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HomeMy WebLinkAboutThe Lucknow Sentinel, 1993-02-03, Page 10Page 10 - Lucknow Sentinel, Wednesday, February 3, 1993 Helps build self-cpn'idence... Vicky Morrison, owner of Image-Inipact, is proud of the fact that through her business "women receive support in building their self-confidence, allowing them to open new doors in their careers or fam- ily." Her business offers a variety of services which are careful- ly designed to help clients reach their full potential as balanced, fulfilled -individuals. Vicky is a hair designer with 11 years experience, and a certified image and colour consultant. Trained in aes- thetics, Vicky., continually takes courses to expand her knowledge and keep pace with the hair and beauty industries. Image Impact's professional staff offersrograms such as hairstyle select, make-up les- sons, flatter your figure, Advance. Color Analysis or individual- services' of hair designing, aesthetics, tanning and much more. Vicky says, "I see today's one -service salon (hair) becoming a full-service day spa (facial, hair, massage) allowing people to go and unwind from the fast -paced lifestyles of the 90s." VICKI MORRISON A special challenge facing this woman in business is "Trying to achieve a healthy balance between family life, social obligations and my career," says Vicky. Vicky and Roger, .her hus- band of nine years, run a berry -beef operation on High- way 86, east of Lucknow. They have two children, Blair 8 and Stephanie 5. In her spare time Vicky enjoys run- ning, aerobics, dancing and. travelling. - LUCKNOW act 528-2210 Artistic fioral designer... Let her loose • amongst the flowers - real, artificial or dried and Donna , Sue Errington is in her " element. Her . artistic talent starts to flow and before you know it another work of art is' ready for the customer. Yes, for Donna Sue Errington, the Owner„ of Val- Iey Green Flowers, the designing aspect of her busi- ness is the most enjoyable. And the least enjoyable, Donna says, "is the amount of paper work I do for the government and sometimes the long hours." Donna opened her business in 1986 when she purchased it from Nancy, Quinn. In the interim, she purchased her own building on the north side of Lucknow's main street and moved there • in January. 1991. The additional space gave her • the needed, room to properly display arrangements. No matter, the• occasion or your taste in floral arrange- ments, from the conservative to the liberal, Donna's 16 years experience as a design- . -er is evident.. Donna Sue Errington As a woman in business, *Donna finds one of her biggest challenges is dealing with bankers. Donna is married to Rick Robson, owner of Robson Greenhouse in Kincardine. In her spare time, Donna enjoys spending time with her step- daughter Myyanwy and long walks in the bush with her dog. Valley .Green Flowers LUCINOW 528-2033 Financing your .business. . Many women use personal assets as the main source of funding when they start up a business. Personal asset financ- ing often goes hand in hand with a decision to start small and grow at a pace the owner can manage and afford. Personal assets can include savings, including RRSPs, pension funds, severance allowances; remortgaging property; and life insur- ance policies. While some women use_ personal assets by choice, .others may have no alternative. You may have difficulty obtaining small business loans because of the nature of your business or the size of the loans you are seeking. For example, small new businesses or businesses focused on retail services may have little collateral in the form of fixed or movable assets to offer as security to lenders. They may not have been in business long enough to build up a credit historyand therefore a credit rating. Finally, small loans can be difcult to obtain because many le ding institutions find them less profitable since it takes a fender just as much time to negotiate and manage a small loan as it does a large one. Capital is essential to small business growth and success. In fact, underca_pitalization is often a major factor contributing to the .high failure rate of firms dunng their first years of operation. If your personal 'assets are insufficient to fund a business, or if you. prefer not-tOse them; you may consider other sources of financing such as family and friends; b siness associates and private investors; potential custome and suppliers; trade credit (accounts payable); leasing com `anies; government financing programs; commercial financial stitu- ttions; venture capital firms; or the Federal Business Develop- , ment. When To Seek External Financing Though many businesses finance start-up or expansion from personal assets, sooner.or later virtually all busmess owners need assistance from a financial institution. It is difficult to do business without ever using credit. You may need to fiance a shipment of raw materials, build up your inventory, fill a need for worlcing capital during a slow season, or purchase a piece of equipment. In making the decision to seek external financ- ing, be sure your business -is solid enough to carry the burden of loan. In addition, be prepared to accept the additional managerial responsibility a roan can entail. You will have to prepare a businessplan and a financial proposal, you will have to search for an appropriate lender and you may have to keep more detailed financial records to satisfy . additional reporting requirements. There are two main types of financing: equity and debt. Equity financing involves selling part of your company to a prospective investor who would then receive a proportional share of its 'profits. In the case of many smaller companies such a transaction may be equivalent to taking on additional partners. In larger companies, it may involve public share issues on a stock exchange. It is far more common, especially among smaller companies, to secure external financing in.the form of debt. Preparing Yourself to Seek External Financing An understanding of how lending decisions are made will help you when the time comes to negotiate financing. If you know what questions are likely to be asked, you can prepare appropriate material in advance. For example, you should be ready to provide all the relevant and required information specific to your business. In addition,' you should be able to discuss your proposal within the framework of the lender's. decision-making criteria. , 1f you have never dealt with commercial lenders, do not let inexperience deter you. A good `first step might be to get advice from someone who has dealt successfully with external financing,.particularly another business owner. Financial institutions .le id money- to individuals and to commercial enterprises at a specified rate of return. Remember that banks need to make loans in order to survive; that is their , business. You are a customer and a loan is a commodity for ,. which you are. paying. Remember, too, ,that there is no shortage of banks. so fust as you would shop around ,when making a 'major, purchase, you should shop around for your financial institution and your lender. Different institutions have ,different lending policies and . orientations -'toward small businesses. The same goes for individual loans. officers and managers. Some may not have targeted the small business sector as a priority, and may be more conservative when it comes to approving lending proposals for -such firms. • • Others who are geared specifically to this _type of business may' be more receptive to your proposal. ome individual lenders are more prepared to take risks than others,; some are more helpful than ' others. You should look around carefully for financial institutions that are supportive of small business. The next step is to find a lender whoseolicies coincide with your business needs. Having compatible business goals will increase the potential for a good business relationship. Use as much care m choos- ing a Tender as you would in choosing a business partner. And when you come face to face with a potential lender,. project self-confidence and a positive attitude toward your business.