Book Review: Start Your Own Business

If you want to start a business, but don’t know where to start, then the place to start is with Start Your Own Business: The Only Start-Up Book You’ll Ever Need by Rieva Lesonsky. The book is put out by Entrepreneur Press and is essentially a compilation of Entrepreneur Magazine’s large knowledge database regarding starting a business.The book literally takes you through the entire business process – from determining if you really have what it takes to run a business to how to deal with failure if your business doesn’t work out, and everything in between. The best part about the book is that it covers nearly EVERYTHING in some capacity. If you need more information, it does a great job of suggesting further reading and pertinent web sites.The book is broken down into seven sections, each with several chapters. The first section, ‘You Gotta Start Somewhere’ covers determining if you can be an entrepreneur, how to come up with an idea for your business, and whether you should launch your business part time or full time. Most people who buy the book will already have answers to these questions, but going through the exercises in the book can still be helpful.The second section of the book is entitled ‘Building Blocks’. It covers how to name your business, choosing a business structure, creating a business plan, and how to hire a lawyer and accountant. I think that this is the most valuable section of the book. These are the things that most entrepreneurs either struggle with or ignore. The Naming Your Business chapter in particular helped me a great deal. Naming your business is not nearly as easy as you think – you need to consider all registered trademark names, registered domain names, and names that are being used but not trademarked. One of the worst things that you can do is to pick a name that is already being used by someone and face a legal battle down the road.The third section covers financing including where and how to get money to run your business. The fourth section, ‘Setting the Stage’ is absolutely massive and covers numerous important things such as choosing a location for your business, creating a professional image, offering customers credit, hiring your first employee, and business insurance. Needless to say, all of these things are extremely important to every business owner.The fifth section covers buying company computers, cell phones, and cars. These things probably won’t be very difficult for most business owners. The sixth section, however, covers one of the hardest thing every business owner faces – marketing. The section is nearly 100 pages about advertising, marketing, and public relations. It also briefly touches on web-marketing but those looking to seriously profit online will need to look elsewhere because the book is a little thin when it comes to e-commerce.The final section, entitled ‘By the Books’ goes over every entrepreneurs favorite things – accounting and taxes. It gives solid advice regarding basic bookkeeping, financial statements, budgeting, and taxes. For most business owners this section and the web resources listed should be more than enough to get them started on keeping their business legal.I can’t overemphasize how important I think it is for every business owner to have this book. It is a mini-encyclopedia (ok, so 800 pages isn’t THAT mini) for everything business related. Having this book on your shelf will save you countless hours. I read it from cover to cover when I got it and I constantly refer back to it. I have recommended it to every person I know that has talked with me about starting a business. Each and every one of them bought it, and each and every one of them came back to me raving about it.For the amount of depth that is covered in the book, Start Your Own Business: The Only Start-Up Book You’ll Ever Need by Rieva Lesonsky is an amazingly easy read. Anyone over the age of 16 will be able to comprehend the simple nature of the book. Reading this book won’t guarantee your success as an entrepreneur, but it will help reduce the risk of starting a business by providing you with a sound foundation to build upon.

Business Loans In Canada: Financing Solutions Via Alternative Finance & Traditional Funding

Business loans and finance for a business just may have gotten good again? The pursuit of credit and funding of cash flow solutions for your business often seems like an eternal challenge, even in the best of times, let alone any industry or economic crisis. Let’s dig in.

Since the 2008 financial crisis there’s been a lot of change in finance options from lenders for corporate loans. Canadian business owners and financial managers have excess from everything from peer-to-peer company loans, varied alternative finance solutions, as well of course as the traditional financing offered by Canadian chartered banks.

Those online business loans referenced above are popular and arose out of the merchant cash advance programs in the United States. Loans are based on a percentage of your annual sales, typically in the 15-20% range. The loans are certainly expensive but are viewed as easy to obtain by many small businesses, including retailers who sell on a cash or credit card basis.

