Changing needs of coworking space in 2017
Do you know coworking? Coworking as you may know it is changing. The fact is, it might have already changed! The reason is that more and more people are looking at shared office space as an alternative to other commercial office options. This means that coworking spaces are getting bigger with more people using them. The other reason that coworking is growing is that more small business owners are seeing the cost savings of shared office space. They are seeing the benefits of the community involvement opportunities that come with the entire concept of coworking. The concept of coworking is entering a highly competitive phase, as more and more new spaces are opening up. But the fact that shared office space is being offered at lower rates than other office options is no longer enough to lure the smart small business owner. It is the sense of being part of […]
Seven tips for successful small-business and start-up owners
What you know today about your business may not be what you will know tomorrow. So, learning from experienced business owners will help you to learn from their experiences. After years of running a small business, owners inevitably gather many lessons about how to grow and run a business more effectively. Here are some tips that will save you taking years of learning and help you today. Be specific with your goals. Most entrepreneurs and small business owners have goals, but usually they are generic and not very specific. If you want to increase sales, set a number that you want to reach. If you want to increase employee productivity, tell them how many units you expect them to sell in a specific amount of time. The key to setting and achieving specific goals is to break your goals into multiple and small achievable portions. Build a support network. Being […]
Five common mistakes business beginners make
So you decided to take the plunge and start your own business. I bet you are really excited and cannot wait to get it off the ground. You will need all the excitement and enthusiasm you can gather, because you are going to encounter a lot of challenges. Some of the challenges will not be that hard to work your way around. But you want to make sure that the challenges you encounter are not made more difficult because of your your own actions. The mistakes you make could cost you a lot of money and even cause your business to fail. Here are some mistakes that are common for a new business owner: 1. Do not open a new business expecting it to be profitable overnight. Outside of a few fluke businesses that hit the business lottery and become a media darling on day one, do not expect to […]
Clues that you need a new office space
As a small business owner, it can sometimes be difficult to recognize the signs that your business is in need of a new office space. Not being able to recognize the signs can often be attributed to fear. Yes, the fear of change! It can be that you fear how the change will effect your workers and even possibly your customers. Regardless of the reason, not moving into newer or better office space could have negative consequences for your business. So what are the clues that you might need new office space? Here are a few that you should think about when it comes to your small business. Your current office space does not reflect or complement the brand you are building. It can be difficult to project a modern or progressive brand when your offices are located on the second floor of a suburban strip mall (between a dentist’s […]
Small business and start-up time management tips
Everyone always say that “Time is Money” when it comes to your small business. But you need to know how to manage it so that your time is used wisely and productively. You cannot get time back that has been lost, so we compiled some tips that will help you to identify and rectify the way you spend your time. Audit your day by creating a time log. We are not suggesting that you log every minute and hour of every day. You just need to create a log that sets a benchmark for a how your time is used on a typical day. This may require you to log your time for a few days if your schedule is different over those particular days (eg. Monday is spend in the office, Tuesday is spent on the road, Wednesday is spent in the factory or warehouse, etc). Once you have […]
Building the ideal community for your business
It’s not that SEO is dead or that links are obsolete, but building an online community around your business is a great way to increase your online visibility to search engines. If you build a community around your business, you’re putting the focus where it belongs – on your business. If your business’ online plan is continually chasing the Google algorithm, you’re putting all of your power in what Google’s going to do next. Building an online community for your business is one of the best ways to weather Google’s algorithms. Besides, building a strong company and brand through building a community isn’t something that Google can take away or change. One of the Internet’s greatest strengths is its ability to bring together people with similar interests in online communities. Online user communities can be a powerful force for businesses . Businesses with active communities focused on their products or […]
Small business and start-up budgeting tips
