Bitcoin, Blockchain, and Your Business
On Halloween 2008, just over a month after global financial crisis began on September 29, a person, or group of persons published a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”, using the name Satoshi Nakamoto. The research paper demonstrated how a digital payment system without any form of central control could be mounted on an uncrackable publicly distributed ledger system known as blockchain. Less than three months later, it was released as open source software and Nakamoto’s invention became a reality. Called a “cryptocurrency”, Bitcoin operates without administrators or a central repository of funds. It can be exchanged for goods and services or converted to other forms of money such as a national currency. It functions as real money in both legal and black markets around the world. According to a 2017 study conducted by Cambridge University, upwards of 5.8million people use cryptocurrencies, the vast majority of which […]
The Numbers Game of Networking
Everyone’s world revolves on an axis of networks. In business, government, or academia, those networks scale much larger but in the end, most human endeavour centers around well established networks of trusted friends, colleagues, associates, and contacts. If you need a babysitter, chances are you call one the teenage child of a friend. When deciding on a restaurant to take our families to, we rely on the recommendations of friends and associates. When seeking essential service providers like a doctor, lawyer, or accountant, we tend to ask our contacts about their personal experiences. Beyond recommendation websites like Yelp or local search engines like Google, humans rely on the wisdom, experience, and assistance of others in many facets of our lives. Building one’s networks is often a difficult challenge. Much like high school or university friendships, one’s business networks will serve to define one’s character, access to opportunities, and overall resourcefulness, likely for […]
Canadian Dollar Bouncing Higher
Caught between a rocking economy and continued global uncertainty over oil prices, the Canadian dollar has been fluctuating madly for the last several months. Hovering between $0.70 and $0.75 US, the disparities in the value of the dollar are starting to cause headaches and worry for Canada’s already beleaguered exporters. This is especially true in Ontario where a slowly rebuilding manufacturing sector was just starting to catch its footing. For Canadian exporters, a lower loonie is good for business as it makes the cost of Canadian goods less expensive than those produced south of the borders. At the same time, a high Canadian dollar is seen as beneficial to the oil sector which relies on importing equipment using Canadian dollars but sells its product on a market dictated by costs in American dollars. This dichotomy has been in place since the middle years of the last decade when the Stephen […]
Advertising in the Context of Change
Advertising, as we know it, is about to change so radically it will be practically unrecognizable. If you have a favourite TV spot you might want to record it. Similarly, if there is an ad out there that annoys you to distraction you’ll be happy to know you’ll likely not have to see such awfulness again, at least not in the near future. Tomorrow’s ad delivery is already happening today but the scale is about to get so much bigger. We live in a midst of a digital revolution. At no other time in human history have so many ideas and institutions been altered, challenged, changed, created, and destroyed. As discomforting as it is, revolutionary change is a natural by-product of technological advancement. A decade and a half after its inception the innovation that made Google one of the wealthiest companies on Earth is going to eliminate commercial advertising and […]
How to Become a Non-Resident Importer
A Non-Resident Importer is a US or foreign based company that imports into Canada under their own name and business number without a permanent presence in Canada. A fact that is often overlooked by non-resident businesses providing goods and services into Canada is that they are subject to GST/HST taxes on sales into Canada. GST/HST management is responsible for longer delays at border crossings. Another bigger issue is that if GST/HST is not managed before entry into Canada the customer must pay the value added tax. GST/HST can be managed by becoming a Non-Resident Importer. A Non-Resident Importer could see the following benefits: Sell within Canada using a domestic pricing plan Manage landed costs without involvement of a Canadian intermediary Make border crossings seamless Increase market share in Canada The following are some challenges that a foreign based company should consider before choosing this business format: Must first obtain a […]
Working from home has its challenges, but looking professional does not have to
As the writer of this blog, I primarily work from home and only go into the office a few times a week. Today was a great weather day (well until it got cloudy) and I took my laptop outside and did some work in front of my apartment building. While I was out there, one of my neighbors (who also works from home) came out to get some fresh air and take a break from his work. My neighbor Blake is a hair stylist who works on films, creates wigs for movies and live theatre as well as takes on cutting hair for private clients in his apartment (yes, he has a professional hair studio set up in his apartment). Today Blake was stressed out, but by work. His stress came from a friend who could not understand that because he was home, that he was still working and could […]
Why Move from the Burbs to Downtown Toronto Office Space?
