October is Small Business Month, to celebrate, on this week’s episode of Building Better with Brandon we’re joined by founder of Medex Health Services Inc., Cheryl Kerr.
“Medex Health Services is a multidisciplinary healthcare facility company,” Kerr explained, adding that they provide rehabilitation services and home health care.
Kerr has been in the healthcare industry for over 20 years. She began her work as a nurse in Montreal in the 1980s before moving to Toronto, where she ran into some challenges.
“My license was not transferable,” she explained, adding that as a single mother, she had to find other jobs in order to support her family and make ends meet.
Kerr then decided to start her own company. But this path also presented her with challenges.
“When you go to the bank, no bank wants to look at you. So I refinanced my house a couple of times to get going.”
In addition to having to refinance her house multiple times, she also made other sacrifices, like working the night shift and then using her paycheque from that job to pay her employees.
While some may consider taking steps like refinancing her home risky, Kerr shared that it was necessary.
“You’ve got to take risks if you believe in yourself… When people see you going, that’s when they are supporting you.”
When she was with another bank, Kerr says she struggled to get support for her business. But TD Canada was different.
“TD said yes. They see where I’m going and they support me.”
With Medex Health Services thriving, Kerr has also opened another business, Core Investment. She explained that this second company operates in the real estate and land development sector. Between her two businesses and with support from TD, some may say she’s dripping green.
TIPS FOR NEW BUSINESS OWNERS
As a successful entrepreneur, Kerr shared some top tips for business owners who are just starting out. She says this includes finding the right financial institution to support your business.
“Like TD, who will believe in you, who will see your dreams and want to grow with you,” Kerr said.
She also recommends having enough capital to support you for 12-18 months. But it’s not all about the money.
“Find the right employees who are linked with the growth of your corporation,” Kerr explained, adding that you also have to be courageous.
WAYS TD CAN HELP YOU
If you’re looking for support for your small business, TD has tons of tools to help.
Latanya Monteith Housen, Regional Manager, Black Community Business Development, Metro West, shared that TD’s website has resources for both small business owners and those who are just considering starting a business.
“Outside of that, we have account managers that are across Canada who you can schedule an appointment with to ask questions and have an understanding, especially as it pertains to your industry,” she explained.
“So even though multiple businesses might be in the same area, their structure, makeup, everything about them can be unique.”
While TD has all of the tools that both aspiring and new business owners will need to help guide them through their entrepreneurship journey, there are some challenges they should be prepared for.
“The first thing that I always think that entrepreneurs need to be aware of is the fact that we are actually looking at you, the individual owner as much as we are looking at the business,” Monteith Housen said, adding that it’s important to have your own personal credit profile in good standing.
“Because that also supports your ability to access credit for the business that you own.”
She shared that they also always encourage businesses to invest in a business plan.
“We want to understand your unique situation. Do the market research [and] create a plan. The plan actually guides the business owners as much as it guides the bank,” Monteith Housen explained.
“So it’s very important too to ensure that along with having good personal credit, that the owners also provide us with a business plan and at least 24 months [of] financial cash flow information.”
Monteith Housen also shared some advice for both new business owners, and those considering opening their own business.
“I’d say go for it first and foremost because entrepreneurship provides a lot of opportunities not only for you to gain revenue, but for you to also access a broader network of professionals and people who are in the same space, or in complementary industries.”
She also explained that in order to be a small business owner, you don’t have to start from scratch. You can also consider looking into franchising.
“TD has a franchise banking group that is across Canada, that can support you with all the steps for accessing and owning your own franchise.”
There is also the possibility of buying an existing business.
“So that you’re actually buying something that is already a going concern, and where there is a good idea of how profitable that business has already been so that you can continue to enjoy that.”
Monteith Housen explained the need for having capital when starting a business, different types of bank accounts that business owners will want to consider, and everything else business owners (or aspiring business owners) need to know in this episode of Building Better With Brandon.
