EDL's Story

When I lost my job as a litigation law clerk in February, 2007, I knew it was time for me to start my own business after 28 years in the legal industry. I took some time to myself and started to think of what kind of business I should get involved in where my 28 years of legal experience could be utilized.

Since 1989 I had been involved in business ventures and became very successful at it. Over the years, I assisted many individuals and small businesses with organization of their business and themselves. I realized I had found a “niche” in the market of small business consulting. My business consulting practice draws on my business experience and the skills I have learned and applied as a law clerk. I am drawn to business consulting because it fulfills my need to help people succeed while working in a business environment.

I launched EDL Consulting Services in March, 2007 a consulting firm which specializes in helping small to medium size businesses identify problems and solutions, and advising them on possible courses of action.

Before starting a business it is wise to do your research. There are several issues to consider such as financing, taxation, managing your business, advertising and much more. Starting your own business takes a lot of time and money – if you are hesitating to take the first step DON’T. There are other alternatives – you don’t have to do it alone. Every successful business owner – did not become successful on their own – they got help from either professionals, family or friends. Many business owners hire consultants at the beginning of their business start up process, but most hire a consultant when things are not going too well and they become desperate for help. Don't let that happen to you.

The number of new start-up and small business ventures is rising across Ontario. But it takes more than a good idea for small business to succeed. Statistics show that 25% of new businesses will fail in the first year, but that 75% of those businesses fail due to predictable factors. One of those factors is not being organized or having any structure. Lack of management experience accounts for nearly all of small business failures. This does not mean that all small business managers have poor management skills. EDL Consulting Services is here to “hold your hand” through the process of having a thriving business.

Things you need to know
before starting your own business.

"Start.Prosper.Succeed"

Why do some businesses succeed and some fail under exactly the same circumstances and in exactly the same business?

The difference is their point of view about what a business is. The majority of people who go into business are not entrepreneurs – hence the reasons why you need to hire the right people to help you become successful.

It’s not difficult to get a business started; the difficulty or challenge is to keep it going and be successful. Many people start businesses and not be prepared; hence the reasons why they fail. You have heard the saying “Knowledge is Power” – it’s a true statement, although I would prefer to say "Power is Knowledge." Once you equip yourself with the proper tools; you will succeed.

Before you start any business, make sure it’s something you love and have knowledge about. You do not want to be working on something you hate, although, most people do in the workforce. There are certain skills you need before you even start a business. Here are some of them:

• self-confident
• independent
• ambitious
• self-motivated
• self-disciplined
• well organized
• resourceful
• flexible
• thorough
• hard-working
• realistic
• determined and persistent
• committed
• a people person

You cannot buy the above skills. If you lack more than 50% of these skills, your chances of succeeding are diminished.

If you have an idea and not sure whether or not that idea will be successful. First, research, research. Check your competitors, see what their doing or not doing. Here’s a guide you can use to determine whether or not your idea has any potential for success:

• Is your product/service something people want or need on a continuing basis—and if so, how many people are likely to want or need it (your target market) at the price you intend to charge?
• How does your product/service fit within its industry, and what is the potential for growth for both?
• Is there existing competition for your product/service—and if there is, what advantage(s) does yours offer? How is your idea different?
• If it’s a product you’re selling, where are you going to get it and is your potential supplier reliable?
• If your product is something you’ve designed yourself, have you checked to see if something similar already has industrial design protection? If it’s something you’ve invented, have you looked into patenting it? These are things a lawyer can help you with.
• If your business is an e-business, how are you going to get your product to your customers and how will delivery affect your price?
• If your business is a home-based or e-business, how are you going to ensure that your potential customers can find you?
• Is your business reliant on employees—and if so, how many will you need to start, how much will you be able to pay them, how much training will they require and how much will training cost?
• How much will it cost to launch your business and where will you get your start-up money?
• How and where will you advertise your product or service? How much will advertising cost?

Now you have conducted your research and your are ready to start your business. Click here to get started.