Introduction

Small business is booming.

According to Statistics Canada, there are approximately two million Canadian businesses that employ fewer than twenty people. Collectively, these businesses contribute more than $50 billion to the economy.

Not surprisingly, organizations from public, private, and not-for-profit sectors are all eager to support small business. Governments at all levels provide a wealth of advice and information (but no money) for business start ups and new businesses. This support is offered in the interest of keeping the economy growing. Private sector organizations— businesses ranging from IBM to your neighborhood home-based bookkeeper—provide free advice and information in the hope that small business owners will reciprocate this kindness by purchasing their goods and services. Not-for-profit organizations—such as educational institutions and charities—provide information and training as part of their educational mandate and also to generate some much-needed  revenue.

 Why This Topic?

Although there is a wealth of support available for small businesses, most of it is information driven. It usually takes the form of loads of standard dry information presented in print, electronic form, or in personal presentations. In many cases, it’s like receiving a load of topsoil for your new garden. Like the topsoil before a new gardener, information is dumped in front of the potential or new business owner. Just because it’s available, it doesn’t necessarily mean that the wannabe gardener or business owner knows what to do with it.

Instead of simply adding more information to the pile, this book is intended to help you learn the skills that you need to succeed in your own business. And these skills are based on what owners of small businesses actually do, not modified versions of practices followed by big business organizations.

I have also tried to recognize the reality that most successful small businesses are unique: They reflect the individual personalities of their respective owners. In practice, this means that the book is relatively free of “shoulds” and “oughts.” There are no directives telling you that you should follow a specific formula for developing your business plan, or that you ought to set up your financial forecasts to meet the exacting standards of the auditor general. In running your own business, you inevitably modify generally accepted business principles to meet your own needs and wants. That same approach is part of the philosophy behind the book.

Regardless of your interest in small business, I hope this book is as helpful as I intended it to be. Read, use, and enjoy!

How to Use This Book

The book is a comprehensive reference for all small businesses, regardless of size or maturity. It is divided into five parts, each of which deals with a separate stage in the life of your business, from pre-startup to windup.

Part 1, “Before You Start,” helps you to look at personal considerations involved with running a business, such as your own entrepreneurial attitude and the possible involvement of your family. It also helps you decide what you will sell in your business and whether it’s best for you to start from scratch or buy an existing business or franchise.

Part 2, “On Your Mark,” will get you ready to go once you have decided to run your own business. It will help you identify what you need to get into business: the material items, plans, money, and know-how necessary for success.

Part 3, “Growing Your Business,” tells you everything that you will need to know about marketing your goods and services. Whether you are just starting your business or are looking for more business for your existing small business, this part will help you attract and retain customers.

Part 4, “Expanding Your Business,” is your guide to adding resources to increase your ability to serve customers. And hiring more staff is not always the best way to expand your business. You can make referrals, subcontract work, enter into joint ventures, or merge your business with another one.

Part 5, “Keeping Your Business Going or Selling It,” recognizes two realities of running a business. First, it takes energy and good health to continue to operate a business. And second, there comes a time when the owner must get out of the business. This material will help you keep your business going; or, once you have decided it is time to leave, help you to extricate yourself from your business.

 Thinking of Running a Business?

Skim the book from start to finish. If, after you have reviewed the contents, you get excited enough about the prospect of running your own business to take the plunge, reread Parts 1, 2, and 3. This time, read the material carefully, answering all of the questions as thoroughly as you can. Once you have completed your business and marketing plans, put the book aside to concentrate on implementing your plans. Keep the book handy as a reference as you develop your business.

 If, however, after skimming the material you decide that running your own business is not really right for you, put the book aside and get on with your life as an employee.

The good news is that your interest in running your own business has only cost you the purchase price of this book and the time you spent reading it. You will not have lost any money trying to get a business going, only to find out that that approach to earning a living is not right for you.

Like to Expand Your Existing Business?

All businesses, whether new or old, need more business. Part III, “Growing Your Business,” will help you develop more business. Because marketing is so important to small businesses, this is the biggest part, containing nine chapters. Although especially useful for newer businesses, these marketing chapters offer help to all businesses, regardless of how big or how old they are.

And to make sure that you can handle the avalanche of new work that will come from your marketing activities, take a look at Part 4. This will help you to start thinking about how you can expand your business.

When you have so many customers that you need help looking after them, check out Part 4. This part offers five alternative approaches to expanding your business. And you thought your only option was to hire staff!

Having Trouble Keeping Your Business Going?

Maybe you no longer have the energy or the interest to keep your business going. Or maybe cash flow problems are driving you crazy. Or perhaps the time has come for you to get out of your business. Part 5 will help, whether the problem is personal energy and motivation or cash flow difficulties, or if it is just the right time to cash in your chips and move on

As a comprehensive reference, this book will help all small business owners, from pre-startup through growth and expansion to sale or windup. Although intended primarily for small business owners, this book will also be useful to everyone who knows anybody who runs a small business. Whether you are a family
member, employee, customer, supplier, or simply an interested observer, you can use this book to help you understand the growing small business phenomenon. Who knows? Once you understand what they do, there is no telling how you can help small business owner.