All posts by Britta

Entrepreneurship, Owning a Business, Pricing

Ways to Put the Spurs To Your One-Legged Pony

Leave a comment

Businesses with just one revenue stream, sometimes called one-legged ponies, tend to drop off the radar when the single revenue source dries up.

The one-legged pony business killer seems like a kind stranger when starting out. For example, after you’ve driven Uncle Joe’s truck for a couple years, he offers you a contract and helps get you set up to buy your own equipment. Who in their right mind would turn down a lucrative, long-term bread and butter contract offered by a friend or family member? These special deals sometimes work very well, but the dependence on a lone client can become more of a problem than an asset.

The time to deal with the one-legged pony issue is long before it becomes a problem, as early as the first business plan. Here are a few actions to help diversify your business to avoid falling prey to the one-legged pony.

  1. If A Good Deal Falls On Your Desk, Take It. By all means, take advantage of the amazing evergreen contract when the opportunity comes along. A bread-and-butter contract gives any business a solid base from which to build a great business. Plan from the start to use the stability as a benchmark from which to diversify and build a broader base.
  2. Develop Efficiencies. Get the business running and become proficient at providing top-notch service for your customer. Fine-tune the business to ensure you can provide a high level of service with every engagement. More importantly, become competitive.
  3. Research Similar Businesses. Learn about other businesses similar to yours, how they are surviving, what additional services they provide, and what other clients they attract in order to broaden their base.
  4. Add Revenue Streams. After an appropriate amount of research and comparison of different opportunities, make a plan to diversify your business and increase your sources of revenue. Here are a few examples:
  • A log hauling trucking business could buy a gravel box and start competing for gravel-hauling contracts to fill in the cracks whenever logging gets slow.
  • A service station selling only gas could add a mechanic, incorporate a car wash, or begin selling high-margin trinkets to entice its customers to spend more while on-site.
  • A web designer who builds websites for small businesses could partner with a search engine optimization specialist to sell a broader range of services to its customers.

5. Keep An Eye On your Financials. Your financial reports will tell you if you’re adequately diversified. A one-legged pony’s cash flow rises or falls each time the lone customer hiccups, whereas a suitably diversified offering brings financial stability to the business.

As you work to diversify your business, make sure you look after Uncle Joe. Assuming it was your Uncle Joe that helped you get into business, it’s important to keep him happy as you seek opportunities to branch out. Keep your original customer happy. The one thing less enviable than a pony with one leg is one with no legs.

 

Self-Employment, Workshops

Fast-Track to Self-Employment BootCamp Kelowna

Leave a comment

In Kelowna June 11-13. If you’ve been thinking about starting a business, now is the time. Navigate the transition from employee to self-employed contractor and business owner with safely and with confidence.

This workshop is designed to take individuals from working as employees to working as self- employed contractors and business owners. With the ever changing demands of the new economy many individuals are opting to direct and control their careers through self-employment. The course will assist in bridging to self-employment and fully understand what is necessary. The program will cover such topics as market research, understanding industries, identifying opportunities in learner-specific fields of interest, developing and describing a business concept, marketing for self-employed, navigating legal and regulatory requirements, assessing the competition, knowing what customers want, bookkeeping, accounting, taxation, social network marketing, business communications, and understanding labour markets.
Participants will leave the workshop with a basic understanding of what it means to own and operate a small business in the 21st century, how to start a small business, and how to get contracts and keep busy as an independent, self-employed contractor.

City Location Workshop Dates Instructor
Kelowna, BC Sprott-Shaw Campus
#200-546 Leon Ave.		 June 11, 12, 13, 2012 Dan Boudreau

Training Goals

At the end of this course, the participant will be able to:

  • Discover the differences between owning a business and being an employee.
  • Determine if a business idea is feasible.
  • Identify the key components and structure of business plans.
  • Use effective business writing and communications techniques.
  • Discuss small business legal and regulatory requirements and deadlines.
  • Locate sources of assistance and information for entrepreneurs.
  • Recognize and discuss sources of labour market information.
  • List and prioritize products and services.
  • Identify potential customers and competition.
  • Ease fear of financials and develop a 3-year forecast.
  • Review proposal formats and writing techniques.
  • Recognize affordable marketing methods, including printed media, the internet, websites, email, and social network marketing options.
  • Identify professional support, including bookkeeping, accounting and legal counsel.
  • Develop a strategy and action plan to transition to self-employment.
  • Research and write a business plan.

Who This Workshop Is For

  • Employment Counsellors
  • Technicians
  • Tradesmen
  • Professionals
  • Anyone transitioning from employment to self-employment

What Participants Can Expect

This workshop is learner-centered and designed for maximum participation and practice. Learners will fill their self-employment toolchest with tricks and techniques, and have opportunities to practice applying new information in a safe and fun learning environment.

