8 Eye-Opening Canadian Small Business Stats

To celebrate small business month/week/day in Canada here are two of my favourite things in one post: small business and fascinating statistics! No fluff, no sugar coating, just straight to the point. All of these stats have been gathered from Government of Canada's Key Small Business Statistic report:

Of the 1.17 million employer businesses in Canada, small business accounts for 97.7% of the total at 1.14 million (with 1.8% medium-sized and 0.3% large rounding out the total)

Small businesses employ over 8.2 million individuals in Canada, or 70.5% of the total private labour force

Small businesses were responsible for 87.7% of net employment change from 2005-2015 (1.2 million jobs!)

Over 80% of start-ups used personal financing to finance their businesses

More than half of small employer businesses are concentrated in two provinces (Ontario & Quebec)

Small businesses contributed an average of 30% of the GDP of their province

The highest percentage of SMB owners is in the 50-64 age group

15.7% of SMBs were majority owned by women and 19.7% were equally owned by women and men

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Unknown Wednesday, October 12, 2016  

Does Your Small Business Need a Blog?

As a small business owner or marketer you've probably heard the term "content is king" many times by now. And one of the best ways to create and share all sorts of visual, textual, and animated content where visitors can be engaged is via blogging. As a matter of fact many industry-leading marketing brands constantly highlight why blogging is important for business.

But with the huge surge in corporate blogging and content generation, does your small business really need a blog? Is it going to make a big difference? The answer is still overwhelmingly YES.

Here is why:

It Is Cost Effective

Creating a blog is fairly cost effective. Using blogging platforms such as the premium service from Wordpress would cost you $99 USD (there is a free version as well) on a yearly basis and that service basically allows for an integration of multitude of features:

• custom domain name
• combined blog and website in one place
• various plug-ins to help optimize for SEO, writing and editing
• easy to use interface
• responsive template designs so you don't have to start from scratch

With that being said, to produce engaging content you will still need to include visuals, videos and other features which may require time or financial investment. Luckily we put together a list of free online marketing tools to help keep things on budget!

Doing the actual writing or content creation itself will take some of your time, but once you get into the groove it becomes much smoother (and much more fun). Biggest investments will be learning and time.

Long-Term Lead Generation Tool

Blogging is not just a means of connecting to your audience on a more personal level, it is a fantastic lead generation tool. While timeliness (context is just as important as content) is a key component of capturing leads, according to HubSpot research 70% of traffic to their blogs each month come from posts that were published in the previous months and about 90% of the leads generated on their blog came from blog posts published in previous months.

If you put in a thorough effort to do proper research, create engaging visuals and reach your audience in the right way, previously published blog posts can be a fantastic lead generation tool.

Creates Storytelling & Networking Opportunities

If by now you are not aware of storytelling, take a look at our recent post covering the improtance of creating a brand personality. Basically, storytelling does not fall under marketing or ads, it is simply a way to evoke imagination within your audience. They should not be focused on your brand, they should be focused on your reader. Done right blog can be a huge storytelling venue where the reader engages with your content on a deeper level beyond just becoming a customer.

Such storytelling capabilities and/or useful blog posts can usually lead to networking opportunities. Readers can engage you directly in the comment section, become brand ambassadors (sharing your content on the regular) or even connect for potential guest blogging possibilities. A great example of this would be this exact blog post. I have made a reference to the HubSpot blog and stats numerous times because I regularly consume their content that I frequently share. They publish useful information all the time!

Increases PR Outreach Possibilities

Some posts can spread like wildfire. Unexpected company announcements, emotion provoking videos or very helpful, in-depth guides quickly spread all over social media. Similarly to the networking point above, imagine one of your blog posts getting shared by an industry thought leader or a major news outlet?

While this is the ideal scenario it is much harder to achieve. Content within the blog post usually has to be very informative, ground breaking or engage the intended audience in a way that no one has yet done. No easy task, but not impossible either.

