Tag: entrepreneurship tips

How to write a good job description

Are you ready to hire your first employee? Congratulations! It’s an exciting time, but don’t rush into posting the job listing. Your job description deserves careful attention.

Components of a good job description

A good job description will give prospective employees a clear idea of what you’re looking for, and will attract people you have in mind. A bad job description, on the other hand, can lead to confusion and wasted time.

Here are some of the key features to have in mind when writing a good job description:

  • Job Title
  • Job Purpose
  • Duties & Responsibilities
  • Relationships & Roles
  • Qualifications/Requirements
  • Job Location
  • Salary/Wage
  • Hours & Days of Work
  • Equipment to Be Used

Take some time to enter in as much info as you can in each of these sections. You can build on these elements if you like – they are key in creating a strong foundation to work from.

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3 tips to help your business stand out

Many Canadian entrepreneurs tell us that standing out from their competitors is one of their main concerns. Here are 3 tips to help your small business stand out from the competition.

1) Get specific with your niche

Understanding your business’ overall industry is important, since it’s home to many factors that can influence your business decisions. However, “niching down” even further is a great way to help your business find its differentiating characteristics. For example, your flower shop may be one of dozens of flower shops in your city. But what if customers knew that you were the only florist in town to source its flowers and plants from local growers? This is an immediate differentiating factor that’ll help you stand out from the competition.

2) Ask your existing customers for feedback

Your happy and loyal customers return to your business because they know and trust you. Asking them for their feedback could be a great way to help you stand out from the competition. The way you do this depends on your customer base. It could be an informal chat with your regulars, or a more traditional customer feedback survey – try a modified version of our quick eight-part customer survey. You may be surprised at the specific things your customers identify as your differentiating factors.

3) Consider pivoting

A core component of the lean start-up methodology, pivoting is a useful way to iterate quickly based on customer feedback. If your customers identify a different platform, new technology, a new product feature, or something else, that can help you stand out in a crowded market, do some research to see if it could help you stand out from the rest.

Want to learn more about things like identifying your industry, picking a niche, customer satisfaction, and lean start-up? Check out our industry-leading small business training video program for Canadians.

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How do you find small businesses for sale in Canada?

If you decide buying an existing business is the best option for you, how are you going to find the very best business that’s for sale?

The “Business Opportunities” section in the classifieds section of our local paper is where many people start, but you might not find what you’re looking for there. The good news is there are plenty of other resources you can use to find the perfect “used business” opportunity for you.

Where to find small businesses for sale

First, some tips:

  • Keep in mind the company’s health, which will take some further investigation, but also consider industry health and current market trends associated with the company
  • Watch out for vague descriptions, flashy wording and misleading or unclear explanations
  • Take your time, ask questions and be patient in order to find the best business to match what you’re looking for

Newspapers

Sure, check out the classifieds. Sometimes there are viable, genuine businesses for sale. Just be careful. If it sounds too good to be true, it probably is.

Trade Publications

Look through relevant trade publications for business listings. These are especially helpful for those looking for business in specific trade industries.

Word of Mouth

This can be an incredibly valuable method of searching for businesses. Let people in your network know what you’re looking for and ask if they have any suggestions. Ask business professionals such as lawyers and accountants if they know of any companies that might be for sale. Networking and business events can be a great source for new business opportunities.

Investment Magazines/ Newsletters

There are lots of business-related publications available, and many of them can be a great source for viable business opportunities.

Online

There are loads of online sources for buying businesses. Do a quick search on Google and you will find pages and pages of sources. You can turn to dedicated websites like businesssellcanada.com and businessesforsale.com to get you started. You can also check out online classified websites like Kijiji to find business opportunities in your local area, but once again you have to be very careful when sifting through ads that may be phony.

Business Brokers

When hiring a business broker, you’ll be paying a commission. However, if the broker is effective, it may save you a lot of time and researching. Talk to people within your network and see if anyone can suggest a trustworthy and effective business broker. An internet search of “business broker” and [your area] will give you a starting point.

Want more tips on buying an existing business in Canada?

Check out our post on the pros & cons of buying an existing business to see if it’s right for you. And our Canadian online small business training is a great place for overall small business advice too.

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Will your business add value for your customers?

You’re starting a small business so that you can exchange a product or service you create with a customer who wants what you’re selling – you’re exchanging value with one another. But creating value is really the essence of business.

Sometimes it’s easy to lose sight of what “value” really means to us or to our customers. We can turn it into an abstract concept – and when we do, we lose that tangible sense of what actually creates value in our small business. The truth is, value is something quite real and quite concrete.

How can you create value for your customers?

If you want to understand how to create value in your business, think about being of service. All products of real value are embedded with specific ways of serving customers. Through that service, value is created. That which serves, creates value.

Let’s try a little exercise. Stop for a moment and think of something you own that you really value. Take off your business hat and see yourself as someone else’s customer. It may be a great pen that fits perfectly in your hand and doesn’t smudge, the satisfaction you get from your latest piece of tech, or the joy you get from your mountain bike. It doesn’t matter what it is, just so long as it’s something you would be really sorry to lose. Without it, there would be a small hole in your life – nothing like the loss of a friend or loved one, of course – but still, you would feel its absence. Now, in just a few words, write out exactly what you’d miss most about that possession.

We want your customers to feel that way about your products or services if they weren’t available to them. We’d want them to be a little sad without them. Perhaps there would be a little hole in their lives where your products or services once were. That’s value. And that’s the magic we’re trying to create for your customers.

For more about creating value for your customers, read about the elements of a value proposition.

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