Many companies are choosing to move their offices downtown and away from the suburbs. Lets discuss why this is happening and what are the advantages of the downtown location for customers, colleagues and employees. In the past several years, a handful of North America’s largest corporations like Microsoft, Google, Yahoo and even McDonalds have joined the exodus from their suburban headquarters and campuses to new office space that is located downtown, and millennial’s seem to be the driving force. Yes, many companies chose to accept the usually higher cost of downtown space opposed to what they are paying in the suburbs, because they help attract younger workers. These workers want the chance to walk to nearby amenities and areas with a sense of place, rather than a generic business park campus or driving to a nearby shopping mall. This is also because these same workers want to be close to […]
Does your start-up really need a private office space? Here are some questions to ask yourself.
The first few months (or even years) of a start-up are often executed from the owner’s garage, basement or kitchen table. But as the business grows, it’s time to move. However, where you go is just as important. Your location can affect your company’s productivity, creativity and community – not to mention budget. Insiders agree that choosing the right environment depends on the work that’s being done and the people who are doing it. Some entrepreneurs are taking the plunge, either buying or leasing commercial office space to give their start-ups credibility and authenticity. Is opening up in your own office space a smart move early on for a new business? If you’re considering leasing traditional private office space, you should curb your enthusiasm long enough to ask yourself these questions. What will it cost to lease office space other than the monthly rental payments? When you’re considering leasing office […]
Seven tips for starting a successful small business or start-up
The biggest fear of starting a small business is failure, but there are things you can do to limit your chances of failure and increase your potential for success. While most of the advice here is not new, we are going to remind you of them and try to put a new angle on them so they make more sense. Have passion for your work. Having passion for your work does not mean that it is your only calling, but you need to be excited about it to the point where others see your passion. Starting a small business is not easy, and if it seems too easy, you might be doing something wrong. It is important that you enjoy what you are doing, because it will take a lot of work and personal energy to ensure that your small business venture has a chance of being successful. There are […]
Adjusting to a business centre from a home office
That time has come that your business has outgrown your home office and you need real office space (even if it is shared or only part-time) that has a professional business address. Your best choice is a downtown office business centre that has several options. When we talk about office space options at a business centre, three primary ones come to mind: Private offices, semi-private offices and shared office space/coworking offices. For the purposes of this article, we will be talking about adjusting to shared office space/coworking offices – since that will probably be your best option when you first move out of your home office. Shared office space is also your best option in terms of flexibility regarding when you can utilize the space. Why? You pay only a small monthly fee for unlimited access during regular business hours. With coworking, you become a member and choose from various […]
Seven tips for successful small-business and start-up owners
What you know today about your business may not be what you will know tomorrow. So, learning from experienced business owners will help you to learn from their experiences. After years of running a small business, owners inevitably gather many lessons about how to grow and run a business more effectively. Here are some tips that will save you taking years of learning and help you today. Be specific with your goals. Most entrepreneurs and small business owners have goals, but usually they are generic and not very specific. If you want to increase sales, set a number that you want to reach. If you want to increase employee productivity, tell them how many units you expect them to sell in a specific amount of time. The key to setting and achieving specific goals is to break your goals into multiple and small achievable portions. Build a support network. Being […]
Five common mistakes business beginners make
So you decided to take the plunge and start your own business. I bet you are really excited and cannot wait to get it off the ground. You will need all the excitement and enthusiasm you can gather, because you are going to encounter a lot of challenges. Some of the challenges will not be that hard to work your way around. But you want to make sure that the challenges you encounter are not made more difficult because of your your own actions. The mistakes you make could cost you a lot of money and even cause your business to fail. Here are some mistakes that are common for a new business owner: 1. Do not open a new business expecting it to be profitable overnight. Outside of a few fluke businesses that hit the business lottery and become a media darling on day one, do not expect to […]
How small business owners can benefit from dog parks!
