Starting up a small-business can be daunting, which is why Southeast 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’s 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.
“I’ve had a lot of conversations with clients, and I’ve realized a lot of them have that goal but they’re not aware of all the support that’s available to them,” 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’Neill, general manager of Community Futures, will address that issue.
O’Neill said a variety of options are available for any number of circumstances when it comes to financing.
“If you’re taking over an existing business, you can look for vendor financing,” O’Neill 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’Neill 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’Neill said bankruptcy is a harsh reality, but small business owners can prepare for it and, ultimately, avoid bankruptcy entirely.
“You need to grow your management skills and adapt to changes in the economy and the business environment,” she said. “Keep abreast about happenings in the province and shifts in the financial landscape.”
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’Neill stressed the importance of sheer determination when planning to start a business.
“It’s such a unique thing, opening a business,” Roye said. “There’s so much involved, and in the end, it’s all about passion.”
He added part of Newcomer’s 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.
“We want to help others make those connections, and it’s not just newcomers, our doors are open to anyone,” he said.
O’Neill said many people aren’t 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.
“I think the amount of time and effort required is often underestimated,” she said.
O’Neill 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.
