News, Articles, Links, Advice, and Other Resources of Interest to Nova Scotia Businesses
The Nova Scotia Small Business Financing Program provides financing of up to $150,000 of which 75% is guaranteed by the Province of Nova Scotia. http://www.ns-credit-unions.com/default.asp?mn= 220.127.116.11
In early October 2010, the Province announced that existing businesses will qualify, as well as new businesses
Does your company have a health insurance plan for employees? Too expensive? Consider a private health insurance plan, even if the sole shareholder is the only employee. http://www.taxtips.ca/smallbusiness/phsp.htm
There are several factors involved in the decision whether or not to incorporate a small business including limited liability, image (incorporated businesses are perceived as being more professional), ability to raise capital by issuing shares, and income tax considerations.
With regard to income tax, a good rule of thumb is to incorporate when the business has reached the point where some of the profit is left in the business because the business is generating more income than the owners need to withdraw from the business to live on. The income left in the business is taxed at a lower rate because the corporate tax rate is less than the personal tax rate.
It is a major mistake to to assume that because you like your product or service that others will as well. Your customers may not love it as much as you do. It is very easy for entrepreneurs to focus on what they like best and do best. And for market research don't rely only on the opinions of friends, relatives, and others who share your enthusiasm for your product.
Adopt a market-oriented business approach that focuses on customers and the market, rather than the product. That is, find out what your customers want and provide them with products and services that satisfy their wants.
Magic Johnson, former NBA basketball star, learned this lesson while making the transition from professional athlete to the business world. After the failure of his first business venture, a licensed sportswear store called Magic 32, he said "Never make your business about you, make it about the customer. I was the owner, and I was also the buyer, and when I went out I bought 50 of these and 100 of those because I liked them. I only bought what I liked. But then nobody bought anything from me. From that day on I made my decisions with the customer in mind."