy we are, tend to have insecurities and worries that maybe we aren’t as important as we think we are. Success has little to do with busyness and much, much more to do with how we spend our time and our ability to be responsible for ourselves. The only approval we need is our own and having free time is actually a signal to ourselves and others that we have our lives in order.

© Chris Draper, DemGen Inc. 2015

Categories : Entrepreneurial Lifestyle, Small Business, Work/Life Balance
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4 Reasons Why You Can’t (Won’t) Give Up Your Business

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Thursday, June 25th, 2015

not  We all have reasons for the things we do that we don’t tell others. Even if they think they have us figured out, they don’t know our deepest fears or wishes. Small business owners are no different. They each have their own reasons for working for themselves and though they may tell you some of them, they will never tell you all of them. They also won’t tell you, no matter how bad things may be with their business, why they can’t or won’t stop and get a “real” job.

Seriously independent. Always ready to strike out on their own, business owners as children and teenagers tended to do things a little differently than others. Never those to follow the crowd, their behaviour could have been seen as audacious or downright dangerous. As adults, this sense of independence has never left them and working for someone else just isn’t in the picture.

Lifelong learners. The cubicle life is boring and rarely allows employees to grow or learn on their own. There is always a map to be followed and business owners like to draw their own maps, not follow those of others. Creative and deep thinking, they know there is a way out of whatever problems they’ve encountered and one way or another, they will figure it out. Don’t tell them they can’t.

Quietly competitive. Never obvious in their desire to stay a step ahead of everyone else, business owners feel that giving up is not just a matter of pride, it’s a huge loss that puts them behind everyone else. Whether you realize it or not, they all think that working for themselves obviously makes them just that little bit more intelligent than those who do the 9 to 5 everyday. Their success is extremely important to them.

In charge. Entrepreneurs are exactly the opposite of those who would join the army. They refuse to be told what to do and follow their own orders. Each day can be different and bring excitement which they wouldn’t find in an office or elsewhere. They organize their own time, their own work and their own lives and wouldn’t have it any differently.

Working for yourself may be a long held ambition or it can be something that you ease into gradually as you find it suits your personality. The reasons for not giving up can be as varied as the personalities involved. Each of us knows what suits us and why we can’t and won’t give up.

© Chris Draper, DemGen Inc. 2015

image courtesy of favim

 

Categories : Entrepreneurial Lifestyle, Small Business
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The Ever-changing Traits of the Entrepreneur

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Wednesday, June 17th, 2015

new entrepreneur     Do any of these describe you? Rigid thinker, overly sensitive, overly confident. Have you no interest in learning new things and are you impatient and tend to give up easily?

The answer to your business problems most likely revolves around your personality and your attitudes, chosen or not. In a business world where changes are constant, the traits most needed to succeed as an entrepreneur have also stepped up a notch.

Never one to be afraid of competition, you now have the international community to think about when you are updating services. While past entrepreneurs were told to rely on themselves but also to take the opinions of others into consideration, those outside ideas may just be the ticket to innovation now and what turns around the momentum of your business growth.

Do you come across as a hustler? The persona that you show the world may just need to be turned down a little now, otherwise you may come across as someone who is trying to scam others. The risks that were once a given as a business owner, now should be a little less risky, and the expenses just a little bit less. Frugal business is the newest way to compete and succeed. While your customers still expect you to be confident in yourself and what you offer, you had better be able to back up every word since now they are comparing your products to a multitude of others that are available.

The new entrepreneur needs to be flexible in how they run their business and what they offer their customers. Resilience is more important than ever and many small business owners realize this as they take courses in their spare time and prepare for other opportunities. Their vision isn’t as one sided as it was at one time and their sense of self has expanded to include seeing themselves wearing many hats. The flexibility that has always been so important has grown to include other ideas of how to run their business and when to decide this is no longer what they wish to do.

The patience and goal oriented way they have lived has paid off, in that they now know there are many ways to run a successful business and that what once worked has changed tremendously. The successful entrepreneur does not get frustrated easily and they don’t make a big deal of the little things, for there will be many little things. Their business manner has relaxed into a more personable way of dealing with the public – one on one, rather than just business owner to consumer.

