Business & Personal Finance

Shopping for bargains

 

Finding bargains can be a time-consuming exercise, be it clipping coupons for groceries, checking flyers for sales, or simply shopping at discount retailers.  Knowing where to find deals can save you a lot of time.  One of my favourite discount stores is Dollarama. 

Salim Rossy, who fled Lebanon in the early 1900s and moved to Montreal, opened his first store in 1910.  S.Rossy Inc. General Stores, similar in nature to Woolworth's, grew to 44 stores by the late 1980s.  During the 1960's and 1970's they faced major competition from Woolco and Kmart as well as Walmart, which first came to Canada in 1974.  In response to these competitors Rossy made the brilliant decision to focus on one price point--$1.00--and to call his new chain Dollarama.  The first Dollarama, located in Matane in the Gaspe region, was an instant hit. Since then Dollarama stores have expanded across Canada. There are now 667 stores in Canada (Retail Chains in Canada,) and new stores are being added weekly. Current president Larry Rossy was ahead of his time by sourcing merchandise without the middleman and travelling directly to China and other Asian countries to buy stock. This allowed him to keep his costs low and pass on the savings to the consumer. To read more about this Canadian success story checkout this recent article in the "Globe and Mail".

 

Or to read about other discount retailers, check out these titles:

To find out where else you can find great deals join Cathie Mostowyk of the Shoestring Shopping Guide on June 14th from 2:00-3:30 pm at the North York Central Library. Free. Call 416-395-5613 to register.

 

 

Is business blogging dead?

I certainly hope not.  But a study done by the University of Massachusetts's Center for Marketing Research, reported in a recent issue of Inc., indicates that many companies are abandoning blogging for the less wordy Twitter, Facebook, MySpace, LinkedIn and Foursquare options.  

Many of the companies that were surveyed were larger companies that have been using social media and blogging for a number of years.  Many companies newer to the social media scene have by passed blogging and gone right to the social media websites mentioned above.

So is there any advantage for a business to blog?  Here are a few -

• It builds creditability to your business.  You can establish yourself as an expert.
• It enhances your on line reputation.  You have taken the time to write something worth reading.
• Builds your brand.  
• Search engine visibility.

Is your business new to blogging or want to get inspired to continue?  Check out a few of these titles available at TPL.

         

Here's hoping business blogging lives on..

 

 

 

Do food trucks have a future as small business start-ups?

They are the growing rage in delivering food to the masses - street food - not your ordinary hot dog cart - but a fully equipped truck that delivers gourmet food but without the brick and mortar costs.  These trucks have been gaining in popularity and have gotten traction in a number of cities in North America.  And for an industry (restaurants) that boast one of the hardest types of businesses to get financing for, it may be just the ticket for an economy that has hit a rough patch.   The failure rate for bricks and mortar establishments is estimated to be any where from 57 - 59%. 

There are a number of cities that are now allowing these type of businesses.  And there is a growing movement in Toronto to allow them here.  Check out the recent article that appeared in the April 28, 2012 Globe and Mail entitled "When Toronto is famous for its street food, you can thank this man" by Chris Nuttall-Smith.  This article is available via TPL's subscription to Canadian Business and Current Affairs.  You will need your library card to access.  Toronto Life took a look at the Toronto food street scene as well. 

Things to consider before jumping into this business, based on a search of a number of wesites,include:

• Start up costs.  While the cost is about half of starting a bricks and mortar restaurant, it is still a significant investment.
• Permits.  Is this type of vending business allowed in your potential city?
• Gas prices.  Enough said.
• Weather conditions.  Will people line up in the rain and snow to buy your product?
• Competition for choice locations.

There are many websites available for more information regarding experiences running trucks in the cities that allow them. 

And check out a few recent titles at the library:

         

Bon appetit!

Sales Techniques for the Small Business Person

Enterprise Toronto is hosting a workshop on Wednesday June 6th at the Scarborough Civic Centre, entitled "Sales and Marketing Techniques to Get Your Business Off the Ground". The session is described as follows:

"Getting your sales and marketing right is crucial to the success of your business. Creating a marketing  strategy will help you identify potential customers and target them with appropriate products or services. Using the correct sales techniques will help you turn interest in your product or service into customer orders." 

The session is free!

The library has many books on the subject of sales. Here are just a few:

 

Small Message, Big Impact	Pitch Anything	Ask Questions, Get Sales

You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.
-Patricia Fripp
 

Retirement planning

Are you ready to retire? How much money do you think you will need? Or do you still have another 20 years or more before retirement? According to the experts, it's never too early to start making retirement plans.

Barbara Hawkins, long-time writer for MoneySense magazine, recommends 6 steps to a wealthy retirement. 

1. Create a "must-have" list.  Estimate how much you spend in all areas and then deduct things that you will no longer have to pay such as child care costs.  You should also deduct luxuries you can do without such as a second car, as well as items that you will no longer need to purchase such as work clothes and the cost of commuting.

2. Next, Hawkins says you should create a "nice-to-have" list containing things such as a special vacation. Keep things within reason.