Contributes to SEO Efforts

Blogs are a fantastic way to improve your Google rankings. Why? Well, your corporate website (you know the one with the about us, history, products, etc.) probably does not have many pages. On top of that they probably aren't updated too often. This is where a blog comes in handy: you can research topics that are of interest to your audience (who would of thought there would be something more interesting than reading an "about us" page?) and create a visual, interactive story that they will WANT to engage with and most likely share.

What do you think is more likely to get shared? Your website home-page or a kick-ass blog they read on their phone while waiting for dinner? If you take a look at your own personal social media feeds they are more likely to be filled with videos and blog posts than corporate web pages.

Create buyer personas, research content and get creative! Blogs allow for more indexed pages and a broader search ranking. Imagine how many different terms you can focus on with blogs compared to just your website.

Uncovers Audience Insights

Not only does each blog post have some sort of call to action feature, but a blog usually consists of multiple topics and themes. Tracking, measuring and analyzing user behaviour and content consumption of your visitors can help shed light on future content focus. Perhaps your audience members prefer long articles full of how-to steps as opposed to listicles (listed points, such as 10 Ways to Do Such and Such).

Using this data to drive better content will help increase engagement, performance and even lead generation. Set clear goals you want to achieve with your blog and evaluate as you keep publishing content.

If you're on the fence about starting a small business blog, do it! Blogs are still a very useful tool to connect with your audience. 

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Unknown Monday, May 02, 2016  

Local Resources for Startup Support in Kitchener-Waterloo Region

Kitchener-Waterloo has become somewhat of a high tech startup hotbed, and for us long-time residents it is no surprise. With a number of exceptional schools for both the humanities, technology, science and business, the KW area was bound to reap the benefits eventually.

With both local post-secondary talent and external entrepreneurs; the local scene is full of epic startups and business influencers. Which, consequently, has lead to the emergence of local support organizations aiming to help all aspiring business dreams. If you're one of those dreamers, below are some fantastic resources you can tap into to help increase your startup's chances to become a long-tenured, thriving organization:

Accelerator Centre

The (AC) Accelerator Centre is your one-stop shop for all things growth with respect to launching a startup. From attracting funding to growing your customer base; you can find a program that is perfect for any stage of your startup in virtually any industry. The AC provides in-house mentors that can provide crucial guidance at the right times.

Miovision, Clearpath Robotics, Kik and Axonify are just some of the examples of successful organizations that tapped into AC's resources.

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Communitech

Communitech originated back in 1997 in an attempt to raise the region's profile with high tech companies. Boy, did they succeed! Today Communitech can help tech companies attract talent, acquire customers, provide a workspace among many other services.

Plus being located the Tannery building at the heart of Kitchener downtown startup core, it is a great place to get started and run into fellow techies along the way!

Waterloo Region Small Business Centre

With three locations (Waterloo, Kitchener, Cambridge), the Waterloo region Small Business Centre is a great place for all small businesses to get started. From the basics to mentors providing the right guidance your startup.

There are plenty of learning modules/classes available for all sorts of functions (who doesn't like coding, am I right?!) as well.

Velocity (University of Waterloo)

Velocity is located in UofW and has a number of programs that help entrepreneurs in various aspects of getting started:

• Velocity Residence: a dorm for University of Waterloo students who wish to learn more about building a startup or work on their current companies.
• Velocity Alpha: a series of workshops, panels and sessions that runs each term to help educate people about building a successful business.
• Velocity Science: a partnership with the Faculty of Science to provide a discovery lab, mentoring and coaching for any student with a life or materials science startup.
• Velocity Fund: created to provide seed funding and pitch experience to companies.
• Velocity Garage: a 7,000 square feet of free workspace and a peer community for more than 30 software startups.
• Velocity Foundry: a 11,000 feet of free workspace and a peer community for more than 30 hardware startups

Innovation + Entrepreneurship (Wilfrid Laurier University)

Laurier's Innovation + Entrepreneurship program provides courses, classes, mentorship and other resources to help great business ideas take off. As a WLU graduate myself I recall being thrown into the ring of entrepreneurship during my first year of studies; there were mandatory entrepreneurship competitions for all Business & Economics students.