As a long time business owner, you realize that self-discipline has always been an important part of your life, within your business and also outside of it. You know that to stay grounded, living in the present is the most important thing you can do and being realistic is one trait you have always possessed. The business world may be changing and some of the traits needed to survive may also be changing but knowing within yourself what you, personally, need to run your business successfully, is the most important trait you may ever rely on.

© Chris Draper, DemGen Inc. 2015

image courtesy of globalcouture

Categories : Entrepreneurial Lifestyle, Small Business
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A Flexible Business

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Wednesday, June 3rd, 2015

flex  INFLEXIBLE

rigidly firm in will or purpose : unyielding

not readily bent : lacking or deficient in suppleness

incapable of change : unalterable

Small businesses are caught up in the ever changing trends and economies that now make up our world. Quite often, business owners will need to respond quickly to changes in their market if they want to keep up and compete with others.

Becoming flexible in your way of doing business has become a necessity. Can you offer your clients choices, based on their needs and preferences? We all like having options and your customers will want to deal with someone who thinks quickly and can tailor a product or service to their needs.

Figure out what works best for you. Try a variety of marketing options and communications. What may work best for a fellow business owner, may not be what works for you. When you feel comfortable with what you’re doing, you will be more likely to see your customer’s viewpoint when it applies to them. Never forget that you have an unknown number of competitors out there and if you are unable to offer choices or refuse to offer choices, there is always someone who will. Most people are still looking for good quality and though they may also want a bargain, the majority are willing to pay that little bit extra to have you provide exactly what they need.

Niche markets in particular have to pay attention to what they are offering. Though your market may be smaller and the variety of products or services also less, this doesn’t mean that the less you offer, the more customers you will have. Balancing quality, selection and options will mean more success for your business.

Challenges will always be part of running your business. Flexibility in the way you run yours can help you weather almost any storm, especially in the present economy. Keep an eye on market demands and if you need to shift your focus to another area of service, be willing and able to do it. Adaptation and flexibility go hand in hand. It has always been those who are willing to adapt who survive.

Just as when you started your business and felt you could do anything, your attitude will help. Listen to what your market wants and needs, their suggestions for possible changes. Realize that you are totally capable of changing, as much as you may resist it. Change can be enjoyable and a breath of fresh air that keeps you interested in what you’re doing. It also can be just what your business needs for continued success.

© Chris Draper, DemGen Inc. 2015

Categories : Entrepreneurial Lifestyle, Small Business
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Reach Your Business Potential

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Wednesday, May 27th, 2015

potential

Successful momentum in any part of your life depends on your mindset. It relies on your ability to not replicate former actions but choose to do things differently. The result is based on learning from your mistakes and deciding to do things in a new way so your business can continue to grow and reach its potential.

Learn to look at your product from your customer’s perspective. Knowing your customers will help this immensely but you are trying to extend your business reach, so this is the time to look at every aspect of how your product could be what people need. See what else is out there. Many of us live in our own little bubble and don’t take the time to really look around to see what’s available that could be our competition.

Have you updated your website and marketing products lately? Email marketing, social media and other advertising methods should all be looked at closely every six months. What can you add to your information that will draw in new customers and what is out there that isn’t needed? If you are seeking to expand your age demographics, what is it about your services that could appeal to a broader audience? Many niche business owners don’t realize that their products can be appealing to a wide group of ages with just a little tweaking. Don’t forget to be visual. Your customers like to see pictures of what you offer.

Sometimes, to get your business moving again, going international is the answer. While this can come with its own group of concerns, such as various taxes, it can also be the answer to a flagging business and a business owner’s growing lack of interest in their products. Most of the world’s consumers now live outside of North America and neglecting to take your market to where it’s needed is one of the worst faults of small business owners everywhere. Again, there will be obstacles to overcome, such as language barriers but the difference it can make for your business is worth it.

Timing the growth of your business is important. There comes a time when your business may outgrow you and once you reach that stage, you’ll need help. If maintaining a one person business is important to you, this is where you’ll have to make the big decisions. Take on an assistant and continue with the growth you worked so hard for or scale back/maintain the status quo.

Either way, you have to realize your own potential, whether it be as a small business, run just by you or a slightly larger small business, that lets you take advantage of all of the available opportunities. Trust your instincts, realize the possibilities for your own personal growth and give yourself the gift of reaching your highest potential.

