By Samantha Garner | February 18, 2017
At GoForth Institute, we’re proud to partner with nearly 100 great organizations across Canada that offer our training to their clients. Our comprehensive small business training offers fully Canadian content that’s customizable to the unique needs and market of each partner’s business environment.
We’re proud to share some recent case studies that show why we love helping Canadian entrepreneurs meet their goals. Check out the benefits seen by some of our partners!
By Samantha Garner | February 11, 2017
Cost of good sold, or COGS is the price you paid to acquire the products that you’ll sell to your customers in retail/wholesale businesses, or the cost of the raw materials, labour and supplies in manufacturing businesses.
It’s important to know your cost of goods sold so that you can better understand your business – your profits, and where you might be able to improve efficiencies.
How to calculate cost of goods sold
Most small businesses use the following formula to calculate their COGS expense:
Value of goods inventory at the beginning of the period
Value of any goods purchased for resale during the period
Value of goods inventory at the end of the period
The cost of goods sold during the period
And there you have it! Calculating your cost of goods sold is another tool you can use to help your small business succeed.
By Samantha Garner | February 4, 2017
We hope you’ve had an enjoyable week of entrepreneurship. If you’re enjoying some downtime, why not relax with some small business blog posts?
- Courtney Khimji: Today’s Notable Young Entrepreneur at Notable.ca
- 3 Ways to Build A Mobile App With No Tech Skills at Entrepreneur
- Instagram Ads: The Complete Guide for Business at HootSuite
- How to Negotiate When the Other Person Won’t Play Fair at Forbes
Did you read anything interesting online this week? Let us know in the comments!
By Samantha Garner | January 28, 2017
Along with starting your own business from scratch; buying into a franchise; creating a family-owned business; and buying an existing business, licensing your product idea is one pathway into entrepreneurship. Patents, copyrights, and trademarks are three of the better-known forms of intellectual property protection for a small business.
Today, we’re going to look at three other types: Industrial design, integrated circuit topographies, and trade secrets.
Protecting your industrial design means protecting the unique ideas, features, configurations, shapes, patterns and ornaments of your product — basically, the way it looks.
Integrated Circuit Topographies
Three-dimensional circuit designs used in a wide variety of mechanical and electrical products. Registering your business’ unique integrated circuit topography grants you exclusive rights – find out more at the Canadian Intellectual Property Office.
A piece of information used within the business that is kept strictly confidential. Trade secrets can include production methods, formulas and customer lists. Think of the formula for Coca-Cola or the recipe for McDonalds’ Big Mac special sauce.
By Samantha Garner | January 21, 2017
Entrepreneurship isn’t a one-size-fits all model. There are different kinds of small businesses, and there are different kinds of entrepreneurs. Below is a list of the seven most common types of entrepreneurs. Which type – or combination of types – are you?
Home-based entrepreneurs are self-employed. They run their business alone or with just a few employees, with headquarters being their own home or a home office. These business owners love the flexibility and autonomy of working from home, as well as the freedom to arrange their own schedules. These businesses usually don’t have a storefront, street advertising signs, or customer parking.
Examples: Bookkeepers, tutors, and graphic designers.
Internet-based entrepreneurs run their business online and use virtual technologies to support business activities. The business can provide a service or sell a product through a website. Some internet-based businesses can be home-based businesses too.
Examples: Virtual assistants, marketplace sites such as eBay and Etsy.
Lifestyle entrepreneurs rank furthering their own personal goals second to making a large profit. Lifestyle entrepreneurs can pursue a cash-generating hobby during their spare time, or even start a business based on an interest. These businesses usually aren’t intended to be high growth, and usually have few employees.
Examples: A secondhand book store, or a small market stall selling homemade baked goods.
4) High potential
High potential entrepreneurs usually run companies employing between 20 and 500 people. These companies are often very fast-paced, with high growth rates, developing the latest technologies and innovations. Most start-up activity by high potential entrepreneurs is technology and internet related. They are often able to get funding easier than other sorts of businesses
Examples: Quickly-growing technology companies and large IT businesses.
Social entrepreneurs are passionate about making a positive impact on the world around them. They create a business to provide solutions to social issues. They are also called non-profit or philanthropist entrepreneurs. Funding for social entrepreneurs typically comes from non-profit organizations, foundations, governments and non-governmental organizations.
Examples: KickStart International and the Grameen Bank.
6) Venture capital
Venture capitalists invest in businesses, through managerial and technical expertise, as well as with money. Venture capitalists are very picky about the companies they invest in, and as much as 98% of firms seeking funds are rejected. Aside from individual angels and venture capitalists, venture capital firms also exist.
Examples: Seen on CBC’s Dragons’ Den, as well as in large companies like those in Silicon Valley.
7) Franchise format
With direction and support of the franchisor, franchise format entrepreneurs open a franchise or chain in their local business area. These entrepreneurs follow the structures of their franchise and experience less freedom and autonomy than other types of entrepreneurs. However, they also enjoy the reduced risk of being part of an established franchise.
Examples: Century 21, Goodyear Tires, and Tim Hortons.