Depending on your firm’s circumstances and your ability to truly understand the different choices available to firms searching for SME COMMERCIAL FINANCE options. Those small to medium sized companies ( the definition of ‘ small business ‘ certainly varies as to what is small – often defined as businesses with less than 500 employees! )

How then do we create our road map for external financing techniques and solutions? A simpler way to look at it is to categorize these different financing options under:

Debt / Loans

Asset Based Financing

Alternative Hybrid type solutions

Many top experts maintain that the alternative financing solutions currently available to your firm, in fact are on par with Canadian chartered bank financing when it comes to a full spectrum of funding. The alternative lender is typically a private commercial finance company with a niche in one of the various asset finance areas

If there is one significant trend that’s ‘ sticking ‘it’s Asset Based Finance. The ability of firms to obtain funding via assets such as accounts receivable, inventory and fixed assets with no major emphasis on balance sheet structure and profits and cash flow ( those three elements drive bank financing approval in no small measure ) is the key to success in ABL ( Asset Based Lending ).

Factoring, aka ‘ Receivable Finance ‘ is the other huge driver in trade finance in Canada. In some cases, it’s the only way for firms to be able to sell and finance clients in other geographies/countries.

The rise of ‘ online finance ‘ also can’t be diminished. Whether it’s accessing ‘ crowdfunding’ or sourcing working capital term loans, the technological pace continues at what seems a feverish pace. One only has to read a business daily such as the Globe & Mail or Financial Post to understand the challenge of small business accessing business capital.

Business owners/financial mgrs often find their company at a ‘ turning point ‘ in their history – that time when financing is needed or opportunities and risks can’t be taken. While putting or getting new equity in the business is often impossible, the reality is that the majority of businesses with SME commercial finance needs aren’t, shall we say, ‘ suited’ to this type of funding and capital raising. Business loan interest rates vary with non-traditional financing but offer more flexibility and ease of access to capital.

We’re also the first to remind clients that they should not forget govt solutions in business capital. Two of the best programs are the GovernmentSmall Business Loan Canada (maximum availability = $ 1,000,000.00) as well as the SR&ED program which allows business owners to recapture R&D capital costs. Sred credits can also be financed once they are filed.

Those latter two finance alternatives are often very well suited to business start up loans. We should not forget that asset finance, often called ‘ ABL ‘ by those Bay Street guys, can even be used as a loan to buy a business.

If you’re looking to get the right balance of liquidity and risk coupled with the flexibility to grow your business seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of business finance success who can assist you with your funding needs.

S&P 500 Rallies As U.S. Dollar Pulls Back Towards Weekly Lows

Key Insights
The strong pullback in the U.S. dollar provided significant support to stocks.
Treasury yields have pulled back after touching new highs, which served as an additional positive catalyst for S&P 500.
A move above 3730 will push S&P 500 towards the resistance level at 3760.
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Pfizer Rallies After Announcing A Huge Price Hike For Its COVID-19 Vaccines
S&P 500 is currently trying to settle above 3730 as traders’ appetite for risk is growing. The U.S. dollar has recently gained strong downside momentum as the BoJ intervened to stop the rally in USD/JPY. Weaker U.S. dollar is bullish for stocks as it increases profits of multinational companies and makes U.S. equities cheaper for foreign investors.

The leading oil services company Schlumberger is up by 9% after beating analyst estimates on both earnings and revenue. Schlumberger’s peers Baker Hughes and Halliburton have also enjoyed strong support today.

Vaccine makers Pfizer and Moderna gained strong upside momentum after Pfizer announced that it will raise the price of its coronavirus vaccine to $110 – $130 per shot.

Biggest losers today include Verizon and Twitter. Verizon is down by 5% despite beating analyst estimates on both earnings and revenue. Subscriber numbers missed estimates, and traders pushed the stock to multi-year lows.

Twitter stock moved towards the $50 level as the U.S. may conduct a security review of Musk’s purchase of the company.

From a big picture point of view, today’s rebound is broad, and most market segments are moving higher. Treasury yields have started to move lower after testing new highs, providing additional support to S&P 500. It looks that some traders are ready to bet that Fed will be less hawkish than previously expected.

S&P 500 Tests Resistance At 3730

S&P 500 has recently managed to get above the 20 EMA and is trying to settle above the resistance at 3730. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If S&P 500 manages to settle above 3730, it will head towards the next resistance level at 3760. A successful test of this level will push S&P 500 towards the next resistance at October highs at 3805. The 50 EMA is located in the nearby, so S&P 500 will likely face strong resistance above the 3800 level.

On the support side, the previous resistance at 3700 will likely serve as the first support level for S&P 500. In case S&P 500 declines below this level, it will move towards the next support level at 3675. A move below 3675 will push S&P 500 towards the support at 3640.