As we celebrate Small Business Week, a pivotal time when we honour the backbone of our local economy, it's only fitting that we delve into the dynamic world of entrepreneurship.
This week, from October 15th to 21st, is dedicated to recognizing the relentless dedication, boundless innovation, and remarkable resilience of small businesses that grace our communities.
In this article, we embark on a journey into the world of entrepreneurship, offering a dual-purpose guide that's as versatile as the small business owner's spirit. We'll explore invaluable tips for kick-starting your own side hustle, a gateway to financial independence and creative fulfillment. Additionally, we'll delve into the essential insights that every entrepreneur, both budding and seasoned, should have in their toolkit for navigating the complex yet rewarding journey of entrepreneurship.
Whether you're exploring a side hustle or are a seasoned entrepreneur, this article is here to guide, inspire, and set you on the path to success.
How to get a side hustle on the map
For many of us, one of the few silver linings of living through the pandemic was that we had the time to focus on our passions. Some of those passions became profitable side hustles or have the potential to become one. Here are some simple tips to help your side gig thrive:
Get networking
Raise awareness of who you are and what you do simply by introducing yourself. Reach out to related businesses on social media and in real life to collaborate or support initiatives and have a presence at events in the community. Having a presence drives awareness and is a great way to meaningfully network your business without a pricey sponsorship.
Know your audience
Successful businesses invest in market research – knowing who your customers are guides decisions on how to market, plan for expansion, determine pricing, etc. The good news is, you don’t need a big budget to do this if you know where to look. Up-to-date census data can be a great resource for new insights about your target audience and areas of interest. Find information on demographics, localized income levels, migration patterns, population growth, and employment for a specific area. Then, equipped with data, look for opportunities and how you can capitalize on them.
Digital intelligence
Many businesses rely on a wide range of digital tools to get the job done. For example, if you plan to sell directly to consumers, you’ll need a website with a secure financial portal.
There are also online tools to draft communications, organize scheduling accounting and payment-processing. These useful tools can help you work smarter, not harder, while managing your business. You can start with the free versions of many of these programs, but, as your business grows, you’ll need to invest in technology.
Honest feedback
Most online shoppers will read at least a couple of reviews before they buy a product or commit to a service. Personal reviews or recommendations from the consumer’s friends and family hold even more credibility. Encourage your happy customers to help your marketing efforts by sharing a review or testimonial on your site and other platforms where your product or service appears. Don’t forget to thank them for doing so!
Learn more about how you can use census data and free online data tools at census.gc.ca.
4 things any would-be entrepreneur should know
Whether your business idea is just a twinkle in your eye or you’ve been planning the details for years, here are a few key points to remember so your self-made venture can thrive.
Knowledge is power
With a business idea in place, you need to become an expert on the market and create a solid business plan. Check out the library, read industry news, keep up with the latest trends and consider joining a professional association. A great time to do this is while you’re still employed so you can build confidence and expertise before having to generate an income. But even if you’ve already taken the plunge into entrepreneurship, it’s never too late to boost your know-how.
Burnout is not just a buzzword
Taking on too much for too long can be a pitfall for any entrepreneur. It’s understandable to put every ounce of passion you’ve got into your idea, but burnout is real. It can come with long-term consequences for your physical, mental and financial health, causing you to shutter your business too soon. With only so many hours in a day, be smart about how you use them and treat work-life balance like an important part of doing business.
Leadership is about respect
Leading by example doesn’t mean working yourself to the bone or controlling every move. On the contrary, it means fostering a positive workplace culture that encourages teamwork and rewards effort and having a mission your employees can get behind. Get your hands dirty in the day to day to start building a positive workplace, and stay open to what employees need as your business grows. You’ll see higher employee job satisfaction, which in turn leads to greater productivity and profit.
Financing is ongoing
As you plan your business’s funding, be sure to cast a wide net to find financial backing. Financing opportunities, or their terms and eligibility criteria, may have changed since you last saw them. For example, the recently improved Canada Small Business Financing Program can now be used to fund certain practical costs like rent, payroll, franchise fees, permits, printed materials, cloud storage, and more.
You can talk to your lending institution or learn more at canada.ca/csbfp.
