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Everyone who lives on Prince Edward Island knows the power of word of mouth – whether good or bad. For businesses, word of mouth can make or break you. Every business owner knows technology and social media has magnified the devastation of a bad review gone viral. That’s where...
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 for each method. Starting a business...
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 homework to...
Determining the right location
There are many factors to consider when choosing the best location to establish and grow your business. The right location can impact your potential to attract a quality workforce, improve efficiency and increase sales and profits, all of which will translate to business success...
Finding the right staff
In the beginning, you may choose to operate your business on your own or with a select number of employees. As your business gets established or begins to grow, you may need to hire additional staff to help you with the tasks of running your business. Character, commitment and...
Map Out your Operational Plan
As you approach the launch of your business you will have more clearly defined business goals and objectives. A good “next step” is to map out an operational plan detailing the daily tasks required to achieve your business goals. Your operational plan will direct the day-to-day...
Preparing your Business Plan
Your business plan is a put-your-thoughts-down-in-writing approach to bringing your business from an idea to reality. It is a clear description of your business, a written summary of what you hope to accomplish in business and how you intend to organize your resources in order to...
Getting the necessary permits
Depending on the type of business you are planning, you may have regulatory control or require a licence or permit to operate. It is your responsibility to understand any regulations related to your business, which licences or permits you need to operate, and when you need to...
Skilled Labour Pool
Hiring from the PEI labour pool is a cost-effective investment. Islanders are known as dedicated, hard-working, loyal employees. Recent data indicates labour costs in PEI are among the lowest in Canada and more than 60 per cent of the Island workforce has a post-secondary degree...