Incorporating Your Business Series

This month on the Homeroom blog we will be providing you with some handy tips that we hope will help you overcome a common dilemma experienced by most small business owners: Deciding between trading as a sole proprietor or registering as a corporation.

Although there are several advantages to incorporating your business many owners are not aware of the fact that failing to incorporate at the right time can bring a lot of disadvantages and prove to be a costly mistake.

Additionally, once you have become incorporated you need to make sure you thoroughly understand and fulfill all of your responsibilities with the CRA otherwise you will end up paying high penalties.

In order to help you gain a better understanding of this topic we will discuss the following topics over the next few weeks:

Should I incorporate?

This post will discuss the costs involved, the criteria you should consider before taking the plunge and the common mistakes people make when deciding to incorporate.

I’m incorporated. Now what?

We will help you understand the process, what decisions you need to make and what reporting needs to take place.

How do I pay myself if I’m incorporated?

This topic is pretty self explanatory. Paying yourself is really important and once you incorporate you want to make sure you do it correctly.

 

We hope that our series on becoming incorporated will allow you to gain a better understanding of what being incorporated means for you as an individual business owner and for your business.

If you are considering becoming incorporated and would like to discuss your options face-to-face with Teya our business consultant and tax expert you can make an appointment by calling us directly on  604 739 9536  or by requesting an appointment through our contact us page.

Homeroom Client of the Month: Flatwater Construction

At Homeroom we are fortunate enough to have a lot of wonderful clients.

This month we would like to introduce you to Ross O’Donnell from Flatwater Construction who took some time out of his busy schedule to answer some of our questions.

Flatwater Construction provides professional, affordable and efficient strata maintenance and residential construction/contracting services in the Vancouver and Lower Mainland area.

They are also one of Homeroom’s many valued clients.

 

How many years have you been in business?

Seven.

What do you enjoy the most about being a business owner?

Being able to set my own hours, flexibility and family life.

What motivated you to start your own business?

I wanted to make sure I was always employed.

What advice do you have for other people who would like to start their own business?

Get your bookkeeping and support staff in order first otherwise you are doing it backwards.

(For the record we didn’t lock Ross in our basement and refuse to let him out until he gave this answer)

How do you achieve a work life balance?

You Don’t! Be prepared to answer calls all the time, anytime!

And finally who could benefit from your services?

Home owners, business owners and stratas really benefit from our services.
If you want to be featured as our client of the month please let us know by contacting us

Spotlight on Teya Homeroom’s Lady in Charge

Teya-New

Teya Mali is the owner of Homeroom Small Business Solutions a company that she has grown from a freelance operation to a successful small business over the past four years.

As one of Teya’s staff I was curious to find out more about her vision for Homeroom and what makes her tick.

What do you hope the future will hold for Homeroom?

Teya: I want to build a successful company that is recognized as a top employer in BC by providing a positive/supportive work environment for my staff (and myself!).

I also want to ensure that our clients are happy and that we remain focused on finding solutions to their needs as well as going above and beyond to provide them with exceptional customer service.

How do you plan to achieve this goal?

Ultimately I believe that Happy Homeroom girls = happy customers so I will continue to work hard to develop a great company culture.

What are you most proud of?

I am proud of my staff who have helped me grow from a one woman operation to a successful small business. It gives me great joy to be investing my time and effort in building our company culture, vision and developing my staff.

Mostly because it is my staff that motivate me to get up at 5:45am Mon-Thursday.

How would your describe yourself?

Motivated entrepreneur/business owner and mom to a super energetic, healthy 2 year old (who i have already toilet trained. Super proud of that one.)

Ultimate problem solver. Very solutions oriented. Very good at time management and slowly getting better at delegating.

What are you ultimate personal goals?

I am trying to find that delicate work-life balance which will allow me to find time to grow my business, spend time with my family and just breathe.

To find out more about Teya check out her LinkedIn Profile and her Homeroom Bio

How Lack of Communications Planning Impacts Your Business

Many small businesses like Homeroom often start out as a one-person operation that through hard work and dedication grows into a small business. As the growth occurs it is often organic and sometimes rapid so hiring staff, finding an office and branding your business usually becomes the focus.

Therefore it is no surprise that creating a solid communication plan is not at the forefront of business owners mind.

This blog post will highlight some of the issues you may face as your business continues to grow if you continue to ignore the importance of communication planning.

Your message will be lost

When you plan your communications it helps you to determine your key message and why it is important. Planning helps you to ensure that miscommunications don’t occur and that the people who read your correspondence understand exactly WHY you have contacted them and react accordingly.

Failure to plan well can result in the message you are trying to convey being completely lost. Your key message may not be apparent in what you write or it could end up buried behind a multitude of other messages if you haven’t determined your focus.

This could result in the newsletter that you spent 4 hours putting together or the blog post that took you 2 hours to research and write being deemed a complete waste of time.

Inconsistent communications

If you haven’t taken the time to sit down and think about how often you would like to post your blog, send your newsletter or email your staff and on what day of the week, chances are high that you will post whenever you feel like it or have time which will result in an inconsistent schedule.

The key to gaining followers and maintaining the interest of your subscribers is to provide them with consistent communications in a consistent voice. If your audience knows that you publish a new blog post every Thursday then they can plan to read it/ keep an eye out for it. If you post 4 times a week one week then don’t post for six weeks people will forget about you.

In the online world, consistency is key.

Look at it this way, how would you feel if the paper you usually buy on a Sunday decides to publish on a Sunday one week, skips a week then decided to publish the next edition on a Thursday. Chances are high that you would give up on buying this publication.

Target audience is not reached

Failure to plan your communications can result in your messages reaching the incorrect people.

You may write well, you may be consistent with your posts and you may have fantastic branding. However, if you don’t take the time to research your target audience and find out the best language and avenues to use when contacting them you may just miss out on getting your message through to the correct people.

Creating a strong communications plan is essential if you want to grow your business and ensure your communication efforts are effective.

If you have not created a communications plan then don’t panic because it is never too late to create one for your small business. Investing your time in communication planning can result in big rewards.