Welcome!

News Feed Item

Following Your Heart This Valentine's Day-BMO Offers Tips for Canadians Thinking About Starting a Small Business

TORONTO, ONTARIO -- (Marketwire) -- 02/13/13 -- As Canadians celebrate Valentine's Day tomorrow, BMO Bank of Montreal offers tips for budding entrepreneurs who are thinking about following their passion - starting a small business.

A BMO survey found that Canadian retailers have historically experienced an increase in Valentine's Day sales of flowers, candy and jewellery.

"Small businesses are a vital part of the local community and continue to be a great opportunity for Canadians looking for a way to take charge of their financial future, bring their ideas to life and be their own boss," said Joe Collura, Small Business Area Manager, BMO Bank of Montreal. "While being your own boss has its advantages, starting a business is not for the faint of heart, there are many issues to contemplate before jumping in - including developing a strong business plan as a foundation."

BMO offers the following tips for small business owners:


  1.  Play Up Your Strengths and Define Your Concept - If you have          
      particular skills or interests, see if you can parlay these into a    
      business venture. More often than not, doing what you know and love   
      can help increase the likelihood of success. All new businesses should
      feature a concept that will set the business apart, appeal to         
      potential customers and allow it to be successful.                    
                                                                            
  2.  Have a Business Plan - Stress-test your idea and research your        
      marketplace, including what your product or service and price point   
      will be, who your audience is and what your sales targets will need to
      be to cover your costs. Two of the leading causes of business failure 
      are undercapitalization & mismanagement. Having a well-laid-out plan  
      will increase your chances of success.                                
                                                                            
  3.  Build Awareness - How will you market your product or service? It is  
      important to consider a networking strategy that is right for your    
      business, through personal contacts, social media, events or flyers.  
                                                                            
  4.  Think Through Distribution - Your business plan should determine      
      whether your venture will require premises and/or a transportation    
      vehicle. If it is e-commerce based, do you have the resources to      
      create an online business?                                            
                                                                            
  5.  Determine Your Capital Needs - You will need to map out how you will  
      fund your investments in your business. Will it require financing? Are
      there any services, programs or grants available to entrepreneurs that
      you can use?                                                          
                                                                            
  6.  Have Time Management Expectations - Running a business takes a lot of 
      time and energy. You should expect to be spending a large portion of  
      your days dedicated to your business, which won't leave much time for 
      much leisure. Set a schedule which dedicates some time for non-       
      business activities.                                                  
                                                                            
  7.  Consult an Expert - Speak to an accountant and a small business       
      banker. Small business specialists can provide insight into setting up
      your business, market competition, personal and business finances and 
      tax issues, and how these may change over time.                       
                                                                            
  8.  Seek Out Mentors - Having access to advice from seasoned entrepreneurs
      or experts in the field of business, marketing or social media is     
      priceless. Do not hesitate to seek out mentors. They were once in your
      shoes and will likely be pleased to share their experience and wisdom.
                                                                            
  9.  Be Competitive - Find creative ways to get your business off the      
      ground. Incentives and promotions to family and friends or to other   
      local businesses to get the word out about your venture can help      
      expand your customer base more rapidly.                               

BMO offers a number of resources for Canadians thinking about starting their own business.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

Contacts:
Media Contacts:
Russell Baker, Toronto
(416) 867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Laurie Grant, Vancouver
(604) 665-7596
[email protected]

Internet: www.bmo.com
Twitter: @BMOmedia

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained Michael Fuhrman, Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.