Starting up a small-business can be daunting, which is why 小蓝视频east Newcomer Services, in partnership with Sunrise Community Futures, will be offering up-and-coming entrepreneurs with an information session on how to start a business in Saskatchewan.
Newcomer鈥檚 recently appointed information services advisor Jhaldair Roye said many of their clients have approached him with startups in mind, but have been reluctant to pursue them due to a lack of resources and direction.
鈥淚鈥檝e had a lot of conversations with clients, and I鈥檝e realized a lot of them have that goal but they鈥檙e not aware of all the support that鈥檚 available to them,鈥� Roye said.
For newcomers, specifically from another country, a lack of credit history is often an added obstacle when searching for financing options. Roye said the information session, which will be led by Verna O鈥橬eill, general manager of Community Futures, will address that issue.
O鈥橬eill said a variety of options are available for any number of circumstances when it comes to financing.
鈥淚f you鈥檙e taking over an existing business, you can look for vendor financing,鈥� O鈥橬eill said, adding this method involves the previous owner of the business assisting with the transition process and remaining involved with the finances.
A variety of other Community Futures loans are available and will be presented at the information session, O鈥橬eill said.
Roye said it would be great to see new businesses flourish with the help of this workshop and fill certain gaps in the community, specifically when it comes to affordable, high-quality formal wear for adults and children, something he said is absent in Estevan.
Small business owners strive for success and financial gain, but unfortunately, there are times when business lags and bankruptcy looms nearby. According to a recent report from the CIBC, bankruptcy filings for the month of March in Saskatchewan were of the highest level in four years. O鈥橬eill said bankruptcy is a harsh reality, but聽 small business owners can prepare for it and, ultimately, avoid bankruptcy entirely.
鈥淵ou need to grow your management skills and adapt to changes in the economy and the business environment,鈥� she said. 鈥淜eep abreast about happenings in the province and shifts in the financial landscape.鈥�
She added the use of social media to interact with the community is integral in this day and age.
Having the know-how and the resources are important, but both Roye and O鈥橬eill stressed the importance of sheer determination when planning to start a business.
鈥淚t鈥檚 such a unique thing, opening a business,鈥� Roye said. 鈥淭here鈥檚 so much involved, and in the end, it鈥檚 all about passion.鈥�
He added part of Newcomer鈥檚 role in the community is to provide a guiding hand for newcomers looking to start a business and provide them with the resources needed to succeed through a network of other community-based organizations.
鈥淲e want to help others make those connections, and it鈥檚 not just newcomers, our doors are open to anyone,鈥� he said.
O鈥橬eill said many people aren鈥檛 aware of just how much work is required to run a successful business, a task which is made easier when the drive to succeed is present.
鈥淚 think the amount of time and effort required is often underestimated,鈥� she said.
O鈥橬eill encouraged newcomers attending the information session to have questions, but noted material will be presented to the group.
Sunrise Community Futures is funded through the federal government and is designed to help small businesses succeed through its training sessions, advisory services and wide network of referrals.