The innovation + Entrepreneurship program partners with the Accelerator Centre and Communitech organizations in order to provide free workspaces and events to it's members. A neat thing about this is that school Alumni are used as mentors of exemplary entrepreneurship. It is no surprise since some of them have founded well-recognized companies of today:  Steam Whistle Brewery, Challenger, Auvik Networks and Plasticity Labs.

Centre for Entrepreneurship (Conestoga College)

Similar to the above mentioned universities, Conestoga College provides similar resources to it's students looking to build on their entrepreneurial dreams. Start-up funding, mentorship and a number of useful resources are all available through this program.

The Centre for Entrepreneurship partenrs with RBC, BMO, Scotiabank and Great West Life to provide external resources of information to ensure a comprehensive offering to any aspiring entrepreneur!

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There you have it! I hope this list can help you narrow down the right resources right for your business. As always let me know if there is something I missed. The more resources we can provide to each other the more likely a startup is to make it long-term.

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Unknown Wednesday, November 25, 2015  

Small Business Email Marketing Checklist [PDF]

Email marketing for small business is awesome, really really awesome! Done right it can lead to many positives in business growth, customer retention and lead generation.

In order to efficiently tap into all of these benefits, it is necessary to properly build each and every email marketing campaign to meet email spam regulations, focus on set goals and measure results. If you've ever had trouble keeping tracking of all of these things; fret no more! Below is a downloadable (and interactive) PDF checklist to ensure you cover all of the important details of every email campaign:

What does this PDF cover?

• CASL (Canadian Anti-Spam Legislation) requirements
• Technical email features
• Design guidelines for optimal performance
• Landing page features that lead to more leads

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Unknown Thursday, July 02, 2015  

Employee vs. Freelancer: What is the Better Fit for Small Business?

The truth, much like many small business questions, is that the answer to this question is "it depends". Not because it is the safe answer, but because it is the most appropriate one.

A lot of small businesses vary in how they function; operations, growth, comfort level with a non-employee resource such as a freelancer (an important factor), etc. Below you fill find an outline, including a neat graphic, on the difference between hiring employees or freelancers.

 Embed this Graphic on Your Website
<p> <strong>Please include attribution to the Digital Brand Lounge with this graphic.</strong><br /><br /> <a href='http://www.brand-lounge.nrdigitalbranding.com/2015/05/employee-vs-freelancer-what-is-better-fit-small-business.html'><img src='http://4.bp.blogspot.com/-WDqMv_kL8vQ/VT_WnLT5VCI/AAAAAAAABrg/Z8vnFsfqYeg/s1600/employee-vs-freelancer-small-business-NRDB.jpg' alt='Employee vs. Freelancer Comparison for Small Business' width='540px' border='0' /></a></p>

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Employees

Usually the choice among small businesses, employees provide a reliable option on a daily basis. The huge benefit here is that small businesses rely on personal service from all of their employees to all customers. Having someone who truly spends time working on projects and dealing with customers can help build long-lasting relationships internally and externally.

When to Consider an Employee:

• a role which is important to the long-term health of the business (finance, customer service, etc.)
• demands high understanding of product/service/technology of company
• looking to build cohesive team

Pros:

• get familiar and personal with business, which helps in understanding day-to-day activities
• can cover other roles when colleagues are on vacation, sick, etc.
• potential to build a close-knit team for improved chemistry

Cons:

• can be quiet costly: time, training, salary (depending on experience/role), benefits, etc. (this is from an operational point of view for small business - employees should always be provided with adequate training & benefits!)
• potential of leaving (after all the investment into their development)

Freelancers

Great option for small businesses on a tight budget and timeline. Freelancers usually come experienced and require little training. This allows them to jump into projects and help accelerate (and improve) the process. The biggest benefit here is the flexibility option for employers: freelancers get paid on a per-project or per-minute rate, eliminating the need to pay them when work slows down.

