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!

 

 

 

Business Inc.: "I Was Able To Successfully Complete A Business Plan"

 

People who have participated in the Business Inc. program have great things to say about it! Here are a few comments from recent graduates:

"Gathered very useful info on conducting market research and also building websites."

"Very good course."

"I'm so glad to have enrolled in this workshop."                

"Great discussions."

"Social media platforms were the highlights."

"I was able to successfully complete a business plan."

"The best course I have ever taken."

This nine-week business program is offered at Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre.

During the program, you will

• Learn how to prepare / update your business plan
• Access a business advisor and other valuable resources
• Network with other entrepreneurs

Upon completion, you will:

• Obtain a Business Seminar Series Certificate of Completion from the Toronto Business Development Centre
• Be eligible to apply for a small business loan ranging from $5,000 - $30,000 (Completion of the course is not an automatic loan qualification for the loan.)

 Orientation sessions for the next round of sessions will take place on the following dates:

• Date: Tuesday, March 6
• Time: 6:30 pm
• Location: Northern District Branch
• RSVP: 416-393-7610

• Date: Thursday, March 8
• Time: 6:30 pm
• Location: Maria A. Shchuka Branch
• RSVP: 416-394-1000

Read more about the program and see the application form.

Attend the orientation sessions to hear even more details and ask questions.

Don't miss out on such an incredible opportunity!

November's Small Business Network Is Coming Up Next Week!

The Toronto Reference Library's Small Business Network has its November session coming up on Tuesday, November 15th, 7-8pm.

Once again, we have a great guest speaker: David Cummings, owner of Manta Communications, a  creative photography and graphic design house. He'll be talking about his experiences in starting and running his small business, with particular emphasis on the importance of a business plan, and company image.

David will talk for 15 minutes, and then will take questions for about 10 minutes. Then our networking session, where we talk to each other and share questions and expertise, will begin.

The Small Business Network is for people who are just dreaming of starting their small business, as well as those who are in the process of starting or running their business. All are welcome.

Come and join the exciting conversation!

Heads Up: Fall Business Inc. Orientation Sessions Are Starting Very Soon!

Wonderful news for prospective small business owners: the Business Inc. program is being offered again this fall!

Through Business Inc, you will learn from professionals how to prepare or update a business plan. You will also have access to a business advisor and valuable resources, and have the opportunity to network with other entrepreneurs. Upon completion, you will obtain a Business Seminar Series Certificate of Completion from the Toronto Business Development Centre. The fee for the entire program is $100.00.

Details of the program, including how to apply, can be found through the Business Inc. link, above. In brief, here are the topics for each week:

Module 1: Taking the leap into entrepreneurship
Module 2: Market research for your business
Module 3: Resources for researching your business
Module 4: Developing a powerful marketing strategy
Module 5: Launching your business online
Module 6: Creating an operating framework for success
Module 7: Building blocks for financial growth
Module 8: Financing for business growth
Module 9: Making your pitch

The orientation sessions, which are information sessions for people interested in applying for the program, are starting very soon. 

Please phone 416-345-9437 to register for one of the following orientation sessions.

• Date: Thursday, September 8
• Time: 7 - 8 pm
• Location: Cedarbrae Branch, Auditorium

• Date: Monday, September 12
• Time: 7 - 8 pm
• Location: York Woods Branch, Room 2

• Date: Wednesday, September 14
• Time: 7 - 8 pm
• Location: Richview Branch, Meeting Room

Business Inc. is offered through Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre.

 Don't miss out on this wonderful opportunity.

Global awareness and your business

From Egypt to Japan to Libya to the Ivory Coast, unfolding events around the world affect us now more than ever.  Political as well as natural events affect everything from the cost of gasoline at the pumps, to the cost of food, to the availability of raw materials to make computers, to automotive replacement parts, to a worldwide shortage of chocolate, businesses as well as consumers experience the ripple. 

How do you keep up on events that will affect your business?  Want business intelligence on 203 countries around the world?  Check out Economist Intelligence  Unit's database Viewswire.  This database, available through the TPL website, with your library card, offers a wealth of information on countries in the news. 

 

Each country profiled includes up to date information on key developments, plus business background information including country and business outlooks, economic structure.  For the economy - market opportunities, 10 year growth outlooks, social indicators and living standards.  The homepage includes the latest analysis of events from around the world, from a business POV.

 

Five reasons to look at an industry magazine

Recently I helped a client who had come to our desk looking for print periodicals covering specific industries in Canada.  I was happy to be able to report to him that for most of the industries he was interested in, either North York Central or Toronto Reference Library, had print subscriptions.  These two locations have the largest and longest runs of industry periodicals in the system.

Now why would you want to look at a magazine in print, when so many are available in either databases or have websites with current content?  Here are 5 reasons (in no particular order)

• Advertisements - many publications have business to business opportunities or job ads that you will not see in other sources.
• Directory issues - most of these magazines offer an annual directory that lists company specialties and contact information.  Many times the company breakdowns are more specific than in more traditional directories such as Scotts or Canadian Trade Index.  Expensive to purchase separately, they are usually included in a print subscription.
• Forecasts - want to be ahead of the game? The first or last issue of the year many times has predictions of where the industry will be going in the coming year. 
• Trends - want to track a particular wave of interest in a certain product or see what the next big thing might be?  Or what was popular 5 years ago?  Leaf through an issue.
• Charts and illustrations - unless the article appears as a PDF in a database or online on the website, you will miss out on what are vital pieces of information complementing an article. 

