What is a competitive advantage?

By Samantha Garner | May 27, 2017

competitive advantageYour business has a competitive advantage when customers believe you offer clearly superior products and service from your competitors. Successful small business owners craft a competitive strategy, which considers how their business will compete against other businesses.

Why should you create a competitive advantage for your business?

Many small business owners will simply try to copy what’s succeeding already. But if you dig deeper, there are flaws in the logic — why would customers buy from you if you’re exactly the same as your competitors?

In your customer’s mind, at least they have some history with those businesses, so your competition is lower risk. With you, they may have no history. So, lower that risk by clearly communicating to your customer why you’re different.

Where competitive advantage comes from

Sources of competitive advantage in small business are based on price/value. Sure, larger businesses may be more capable of competing on price, but small businesses can add greater value, like superior customer service. Small businesses can respond to changing conditions quicker than larger businesses, making it easier for them to adapt to what customers want. Small businesses can also serve niche markets, or small markets with unsatisfied needs, where there are no other competitors.

What’s your small business’ competitive advantage? How do you clearly communicate that to the market?

Topics: Entrepreneurial Inspiration, Small Business Tips and Advice | No Comments »

GoForth partners with Atlantic Association of CBDCs

By Samantha Garner | May 20, 2017

GoForth is excited to welcome Atlantic Association of CBDCs to our over 100-strong partnership network! With 41 locations, the Atlantic Association of CBDCs helps entrepreneurs create their small businesses, and assists in the expansion and modernization of businesses throughout the Atlantic Region.

We can’t wait to begin working together to help entrepreneurs succeed. Find out more about this great organization here.

Topics: GoForth Institute News, GoForth Institute Small Business Training | No Comments »

Small business blog posts we liked this week

By Samantha Garner | May 13, 2017

From marketing to making millions, here are some small business blog posts and articles we liked this week. Enjoy!

Did you read anything inspiring in the blog world this week?

Topics: Entrepreneurial Inspiration, Entrepreneurship News, Small Business Tips and Advice | No Comments »

We’re proud to partner with Kanuu

By Samantha Garner | May 6, 2017

GoForth is excited to announce our partnership with Kanuu: Indigenous Innovation, which aims to nurture and support Indigenous entrepreneurs throughout Canada. Kanuu is dedicated to mentoring and coaching individuals in Aboriginal communities on their journey to entrepreneurship. We look forward to helping more budding entrepreneurs succeed in small business!

Find out more about Kanuu here.

Topics: Entrepreneurship News, GoForth Institute News, GoForth Institute Small Business Training | No Comments »

Small business permits and licenses in Canada

By Samantha Garner | April 29, 2017

When you’re staring your small business, it’s important to have all the required permits and licenses you need. Without them, you could be facing some pretty major fines – so don’t cut corners!

So, what’s the difference between a permit and a license? A license shows you’re allowed to operate in your area, while a permit is a document that shows proof of compliance with certain laws.

The permits and licenses your company needs will vary by industry, city, and province. You might need to get both a municipal and provincial license. Most small businesses need a license of some sort to operate, even some home-based businesses. Fees are required with licenses, so be sure to budget for this.

Be sure to find out if you’ll need to get approvals, inspections, or background checks before you can get license. For example, commercial business locations are usually inspected by the fire department. If you’re running your business out of your home, you may need a home occupation permit, or must follow other provincial regulations.

What permit or license do I need?

There are lots of different of licenses and permits, depending on your location and your industry. A Calgary yoga studio, for example, could require an Alberta Sign Application, an Alberta Business Name Registration as well as a Canadian Business Registration, a Calgary Sign Permit, a Calgary Development Permit and a Commercial School License.

We suggest you get in touch with your local city or provincial department to talk about licensing. The costs and wait times for each of these permits vary, so be sure to look into these things early on – the last thing you want is to delay your opening because of a permit!

To find out what licenses and permits you’ll need, check out Industry Canada’s BizPal website. You may also have to contact local authorities like Development and Building Approvals, Health Services, Fire Department, Gaming and Liquor Commission, or Police Services.

Good luck!

Topics: Small Business Tips and Advice | No Comments »

« Previous Entries