Module 3.10 Sales and Marketing data

Question 1

Some things to get new business / clients

Answer 1

establishing yourself as a small business
planning – developing a simple business plan
researching and specializing – defining your target market
educating yourself – continuous learning
encouraging opportunity to knock
business networking
learning to sell/closing a sale

Question 2

Types of small business

Answer 2

• Sole proprietorship
• Incorp business
• partnership

Question 3

what are all 3 small businesses

Answer 3

Type of small business Advantages Disadvantages
Sole proprietorship:
A business owned by one person

Typically the simplest and least expensive type of business to start and operate
Has benefits related to taxation and degree of control over the business
No requirement to separate personal and business monies
Business owner and sole proprietorship are the same entity; therefore, the business owner has unlimited liability for debts, losses, and obligations related to the business
Can be difficult for a sole proprietor to raise capital for the business or to secure a business loan
Incorporated business:
A business that is a completely distinct legal entity, separate from its owner(s)

Business owner and incorporated company are separate legal entities; therefore, the business owner has limited legal liability for debts, losses, and obligations related to the company
Improves business credibility compared to sole proprietorship
Initial costs and paperwork to incorporate and register the business
More paperwork and administration to maintain
No personal tax credits and less tax flexibility
Requirement to keep personal and business monies separate
Partnership:
One of several different types of partnerships where two or more people own a business and have a specific arrangement related to liability for the debts of the partnership

Works well when partners have complementary skills and talents and are able to make decisions together
Has benefits related to taxation and is a relatively simple business structure
Liability can be problematic (even as bad as for a sole proprietor, depending on how the partnership is set up)
Can be messy and complicated to dissolve

Question 4

Some things to research with starting a small business

Answer 4

How the law applies to the type of small business you choose to establish (for example, licensing, taxes, GST, separation of business monies from personal monies, required record keeping, etc.)

How and when to properly prepare business records, tax reports, tax installments, etc.

Question 5

what are some tasks of running a business that need to be delegated time in addition to being a mortgage associate

Answer 5

bookkeeping, tracking expenses and revenues
ensuring tax requirements are met
invoicing, paying bills, and doing banking
maintaining paper and online files, records, receipts, etc.
tracking personal business goals and progress
setting up appointments
answering and returning phone calls
checking and replying to texts and e-mail
purchasing supplies

Question 6

How to determine income requirements

Answer 6

Locate as many recent financial and other statements as you can – bank, investment, utility, credit cards, insurance, etc.
List and total all of your sources of income (both fixed/regular and variable/occasional) from the past year.
List and total all your expenses (both fixed/regular and variable/occasional) from the past year.
Compare your monthly and/or annual totals for income to your monthly and/or annual totals for expenses.
Determine the minimum amount of income required to cover your expenses in each month and/or year.
Estimate how much income you would like to have over and above the minimum required amount (in other words, your desired monthly profit).

Question 7

how to choose target market

Answer 7

Priority Explanation
Speed

How quickly are approval, mortgage instructions, and money needed?

Quality

How tight or how flexible are the lender’s credit and document criteria?

Price

How favourable are the rate, repayment terms, and assumption/portability of the mortgage?

Question 8

Defining market niches

Answer 8

Make a list of as many ways to define possible niche markets as you can think of. Here are some examples:

type of mortgage (first mortgages, second mortgages, reverse mortgages, expiring mortgages, refinances, etc.)
specific loan characteristics (small down payments, lowest rate/no frills, portable, good pre-payment privileges, etc.)
new construction only
existing properties only
type of property (single-family homes, condos, duplexes, commercial property, etc.)
particular demographic groups (new immigrants, renters, self-employed people, single parents, seniors, etc.)
specific client financial situation or problems (poor credit score, hard-to-verify income, bankruptcy settlements, foreclosures, etc.)
geographical area (downtown, north-east quadrant, satellite communities, rural acreages, etc.)

Question 9

What are the four basic market types or segments

Answer 9

• Geographic
• demographic
• pshchographic
• Behavioral

Question 10

What is a Marketiing plan

Answer 10

An outline of actions, a completion timeline, related costs and related goals to persuading people to use your services.