For the electronically minded, the i-Pad is revitalizing the magazine industry, but at what cost to the bottom line for the industry?  Check out this article entitled "The battle for the digital newstand- Tablets offer newspapers and magazines a lifeline. But publishers and tech giants are wrestling over who gets the money" by Susan Krashinsky and Simon Houpt, Globe and Mail, February 26, 2011, page B6.  For interesting blog reading related to this issue, check out the INMA (International Newsmedia Marketing Association) website.

Take Part In An Eight-Week Business Program - Apply Now!

Would you like to take part in an eight-week business program offered at Toronto Public Library's Fairview branch?  It's a unique opportunity to learn from professionals and get on your way to making your business dreams a reality.

The program includes the following modules:

1. Taking the Leap to Entrepreneurship - Characteristics of Top Performing Companies
2. Researching Your Business Idea
3. Developing a Powerful Marketing Strategy
4. Launching Your Business Online
5. Creating an Operating Framework for Success
6. Building Blocks for Financial Management
7. Making Your Pitch

These run over a period of 7 weeks (once a week, 6:00 - 8:30 pm), Wednesdays, April 27th - June 8th, 2011.

And finally, you get a one-on-one business plan consultation - subject to completion of the seven modules.

You will have access to your business advisor via email for the duration of the program.

The program is $25.00 (it's actually a $580.00 value! The City of Toronto, Economic Development & Culture subsidizes the course.) You must apply for the program by April 18th, 2011. Because of limited space, only 15 candidates will be accepted.

Hear more at the orientation session, which will take place Wednesday, April 6th, 
6:00 - 7:00 pm at Fairview Branch, Toronto Public Library, room A.  Fairview is at 35 Fairview Mall Drive, Toronto.  RSVP at 416-345-9437.

This opportunity is offered by the Toronto Public Library in partnership with the City of Toronto and the Toronto Business Development Centre. 

 

 

The World Of Coca-Cola

As a teenager, I was an avid Coca-Cola fan.  I loved drinking it from those beautiful bottles, frosted and right from the fridge. I even loved their jingles: "I'd like to buy the world a Coke, and keep it company" and  "It's the real thing - in the back of your mind, what you're hoping to find is the real thing". 

My whole family was aware of this obsession of mine, to the point that one year one of my little brothers gave me a six-pack of Coke for Christmas.

Around that time, the cola wars were in full force. Coke and Pepsi were battling it out, with the Pepsi Challenge as one of the key battlegrounds. Did you ever take the Pepsi Challenge?  I never did, for fear of accidentally choosing Pepsi!

It looks like the cola wars continue to this day. According to the Wall Street Journal (quoted in Yahoo Finance), Diet Coke just passed Pepsi in terms of sales in the U.S. Coca-Cola is the highest-selling soft drink in the U.S., with Diet Coke second, and Pepsi coming in at third. 

The library has lots of material on the Coca-Cola company in all its facets, from company histories...

     

...to books about the impact of Coca-Cola on the environment and human health, and its social implications.

   

We also have information on the cola wars, including the DVD entilted Cola Wars. 

Inform yourself about this amazing and controversial company. 

 

 

 

Whom Do You Trust?

Let's imagine that three people each give you a different recommendation about a product or service: a CEO, an academic, and a person "like yourself".  Whose recommendation do you trust the most?

Interesting question, and there is actually a report that comes out every year that has a look at that question in terms of the broad population and presents some answers.  It's called The Edelman Trust Barometer, and it is fascinating.

The Barometer "gages attitudes about the state of trust in business, government, non-government organizations and media across 23 countries".

Here's a little bit about what they discovered about trust and Canadian companies:

• Canadian, German and Swedish companies share the honour of being the most trusted in the world.
• Canadian companies are seen as being transparent in their dealings.
• Canadians trust academics and industry experts the most as industry spokesmen.

How important is trust to a company? According to the report, when a company is not trusted, 57% will believe negative information about it after hearing it 1-2 times.  If a company is trusted, 51% will believe positive information about it after hearing it 1-2 times.

Have a look at the report. And also have a look at some of these books, which will help you to learn how to build trust: 

  

 

It's all about the 3 "L"s.

I am always amazed when I am walking through neighborhood business districts at the diversity of shops that one sees. So it always strikes me as equally odd, when I run into an area that has multiples of a certain type of business.  For example, in my neighborhood, there is a 2 block stretch that has 3 flower shops.  Floral businesses do many transactions by phone, and over the web, but if you have a business that relies on walk in traffic as well, you need to do your homework.

The mantra of real estate has always been the 3 Ls - location, location, location.  Well choosing a place to put your business requires the same mantra.  A little research can go a long way to ensuring that your business succeeds.  Some of the first things to consider before choosing where to locate your business are the demographics of the area, and what other businesses are located in the area you are considering. 

Statistics Canada, with census information, provides a wealth of information going down to the census tract level - a very specific geographic area.  One can get a detailed breakdown of the area by aspects of age, sex, and household income, to name a few.  Want the bigger picture for a neighborhood?  Check out the City of Toronto's Neighborhood profiles.  If you are looking at a smaller city, then you could consult FP Markets - Canadian Demographics, a publication of the Financial Post that gives big picture detailed demographics.

Checking a directory such as Scotts Business Directory, can give you an idea of what businesses are located on the street or streets surrounding the area that you are considering.  The directory is available either on-line - both at home and in the library, or in the library, in print.

Of course there are many other factors to consider, but starting with the big picture could help you put everything else in perspective.