Classroom Time

18 hours (3 days)
Instructor led in-class time with the facilitator

Individual Guided Research

37 Hours
Individual guided research, business planning and set-up time.
Remote Live Q&A Discussion/Coaching Sessions via teleseminar

4 – 1 Hour Teleseminars

After attending the workshops and starting your through your individual guided research you will have an opportunity to ask questions and discuss successes, speedbumps and any other issues you have encountered.
Teleseminar 1: July 3 at 10:00pm PST
Teleseminar 2: July 24 at 10:00pm PST
Teleseminar 3: August 07 at 10:00pm PST
Teleseminar 4: August 21 at 10:00pm PST
If for any reason, you are unable to attend any of the 1-hour teleseminars, you will be provided a link to a recording of the phone call so you can listen on your own time.

Individual One-on-One Business Coaching Time

1 hour per participant individual one-on-one business coaching time.
Unlimited Access to the RiskBuster Business Plan Oasis Membership Website.
Each participant receives a membership and access to the Online Business Planner’s RoadMap

Each participant will get the following workshop materials:

  • A BootCamp reference binder loaded with business planning and start-up resources
  • 1 copy of RiskBuster by Dan Boudreau
  • 1 copy of Business Planner’s RoadMap by Dan Boudreau
  • Unlimited Membership to the online RiskBuster Business Plan Oasis
  • Information on bidding on government procurement opportunities
  • Access to a workshop participant’s forum in which to network with other learners, share information and get answers to questions

Each participant will get the following workshop materials:

  • A BootCamp reference binder loaded with business planning and start-up resources
  • 1 copy of RiskBuster by Dan Boudreau
  • 1 copy of Business Planner’s RoadMap by Dan Boudreau
  • Unlimited Membership to the online RiskBuster Business Plan Oasis
  • Information on bidding on government procurement opportunities
  • Access to a workshop participant’s forum in which to network with other learners, share information and get answers to questions

What Participants Will Need

  • A business idea and a desire to operate as a self-employed contractor.
  • A PC or Mac with functional word-processing and spreadsheet applications.
  • Basic computer and word-processing skills

Costs & Class Size

Workshop Fee: $1,000.00 per participant.
Workshop Materials: $114.00 per participant.
Total Cost (including taxes): $1,239.70

Maximum Per Class: 16

Facilitator

This BootCamp will be facilitated by Dan Boudreau, President & CEO, Macrolink Action Plans Inc.

Register Now, Seating is limited.

When you click on register now you will be taken to the Macrolink Action Plans Inc. secure shopping cart. Payment can be made by credit card (Visa, Master Card, American Express). Once you have registered, we will email you confirmation of your registration, a receipt, and details of the workshop.

For more information contact Macrolink Action Plans Inc toll-free at 1-877-612-9161
or Sprott-Shaw Community College at 604-552-9711 ext 338

If you wish to pay by any other means, please call us to make arrangements.

If you would like to speak to us before registering please contact us toll free at 1-888-612-9161.

Fast-Track to Self-Employment BootCamp is offered in partnership by Macrolink Action Plans Inc. and Sprott-Shaw Community College.

 

Self-Employment

Thinking of Self-Employment?

Leave a comment

With the ever changing demands of the new economy many individuals are opting to direct and control their careers through self-employment.

There are several benefits to being self-employed. You will:

▪  Have more freedom.

▪  Have more control over your work schedule.

▪  Have the choice to work from home.

▪  Be paid more money for the work.

▪  Be able to take on work from different sources.

Making the transition from employee to running your own business can be overwhelming. As the business owner or self-employed contractor, you will need to figure out how much to charge for your services, learn to ride or avoid the feast or famine trap, be responsible for 100% of the finances (both personal and business), find a balance between paid and unpaid tasks, stay on top of small business legal and regulatory requirements, and get paid last. Yes, your financial advisor is right about paying yourself first – however, that advice is for people who get pay cheques. When you’re self-employed, your own cheque will be the last one you write; after all other expenses have been paid. The silver lining in this is that, if you work hard and do things right, your pay cheques should be more than when working for someone else. And that is just one of the joys of being self-employed. If you’re prepared to reach out for what you want, the world of business is a playground awaiting your participation.

If you dream of working for yourself, mark your calendar for June 2012. The upcoming Fast-Track to Self-Employment BootCamp will provide you the opportunity to make your dream a reality.

This workshop will help you make the transition from employee to self-employed business owner safely and with confidence. The workshop will cover such topics as market research, understanding industries, identifying opportunities in learner-specific fields of interest, developing and describing a business concept, marketing for self-employed, navigating legal and regulatory requirements, assessing the competition, knowing what customers want, bookkeeping, accounting, taxation, social network marketing, business communications, and understanding labour markets.

