Could I do it on my own out there?" is a question that many of us have asked ourselves in the course of our careers.
The answer to that question may be tied to whether or not we have a specific set of aptitudes and motivators that
make us potential entrepreneurs, says Yvon Gasse, Professor and Director of the SME and Entrepreneurship Centre
at Laval University.
A sole proprietorship is an unincorporated business that is owned by one person. It is the simplest kind of business structure.
The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business.
Buying a business can take time, energy and some detective work. It is important that you do your homework to ensure that you buy the right type of business and that you pay a fair price for it.
Access guides and checklists for starting different types of businesses. When you're setting up your business, you need to ensure that all of your bases are covered. Consider the following steps as you navigate through the business start-up phase.
What makes the biggest difference between a commercial mortgage that closes in a smooth and timely manner, and one that seems to drag on and on? In one word, preparation.
It's amazing how simple some of these tips may seem, but what's even more amazing is how many people fail to follow these basic guidelines when applying for a commercial mortgage.
A review of the franchise law materials in Canada and the US surprisingly reveals very little critical analysis of the issues surrounding site selection, leasing and development within a franchising relationship. This is curious given that multiple and often complex issues often arise in this seemingly neglected but important area of franchising. As with many areas of franchise law and of the franchise relationship, the issues pertaining to site selection, leasing and development of a franchised retail outlet are largely governed by the need to manage the expectations of franchisees and to allocate responsibilities and risk as between franchisors and franchisees.
If your business is all in your head, it's hard to convince lenders, investors and shareholders that you have a credible company and that you'll use their funding well. And that's precisely where a business plan comes in. This highly recognized management tool is basically a written document that describes who you are, what you plan to achieve, how you plan to overcome the risks involved and provide the returns anticipated. Often people think of business plans are limited to starting up new companies or applying for business loans. However, they are also essential to running a business with a clear, well-documented plan.
When starting a business, the owner of the business can obtain funds from a variety of different sources. In general, financing can be in the form of debt financing or equity financing or a combination of both. The different characteristics of each type of financing must be considered to achieve the right mix of debt and equity for each individual business.
While you may not need to hire employees at first, chances are you'll have to at some point, particularly as your
business grows. Review the Employee Requirements Checklist for the responsibilities you take on when you
become an employer.
As the credit crisis deepens, many borrowers are realizing that working with a commercial mortgage broker is more important than ever before. Virtually all banks and lenders have tightened their credit standard to the point that most borrowers are having a very difficult time finding any banks that will consider their loan request.
"Could I do it on my own out there?" is a question that many of us have asked ourselves in the course of our careers.
The answer to that question may be tied to whether or not we have a specific set of aptitudes and motivators that make us potential entrepreneurs, says Yvon Gasse, Professor and Director of the SME and Entrepreneurship Centre at Laval University. Gasse collaborated with BDC to develop the Entrepreneurial Self-Assessment Tool which helps people better measure their entrepreneurial potential.
Marketing is one of the most important elements of success for any business, regardless of size. As any successful entrepreneur will tell you, you can have the best product or service around, but if people don’t know about it, your business will fail. And while marketing is critical to your success, in the start-up stage, cost is an issue.
You can market effectively without breaking the bank.
The difference between purchasing an existing location directly from the current franchisee,
versus a new location from the franchisor
There are two main components to a franchised business: the franchise relationship and the underlying business. The interplay of these components becomes apparent when a person is faced with choosing to purchase a new franchise directly from the franchisor or to purchase an existing franchise from a franchisee. This article will briefly examine the differences of each option by highlighting the basic steps of a typical transaction.
Most individuals have a general understanding of what it takes to qualify for a home loan, but few know what the basic requirements commercial lenders require for commercial real estate loans.
There are 3 main qualifying criteria commercial lenders use to analyze the approvability of a commercial loan request. The three ratios are:
1. Loan-To-Value Ratio
2. Debt Service Coverage Ratio (DSCR)
As a prospective franchisee, evaluating a franchisor may seem a daunting proposition. It is recommended that prior to expending resources (both time and money) negotiating with a franchisor, a prospective franchisee should learn about the reputation and background of the franchisor and the results of the franchise system to date.
Multi residential mortgages require some preparation. Of course when it comes to apartment building financing, you need to start the process by determining the necessary documentation.
The franchise concept has grown at such a remarkable rate within a wide industry spectrum that in the present business environment almost everyone is familiar with the term “franchise” or at least has come into contact with products and services that are offered by a franchise. Currently, over 50% of all retail sales in Canada are done through a franchise, which sales represent more than $60 billion annually. Franchising has become a convenient means of individual entry into the business world by allowing would-be entrepreneurs to take advantage of established operational process and brand awareness both of which are foundational to business success.
This bulletin is to remind all business owners, directors, officers, managers and advisors of the importance of maintaining accurate and up-to-date corporate records.
Jean Chretien would be the first to advise of the importance of maintaining accurate and up-to-date corporate records. Back in 1999, controversy erupted when Mr. Chretien was listed as a corporate shareholder of the golf club at Grand-Mere between the years of 1996 and 1998, a period in which the prime minister had admitted lobbying the Federal Business Development Bank for a loan to the Auberge Grand-Mere, the hotel next to the golf club.
Did you know that the only way to protect your business identity and intellectual property in Canada is to register a trademark?
This is what the federal government has to say about protecting your corporate name. (The same would apply to any business name)
Choosing the right location for your business is as much art as it is science. The goal is to focus on a location that can help you succeed but not at a cost that burdens your business. Being able to marry the location and concept together to be successful to your standard will depend on a number of different factors.
As a franchisee you are in business for yourself, but you are never alone. A good franchisor will support you during good times and bad, offering resources, advice and guidance. Here are five questions to ask a franchisor to verify steps are in place to support during times of crisis.