Blog Category: Business planning

Dealing with Deposits

Category: Business planning Operations

Although landlords often ask for security deposits on commercial leases, such deposits aren’t legally required. In fact, you can often negotiate them. Unfortunately, too many business owners don’t know that and willingly pay the deposit, without negotiating the amount or the terms. Your goal as a tenant is to pay as little deposit as possible—no deposit at all is best. Deposit money, which generally doesn’t earn a penny in interest, can better serve as working capital for your business rather than security for your landlord.

Creative Financing Ideas

Category: Business planning Financing

By far the most common question we find entrepreneurs asking is: “What financing options are out there to start or grow a small business?”. Although there are many traditional ways to finance a business, like through personal savings, family and friends, loans from financial institutions, and speciality financing programs, sometimes these may not be enough (or available at all) to get a new venture off the ground. That’s when you need to harness your creative energy and start thinking outside the box!

5 Tips for Starting a Successful Social Enterprise

Category: Business planning Operations Startup

My ten years of experience helping people start and grow businesses, nonprofits, and social enterprises in Alberta allows me to witness one of the most common mistakes made by would-be social entrepreneurs. Most of them tend to confuse social enterprise with nonprofit or corporate social responsibility and therefore focus more on their social mission than a sustainable, profitable business model during the planning process.
Here are my top 5 tips for starting a successful social enterprise.

Relationships: Building Your Business

Category: Business planning

Have you ever wondered if there is a secret to succeeding in any business venture? There are a number of tried-and-true methods that lead to success. Among these are having the right skills, personality, and drive. You may have heard that it is important to build rapport and strong relationships. This may be common knowledge but it is often overlooked, especially at the beginning stages of a business.

Leasing the Right Size and Shape of Commercial Space

Category: Business planning Operations

What is one of the most important factors contributing towards business success? This often hinges on effective site selection. When searching for commercial space to lease, entrepreneurs need to carefully consider site location, location within the location, visibility, access, parking, signage, further expansion plans, neighbouring tenants, anchor tenants, and so on. In addition, entrepreneurs must also evaluate the unit’s size and understand that the total amount of square footage will determine the monthly rent. With a larger area, tenants will pay an increased rent. 

Gear Up! Get Money to Buy Equipment for Your Business

Category: Business planning Financing Operations Startup

At Business Link, we get a lot of questions about money. Quite often those questions are about how to get money to buy essential equipment needed to start a business. There are currently no grants for this type of activity, but there might be some paths you can take.

Why You Should Consider Selling at a Farmers’ Market

Category: Business planning Operations Startup

Do you have a great business idea? Maybe you’re a baker, jam maker, gardener or crochet artist. Farmers’ markets are a great place to start selling your product.
A research report released in 2017 by Alberta Agriculture and Forestry indicated that Albertans continue to flock to farmers’ markets with 78 per cent of households in Alberta making at least one purchase from a farmers’ market in 2016.

Pros and Cons of Buying vs. Leasing Space for Commercial Tenants

Category: Business planning Entrepreneurship Operations

Choosing your business idea and identifying your target customers may have been easy; however, finding a place to hang your shingle can be much more difficult. As a new entrepreneur, one of the critical issues you will be faced with is site selection for your business. You will learn that there are two options when looking for a home for your new business; you may lease or purchase commercial property. Which choice is better? Much of this depends on your own situation, comfort level, and future plans.

If you have a business idea or an idea that you want to turn into a business, using the Business Model Canvas as a tool to assess the viability of that business idea is critical. Every successful entrepreneur has gone through a similar exercise, so if you're not convinced yet, let me show you how the Business Model Canvas can help you assess the key areas in your business and their potential for success. 

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