To answer the question of what kind of business you should start, I think you have to ask yourself another question; what kind of business do you want to run?
Different types of businesses have different operational requirements. For instance, if you start a retail store, you will have to keep the store open and staffed during regular shopping hours.
Specific types of businesses have their own specialized demands. If you open a bakery, you or someone you hire is going to have to get up each morning at 4 a.m. to get the day's baking under way.
You also need to consider how much work you want to go through to start a business. Starting a business from scratch can be immensely satisfying - but there's no question that starting a turnkey operation is easier.
So what kind of business should you start? Which type of business will best suit your personality, abilities and lifestyle? Find out by working through the five decisions in What Type of Business Should You Start?
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Right now the Credit Unions of BC are promoting their Remarkable Micro Loan Program which offers BC residents 18 to 29 years old low interest micro loans of up to $5,000 for starting a Canadian small business.
But BC Credit Unions are not the only places offering micro loans. Here are three more micro loan sources you may be able to tap into for starting your Canadian small business:
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I hate business networking events. Most of my most successful business networking has taken place elsewhere; at charity and social events, through business organizations, through online venues.
So any tips that make attending business networking events more successful and less of a chore are much appreciated.
Tom Searcy provides some great advice for doing just that in The Schmooze-Hater's Guide to Better Networking (BNET), tips that got me rethinking my business networking moves.
For instance, he points out that when you're meeting new people, you need to ask better questions than the standard "What do you do?" and "Tell me about your company".
Same-old questions get same-old boring answers.
Instead, ask questions that both you and the person you're greeting will find more engaging, such as "What business problem does your company solve?" "What is the best example you have of how you are doing that?" - questions that will make your brief meeting more memorable and maybe even spark a true conversation and a relationship.
Do you have a business networking tip to share? Comment below.
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What image springs to mind when you hear the word "franchising"? A pair of golden arches? A fresh sugar-coated doughnut? A bucket of chicken?
Maybe the image you should be focusing on is one of dollar signs. Franchising a business has been an extremely profitable business model for all kinds of businesses, not just fast food chains.
Think of Brian Scudamore of 1-800-GOT-JUNK, for example. Or Canadian Tire.
But while franchising your business can truly be the way to riches, it's not for everybody.
Ask yourself these questions to see if your business is ready to become a franchise.
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