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Buying vs leasing vs renting office space – different perspectives!

When a growing small business reaches that point where operating from a home office is no longer an option, the owner is faced with the choice of buying, leasing or renting office space. There are plenty of other articles on the Internet to help you through the legal and financial options of leasing over buying, but most do not address the potential of renting office space without a lease at an office business centre. For the purposes of this blog, we will define the three options more practically. Buying office space: This would be space within an office condo complex or a business complex, but it could also be a stand-alone building that is not in a business area. Leasing office space: This refers to traditional raw office space that is in an office building or tower, meaning that the sp...

Ten tips that entrepreneurs young and old should follow

It is often said that being an entrepreneur means that you’ll often have to blaze your own trail and find you own way. Being an entrepreneur means not having career guides, counselors or road maps that will guide you from one step to the next. Sometimes you will just have to make it up as you go. For this reason, whenever possible, up-and-coming entrepreneurs are encouraged to seek out established entrepreneurs to request their help through mentoring. There are many established entrepreneurs who want to help the next generation of entrepreneurs who are seeking insight and insider education. Here are 10 tips that you will often hear veteran entrepreneurs share with the next generation of business leaders. 1. Keep your focus on the big picture. Far to often, fist-time entrepreneurs are...

Can corporate use coworking space to accelerate growth, innovation and collaboration?

When most people think of coworking office space, they usually think of a large open space filled with millennials, freelancers, one-person or two-person small businesses and start-ups looking to get off the ground. Some small business owners and corporate business executives might be a little concerned by the fact that their employees are hanging out with other businesses’ employees and holding sensitive telephone conversations just a few feet away from a potential competitor or someone looking for a new idea. Along with worrying about how employees are using their time, corporate privacy, intellectual property loss and potential security issues are some of the reasons why many corporations have been reluctant to place their team or a sub-team from utilizing coworking space. The pro...

How to start a retail business from home

This blog is the third in a series about home-based profitable businesses that you can start without having to carry large inventories or to have a full-time presence in a physical office or storefront. It is often mentioned that small businesses employ more people than all large businesses combined. Small and medium-sized enterprises (SMEs) play a major role in the Canadian economy. Industry Canada says that 99% of businesses in Canada have fewer than 500 employees and they employ 64% of workers in the private sector. A great deal of those businesses are retail based. In the USA, the retail industry provides a way of life for the more than 24 million people who earn their livelihood from it. Regardless of the type of retail business you want to start, you cannot ignore the power and reach...

Top Eight Consulting Businesses

Consulting business are fast becoming the most popular businesses that semi-retired, retired and disenfranchised employees are looking to get into. So lets talk about what consulting businesses are in most demand. This can help you to decide what type of consulting business that you may want to start from home. Accounting Consultants: While every business needs good accounting help and have good inside accountants, many are hiring accounting consultants to ensure that their accounting practices are delivering the best results and forecasting data that a company needs. Advertising Consultants: With the price of advertising and the new types and and channels for advertising these days, it is no wonder that advertising consultants are in great demand. Now more than ever before in the history ...

How to start a Consultant Business from home

Setting up as a self-employed consultant has become a popular move for people in a broad range of industries and sectors. But becoming a consultant is not as easy as just getting business cards for very little money at Vistaprint or your local office supply store and saying you are a consultant. The very term consultant denotes someone who is authoritative and knowledgeable on a particular subject, and that experience and know-how are something that other organizations need and are willing to pay for. In fact, the dictionary defines a consultant as “an expert in a particular field who works as an advisor either to a company or to another individual.” You can find hundreds, if not thousands, of Internet citations and articles about becoming a consultant with a few simple Google ...

How to start a home-based wholesale/manufacturer distribution business

Before explaining how to start a home-based wholesale/manufacturer distribution business, it is important to explain what a distributor is. Basically, a distributor is a middle person that serves to move product from the manufacturer to the market. While some distributors are retail and sell directly to end users, others are merchant-oriented and sell and move products from the manufacturer to wholesalers, that in turn sell to retailers. The practice of wholesale distribution is a true buying and selling game and can involve risk. It is a game that requires good negotiation skills, a nose for sniffing out the next “hot” item in the particular category you are known for, and good salesmanship to find the right buyers. The basic premise is to buy the product at a low price, then make a profi...

Why is Cyber Monday so important to small business E-commerce?

So what is Cyber Monday? Basically, Cyber Monday is to online retailers what Black Friday is for brick-and-mortar retailers. These online events have been around for a decade and can help level the playing field for small businesses. According to Forbes, Cyber Monday online revenue for 2014 reached $2.68 billion – a nearly 20% increase over the totals in 2013. It is important to note that more than one-third of these purchases were made via mobile devices. This shows the amazing evolution of online sales. Lets go back to the beginning. According to Wikipedia, “Cyber Monday is a marketing term for the Monday after the Thanksgiving holiday in the United States. The term “Cyber Monday” was created by marketing companies to persuade people to shop online. The term was coined ...

Happy Thanksgiving to our American tenants and blog followers

We want to wish our American office space Toronto tenants and our American blog and social media followers a very happy and fulfilling Thanksgiving. For our Canadian blog and social-media followers, we wanted to give a quick explanation of why Canadian Thanksgiving is celebrated on the 2nd Monday of October, and why American Thanksgiving is celebrated on the 4th Thursday in November. The most common-sense answer is that, due to Canada’s northern climate, our harvest season is earlier – but that is a very basic answer. What is not commonly known is that English explorer Martin Frobisher hosted the first Canadian Thanksgiving in 1578, and that the first American Thanksgiving was not celebrated until 43 years later in 1621. It was not until 1941 that President Franklin D. Roosevelt sign...

Starting a serviced-based business from home

In our previous blog Starting Your Home-Based Business, we pointed out that service-based businesses make up the majority of the most profitable small businesses you can start. We all have our own skill set and areas of expertise. The trick is to find the knowledge and skill set that you have that others are willing to pay for. Sometimes it is not your skill set, knowledge, experience or expertise that you could be selling. It could be that of others or products and services of others! You may not be an accountant, bookkeeper, tax specialist or be able to provide payroll services, but that does not mean that you cannot be the person who introduces those who need these services to those who can provide them. Just like a real estate agent does not own the property he or she is selling, you c...