Business & Personal Finance

Deciding on what business to start now..

For a number of years in the mid to late 1990's, every other person who came to us in the Business Department was looking to start up a business relating to pets.  Consumers, it seemed, had lots of money to spend on their pooches or cats. 

What a difference a few years makes.  An article that recently appeared entitled "Pet love on the cheap: Downturn takes bite out of pet product market, once thought recession-proof"  by Matthew Boyle (Toronto Star, March 4, 2012, p A13), indicates that owners who once lavished their pets with customized pet food and deluxe services, are now, because of the down turn in the economy, shopping at discount chains such as Wal-Mart and Target. 

So how does someone, who is considering starting their own business, decide what type of business to start?  One of my favorite sources that I refer people to is Profit Magazine's annual issue entitled "The Next Big Thing"  This issue, which usually appears in the magazines December/January issue each year offers up the best bests for start-up and expansion. North York Central and Toronto Reference Library both have previous years issues (as we all know, everything old is new again) for more ideas.

Some ideas from this issue include:

• Services to the stay at home consumer
• Development of apps for small business
• Tapping into the "buy local" movement

And once you have decided on a business to go into, try searching the catalogue for books on that particular business.  The library has a number of books in different series.  There is a "How to start a home-based" type of business, as well as "How to start and run" type of business and "How to start and operate" type of business. 

And have a look at a couple of titles from TPL:

    

And while it is important to have a business that is timely, being passionate about whatever business you go into is equally important.   Good luck pursuing your dream!

 

 

 

Why we are mad for Mad Men

The wait is over.  It was a long 17 months, but Don Draper and the staff of Sterling Cooper is back for a 5th season. I may be crazy, but I think most people are interested in the creative process involved with advertising.  How do you take a product and make people want to buy it? 

Of course while the show focuses on the business and personal lives of the people in the firm, it also is a snapshot into what perhaps was the golden age of advertising.  The U.S. was experiencing a post war surge in the economy and consumers had more disposable income and were wanting to spend it. 

But why is the show so popular?  Here are a few theories:

• Watching the creative process – and the business of advertising.  While Sterling, Cooper, Draper, Pryce is a fictional ad agency, references are made to older advertising agencies that are still around – Young and Rubicam, Ogilvy & Mather.  Some of the events referred to are fictional, some true. 

• The commercials – seasons 1-4 had advertising history trivia before each of the commercials for products still around from the 1960’s.  It is one of the few shows that I hung around specifically to see the ads.

• The office – secretaries, typewriters, people talked on the phones, no computers.  The office politics - that hasn't changed. And of course the fashions - did people really wear these clothes?

• Watching the times change.  The 1960s were such a period of upheaval, socially and politically that it is interesting to see how events affected people and the advertising business.

• Great quotes from Don Draper on advertising:

"Advertising is based on one thing, happiness. And you know what happiness is? Happiness is the smell of a new car. It's freedom from fear. It's a billboard on the side of the road that screams reassurance that whatever you are doing is okay. You are okay. "

And best of all, it has created a resurgence of interest in advertising.  Check out a few of these titles available at TPL:

        

     

Enjoy season 5 - I know I am!

A Few Books About Managing Your Small Business Finances

The careful day-to-day management of your small business finances is a major factor in the success of your enterprise.

As always, the Toronto Public Library has resources to help! Here are just a few of the books in the system about how to manage your finances properly:

Finance For Non-financial Managers	Financial Management 101: Get a Grip On Yor Business Numbers	Small Business Financial Management Kit For Dummies

Before you can really start setting financial goals, you need to determine where you stand financially.
- David Bach

Blogging Your Business

When thinking about social media and small business, don't forget about blogging!  It's another great way to share current information about your company. Blogs and blog responses are the beginnings of conversations, and conversations are the beginning of a sense of community between you and your customers.

The Huffington Post Complete Guide to Blogging is a great book to read to get you started. It includes information on all kinds of blogs, not just business blogs, and includes sections on finding your voice, getting noticed, and creating and building community. When I began blogging, this was the first book I read. I highly recommend it.

The book also has lots of advice from Huffington Post bloggers of all types. Perhaps most importantly, the book will whet your appetite for blogging, and get you excited about giving it a try.

Here are some of the Huffington Post's key principles to blogging:

• Blog often
• Perfect is the enemy of done
• Write like you speak
• Know your audience
• Write short

Each one of these points is explained more fully in the book. Have a look.

Also, have a look at What A Blog Can Do For Your Business, at About.com. This article includes specific examples of business blogs.

Once you've found the enthusiasm to blog and you understand its value, read up on how to do it! The Toronto Public Library has lots of books on this subject, including video blogging: 

 

Content Rules	Blogging to Drive Business	Get Seen

 

Don't overlook this great business tool.

