Coaching now or After the Presentation??

Home Forums 5. Inform Section Discussion (May 16 to June 26) Coaching now or After the Presentation??

Viewing 8 posts - 1 through 8 (of 8 total)
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  • #2367
    Anthony Bullen
    Participant

    Good day,

    I’m not really sure if I should get the coaching before or after I present my business model canvas. I’m thinking before. I’m pretty happy with with the canvas thus far it’s basically done. I am struggling with just a couple key things before I register my business and I think some 1 on 1 coaching might help me tremendously. The things I am struggling with are;

    Business name… I have one, it’s funny, but may throw some people off. Dirty Deeds Inc. is what I want to call it! Thoughts?? Not sure if you have to register as a type of business but it would be more of a general outdoor contracting rather than just diving.

    Allocating personal funds into the business? Do I just start a business bank account and drop start up funds in there? Can I deduct that from my personal earnings for that tax year?

    Hiring help? I have good people that are more qualified than I am willing to work with me. I can’t employ anyone full time, what is the right way to go about paying them and covering them with Workers comp, deducting tax’s etc?

    Insurance? What is the right kind of ins package for my business. I have questions about liability and waivers for marine work.

    I just wanted to get this out there. Maybe others are struggling with the same issues. It’s sort of getting down to crunch time to get my business started and I have to press forward and solve these problems.

    Thanks for any help,
    Anthony

    #2368
    Judy Evans
    Keymaster

    Anthony,

    Great questions!

    The coaching process can take place before or after your presentation. What works best for you? Can you email some dates/times that work for you so that Erin and I can sort out which of us is available.

    Following are some thoughts that can be explored deeper in a Zoom call.

    1. I love the name Dirty Deeds, it brings a smile to my face. That being said, how will your customers feel about the name, will it be a benefit or a hinderance? What visuals are you thinking for the logo, website, etc.?

    2. What legal structure are you considering – sole proporietorship or corporation? You can certainly drop personal funds into your business bank account and be sure to keep a record of how much and when. If you are a sole proprietorship, the linkage to your personal earnings will sort out when you file your personal taxes. If you are incorporating, the funds that you invest into your business are called a shareholders loan that can be paid back in the future without being taxed. Again, keep detailed records of the dates and amounts invested into your business to incorporate into your bookkeeping and financial statement process.

    3. You can hire staff part time and cover them for WCB. You will need a business number for filing source deductions with Canada Revenue Agency and on the CRA website, you will see the payroll calculator to determine how much tax, CPP and EI you need to deduct, which is based on their earnings. Note that you will need to submit the employee’s income tax, CPP and EI (along with your contribution – CPP x 1, EI x 1.4) by the 15th of the month following. This means that you need to pay the ‘source deducations’ for March payroll by the 15th of April. If you pay it late, there is a 10% penalty.

    4. Not being an insurance expert, I would suggest that you need to discuss insurance with a broker who will need a good business description so that they can shop for the most economical and practical polify for you. You should have liability insurance, equipment/vehicle insurace. The premiums will be based on the industry risks.

    Judy

    #2369
    Anthony Bullen
    Participant

    Thanks for the reply I am doing up a quote for my first customer(a yacht club) to upright, clean and move 26 2500lbs moorings as we speak! Things are getting real. I will email you both some dates soon. I think this is better done before the presentation.

    As for the answers to your questions. I have though about how my customers will feel about the name for quite some time, even reconsidered naming it that and ultimately decided that if they are uptight enough that they don’t like it I don’t really want to do any work for them…lol. As for visuals, by design right now I am only going to do a business card and probably a truck decal. I mostly know who my customers are. Any small side jobs can be picked up via word of mouth or business cards at the marina. The biggest worry for the name is when I get bigger receiving odd phone calls! We can talk more about the logo and visuals when we zoom.

    I really want to incorporate but don’t think I will be over the 50k mark in the first year unless I kill it urchin diving this year. I wish we had something like in the states where you can be an LLC. I like the idea of rolling as much as I can back into the business and not having it affect my personal income.

    I’m going to have to hire on someone else for some jobs. It seems like quite a pain to submit that pay paperwork but my business will not grow if I try and do it all myself. I have seen this first hand.

    I will get back to you in a couple days with an email of available times.

    Thanks,
    Anthony

    #2371
    Judy Evans
    Keymaster

    Anthony,

    Great considerations!

    Could you subcontract to the labour that you will need from time to time? If so, they would need their own wcb, etc.

    Judy

    #2373
    Laura Svab
    Participant

    Hey Anthony,

    I love the name as an ACDC fan; clever pun. 😀 Just to add to the conversation though, I can see a few issues that could arise with the name:

    1. The name has several implications, which could be considered confusing or potentially inappropriate. When someone searched for services your are providing online, they may look past your site if they consider it unprofessional. It is a possibility. I think of it as if I were the owner of a ship looking online for a professional service to provide a service on my very expensive vessel, without knowing contacts, what would I be looking for. That being said, I imagine your cliental would get it, and enjoy the humor. Clients could potentially be drawn to the name as well because it is unique. It’s a gamble in a way I guess…
    2. Is there a copyright issue with the band itself and that name? Just something to think about… Maybe you could play with the name and call it “Diving Deeds- All your Marine Diving Deeds Done Dirt Cheap” or something like that…
    3. If the only service your company is offering is to clean vessels, than I see how it works, but if you are offering other services such as boat repairs, urchin diving or other diving services, I don’t see an obvious connection to the name, but maybe I am missing it, very possible??

    Like you said, you know the companies in your region who you would be working for so you know the cliental, but if you were looking to expand into other regions or provinces, the name may not be entirely obvious when they (potential clients) are searching online for diving service providers.

    Just some food for thought, but I am super excited for you to have your first clients and to see the awesome progress you are making with your business!

    Keep up the great work buddy!

    Laura

    #2374
    Laura Svab
    Participant

    Hi Judy and Erin,

    I too would appreciate a meeting with you before the presentation to hash out some of the areas where I could use some direction. If you have time early next week, I would really appreciate it. I am available any time after 3pm Quebec time…so that would be any time after 1pm your time

    Thanks for your continued support.

    Laura

    #2375
    Laura Svab
    Participant

    Sorry, just realized I should have probably started my own thread with you, Erin and Judy. 🙂

    #2376
    Judy Evans
    Keymaster

    Laura, can you email us some dates/times next week that work for you?

    Judy

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