A welcome head start
MY STARTUP GIVES A HEALTHY BOOST TO CHANCES OF SUCCESS
For many business owners starting out, the day-today challenges can seem massive. From business registration and tax filings to managing overhead and financing, learning the intricacies of running a business can quickly turn into an exercise in futility without the right resources.
Starting this month, the Canadian Federation of Independent Business (CFIB) and Scotiabank are working together to support new entrepreneurs and help them with some of the tools they need with the launch of My StartUp. My StartUp includes an introductory membership to CFIB that is tailored to the unique needs of new businesses, with no fees in the first six months.
“Often business owners join us after they’ve been in business for a few years,” says Dan Kelly, CFIB president and chief executive officer. “Many startups don’t have an extra nickel to belong to a business association. Or they simply may not have heard of us and what we can do for them.”
The comment Kelly hears repeatedly from owners who join well after they’ve launched their business is they wish they had known about CFIB earlier. “One of the most frustrating things for us to hear is that they would have made fewer mistakes and found significant value had they joined sooner.”
Businesses in their first two years of operation can take advantage of great savings on financial services, and register for My StartUp, through Scotiabank’s Running Start for business program. “Scotiabank has been a terrific partner in helping startups begin operations on a sound financial footing, and CFIB can help with all sorts of free business counselling — particularly in dealing with the various governments and agencies with which they are required to deal,” says Kelly. “In addition, as CFIB negotiates great deals on many critical business inputs, startups can begin to benefit immediately.”
Kelly believes combining their efforts is a natural fit for
if you have someone in your corner you can rely on,itcanbringsignificantvalue
both organizations. “Our offerings complement each other by focusing on different needs of new businesses.”
Although CFIB has connected with the Running Start for business program in the past, with this offering, “We’re taking it to the next level,” Kelly says. “We’re now offering startups a six-month period of free full-service CFIB membership to help them get going.”
CFIB advice and support is a valuable resource on many fronts, he adds. “There are so many questions new business owners end up asking. Such as: How do I structure a letter of offer to a new employee? What government agencies do I have to register with? Do I have to collect HST? What premiums do I have to pay? What is workers’ compensation? We can help with all of those things.”
Scotia’s Running Start for business, for its part, does everything it can to make life easier and provide sound advice through self-service channels and on-site business advisors for businesses in the early entrepreneurship stages, says John Roberts, vice-president, small business for Scotiabank in Toronto.
Offerings for entrepreneurs include packages that bundle a range of discounted finan- cial services, he adds. “Every entrepreneurial startup needs cash-flow help with credit card and account fees.”
Scotiabank also provides online tools, such as a business plan writer that walks business owners through the variables they need to think about. “It’s all about access and keeping things simple for entrepreneurs,” Says Roberts.
He adds that there has been a long history of crossover between Scotiabank and CFIB. “They have been a great partner to work with on new initiatives. We both see the value we can provide to entrepreneurs.”
Having the right resources at your disposal can provide a significant head start for new business owners, Kelly says.
“They may be a skilled tradesperson, or fantastic baker or salesperson, but they may not have experience in HR or running day-to-day business operations. If you have someone in your corner you can rely on, it can bring significant value.”