When you have a great business idea and you are ready to create your business plan, the most important part of your plan is your financial strategy. That being said, most entrepreneurs do not know a lot about finances and budgets. One of the top reasons some small businesses fail is because their funds were not managed properly because of poor planning. Let us share some tips that can help you better plan and manage your business finances. One of the first mistakes made by many entrepreneurs is procrastinating when it comes to daily bookkeeping and putting them off for another day. The trick to ensuring that you do your bookkeeping is to make it simple for yourself – because trying get your mind around it will just make you procrastinate more. If you break down your bookkeeping into smaller, more manageable categories, the job will not look as challenging […]
Business tips inspired by Barbara Corcoran
Barbara Corcoran is the real estate contributor for NBC’s TODAY Show where she regularly comments on trends in the real estate market. But most people know her as one of the sharks on ABC’s reality hit show Shark Tank. If you really want to question her business knowledge, consider that she turned a $1,000 loan and parlayed that loan into a $5 billion real estate business. Then in 2001, she sold that business for $66 million. This shows that she knows a little about building a business. Here are some of her best tips for small-business owners from an article on the Forbes website (followed by our comments): “Don’t be afraid to make big mistakes. All the best things that happened in my business happened on the heels of failure. Don’t be afraid to fail; it’s proof that you are meant to be a successful entrepreneur. The only difference between people who […]
How to find and rent downtown Toronto office space within your budget
Finding and renting a downtown Toronto office space that is within your budget is not as difficult as you think. Just follow some simple steps. Step 1: Estimate your budget This step may sound like a no-brainer, but some people skip this step and end up with office space that they eventually find out that it is beyond their budget. By establishing your budget, you will save yourself a great deal of time during your search. Part of establishing your budget is deciding if you are looking for raw office space that will require you to purchase office furniture and equipment, or if you want to rent a serviced office space that comes with office furniture. Step 2: Figure out how much space you need Do you need a small 500-square-foot office or do you need 5,000 square feet of space? Calculating how much office space your business needs is […]
What is your time worth to your small business?
There are plenty of ways that an employees can calculate what their time is worth based on mathematical formulas. But as a business owner, the formula becomes a little more complicated. Once you have determined the value of your time, you can make choices about the things you are doing in your business, and if certain tasks are worth doing yourself or having someone else do them. Using the Realized Income Methods to calculate the value of your time, you need two numbers: 1. The amount of time you spend to earn money. 2. The amount of money you earn during that time. Once you have calculated the value of your time, you can then be better informed on making decisions like: Should you take the non-stop flight and save two or three hours, or do you take the flight with a stopover (wasting an hour between flights) and save […]
What Colour Should You Paint Your Office Space?
When you are choosing to decorate your office space, you should consider the colour you paint the walls. The colour and shade you select for your office walls can affect how much work will get done between those walls. Paint industry experts say that for work spaces, neutrals and softer, more grayed hues are better for concentration and preventing eye fatigue. The also recommend that you do not leave the walls just bright white. Bright colours might not be the solution either, colours that are very saturated and not very bright (like emerald green and sapphire blue) generally promote an energy levels. Red might be your favorite colour, but it can have a negative influence in the workplace. So what colour should you paint your office walls to get more done, or at least to prevent the shade from impeding your work? This is different depending on they type of […]
Five ergonomics tips for creating a healthier office-space environment
We have done other blogs on creating productive office space environment that reduce stress, but one of our virtual office clients is an ergonomics consultant and suggested we do this blog. Most business owners think that having healthy employees is about offering sick days and offering to subsidize gym memberships. But they forget that an ergonomic office environment contributes greatly to the physical and mental health of employees. Before we give you the tips, we should probably explain what ergonomics is. The International Ergonomics Association defines ergonomics or human factors as follows: “Ergonomics (or human factors) is the scientific discipline concerned with the understanding of interactions among humans and other elements of a system, and the profession that applies theory, principles, data and methods to design in order to optimize human well-being and overall system performance.” Basically, an office that is ergonomically set up can reduce the chances of employees […]
Spam, clickbait, scams, hoaxes and malware – how do they affect your business?