Sacha Chua Blogs the Small Business Network

Sacha Chua, author of the blog Living an Awesome Life, frequently attends TRL's Small Business Network, and "writes" about our guest speakers in her own inimitable way. Here are a couple of her works (click on each one to enlarge):

 

Red Rocket Coffee's Visit, May 8th, 2012:

 

 

 

Fetching's visit:

 

 

Sacha's own talk at the Network:

 

 

Thank you very much, Sacha!!

Our next Small Business Network meets on Tuesday, June 12th, 2012. Don't miss it!

 

 

Finding Business Biographies

Are you are going to a job interview or investing in a company? 

If so, you may want to find a biography on a specific company director or executive.  The Toronto Public Library has a number of business databases that may help you in your seach.  They are:

Financial Post (FP) Advisor

• To start a search, click on Directory of Directors on the left side of the home page.
• There is information on over 29,000+ directors and executives of Canadian companies.

Gale Virtual Reference Library

• On the left side of the home page, click on the heading Business.
• Click on the title International Directory of Business Biographies. 4v. 2005. 
• This title examines the career paths, business achievements, leadership styles, business strategies and industry impact of Fortune 500 and Global 500 corporate leaders, as well as entrepreneurs and other notable businesspeople through in-depth biographical narratives.

Mergent Online

• Company Profiles include an Executive tab. 
• Individual executive profiles are available for download or printer friendly format.  Photos are included.

These TPL databases are available via remote access.  An active Toronto Public Library card is required in order to access.

 

 

 

 

Finding Company Histories

Some companies are so successful that they are able to celebrate a long and prosperous history. 

For example, Tiffany & Co. is one of those companies.  The jeweller is celebrating its 175th anniversary this year.  Charles Lewis Tiffany, the company's founder, founded the store in 1837.

Many companies with such an illustrious past sometimes have a web page dedicated to its history at their web site.  If such a web page does not exist for a company that you are interested in, here is a list of Toronto Public Library's electronic resources that may be able to help you find a company history: 

Business & Company Resource Center

• If you do a Company Search, select the desired company from the Results List.
• In the selected company's profile, click on the Histories tab.
• Two sources may be available for your selected company; i.e. Notable Corporate Chronologies and/or International DIrectory of Company Histories.

Financial Post (FP) Advisor

• Historical reports are available for the top currently and formerly traded Canadian companies. 
• These reports include detailed descriptions on operations, 7-year consolidated financial statements, capital stock changes, and company history dating back to incorporation.

Mergent Online

• Company profiles include a History tab.

These TPL databases are available via remote access.  An active Toronto Public Library card is required in order to access.

For those interested in a history of Tiffany & Co., search the Toronto Public Library catalogue with the subject heading Tiffany and Company - History.

Playing nice at work

 Let's face it, we've all had to work with people we just can't along with but, take comfort, you are not alone.  We don't live in a perfect world so office politics is something all of us will need to deal with at one time or another. According to Vicky Oliver, author of Bad Bosses, Crazy Coworkers & Other Office Idiots, things such as dealing with targets, deadlines, responsibility, pressure and other work-related stresses can strip away the veneer of gentility and make our bosses, colleagues and underlings snap at the most minor provocation.

So is there a secret to getting along with everyone? The best way to deal with these problems, says Oliver, is to not take anything personally. Try to rise above what you perceived to be an insult but was actually a joke. Congratulate a rival for being promoted over you.  Forgive a co-worker that went behind your back to consult with your supervisor. Another way to deal with office politics is to accept the fact that people are flawed. You can ignore these flaws or try to deal with them in some way.  You, too, will need to learn how to accept criticism by being brutally honest with yourself.  If you become less sensitive to the criticisms of others perhaps you will become more sensitive in the way you deliver criticism.

Before considering  leaving your job because your coworkers are driving you crazy, take a look at some of these helpful books:

 

 

 

 

 

 

Managing Your Cash Flow: An Enterprise Toronto Program

Cash flow issues are a constant source of concern for small business owners. But help is on the way!

Enterprise Toronto is offering Managing Your Cash Flow, a program that will provide you with practical tips to deal with cash flow issues. 

The program takes place on 18 April 2012 From 10:00am to 11:30am, at Toronto City Hall, 100 Queen St. West, 2nd Floor, Committee Room 4. It is offered in conjunction with TD Canada Trust.

And check out the following book on cash flow, located in the Toronto Public Library System:

 

 Cash Flow for Dummies

Ask a librarian for other books on the subject as well.

Don't let cash flow problems get in the way of your small business success!