Tips for making your small business more successful in 2017

January 3rd, 2017|Comments Off on Tips for making your small business more successful in 2017

Could 2016 have gone better for you? Now is the time to make 2017 more successful. While you may have already heard about some of the tips below, and may have already implemented some of them, what is the harm in revisiting them or trying a new approach? Review your business plan Not to be repetitive of some of our previous blogs, but one of the keys to the success of your business is in the planning. You most likely made a business plan before starting your business, and so far it has served you well. Remember that a business plan is vital for the success of a start-up business. Some of the reasons include testing the viability of the business idea as well as securing debt or equity financing. But it also helps to establish the market of the business and how to reach that market. So take some […]

How will gift card sales affect your business in January?

January 2nd, 2017|Comments Off on How will gift card sales affect your business in January?

Traditionally, January is gift card redemption month – and that is not just for retail businesses. These days, almost every consumer product or service-oriented business can sell gift cards for subsequent redemption. In fact, one of our office space tenants received a gift card for getting new marketing materials printed. If you’re like many small-business owners, you may spend considerable effort on selling gift cards, but not a lot of time thinking about redemption. You may have had a great December in terms of sales and gift-card sales, but the important thing you have to take into consideration is being prepared for the cost of redemption in January. It could mean high fulfillment costs during a month of much slower sales and revenues. It could also have some impact on your books, so your accountant must be prepared for this. This is because sales of gift cards don’t get officially […]

If you want to a have true impact as an entrepreneur, there are things you need to master.

December 21st, 2016|Comments Off on If you want to a have true impact as an entrepreneur, there are things you need to master.

Truly radical and influencing entrepreneurs like Bill Gates and Elon Musk not only built empires, but they made their mark on the world around them. They created solutions that people not only needed, but openly embraced. So how can you make your mark as an entrepreneur? The first thing that you as an entrepreneur need to do is to establish your purpose and goals. Maybe you are not about to create a non-government space agency or create software that will simplify virtually everything for people, but you have an idea that will make a task or a problem a thing of the past for your customers. This could even mean that you are just taking an existing problem-solving product or service and improving upon it. If so, this just might be your legacy and your own path to success as an entrepreneur. Goals, plans and visions can often not match […]

Four ways to know that it might be time to quit your day Job

December 19th, 2016|Comments Off on Four ways to know that it might be time to quit your day Job

Starting a home-based business is nothing new for many entrepreneurs, but deciding when to take it full-time without the safety net of a full-time job can be quite scary for most first-time entrepreneurs. That home-based business is great way to supplement your income and can be done for years. But there may come a point where you need to cut the ties and make the business your-full time job. Before we discuss the reasons you should finally cut the “umbilical cord” and quit your full-time job, lets discuss some of the steps you can take leading up to making your business a full-time commitment. The legitimacy of you business and the professional image your business needs to have is important to its success. Having your home address or a P.O. Box address for your business just does not cut it in today’s economy of skeptical customers. People have a tendency […]

Ten tips that entrepreneurs young and old should follow

December 12th, 2016|Comments Off on 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 driven to jump at that next big opportunity. The problem is that these opportunities may not be offered for […]

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

December 8th, 2016|Comments Off on 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 problem is that forward-thinking team managers see the benefits of using a coworking space for creative teams to thrive, despite the perceived risks that may or may not […]

How to start a retail business from home

December 7th, 2016|Comments Off on 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 of the Internet. Each type of retailing has strengths and weaknesses, so you […]

Top Eight Consulting Businesses

December 5th, 2016|Comments Off on 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 of advertising has there been so many options in terms of types of ads and where they are placed. Advertising consultants are tasked with finding not only […]

How to start a Consultant Business from home

December 1st, 2016|Comments Off on 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 searches. But knowing what a consultant is and why you should consider becoming one will not help you […]

  • How to start a home-based wholesale or manufacturer distribution business - Telsec Virtual Offices

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

November 29th, 2016|Comments Off on How to start a home-based wholesale or 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. Understanding what is a wholesale business 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 profit by tacking on a low enough dollar amount that it still […]

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

November 27th, 2016|Comments Off on 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 by Ellen Davis and made its debut on November 28, 2005 in a press release entitled “‘Cyber Monday Quickly […]

Starting A Serviced-Based Business From Home

November 23rd, 2016|Comments Off on 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 can bring a buyer together with a […]

Starting Your Home-Based Business

November 21st, 2016|Comments Off on Starting Your Home-Based Business

One of our office-space tenants who follows our blogs, asked us to do a blog series about home-based businesses because her husband took early retirement and wanted to keep busy at home. We want to first talk about the most profitable home-based business and what it takes to start one. Other topics in the series of posts will include: home-based retail (online); at-home wholesale and distributions businesses; and running a consulting business from home. Let’s start with talking about what are the most profitable and easy-to-start home-based businesses. Not surprisingly, the most profitable home-based businesses do not require a great deal of equipment, holding an inventory of goods or even renting office space. But you may want to pull out your calculator (or abacus) for the very top profitable home-based businesses. Yes, you guessed it, the most profitable home-based businesses you can start involve dealing with other people’s money. Forbes, […]

