north shore news Ra . BUSINESS Review business plans often KARINA Martin designs clothes. Wayne Brien has just become her business as well as her personal partner. They opened a shop late last year called Mokea Designs and also sell Martin's clothing at weekend markets. Although the money rolled in over Christmas, now things have slowed down. “Karina is really talented but she always blows the budget when she goes out to buy material,” said SVayne, who looks after the finances and is worried spending has- n't slowed down as much as income. T suggested they draw up a business plan and meet monthly to deal with success- es and problems. Whether you hope to earn $5,009 or $500,000 a year from a sideline or full-time business, increase your chances of success “by writing Cooking for Fido Fi rom page 45 how many people cook for their dogs. When you get into the larger dogs it becomes quite time-consuming.” Whether or nor the idea woulc work with the often- fickiz “general public © still remained an unknown. “We started slowly to see if theze’s a markee for it and there’s definitely a market for health foods (for dogs),” said Stromotich. The Koko’s location now serves as an office and small retail operation which special- * izes in baked ‘goods for dogs. “Ie’s just like a bakery for humans except it’s for dogs,” summarized Stromotich, “There are no additives or preservatives and everything we make here is with huiman- de ingredients.” oat the rest The other businesses on the block include = Decosign Unlimited Signage, Techno Wheel Custom Iron Work, Molokai Productions Ltd., Bio Breads Thrift Store, Lions Gate VCR and TV Sales and Service, Aqua Sapiens, O & S Enginecring —_[nternational “Inc., Speed Pro Signs Plus, Au Ou Family Wholesale Bed rand Bath Accessories and Eau Canada. money matters down (and regularly review- ing) vour answers to these questions, “Help keep costs under control by investing time rather than money whenever possible.” Who are you and what products/services do you offer? Who is your comipeti- tion? (Could you learn from somebody in the same busi- ness but a ditferent market? } How can you provide your goods/serviees more effec- tively than your competition? How will you identify and develop your markets? How do you plan to market your- self/vour business? How will you get paid? How much do you expect to spend on and carn from your business? Project these figures on a monthly basis for the next two vears, and on an annual basis for the following three years. Revenue Canada in par- ticular will ask you to demonstrate a “reasonable expecration of profit” from your activities if you want co deduct your expenses. Help keep costs under control by investing time rather than money whenever possible. How will you finance your business? What adjustments will you (and your partner/fami- Iv) need to make in attitude NEWS photo 1 McGrath THE Tin Shop’s Ray Thomas specializes in making fittings, a calling he acquired trom his father. — M ngage Lender / when the banks say “no” / when speed counts 7 low rates and fees “Celebrating our Uth Anniversary, Adam Korbin Call me for a quote today.” 687-2020 Lender Broker fees may apply and lifestyle? Who are vour expert advisers? A business plan should have as much life as the busi- ness itself] Review both at your monthly meetings. Keep notes on projects and problems and the steps you plan to take. Review these notes monthly. Most major financial insti- tutions and accounting firms, as well as government small business departments, offer tree literature with model business plans. — Copyright 1999 Mike Grenby Mike Grenby is a columnist and independent personal financial adviser; he'll answer questions in this column as space allows but cannot reply personally — contact him at P.O. Box 50029, South Slope R.P.O,, Burnaby, B.C. VST 5G3; e-mail and see previous columns ar Mike’s Web site,