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Advice From Your Small Business Mom

Published on Nov 18, 2015

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PRESENTATION OUTLINE

ADVICE

FROM YOUR SMALL BUSINESS MOM
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1

TAKE A SMALL BUSINESS COURSE

One night class is enough. Learn basic accounting (taxes, cash flow, balance sheets) and business plan basics. Know some Excel. Then hire an accountant.

2

THINK ABOUT INCORPORATING EARLY
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This will be an extra expense (about $500 per year). You can do it online without a lawyer. Incorporation gives you access to space, funding, legitimacy, and lower liability (YMMV).

3

KNOW WHAT TO EXPECT WHEN RENTING AN OFFICE
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You can find office rentals online. Consider co-working space instead (especially if you work solo). Renting an office probably requires incorporation because you will need general liability insurance (about $1500/year).

4

KNOW WHAT MONEY IS OUT THERE TO HELP YOU

Money comes in grants, loans and tax credits. They almost all require incorporation. Everyone has high standards for applications. You'll need your business plan and spreadsheets for this part!

GRANTS & LOANS
(e.g. OMDC, Bell Fund, CMF, CCA, XL)
Is the grant/loan repayable? Is repayment contingent on your product making money? How much do you have to kick in? Does the loaner expect equity in your company or product?

TAX CREDITS
(e.g. SRED, OIDMTC)
They don't stack! They both take about a year to pay out after filing your taxes. They both require incorporation. Keep detailed time sheets. Expect to hire a consultant to do the paperwork and charge 15-25% of the credit.

5

DEVELOP A SYSTEM AND STAY ORGANIZED

You have to file a lot of taxes. Remittance (for payroll) is monthly. HST is quarterly. Corporate taxes are yearly.
You will need to stay on top of it, even if you have an accountant.

Keep your receipts on file (yes, print them all out) in a filing cabinet. Keep spreadsheets for expenses, transfers, payroll, and cash flow. Have a corporate bank account. Use a time tracker. ALWAYS know your own books.

6

INVEST TIME IN YOUR COMMUNITIES

Friends keep you sane. You never know where opportunities will come from. Get used to bars. Consider co-working. You're not an island - volunteer and give back when you can. People remember that stuff.

7

YOU'RE GOING TO BE BUSY - TAKE CARE OF YOURSELF
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Think you're going to be a [ insert job ]?
Congratulations, now you're also a bookkeeper, grant writer, networker, community manager and marketer!
This is real, valuable work too.

Expect some degree of burnout.

Eat well, sleep enough, get exercise, value yourself, allow yourself downtime.

Call me if you figure this part out. ;)

THANKS AND GOOD LUCK!



(POKE ME PERSONALLY @TABBYROSE
POKE MY COMPANY @AXONINTERACTIVE)