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By Warren Coughlin
Warren is a business coach with ActionCoach, who is committed to helping entrepreneurs and
executives grow themselves and their businesses so they can live the lives they seek. He has been
recognized as the Canadian Coach of the Year Award (2005), The Top Performing Coach Award (2006) and
as one of the top 10 coaches among the 1000+ coaches around the world in ActionCoach.
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Hello Warren, I've incorporated a business and am looking for guidance for establishing business credit. I'm not looking for loans or financing right now, but would like to establish a business credit history so I would have the option down
the road. In question form: What do I need to do to establish business credit history for a newly incorporated business?
– Aingaran
Hello Aingaran, When you are starting, most creditors will take a good look at...
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Hello Warren, I have created and built an online hosting company for talent relating to the film industry. My target market is the general public -- anyone interested in working in the movies. This online system, like a Facebook for movie talent, has taken 3 years to develop and build, and will launch within the next 30 days. The problem is, it has cost much more than I originally thought. Because of this, my cash flow is low, and seems worse with the new economy. I am toying with the idea of investors/partners or government grants/loans. I know this online hosting will work as there are 2 other systems in North America which are very successful and trading on the stock market. Mine is targeting the same industry but with different interests. But it all takes money and marketing. Any suggestions? Where would I find investors/partners ? I have always done everything on my own so I have never run into this problem before.
– Sam
Hi Sam, It's tough be very specific without knowing more, but here are some thoughts...
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Hello Warren, I'm currently a part time college student, and run a small computer repair company on the side. I've worked as a computer technician for several years now, and have learned most of the skills, and tools required to run such a
business efficiently. Currently my business is employed as a subcontractor for a bigger IT company. My customers are very happy with my work, and would like me to work privately for them. Because i work under contract, i deny the offers, but it also helps me realize that i can build a big steady client base if i found my own customers. This brings me to my question. What is the best way for me to advertise my company? I have been looking at yellow pages, but I'm worried that the ROI will be low.
– Tom
Hi Tom, First off, I really want to commend you for your ethical conduct with respect to the company you are subcontracting from...
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Hello Warren, I am an artisan, creating jewellery from glass & lampwork, glass beads, and gems & minerals. I however do not have as much of a head for numbers and the business end of things as I do the design and production end of things. I've taken business courses, and done well, but when it comes to putting it into practice, I've floundered. Therefore, I'm thinking that I need to find a business partner with a skill and passion for that end of the business. So... How do I do that? Is there something else or something better that I should do? Thank you for your time and input!
– Michelle
Hello Michelle, there are a few things to consider here...
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Hey Warren. Your background is very impressive. As a 1st year student in university, I would love to have the credentials you have. My question is how do I bring an idea from paper to life. I want to create a business, but I'm not exactly sure what. I've considered a bookkeeping service to start off as I am majoring in accounting, but I'm not sure yet. Still, I want to start a business nonetheless.
– Kazim
Hi Kazim! You made my day (until my wife laughed hysterically). Let me give you 2 different approaches and you can pick which feels right for you...
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Hi Warren. I am interested in starting my own business. I currently work in industrial engine and transmission sales, as well as parts support. I am thinking of going out on my own as a small business owner in the same field. The only thing is, I have no idea how to even begin. What is the process of starting a small business?
– Jason B.
Hi Jason, Now that is a big question. There are large books written on this subject, so there are limits to what one can convey in this format. Having said that, let me outline some things to consider...
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Hi Warren, I have an "invention" in the area of computer technology and I have being toying with the idea of looking into getting a patent. A professor of mine in a business law class seemed to cast a dim light on patents, as he says they are costly and companies can merely change a very slight detail and produce basically the same product that was patented. In your opinion, is it worth spending the money and getting a patent, assuming your invention is novel/new?
– Bryan
Hi Bryan, Your professor is both right and wrong, in my opinion...
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Hello Warren, I have an online business that is doing pretty well -- sales are coming in and minimal expenses are going out. I am currently using Google Adsense & Adwords and Yahoo Search Marketing. I am also considering getting into radio spots, but I want to know what would be the absolute best way to get great marketing at low cost that would bring my business even more customers.
– Jason
Shucks, that sounds like giving away all the content of my seminar on the 22nd. It will be tough to provide 3 hours of content in one reply. So, I will provide an overview of a couple of key strategies and invite you to come out...
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I have been doing advanced research and recently made a significant scientific discovery. I have been looking into obtaining patents and obtaining funding. Is a start up advisable? What avenue might be best to pursue? Funding, information dissemination and developing applications are my priorities. The area of research is cognitive science.