We have all seen examples of spam, clickbait, scams, hoaxes and malware, but how do they affect your small business? Some of these are obvious money wasters, but what should you and your staff know about all of these Internet annoyances. Actually, annoyances is a very soft word to describe the costs to your business. Since the beginnings of the world wide web and access to the Internet came to the masses, spam or unsolicited emails started filling up people’s inboxes. The more prevalent that spam became, the more people and businesses looked for ways of blocking it. The early methods worked – but then spammers became more advanced and it became harder to block. This caused people to have to spend more time (and therefore money) sifting through these emails or spending even more money on more sophisticated email spam filters. It is now common for businesses to budget […]
How to create a workspace that enhances productivity while reducing stress
Entrepreneurs and small business owners are always looking to enhance productivity, so the question they need to ask themselves is “Am I comfortable where I am getting my work done”? You might have a private office or shared office space that is a cumbersome or not spacious enough, or a home office that is full of distractions. But your comfort level can be an important factor in increasing your productivity and happiness. There are a number of things that you can do to ensure that the space where you work is comfortable – and therefore promotes productivity. 1. Consider the furniture. As obvious as this sounds, many people do not think about how their choice in office furniture will increase their comfort level and enhance their productivity. So what should you think about when considering office furniture? What is the best kind of office chair? A good office chair will […]
Ten questions to ask before choosing office space for your start-up
As your start-up business begins to take off, working from a home office may no longer be an option, and you require professional office space. You know that you need enough space for you and your current employees, but you might need a little more for a few additional staffers that may be full-time or part-time. 1. Location, location, location? Just where is the office space you are considering located? Is it a convenient location that your staff and customers can easily get to? You need to know if it is close to mass transit and accessible by local buses and if there are bicycle routes nearby. Why the bicycle routes? Statistics show that more and more people in major centres are commuting by bicycle – and cities like Toronto are putting a lot of money into developing dedicated bicycle lanes and paths to accommodate this growing need. 2. What office […]
Stop worrying about millennials and get ready for Gen Z
Millennials (aka Generation Y) are those born between 1982 and 1993 are proving to be a very entrepreneurial generation. But the next generation may be even more ambitious than them! Enter Gen Z (those born between 1994 and 2010) or what is called “The internet generation” – who are by far the most tech-savvy, connected and self-educated group. Unlike Millennials who love the gig economy, research is showing Gen Z want steady paycheques. What also makes Gen Z different? They claim to be both more accepting and more rebellious. Rebellion was pretty much absent for Millennials in their youth, as they seemed to have had a very shiny outlook on things. Gen Z is upset about the system that they’re inheriting – so it seems rebellion is back. The first members of Gen Z will be graduating from university in just a few years, and market researchers and trend forecasters […]
Tips for making your small business more successful in 2017
Could 2016 have gone better for you? Now is the time to make 2017 more successful. While you may have already heard about some of the tips below, and may have already implemented some of them, what is the harm in revisiting them or trying a new approach? Review your business plan Not to be repetitive of some of our previous blogs, but one of the keys to the success of your business is in the planning. You most likely made a business plan before starting your business, and so far it has served you well. Remember that a business plan is vital for the success of a start-up business. Some of the reasons include testing the viability of the business idea as well as securing debt or equity financing. But it also helps to establish the market of the business and how to reach that market. So take some […]
How will gift card sales affect your business in January?
Traditionally, January is gift card redemption month – and that is not just for retail businesses. These days, almost every consumer product or service-oriented business can sell gift cards for subsequent redemption. In fact, one of our office space tenants received a gift card for getting new marketing materials printed. If you’re like many small-business owners, you may spend considerable effort on selling gift cards, but not a lot of time thinking about redemption. You may have had a great December in terms of sales and gift-card sales, but the important thing you have to take into consideration is being prepared for the cost of redemption in January. It could mean high fulfillment costs during a month of much slower sales and revenues. It could also have some impact on your books, so your accountant must be prepared for this. This is because sales of gift cards don’t get officially […]
If you want to a have true impact as an entrepreneur, there are things you need to master.
Truly radical and influencing entrepreneurs like Bill Gates and Elon Musk not only built empires, but they made their mark on the world around them. They created solutions that people not only needed, but openly embraced. So how can you make your mark as an entrepreneur? The first thing that you as an entrepreneur need to do is to establish your purpose and goals. Maybe you are not about to create a non-government space agency or create software that will simplify virtually everything for people, but you have an idea that will make a task or a problem a thing of the past for your customers. This could even mean that you are just taking an existing problem-solving product or service and improving upon it. If so, this just might be your legacy and your own path to success as an entrepreneur. Goals, plans and visions can often not match […]
Four ways to know that it might be time to quit your day Job
Starting a home-based business is nothing new for many entrepreneurs, but deciding when to take it full-time without the safety net of a full-time job can be quite scary for most first-time entrepreneurs. That home-based business is great way to supplement your income and can be done for years. But there may come a point where you need to cut the ties and make the business your-full time job. Before we discuss the reasons you should finally cut the “umbilical cord” and quit your full-time job, lets discuss some of the steps you can take leading up to making your business a full-time commitment. The legitimacy of you business and the professional image your business needs to have is important to its success. Having your home address or a P.O. Box address for your business just does not cut it in today’s economy of skeptical customers. People have a tendency […]