When to Consider a Freelancer:

• time sensitive projects
• high expertise (such as specialized web coding)
• work overload for current team

Pros:

• majority of freelancers can do work remotely (depending on nature of work)
• cost effective option (once project is complete, they are no longer part of the payroll)
• no need for extensive training or development

Cons:

• no team chemistry, and no direct "management" of work if done remotely
• projects can sometimes be late if freelancer is taken up with a lot of clients simultaneously
• lack of familiarity with business

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Clearly each of these benefits/cons can go either way depending on the type of small business is in question: some owners/managers may be very comfortable with outsourcing work, while others prefer to keep everything in house. Some freelancers may be very costly (high expertise) compared to hiring an employee who can be trained to do the same, etc.

What would be the ideal situation?

Where small businesses have the exact right amount of employees and utilize freelancers when necessary. However, we all know that is not usually the case. Hopefully the above breakdown will help you make the right decision when the opportunity comes along.

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Unknown Friday, May 01, 2015  

Happy Small Business Month Canada!

Did you know October is the official small business month in Canada?

Whether you knew or not, we should all take the time and show our appreciation for every contributor, organization and person involved in small business. Small businesses account for 98% of all employer business Canada and approximately 48% of Canadians work in a small business environment (stats via CBC).

Those are truly spectacular numbers! So what is it exactly that makes Canadian small business such a huge success? There are a number of things:

Customer Support

Canadians shop and do business with small businesses as they are able to have a much more personal connection than they do with big conglomerates. According to Rogers, 85% of Canadians agreed that convenience and personal service are the reasons they support small business. And as I outlined in my previous post, personal offline and online customer service is crucial for retaining long-term customers. People enjoy having a connection beyond just monetary exchanges, and Canadian small businesses hold a huge advantage in that department!

Government Support

Starting or running a small business can be a daunting task. People who do not have a business background find it hard to procure funding, maintain accurate financial records or simply promote their business effectively. Enter local government and small business support organizations: from financing to coaching there are a plethora of resources available. Below you will find a few of examples (may be somewhat biased for the Waterloo Region):
- Small Business Centre Waterloo (available in majority of cities across Canada)
- Action Plan Canada
- Government of Canada - Small Business Financing Program
- Canada Business Network

Entrepreneurial Spirit

Growing up and living in Kitchener-Waterloo, also known as the tech sector, it was easy to get inspired by all of the local small business (at least what started as a small businesses) success stories:
- Vidyard
- BlackBerry (formerly Research In Motion)
- OpenText
- PEER Group
- D2L (Desire2Learn)
- Quarry Integrated Communications
- Thalmic Labs
- Plum
- Communitech

That is just to name a few in the Kitchener-Waterloo area. Entrepreneurial spirit lives strong all across Canada and is embraced by the entire nation. It has become the staple of Canadian economics - people are encouraged to explore great ideas and turn them into a viable businesses eh!


Some are even changing the world as we know it: have you heard about Myo?

Youth Encouragement

Giving confidence to young Canadians and their business ideas is critical for continued success of small business. Future generations need to have access to not only resources but knowledge and support which helps nurture long-term success.

Organizations such as Futurpreneur Canada provide mentoring, resources and knowledge that allows young Canadians to turn their ideas into future businesses. Local schools, universities and colleges are also implementing services beyond degrees to help students pursue their business dreams. Three such local Kitchener-Waterloo examples come from post-secondary institutions:

- Wilfrid Laurier University: Innovation + Entrepreneurship
- University of Waterloo: Velocity Garage
- Conestoga College: Centre for Entrepreneurship

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What does small business in Canada mean to you? Any helpful resources that you want to share?

Keep working hard and HAPPY SMALL BUSINESS MONTH to all of you!

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Unknown Thursday, October 23, 2014