– Josh
Hi Josh, congratulations on your discovery. Cognitive science is a fascinating area that holds much promise. Here are some basic considerations you should be thinking about...
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Warren, I am currently an engineering student with a focus towards Nanotechnology and I am strongly inclined towards entrepreneurship. As a potential start-up business, me and a classmate (A good friend and partner) are thinking about starting a consulting business for start-ups and relevant tech companies. Although I realize that good consulting firms consist of experienced individuals, I feel that we can be successful due to the field being relatively new at the moment. Am I being too optimistic or is there a high probability of success?
– Uzair
Based on the information you’ve provided, it’s a little difficult to provide a great deal of guidance, but let me point out a couple of things...
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I’d like to get your opinion on starting a real estate business. I have experience in purchasing properties, renovating them and then reselling them, but now I want to register the business and I’m not sure where I should start.
– Ron
Real estate development and renovation work is pretty interesting, fun, risky and potentially lucrative. I wish you well. I don't know enough about your business to get very specific but there are clearly some
considerations you will need to take into account...
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I have a restaurant in a food court that has been operating for the last 2 years. It hasn’t been successful and I now have a debt of $100,000 with more piling up from my credit cards. In short, I'm sinking in debts very quickly and don't know what to do.
– Kashif
That is a tough challenge and I sympathize with the
position in which you find yourself. It’s difficult to give you very specific advice, but here are some questions to think about and a few suggestions.
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What do I do to minimize my tax obligations?
– Various
This is where I go on a bit of a rant. I have received dozens of questions about tax issues and how to minimize tax consequences. I have 2 basic responses to this...
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In exchange for three months of working capital, I have been offered 50% of a company. I am hoping to make it profitable as it’s currently losing money. Now that I am an active partner responsible for the day to day operations, would it be reasonable to request a salary or reimbursement for expenses even though the company is still in the red? Or would I be expected to forgo a salary and expenses until the company becomes profitable?
– Al
Interesting circumstances you're in. It brings to mind a general principle that I wish every entrepreneur could get into their bones...
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I have a few ideas. I also have a business that I wish to continue with and therefore wish to sell my ideas. One of the big ideas is to do with soccer. I contacted Manchester United twice, albeit no answer. Would there be a particular person that I should contact? Another idea pertains to the poultry industry yet I do not know where to start. Again I made contact but no answer. Where do I go from here?
– James
Your question actually raises an issue that is important for all entrepreneurs to consider. But before I get to that, let me address the first question as asked...
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Hello! I am about to venture into my own welding shop with a partner. What is the best way to get customers? Grab a business directory and just call? Email? Mail? Go in person? All of the above? Should I contact weekly daily, monthly, yearly?
– Ross
There is no single "best" way of generating business. Each market and, indeed, each business will find unique ways that work best. Having said that, here are some guidelines...
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Hello, I've got an idea for a product which would use the technology from another company. Their current product line is totally different from my idea but I feel their materials & manufacturing would lend itself to my product. I want to protect my idea but at the same time talk to the company about any possibilities. How can I do both (within reasonable costs), without the risk of them stealing it?
– Gary
It sounds like an interesting opportunity. Let me start with a general observation for people who hold their ideas close for fear of people stealing them. Now, as a former lawyer, I am certainly a fan of protecting your interests. You should speak to a lawyer about getting appropriate non disclosure agreements before engaging in detailed discussions with potential partners. Having said that, the paranoia that people with ideas have about someone stealing their ideas is generally unwarranted...
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What are typical profit-sharing rates in a very small company? Is a range possible? For example, this much if the company profit is between $50,000 and $100,000, this much if it is between $100,000 and $150,000?
– Josee
Thanks for your question. It's great you are thinking about rewarding your team. Let me offer you a different take on Profit sharing that may, in some arenas, be bit controversial...
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My business is niche, tiny, and I need it to grow to be able to support itself finally. I am subsidizing it also by contracting during the day. How do I grow it? How do people decide on "new lines of business" to take on and venture into, without diluting their focus?
– Sebastian
Your question actually raises a number of issues. First off, let me congratulate you for your instinct regarding focus. There are far too many entrepreneurs who suffer from what I call "ideatosis"; an affliction that has them jump from idea to idea without ever completing anything. They enjoy the delusion that they are making progress because there is a flurry of activity. What they don't realize is that they are confusing imagination with creativity...