Participants will leave the workshop with a basic understanding of what it means to own and operate a small business in the 21st century, how to start a small business, and how to get contracts and keep busy as an independent, self-employed contractor.

Fast-Track to Self-Employment BootCamp

Upcoming Workshop Dates and Locations

City Location Workshop Dates Instructor
Prince George, BC Sprott-Shaw Campus
1575 2nd Ave		 June 5, 6, 7, 2012 Dan Boudreau
Kelowna, BC Sprott-Shaw Campus
#200-546 Leon Ave.		 June 11, 12, 13, 2012 Dan Boudreau
Victoria, BC Sprott-Shaw Campus
2621 Douglas St.		 June 20, 21, 22, 2012 Dan Boudreau
Vancouver, BC Sprott-Shaw Campus
2750 Rupert Street		 June 25, 26, 27, 2012 Dan Boudreau

This workshop includes:

  • 18 hours of in-class time
  • 37 hours of individual guided research, business planning and set-up time,
  • 4 – 1 Hour Teleseminars

After attending the workshops and starting your through your individual guided research you will have an opportunity to ask questions and discuss successes, speedbumps and any other issues you have encountered.

Teleseminar 1: July 3 at 10:00pm PST

Teleseminar 2: July 24 at 10:00pm PST

Teleseminar 3: August 07 at 10:00pm PST

Teleseminar 4: August 21 at 10:00pm PST

If for any reason, you are unable to attend any of the 1-hour teleseminars, you will be provided a link to a recording of the phone call so you can listen on your own time.

  • 1 hour per participant individual one-on-one business coaching time.
  • Unlimited Access to the RiskBuster Business Plan Oasis Membership Website.

For more information visit  Fast-Track to Self Employment BootCamp Course Description

Or Contact Workshop Facilitator Dan Boudreau

Self-Employment, Starting a Business

Nine Reasons To Charge More Than Your Old Boss Paid You

Leave a comment

By Dan Boudreau

Congratulations! For anyone with the slightest trickle of entrepreneurial blood flowing through their veins, it’s a glorious day when the boss offers to pay you as a contractor rather than as an employee. As an employee, you worked hard to gain your employer’s trust, earned your stripes, and got the contract.

Then comes the agonizing chat about how much to charge. This is when budding contractors need to sharpen their pencils. When it comes to business expenses, the boss will have a clearer view. Unless he is willing to share financial details, most employees will be ill prepared when it comes to figuring out how much to charge for their services, and most tend to bid too low.

Here are nine expenses that need to be covered in your hourly rate, if you’re going to survive the transition from employee to contractor.

  1. Employer Payroll Burden. This amalgamation of costs is often referred to as Mandatory Employee Related Costs (MERC’s). It includes the employer’s portion of employment insurance, pension, holiday pay and any other employee benefits.
  2. Insurance. You’ll need liability insurance and, as a contractor, you’ll be responsible for paying premiums for your own Worker’s Compensation coverage, as well as providing mandatory insurance for all workers under your employ. To learn about WCB costs, go to www.worksafebc.com and lookup rates and classifications.
  3. Rent and Utilities. Your business will have to have a home, and for many budding contractors that will be somewhere at your personal residence.
  4. Bookkeeping and Accounting. As a small business owner you’ll need to keep accurate records and complete year-end financials for tax purposes. Equally important, you’ll need to know, as owner, where you’re at financially at all times throughout the year.
  5. Legal. You’ll want a lawyer’s help in developing your agreement with your former employer, and there will be other legal purchases, such as licenses and permits.
  6. Marketing, Advertising, Sales. Even though your first contract fell into your lap through the good relations you’ve built with a current employer, you’ll soon be buying business cards and learning how to get the word out about your services.
  7. Tools and Equipment. As a contractor, you may need to supply tools and equipment that previously were provided by your employer. You’ll need to factor in the purchase cost, as well as the cost of repairing, maintaining and replacing equipment.
  8. Office Expenses. In today’s work environment, it’s difficult to imagine a business without a telephone, internet access, some sort of mobile, and a computer-fax-printer. There will also be a desk, chairs and something to store files and documents in.
  9. Bank Charges and Interest. A business needs its own bank account, independent of your personal account. If you borrow funds for business purposes, you’ll be paying interest on those funds until they’re repaid.

The Canada Revenue Agency is the final authority when it comes to deciding whether you’re an employee or a contractor. To locate tests that help to determine whether or not you’re an employee or a contractor, do an internet search using the keywords “employee vs. employer.”

As a contractor, if you’re charging anything less than double what the employer paid you as an employee, you’re probably not charging enough to cover your costs. Your appetite for contracting is more likely to grow if you start out with a healthy pricing strategy.

Related Articles:

Are You in Business or Enslaved to Self-Employment?

Business Needs More Than Passion

Business Owners Go the Extra Mile