The idea for this blog came from one of our office-space tenants who has networked at dog parks for the past few years and has established some great business contact that way. This past week, he invited a number of those dog park contacts (most of which work downtown) into one of our large meeting rooms and treated them to lunch to talk about setting up a formal networking group. If you take some time out of your office space and spend a few hours observing “the off-leash,” you will learn a great deal about how dogs play and behave in a pack. But more importantly, you will learn about how their owners behave when they let their pets off the leash. You will notice that most owners come to the dog park, unleash their pet and immediately turn to their mobile phones or chat with other dog owners. […]
Small business and start-up time management tips
Everyone always say that “Time is Money” when it comes to your small business. But you need to know how to manage it so that your time is used wisely and productively. You cannot get time back that has been lost, so we compiled some tips that will help you to identify and rectify the way you spend your time. Audit your day by creating a time log. We are not suggesting that you log every minute and hour of every day. You just need to create a log that sets a benchmark for a how your time is used on a typical day. This may require you to log your time for a few days if your schedule is different over those particular days (eg. Monday is spend in the office, Tuesday is spent on the road, Wednesday is spent in the factory or warehouse, etc). Once you have […]
Building the ideal community for your business
It’s not that SEO is dead or that links are obsolete, but building an online community around your business is a great way to increase your online visibility to search engines. If you build a community around your business, you’re putting the focus where it belongs – on your business. If your business’ online plan is continually chasing the Google algorithm, you’re putting all of your power in what Google’s going to do next. Building an online community for your business is one of the best ways to weather Google’s algorithms. Besides, building a strong company and brand through building a community isn’t something that Google can take away or change. One of the Internet’s greatest strengths is its ability to bring together people with similar interests in online communities. Online user communities can be a powerful force for businesses . Businesses with active communities focused on their products or […]
Small business and start-up growth tips
Start-ups and small and medium-sized business owners are always looking for new ways to make sure they stay ahead of their competitors – and growth is the way that most experts see as the best answer. They want to stay competitive with other small business, but they also want to stay competitive with larger global brands. Growth can come in many forms, but the top ones currently are: Expansion into new markets Building your online presence Automating the processes within your company Do not just attend networking events or training seminars – create your own Expansion into new markets. Canadian companies should look outside their borders for new markets, but not before tapping into good growth markets at home. Once those Canadian growth markets are exhausted, then they need to explore U.S. markets that closely resemble the make up their best Canadian markets. They need to look at the demographics […]
Small business and start-up budgeting tips
When you have a great business idea and you are ready to create your business plan, the most important part of your plan is your financial strategy. That being said, most entrepreneurs do not know a lot about finances and budgets. One of the top reasons some small businesses fail is because their funds were not managed properly because of poor planning. Let us share some tips that can help you better plan and manage your business finances. One of the first mistakes made by many entrepreneurs is procrastinating when it comes to daily bookkeeping and putting them off for another day. The trick to ensuring that you do your bookkeeping is to make it simple for yourself – because trying get your mind around it will just make you procrastinate more. If you break down your bookkeeping into smaller, more manageable categories, the job will not look as challenging […]
When does a home-based business need a location?
If you have to work for 80 hours a week just to keep your business afloat, then you are not profitable. Some entrepreneurs blow through the earliest stages of their company’s growth by putting all their energy and time into their businesses at the expense of their own health and personal relationships. Part of the reason for this is that they are working from home – and the line between home time and work time often becomes blurred. The fact remains that two out of three companies begin in a spare bedroom, garage, basement or sometimes even a bathroom (we did not ask about this one when we were told about it). Sometimes the choice of operating your business from home is taken away from you by zoning bylaws. Many cities and many counties have zoning ordinances that limit, to one degree or another, whether you can operate a business […]
Can a business centre replace a virtual assistant?
With your social media activities and administrative tasks, it’s hard to focus on the most important aspect of your business – serving your customers. So how can you devote your energy to that service without dropping the ball on your other chores? By hiring virtual assistants to take on those tasks that keep you away from your core responsibilities. As we mentioned in a previous blog “Virtual Office or Virtual Assistant?” the terms virtual office and a virtual assistant are sometimes used interchangeably, but there are differences. The term virtual assistant (VA for short), refers to a person who is generally self-employed and provides professional administrative, technical, or creative assistance to clients remotely. The term virtual assistant can also refer to software that helps you keep organized and automates tasks for your business. But for this blog, we will be talking about the human VA. Our topic today is can […]
Business tips inspired by Barbara Corcoran
Barbara Corcoran is the real estate contributor for NBC’s TODAY Show where she regularly comments on trends in the real estate market. But most people know her as one of the sharks on ABC’s reality hit show Shark Tank. If you really want to question her business knowledge, consider that she turned a $1,000 loan and parlayed that loan into a $5 billion real estate business. Then in 2001, she sold that business for $66 million. This shows that she knows a little about building a business. Here are some of her best tips for small-business owners from an article on the Forbes website (followed by our comments): “Don’t be afraid to make big mistakes. All the best things that happened in my business happened on the heels of failure. Don’t be afraid to fail; it’s proof that you are meant to be a successful entrepreneur. The only difference between people who […]