© Chris Draper, DemGen Inc. 2015

image courtesy of islandmix

Categories : Entrepreneurial Lifestyle, Small Business
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It’s Fun to Own a Business

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Wednesday, May 13th, 2015

funOwning your own business provides a livelihood, financial security and the opportunity to increase your knowledge as well as meet people outside of your regular sphere. But many business owners don’t take into consideration the face that it should also be enjoyable. Running a business was a choice you made and part of that choice should have revolved around how much better you knew you would feel by owning your own business rather than working in someone else’s business.

Shortly after starting your business, you realize the feeling of freedom that has come over you. With all of the responsibilities business ownership entails, it’s still done mostly on your terms. You decide when to start every day (or night), the dress code is all yours, and more than anything else, the ideas are all yours, completely yours.

You have hit upon the only complete way to be happy at what you do. Creating is a major part of business ownership and having the ability to take your ideas and then morph them into something completely new and different never feels like work. Entrepreneurs realize that the best type of competition is with themselves, not others and they constantly try to dream up a bigger and better idea than the last successful idea.

Every minute of every workday can involve activities that you enjoy. If there’s certain parts of your business that you find you avoid, either hire a virtual assistant or fix the ways these activities are done. You don’t have to follow anyone else’s rules. As long as you complete the necessary tasks and your business is moving forward, do it your way.

Many new business owners love the idea of creating their own “corporate culture”. They define the best environment for themselves, one that results in excellence. They learn that yes, they really can be a leader instead of a follower and the resulting confidence pushes them to go further.

As a business owner, there is no such thing as climbing a ladder and only going so far. The sky is the limit and it’s up to you. It’s much like being a child again, where your imagination pays off big time. You aren’t concerned or kept back by the social values of others, except where it pertains to good business practises. Your ideas can result in innovative products that are needed by your customers and you choose who to work with or not work with.

Running your own business will be one of the most challenging and also the healthiest things you ever do. Flexibility results in a more tranquil way of life and gives business owners the space to branch out and make a difference in their community through their original ideas. Don’t forget that when you made the choice to run your own business you also made a choice to enjoy it.

© Chris Draper, DemGen Inc. 2015

image courtesy of abd

Categories : Entrepreneurial Lifestyle, Small Business
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When Small Business Owners Retire

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Tuesday, March 31st, 2015

retiring  Most business owners state they have no plans on retiring anytime soon, according to recent surveys. Though they may be close to retirement age or past, they still want to work at their businesses until at least 70.

While this may surprise many of us who work at a regular 9 to 5 job, for those who own their own business, this is exactly why they started working for themselves. They are their own boss, they decide what goes and how many hours they work. But they were also among the first to realize that retirement in their sixties wasn’t realistic. They didn’t want to rely on what money they had put away or be forced to depend upon a pension. Having a steady stream of income that they were responsible for was the only way to go.

But how does a small business owner plan for the day when they do finally retire?

Most small businesses that are run by a sole proprietor, usually from their homes, will not fund retirement, if sold. Paying into CPP may also not be an option that is worthwhile. As a small business owner, you are usually better off saving for retirement through a TFSA or an RRSP if you feel you will benefit from it. Many small business owners have a savings account with high interest that is used only for saving for that day when they will take down their shingle and finally stop working.

For many others, full time retirement is not an option, either because of financial need or due to the willingness to always be involved in something of interest and what is more fulfilling and interesting  than in your own business? We now know that maintaining our interests and occupying ourselves with useful hobbies and/or work is the secret to a healthy lifestyle as we age. The best choice is to semi-retire and at the same time, save for the time when we are no longer able or willing to keep working.

Business owners are used to compromising and this will be useful when it comes to your retirement plans. Don’t put all of your eggs in one basket and don’t rely on being able to work as long as you’d like to. Start streamlining your business and making plans to simplify it in order to keep it going as long as possible. Cut down on as many overhead expenses as you can and downsize as much as possible.

The cost of living is rising in Canada and as a small business owner, you have the tools to plan for your future, whether it be ultra comfortable or rather frugal. Lack of money shouldn’t mean you can’t enjoy your retirement years. There are resources available which are specifically aimed at small business owners such as The Canadian Small Business Owner’s Guide to Financial Independence.

© Chris Draper, DemGen Inc. 2015

image courtesy of theglobeandmail

Categories : Entrepreneurial Lifestyle, Small Business, Work/Life Balance
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