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I have developed a new product. This product is a herbal dietary supplement. I cannot get into more details until I start the patent process. I would like to know if I can get any grants from the government to help with the business. I would also like to know how you would market this product (The target market is over 50 million people). I was thinking of selling via a website first, yet I am unsure of how to market the website.
Basically I am looking for your advice in how to market this product, how to
get funding(grant/investors). Any advice would be great.
– Mani
It sounds intriguing. I assume you have already spoken to a lawyer to ensure that the product can be made subject to patent protection. If not, make sure you get on that right away. Patenting is a rather costly process, so you will want to examine both your cash flows and the timing of the patent application. As for government grants, there are many out there. However, among entrepreneurs, there is often a mythology that there are pots of money just waiting to be handed out. Generally it doesn't work this way...
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My wife & I own & operate a retail store, which has a unique character in
that we purchase most of our merchandise oursleves in Africa, from
individual adult artisans, on a fair trade basis. We came to BC, Canada
directly from S.Africa 15 years ago. Business is very good (& growing) and
we are now faced with a 'tax problem'. Our business is a 'sole
proprietorship' and based on our last taxable income, we are faced with a
$12000.00 income tax bill from CRA! Our Accountant proposed to "Incorporate"
the business in order to save on the tax bill. Should this incorporation be
done on a Provincial or on a Federal basis and is this the best way to go
for us? We love our jobs and found a defenite niche in the retail market,
but we do not want to 'work for Revenue Canada' all our lives (ages 57 & 59
already!) Glad to provide more info, if needed and thanks for your time!
And congratulations on your success. I actually have a strong interest in
businesses that have a socially responsible bent. Now, I am not an
accountant and would not feel comfortable second guessing your CA. Tax
rates for incorporated entities are, indeed, lower than those for
individuals over a certain revenue figure...
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Hi, I am looking to start a small seasonal construction company for next
year, and I'm doing a lot of research right now. We are just about to
register and incorporate, but I'm unclear as to what would be the best way
to setup the corporation. The company will be a 4 way even split amongst
family members. Should all four be directors of the corporation? And will
this affect everyones entitlement to Employment Insurance in the off season?
Thanks for the email and congratulations on taking the plunge. Your
question actually has a couple of elements to it: the practical and the
legal. Issues of directorship and EI are really better asked of a lawyer as
that is the domain of the law. You should also ask the lawyer about whether incorporation is necessarily
the best solution. I am not giving legal advice here, but there are a few
practical distinctions among different structures...
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I have been running this show on my own. I have found someone who
has great talent and don’t want to lose her. A friend suggested I give her shares, but
I’m not sure if I’m comfortable with that. What do you think?
There are a lot of considerations to take into account before making such a leap. Whether it is
shares or a partnership, when you run your own business, there can be large impacts from opening
up ownership. The fact that someone has technical talent does not necessarily mean they have
the skills necessary to own a business...
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I love my business, but I fear I might start burning out. I am
busting my hump, which I really don’t mind, but I don’t seem to have much time for
anything else in my life. I’m the chief, cook and bottle washer. I have ok employees,
but they just don’t care the way I do, which means I have to stay up worrying about
everything. Should I fire them, downsize, or see a shrink or all of the above?
Ok, first breathe. I don’t have enough info here to give you advice on firing or downsizing,
but first try to identify the problem before pulling out all the big guns. As for a “shrink”, I
am all in favour of people getting whatever help they need to succeed. Therapy can be extremely
valuable in clearing away the underbrush and helping you deal with challenges in an emotionally
healthy and balanced way...
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I’m really confused. My business has been growing. I am selling
like crazy, but I keep facing a cash crunch and my banker is getting ticked off. What am I
doing wrong?
First off, congrats on growing your business and succeeding in sales. That is a great
foundation to build on. With respect to the cash, there are likely one or more of a few things
going on. First, look at your margins. Selling a lot is great, but if it is priced in such a
way that you are losing money, those sales aren’t actually serving you. Take a look at the
Price Discount vs Price Increase sheet in the tools I have provided...
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I have in place a profit share program for my employees. I really
thought this would help motivate them and make them feel appreciative of the place they work. I
have been disappointed that performance has not really stepped up. In addition, when we had a
drop in profits, they complained about their bonuses. Any thoughts?
There are a number of considerations potentially at play here. They can range from the way
expectations are communicated, to recruitment practices, to management techniques. But
restricting the discussion to the profit share, I will make the following observation. Profit
sharing can be a very generous act. With a team that is highly motivated and that can see the
direct connection between their actions and their bank accounts it can be very useful...
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You have a question for our expert Warren Coughlin? You too can
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