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HALTON HILtfl OUTLOOK SaUnU IMS Business 11 rules for success What is the best kind of RSP There arc three ways to go into business starting from scratch buying an existing business or a franchise Whatever ihc way ihcre arc 1 basic rules to follow lo make that A By Doug Do you need to be a special kind of person to succeed in your own business Usually that person is a self starter reasonably well educated willing to put time and energy into the business and has a supportive spouse persistence self con fidence and plenty of ego That person should also have an aptitude for business and be able to handle risks well If you ve never been in business for yourself I usually recommend that you seriously consider going to an industrial psychologist and have a psychological profile done on yousclf In most cases if you go loan in us trial psychologist and tell him or her what business you re thinking of starting they can usually give you an idea of your chances of sue There arc some people who should not start their own bus mew people whocan make decisions and lean on other people to make decisions for them A person who is inherently afraid of risk should not be in ncss for themselves In many cases you vc got to be prepared to risk everything It also means working long hours If you do not want to work more than hours a week or your spouse does not want you work lo hours a week then you II have problems SAME DAY TAX RETURNS business successful Know the business you re going into If you don the busies don t go into that business Always incorporate If anyone tells you not to get a second opinion In general a corporation has significant advantages It restricts your liability and reduces income taxes substantially You get better carry loss forward positions in start up situations and surprising ly its easier to borrow money than it is with a proprietorship So ways incorporate Developabusinessptan plan is a financial forecast of how you re going to operate your business Don I go in without enough capital If your plan says younccdSIOOOOO don try to start withS50 You fail Don isuirtoffborrowingtoyour limit Try to borrow two thirds You suit hat a cushion in the event of an emergency and besides it Simply good management Mom tor and control the business with financial reports profit and loss statements on a monthly basis during the first year of the business quarterly profit and loss statements second year and profit and loss statements on a semi an nual basis in the third year and thereafter These should be supported with monthly reports on salts inven lories payables and receivables With this kind of information you II have a good handle on whether its running the way it should but most importantly you also have the time to do something about it before it becomes a major problem If you go into a partnership ways have a way out I make a lot of money terminating partnerships I do it on straight hourly basis Don l give away your company whether in the form of free shares to employees or a percentage of business to a key employee If you want an employee to have it then sell him or her the shares Don t give them the shares People never appreciate what they don have to pay for Don forget that you 11 be lock into an hour work week You II have to learn to manage not just work Most people work hours a week but don manage Never have less than two sup pliers for any source of product If there a at the plant of your main supplier or the plant has burneddown business Use your lawyer accountant banker outside business consult ants in making your decision to gel into the business and consider set ling up an advisory board of five or six people including your account ant lawyer and a couple of outside people who have knowledge in that business And meet regularly Pay them to sit on your board Keep them abreast of what you re doing You re not them to run your business but you ire asking them to slop you from mjkingamijormistakc only one small a year but it may make you thousands Doug Robbins is a Hamilton based business broker and a well known lecturer on small business 8772217 Happy Endings Begin at First Choice Haircutters Perm Special Just Like Our TV Commercial Reg 35 40 45 29 95 FROM UnUt March 191988 NO APPOINTMENT NECESSARY I vc Ihe best plan your friend says What plan you oak And you are then told what your I sure everyone be licvme their is Lei examine some of plans Many are offered by ihe savings institutions such as banks met credit unions etc Others arc of fercilbyLifelnsuranceCompanies and still others by mutual fund companies si well as slock brokers The best rnaybelhesavingsinstilu lion type because we feel sate in that our monies arc secure because the principal amount noi the rale of are guaranteed by CDIC Canada pom Insurance Corporation up to The besl my be from a stock bro ker if you are Ihe type who war excel lent investor knowing what to do and when and ait usually right You can have dozens of stocks in your RSP The where the past has shown you should average at least per year and more over 10 and IS year periods and longer short term 1 or year periods may be very lucrative or they may not because equity funds do Hue male up and down short term Thiswnier opinion is thai the bell the one lhal gives you great csl rate of return with the clement of safety you desire And the one Hi s that desenp- we believe is the self stered muiual fund RSP program examine some of the advantages 1 There is a self administered by a company called IRS Multiple Savings It allows you have up lo DIFFER ENT funds in one program with only the one trustee fee 2 There arc over DIFFERENT mutual funds you can choose from ITS YOUR MONEY Paul J You can change the you have amongst Ihc SO different funds bui limited to only 1 at any one lime You can have money funds earning interest daily usually paying much more Ihan the savings itutilu ions You can have Bond Funds in vesting in Government Bonds re source funds gold funds mortgage funds real funds and the good old equity funds thai have averaged over 13 over past 10 years Youcanhavcamixofalltypesof funds limited meet your needs There is no lockup in that your monies are lied a fixed to years as are with many You will usually be working with an independent advisor whose Firm has no product of it own but advisci meel your particular needs and goats What YOUR favorite invest men program Docs have additional or better features And rate of docs have After all the person who sets aside 000 per year in an for yean at return willhavea value of If the mutual fund program averages 1 as Ihcy have in the past you II have twice much Which would you have re tire PAUL J ROCKEL It the author at book Why I InvHt In Mutual Funds and President of Regal Capital Plan ners Ltd For FREE Information ask for RSP brochures and write Rocket Union ST Waterloo Ontario HOURS Fri 9am 9pm Saturday 9 6pm 8731339 FAMILY HAIR CARE I Proofpositive These are manag Better After one of the worst declines In market history every Canadian mutual hind from The Industrial Group of Funds in existence during ihe period posted positive month results How mutual fund fare Add this to Mackenzies exceptional long term record and you have that Industrial Group of Funds RnSPs arc better future INDUSTRIAL EQUITY FUND I 111 7M5 BEAT THE RRSP DEADLINE Special RRSP Hours This Weekend Friday February to Monday February 29 900 AM to 10 fbrfitll call PETER CMASSONMBA REGAL CAPITAL PLANNERS LTD 10 Fagan Drns Ontario L76 8777216 to December 1987 arc average annual compound returns based upon the net amount invested and include reinvestment of dividends tares of return are calculated before deduction of maximum per year Past performance is not necessarily indicative of future results Any offer is made only by pros pectus which contains complete detail of all charges Please read It before making your purchase and retain itfor future reference The Industrial Group oFFunds loohinjbothwm your Better