Business Resources

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1. Characteristics of Successful Entrepreneurs

1. Characteristics of Successful Entrepreneurs

Am I Ready to Start a Business? Starting a new business begins with a good idea or a great opportunity. Starting a successful new business begins with a well developed idea and a solid plan. Any successful entrepreneur will tell you the first step to a successful...

2. Business Ownership: Is it the right choice for you?

2. Business Ownership: Is it the right choice for you?

Starting a business can be challenging; You can expect a lot of long hours, uncertainty, and psychological stress during the initial stages of starting a business. Consider the factors below to understand if business ownership is right for you: The Right Choice for...

3. Is My Business Idea Profitable?

3. Is My Business Idea Profitable?

One great advantage of being an entrepreneur is being able to do something you are passionate about or love to do. How do you plan to turn your passion into profit? Can my idea become my business? Every new business starts with an idea. You will have to do your...

4. Planning for Success

4. Planning for Success

Start developing a plan Taking the time to map out a realistic plan for your business before you open will pay off in the long run. Many successful entrepreneurs will agree that solid planning, both short-term and long-term, is the key to business success. The plan...

5. Four Methods of Getting into Business

5. Four Methods of Getting into Business

Getting into a Business There are four basic methods of getting into business; start from scratch, purchase the assets of a business that has ceased operation, purchase an existing operation, or pay the fee for a franchise license. There are strengths and weaknesses...

6. Types of Business Formations

6. Types of Business Formations

There are four common types of business structures in Prince Edward Island: sole proprietorship, partnership, corporation and cooperative. Each of these structures is described below. The structure you choose will depend on various factors, including the nature of...

7. Developing a Marketing Strategy

7. Developing a Marketing Strategy

Like all aspects of business formation, developing marketing strategies requires careful planning. A successful marketing strategy presents a product or service to customers at a price that meets the business’s profit goals and in such a way that the customer wants to...

8. Market Research

8. Market Research

Market research is finding out, in an orderly fashion, what your target customer’s attitudes, opinions, needs, wants, likes, and dislikes are. Good market research eliminates guesswork and becomes the cornerstone upon which new business owners can feel confident to...

9. Exceptional Customer Service

9. Exceptional Customer Service

What is a Customer? Customers can be demanding, irritating and, at times, a total nuisance. Customers are also the lifeblood of every business. Think about the fact that if your potential customers are not interested in buying whatever it is you’re going to sell,...

10. Business Financing

10. Business Financing

Not having sufficient capital is one major reason why many businesses fail. Underestimating capital needs can quickly drain your financial institution account and leave your business in a cash crunch. When starting any venture, two types of capital are required:...

11. Understanding Financial Statements

11. Understanding Financial Statements

aWhat are Financial Statements? The basic financial statements used by a small business are the balance sheet, income statement, and cash flow statement. The balance sheet can be compared to a snapshot taken of a business at one point in time, while the income...

12. Maintaining Business Records

12. Maintaining Business Records

The main objective of maintaining business records is to provide useful information which the owner can use in directing business operations. Effective record keeping becomes a very important management tool for the business owner as it enables him or her to...

13. Cash Flow Projection

13. Cash Flow Projection

Projecting Cash Flow All businesses, no matter how small or large, function on cash. Cash is the lifeblood of any business. Ineffective credit and collection policies can create a cash crisis, where you have bills to pay but not an adequate amount of funds to make...

14. Quick Guide to Financial Proposals

14. Quick Guide to Financial Proposals

WHAT ARE YOU LOOKING FOR? Before you can approach any financial institution, you must have a clear idea of the financing you are looking for. Here are some things to consider: What will the financing be used for? Purchase fixed assets, working capital, refinancing,...

15. Hiring and Developing Employees

15. Hiring and Developing Employees

Employees are often a company’s greatest resource. In most businesses, employees are responsible for carrying out the vital duties of the organization. For example, often, it is the employees who are involved in the manufacturing of the company’s product; and it is...

16. Business Affiliations and Assistance

16. Business Affiliations and Assistance

Benefits of Business Affiliations One of the greatest benefits of small business ownership is the independence and freedom that it brings. However, this freedom has a price. It is sometimes lonely and difficult to make all decisions regarding the daily operation of...

17. Guide to Corporate and Business Name Rules

17. Guide to Corporate and Business Name Rules

This guide is intended to inform and assist persons wishing to register a corporate or business name in Prince Edward Island. Although this guide is intended to help you select an acceptable name and have it approved, the information is general in nature and the...

18. Re-registering in the New Business Registry

18. Re-registering in the New Business Registry

All PEI companies are required to re-register by May 3, 2023, in the new Online Corporate Business Names Registry as part of the annual return process. The new online system will improve services to Island businesses by: Simplifying the process for submitting and...

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Interested in learning more about growing your business in Prince Edward Island? Contact us and one of our expert Business Development Officers will be happy to help.