3. Then, remember that you can count on the government. Hawkins says that despite what fearmongers say, the Canada Pension Plan and Old Age security are in fine shape.

4. Some people are lucky enough to have a defined benefit pension others have RRSPs to which they have been contributing.  These things need to be considered when calculating your overall wealth.

5. Make sure your porfolio is diversified, Hawkins says, by having 30%-50% of your assets in various fixed-income investments such as GIC's  and the remainder in a wide variety of stocks from Canada and other countries.  There are no guarantees, though, since markets are volatile and you may end up retiring right when markets can take a plunge like they did in 2008.

6. Finally, Hawkins recommends treating your "must-have" list and your "nice-to-have" list differently.  The "must-have" portion should represent a 4% withdrawal rate from your portfolio while your "nice-to-have" portion could be treated with more freedom, in particular in the early years of your retirement when you have your health and are more active. Keeping these  two portions separate within your portfolio will ensure that your "must-have" needs are well-covered later on in your retirement.

Planning for retirement may be time-consuming but it will literally pay off in the end making your golden years truly golden. 

 

Here are some great books to help you start your on retirement planning:

 

Economist Jeff Rubin - Author Talk on May 14, 2012

Jeff Rubin, economist and winner of the 2010 National Business Book Award for his title Why Your World is About to Get a Whole Lot Smaller, is going to give an 'Author Talk' at the Toronto Reference Library. 

In a follow-up to his award winning business book, Jeff Rubin will discuss "why the end of cheap oil means the end of growth, and what it will be like to live in a world where growth is over."  With Metro Morning Business Columnist Michael Hlinka.

Details for the program are:

Jeff Rubin
Mon May 14, 2012
7:00 p.m. - 8:30 p.m.
90 mins
Toronto Reference Library Bram & Bluma Appel Salon
789 Yonge St., Toronto, Ontario

Doors open at 6 p.m.

Tickets are required for admission to all Appel Salon events. Tickets are now SOLD OUT for this event.

As most Appel Salon events are free of charge, it is our policy to overbook. In the case of a full program, your free reservation may not guarantee admission.

Unclaimed reservations will be released to standby customers ten minutes prior to the start of the program. We recommend that you arrive early.

For more information on this program, visit the Appel Salon Programs web page.

For those unable to attend, the following title by Jeff Rubin is currently available at the Toronto Public Library: 

Print Format	eBook Format

The book is available in both Print and eBook formats.  To access online in eBook format, an active Toronto Public Library card is required. 

2012 National Business Book Award Finalists

The National Business Book Award is an annual award given to the author of a pre-eminent business-related book published in Canada.

The award has come to be "recognized as one of Canada's most prestigious literary awards. It continues to gain attention from not only the Canadian business world, but also publishers, authors, journalists, academics, economists, politicians and business leaders around the world."

The $20,000 award is presented to the author of the most outstanding Canadian business-related book published in 2011.

The finalists for the 2012 National Business Book Award were recently announced on April 26, 2012.  The three finalists are: 

Print Format	Print Format	Print Format
eBook Format	eBook Format	eBook Format

All three books are available in Print and eBook formats at the Toronto Public Library.  To access online in eBook format, an active Toronto Public Library card is required. 

The five key criteria used in evaluating eligible nominations is provided at the National Business Book Award web site.

Jury members consist of prominent individuals from the business and academic sectors.  This year's jury members are:

• Roger Martin, NBBA Jury Chair and Dean of the Rotman School of Management, University of Toronto
• Jane Cooney, Founder Books for Business
• William A. Dimma, Chairman Emeritus, Home Capital Group Inc.
• Peter Mansbridge, Chief Correspondent of CBC Television News
• Deirdre McMurdy, Adjudicator; and
• The Hon. Pamela Wallin, Senator.

Congratulations to the three finalists!

The winner of the National Business Book Award will be announced on May 28, 2012. 

 

The rise of the department store

(Le Bon Marché, Paris, 1867)

Can you picture a world without Walmart, Zellers or The Bay? It's hard to believe that there was a time when people bought what they needed from local markets, small shops and even directly from craftsmen and street vendors.  During the Elizabethan age shopping was about acquiring basic necessities, not self-indulgence.  By the eighteenth century shops became more elaborate allowing customers opportunities to browse and to be enticed by artistically displayed goods.

During the Industrial Revolution people started to earn more money and a middle class began to emerge.   This, in addition to cheaper factory-produced goods, created an expanded consumer demand that could no longer be met by small retail outlets. In fact, the department store introduced people to the fine arts and to new styles and ideas. Up until the 1830's shops tended to be specialized but when Aristide Boucicaut founded Le Bon Marché in 1852 in Paris, now considered to be the world's first department store, retailers everywhere sat up and took notice. Le Bon Marche inspired the growth of department stores around the world with names like Macy's, Marshall Field's, Strawbridge & Clothier, Lewis's of Liverpool, Eaton's and many others. Over the years department stores have provided a wide range of consumer goods from fabrics to plants and automobiles to airplanes. Although the recent recession has taken its toll on department stores, they show a determination to survive by continuing to reinvent themselves.

To read more about department stores, check out these books: