A. Hopkins Insurance & Financial Services

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  • Start a New Decade with These 5 Noteworthy Lessons from Small Business Owners

    Start a New Decade with These 5 Noteworthy Lessons from Small Business Owners

    Entrepreneurs, in particular small business operators and owners, are not strangers to trial and error and misstep. What is important is what we learn and take away to fuel our next move. Here are a few lessons from small business owners to lead us into a new decade!

    Hiring Key People. Susan Guillory, President of Egg Marketing & Communications, and contributor to Forbes says finding success is easier when you have the right people on your team. She admits to designing her own logo when she started her company 13 years ago and that it was a big mistake. “I can tell you that this DIY strategy is not effective as your business grows,” she says. She encourages all business owners to, in the very least, find one person who can support you.

    Take action on new projects. Neal Schaffer is a social business coach and author of Maximize your Social. His advice is to push new projects forward. “Sometimes if means simply turning down things that we used to accept or deciding to simply unplug from other activities,” he shares. What does unplugging, or disengaging from usual practices look like for you and your business in 2020?

    Collect your own data. How do you examine your own customers’ behaviours? Their spending patterns? Their aversions? What questions do they frequently ask? No one knows your business better than you do. Or rather…no one should know your business better than you do. But we are not always great at tracking our own data—that is customer demographics, how they found you, their likes and dislikes, etc. For Larry Kim, founder of Wordstream and CEO of MobileMonkey he believes the key to success is to “fail slightly less often by using more data rather than gut feel in project planning phases…”

    How do you plan on gathering more of your own business’ data in 2020?

    Tune out the noise and follow your instinct. Instinct—we know it’s there, and yet, we don’t always listen. Sometimes it’s because there is A LOT of noise to break through, but, also, listening to our instincts actually takes practice. Not only is it tricky to pin down that initial feeling we had about a certain business move or hire, but to ignore the other pressures that exist in business environment or society in general can be difficult. Caroline Ghosn, co-founder and CEO of Levo League, says there are always warning signs. “As an entrepreneur, the latitude of failure and of success is directly correlated to people. I am growing more and more attentive to my first instincts, even if I can’t justify them, as they apply to people.”

    Keep it simple.

    That’s Neil Patel’s simple advice. He is an entrepreneur, investor, advisor and well-known blogger, with expertise in online metrics and analytics. He admits to having many of his start-ups fail. “Typically the failure wasn’t due to the idea. Instead the solution was complicated and hard to use.”

    Wishing you every success for your business ventures in 2020!

    Author: ChamberPlan.ca

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  • Local Marketing Tips: Benefits of Event Sponsorship

    Local Marketing Tips: Benefits of Event Sponsorship

    Sponsoring a local event — like a fun run or a festival — is a great way to boost exposure for your small business and connect directly with potential customers, while also contributing to your local community.

    To maximize the benefits of event sponsorship, you’ll want to do it right. Learn how hosting or sponsoring events can be an effective part of your local marketing plan and find out how to make the most of the event for your business.

    Sponsor events that align with your brand

    As with any marketing plan, efforts should be specifically tailored to your target audience. Sponsoring an event is no exception. The most important decision will be choosing the right event. For the partnership to have the most impact, it needs to be a good fit for your brand.

    Consider Lululemon. The athletic apparel giant hosts immensely popular running events in cities across Canada including Vancouver, Edmonton, and Toronto. More than just a running race, these are full-scale events often with entertainment, pop-up shops, food vendors and, of course, premium post-race swag and goodies. Co-sponsors include brands that appeal to Lululemon’s target demographic — mainly women between the ages of 25-40 — like Saje, a natural wellness retailer, or Flow alkaline water, which comes in fully recyclable packing.

    While any brand might jump at the chance to market itself to thousands of people riding the post-run adrenaline high, Lululemon and its sponsoring partners, as well as the vendors selling product on site, are aligned value-wise with a focus on health, overall wellness, and eco-consciousness.

    Not only is it in Lululemon’s best interests to ensure that sponsoring partners reflect their brand’s values, but sponsors also benefit from access to the perfect audience for their products. It’s a symbiotic relationship that works on all levels. The right partnership ensures that your brand makes the right impression with the right audience.

    Don’t feel obligated to say yes to every sponsorship request

    Be selective about the events that your business sponsors. It might be difficult to say no when someone knocks on your door, but realistically, both parties will get the most benefit by investing in partnerships that share a similar brand and audience.

    Having said that, it’s important to give back — even in a small way — to the local community that supports your business. You shouldn’t expect a huge ROI especially when supporting non-profit or charity events, but giving back and fostering goodwill in the greater community is incredibly important too.

    How to get involved in sponsoring local events

    So, what is actually expected of you as an event sponsor? Generally speaking, an event sponsor is a business or company that provides support, usually funding, to help with the planning and execution of an event in exchange for marketing exposure. Other ways to get involved may include contributing product (for a raffle or silent auction) or providing venue space to host the event. There are plenty of ways to lend your support to help get an event off the ground.

    And in return, there are many ways you can leverage the partnership to gain important exposure for your company. Depending on the event, maybe you can set up a booth onsite, deliver a presentation onstage, or hand out prizes. The best results will involve more than simply having your logo appear somewhere on the website.

    Promote the event on your social channels

    It will also be important for both your business and the event organizer to effectively market the event on all appropriate channels — to not only promote the partnership, but to also ensure the event is well attended.

    Don’t forget to post an event followup on social media. If your company installed a free furnace to a family in need, write a blog about it on your website. If you sponsored a charity gala by providing a silent auction item, post a photo with the recipient on Instagram. Consumers increasingly expect that businesses will be active in their community and give back in meaningful ways. People want to see those partnerships in action and see the real ways in which your business contributes to the betterment of the community.

    Event sponsorships provide value not only to the event organizers who rely on extra funds or gifts to make their event a success, but also to the sponsors who benefit from local marketing efforts and, if nothing else, some good community mojo. Get out there and work with local partners that reflect your brand’s values and make it a regular event! It will go a long way in securing your position as a business that is committed to contributing positively to the local community.

    Author: ChamberPlan.ca

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  • How to Choose a Business Structure: Sole Proprietorship, Partnership, or Corporation?

    How to Choose a Business Structure: Sole Proprietorship, Partnership, or Corporation?

    Whether you’re thinking about starting a side hustle for extra income or making the leap to becoming your own boss, there’s a lot to consider when starting a small business. One of the first decisions to make is the type of business structure you need. In Canada, your business can operate as a sole proprietorship, a partnership, or a corporation.

    There are pros and cons to each option, but important differences in terms of startup costs, liability, tax rates, and estate planning should be considered before making a decision. Understanding the key differences between proprietorship, partnership, and incorporation can help ensure your small business starts off on the right foot.

    Sole proprietorship

    In a sole proprietorship, one person operates a business without forming a partnership or corporation. Any income earned from the business is considered self-employment income and is taxed at personal income tax rates on the business owner’s personal income tax return.

    Benefits of a sole proprietorship:

    – Simple, inexpensive registration process

    – Fairly minimal reporting requirements include:

    – Annual personal tax return

    – Payroll remittances and filings for any employees

    – Can deduct losses from your personal income

    – Can deduct expenses including prorated amounts for office and vehicle costs

    – Proprietor controls all decision making and receives all profits

    Disadvantages of a sole proprietorship

    – As sole proprietor, you are personally liable for all debts and any other business liabilities — creditors may make claims against any business or personal assets to pay off debts

    – Fewer funding opportunities and may be more challenging to raise capital to help build and grow the business

    – Not easily transferable or inheritable in the event of the proprietor’s death

    Partnership

    Similar to a proprietorship, a partnership is unincorporated but two or more entities are partners in the business, and business decisions are agreed upon together. A partnership agreement will outline the terms of the partnership and how any disagreements or dissolution will be resolved. In the absence of such an agreement, provincial or territorial laws will determine the terms of the partnership.

    Benefits of a partnership

    – Partnerships enjoy many of the same advantages as a sole proprietorship including relatively low setup costs, expense deductions, minimal reporting requirements, and ability to deduct losses from personal income

    – A more experienced business partner can provide valuable guidance and mentorship to a less experienced business owner

    – Startup costs are shared among partners

    Disadvantages of a partnership

    – Consensus is required for all business decisions

    – Like a proprietorship, partnerships are subject to unlimited liability — all personal and business assets can be targeted by creditors

    – A partner’s liability does not end even after death or retirement for debts and obligations of the partnership that were incurred prior to the death or retirement

    Corporation

    Unlike a proprietorship or partnership, a corporation is a legal entity that is separate from its shareholders. As such, a corporation pays corporate income tax, which is calculated separately from the shareholders’ personal income tax.

    Benefits of a corporation

    – Shareholders are not personally liable for debts or obligations of the corporation

    – More government funding options to help build and grow your business

    – Can write off certain business expenses and may also benefit from additional tax advantages

    – A corporation exists in perpetuity and ownership is transferable

    Disadvantages of a corporation

    – Higher startup fees which may include legal fees for articles of incorporation, federal and provincial incorporation fees

    – Higher accounting fees for filing an annual corporate income tax return and any additional bookkeeping or tax planning consultancy

    – Additional reporting requirements include:

    – Corporate records which must be held for six years

    – An annual corporate income tax return including detailed financial statements

    – Payroll remittances and filings for any employees

    No matter which type of business structure you choose, some common rules apply. Firstly, there’s no escaping the Canada Revenue Agency. Whether you end up paying personal tax rates or corporate tax rates, tax happens! Also, if your revenue exceeds $30,000, you will need to register for GST/HST and track all sales tax paid and collected.

    Each business situation is unique and choosing between a sole proprietorship or a corporation can be a difficult decision. While tax savings, limited liability, and greater capital-raising opportunities make incorporating an appealing option, higher administrative costs, additional compliance burden, and more complex reporting requirements might lean in the favour of sole proprietorship particularly if your small business has a relatively low operating risk and a net income under $50,000.

    Consulting with an accountant and/or lawyer before launching your business is a wise choice and can save you money and frustration in the long haul. A good corporate lawyer and a professional accountant that specializes in tax planning services can be valuable members of your small business team.

    Author: ChamberPlan.ca

    Read the original article here.