How Much Money Can I Make?

Proven Strategies for Starting, Managing and Exiting a Canadian Small Business

Tim Young

• Publisher: Y2 Innovations
• Year: 2015
• eBook ISBN: 9780993982217
• Edition: 1
• Topic: Business
• Subtopic: Small Business
• Index: Business

Finally, A Book That Unlocks the Realities of Owning a Small Business in Canada!How Much Money Can I Make? is so much more than the title implies. Not only will you learn how much money you are likely to earn (or lose), you will also discover what it's really like being a small business owner, and how to crush your competition at the same time! Readers will find this book to be unique as it is a hybrid between a "how to" book and a "reference manual". It includes both proven management techniques and 100 income statements covering the majority of Canadian small businesses.If you already own a small business or are considering self-employment in Canada, then this book is for you!From security systems to swimming pools, Tim Young has owned and operated more than a dozen vastly different business ventures over the last 35 years. Eight of these have been successful. Tim has earned (and lost) hundreds of thousands of dollars. Yes mistakes were made, and HMMCIM will teach you how to avoid them.This straight-talking book answers the following questions and many more: •How Much Money Can I Really Make? HMMCIM answers this question using the most factual data available for national averages, and 100 specific business categories covering over 900, 000 Canadian small businesses. From car washes to car dealers, florists to funeral homes, restaurants to real estate agents... •How Is My Business Doing and What Can I Do To Make It More Profitable? Using Key Performance Indicator (KPI) metrics can really help SBOs become far more profitable. This book is the first publication ever to offer data that will help Canadian SBOs formulate their own KPIs. Add proven small business marketing and management tips, and you will discover how to propel your business into the top 25% of your industry!•What Is My Business Really Worth? Tim has bought and sold numerous businesses and helped many more do the same. He explains in detail how to properly value a business. •What's It Like Owning a Small Business? Fifteen of these 45 chapters describe some of the ups and downs of being self-employed. Real situations, real numbers all of which Tim has been quite shy about sharing... until now.

Table of contents

• CONTENTS
• Dedication
• Acknowledgements
• Introduction
• Lies, Damned Lies and Statistics
• PART ONE - 8 Out of 12 Ain’t Bad . . . Our Lives as Small Business Owners
• 1 Our Very First Business – Wholesale Toys
• 2 Went to a Party – Came Home With a Business
• 3 Let’s Flip Some Real Estate
• 4 A Home-Based Winner – Supreme Secretarial Services
• 5 Number Five is a Big One - Advertising and Publishing
• 6 Our First Franchise, and in a New Market Too!
• 7 How About a Lakefront Property Reno – Cool!
• 8 Franchise Number Two Made Us Secure
• 9 Let’s Take a New Product to Market . . . Not!
• 10 What’s It Like to be a Realtor?
• 11 Always Wanted a Swimming Pool
• 12 Early Retirement
• 13 Let’s Get into the Markets, Baby!
• 14 I Wanted to Write This Book 22 Years Ago
• 15 Y2 Innovations is Born
• PART TWO - Before You Start or Buy a Business!
• 16 Are You a Small Business Owner or an Entrepreneur?
• 17 Key Personality Traits of Successful Small Business Owners
• 18 Is Passion Really Necessary to Become a Successful SBO?
• 19 Pros and Cons of Owning a Small Business
• 20 Comparisons to the Corporate World
• 21 The Big Picture
• 22 How Much Money Can You Really Make and How Many Widgets Do You Have to Sell?
• 23 Do You Really Need a Business Plan?
• 24 Mentors and Professional Advisors
• 25 Sole Proprietorship, Partnership or Incorporation?
• 26 Start-up, Purchase or Franchise?
• PART THREE - Buying a Going Concern
• 27 Personal Search Criteria
• 28 Where to Look?
• 29 What Are You Buying. . . Assets or Shares?
• 30 The Due Diligence Process
• 31 How Much Should You Pay? Valuing a Small Business in Canada
• 32 What to Look for in Financial Statements
• PART FOUR - Selling Your Baby!
• 33 $800,000 Tax Exemption - The Holy Grail of Qualifying Small Businesses in Canada!
• 34 How to Prepare Your Business for the Ultimate Payout
• 35 How to Market Your Business Opportunity and the Discretion Paradox
• PART FIVE - How to Get in the Top 25% of Your Industry and Stay There!
• 36 What Business Are You In?
• 37 Sex and Marketing!
• 38 Develop and Track Key Performance Indicators (KPIs)
• 39 Find Your Edge
• 40 The Power of Networking
• 41 Work “In” and “On” Your Business
• 42 Managing Your Most Important Asset
• 43 The Future for SBOs
• PART SIX - How Much Money do Small Businesses Actually Make?
• 44 Canadian National Averages
• 45 Canadian Financial Benchmarks
• APPENDIX 1 Original Book Financial Projections
• APPENDIX 2 Book Start-up Cost Estimates
• APPENDIX 3 Small Business Valuation - Rules of Thumb
• APPENDIX 4 Elements of an Effective Business Plan for a Small Business Start-up
• APPENDIX 5 Franchisee Interview Questions
• APPENDIX 6 Letter of Understanding / Letter of Intent
• APPENDIX 7 Business Sales Transaction Data for Businesses with Less than $5 mil in Annual Revenue
• APPENDIX 8 Sample FSBBO Valuation Range
• APPENDIX 9 Sample Confidentiality Agreement
• APPENDIX 10 Business Sale Preliminary Information Sheet
• APPENDIX 11 Sample Business Sale Advertisement
• APPENDIX 12 Canadian National Averages
• APPENDIX 13 Employee Interview Questions
• APPENDIX 14 Performance Evaluation Form
• APPENDIX 15 Glossary of Financial Terms for Benchmark Reports
• About The Author