Using Business Centres As Contact Points for National & International Market Expansion

November 17th, 2016|Comments Off on Using Business Centres As Contact Points for National & International Market Expansion

There are a lot of ways to break into new markets and attract new customers – from selling through a third party to setting up an office on the ground in that market. The main goal of expanding into a new market is to increase your sales and market share, but you will get less resistance from the market if you are seen as being local. You can get distributors to buy your product and then sell it to their own customers, therefore customers see themselves as dealing with a local company. This also means not having direct control over the selling, branding or marketing strategies that the distributor uses, essentially meaning that you do not have direct input on how your product will be represented in that particular marketplace. You could buy or merge with a local company in that market, even if it is just buying a controlling […]

Things you could have done in 2016 (and still can) to grow your business

November 16th, 2016|Comments Off on Things you could have done in 2016 (and still can) to grow your business

With only a month and a half left in 2016, there is still things you can do before years end that will help to grow your business in 2017. Most small business owners feel that they can not afford to lose a customer, but what if that customer is taking up most of your time or that of your staff (without paying more than other clients)? It might be time to fire those clients or customers whose business only causes daily stress to you and your team, this could free up more time for new customers who are less demanding and easier to deal with. While you are firing bad customers who are time wasters, you want to take that time and concentrate on reaching out to new prospects. You will be surprised how many customers you can get by cultivating your list of prospects on a regular basis, because […]

How Not To Kill Your Small Business

November 9th, 2016|Comments Off on How Not To Kill Your Small Business

We have all heard about business best practices. But what about things that you should not do if you want your business to thrive? Remember that having good business practices and not bad ones, will help prevent you from losing customers and from getting bad online reviews and negative comments. As we mentioned in another blog posting called “The Professional Image Of Your Small Business Begins With You”, we mentioned that a small business can only look as professional as the people who are running it. You can be perfectly dressed for the job at hand, but if you have a “pottie” mouth, or make racist or sexist remarks, you’re going to lose a lot of business trust and respect. Not answering your phone or allowing your business phone to be answered by a child, can kill your business reputation. There is never a good excuse for not answering your […]

Virtual Office or Virtual Assistant?

October 13th, 2016|Comments Off on Virtual Office or Virtual Assistant?

Many people ask what the difference is between a virtual office and a virtual assistant, because some websites and articles use them interchangeably or in similar context. This makes it difficult for an entrepreneur or a small business owner to determine what it is that they really need to help them with their business. In order to help you better understand the differences and similarities, we will first tell you what each is, and then explain how you can get the best of both services from one provider. The term virtual assistant, sometimes called a virtual office assistant (or VA for short), refers to a person who is generally self-employed and provides professional administrative, technical or creative assistance to clients remotely from their home office. Typically, virtual assistants are independent contractors rather than employees, but some work with multi-VA firms that provide the services that the client needs. Virtual Assistants […]

Management Tips Gleaned From The Harvard Review

October 11th, 2016|Comments Off on Management Tips Gleaned From The Harvard Review

The Harvard Business Review (HBR) is a highly regarded general management magazine published by Harvard Business Publishing, an organization that is a wholly owned subsidiary of Harvard University. Harvard Business Review’s articles cover a wide and diverse range of topics that are relevant to different industries, management functions and geographic locations. A great deal of their articles focuses on such areas as leadership, organizational change, negotiation, strategy, operations, marketing, finance and managing people. Recently, Harvard Business Review released a book on their top management tips that were very insightful and should be shared. But the best tips were the ones that can easily be taken and put into action. While a lot of the tips may be more focused to managers of larger businesses, we found the tips that are best suited for small business owners and managers. One chore many people do not finish is to actually get through […]

3 Tips for a Small Business to Compete With Bigger Competitors

September 21st, 2016|Comments Off on 3 Tips for a Small Business to Compete With Bigger Competitors

There is a great deal of business advice in books and on the internet, but much of it is not always intended or aimed at entrepreneurs or small business owners. There is even less advice on how a small business can compete with the bigger competitors who dominate the market. The advice you may get from a fellow entrepreneur might work for them, but there is no guarantee it will work for your small business, that is nature of small business. Here is some advice that does work for small business that you really need to hear. 1. Do not try to compete with the big box stores using price, they will always win Yes, the Walmarts, the Targets the Best Buys and even online giants like Amazon use pricing to draw consumers away from competitors, but as a small business owner, you will go out of business by trying […]

How to Negotiate For Lower Business Expenses

September 15th, 2016|Comments Off on How to Negotiate For Lower Business Expenses

Every expense that your small business has, ends up adding to your overall cost of doing business and can eat away at your bottom line. What is the answer? Lower your re-occurring costs by negotiating discounts and lower rates with your vendors. While small businesses have been cutting back on their spending over the past number of years, according to one report, costs for goods and services togrther can be has high as 28 percent of your small business’ budget, making those costs the second largest expense after payroll. It is true that some fixed expenses such as rent, office equipment and utilities can be more difficult to negotiate, but with the right amount of knowledge, you might find some alternatives or ways to get these expenses fixed. Knowing what your big expenses will be each month will make it easier to budget and allow you to focus on negotiating […]