October’s Small Business Month panel featured valuable insights from three dynamic Alberta business owners.
The panelists
Bridget Lennartsson, Co-Founder, Vinesation Olive Oils and Vinegars
Bridget Lennartsson, a proud member of Beaver First Nation from Treaty 8 territory, co-founded Vinesation Olive Oils and Vinegars in 2014 with her son. Vinesation offers over 40 flavors of olive oil and balsamic vinegar, sourced from Modena, Italy, and worldwide. Celebrating a decade in business, Vinesation was named 2024 Indigenous Business of the Year by the Camrose Chamber of Commerce.
Lana Phillips, Co-Owner, Bikes and Bites
Lana Phillips brings her love for community and travel to Bikes and Bites, an adventure company in Drumheller offering e-bike tours, rentals, and picnics. Lana plays a key role behind the scenes, ensuring a memorable experience for the company’s growing customer base.
Mariah Braun, CEO, M3M Marketing
Mariah Braun, CEO of M3M Marketing, is a marketing agency leader, filmmaker, and creative advocate in northwest Alberta. Recognized with multiple awards, Mariah supports over 100 brands, from local businesses to national names. In 2023, she launched M3M Studios to provide studio space and resources for Alberta’s creatives. Mariah also serves on local boards, championing the creative industry and economic development in her community.
Panel insights
Challenges and lessons learned
Funding: All three entrepreneurs mentioned financing as an initial challenge. Mariah could have benefited from capital and mentorship early on, while Lana learned from costly mistakes, like the necessity to maintain a baseline charge on batteries for e-bikes. Bridget benefitted from early financing and has run her business without taking on unnecessary risks.
Staffing: Bridget highlighted the importance of selecting employees who align with the business owner's personality and the brand. She chooses employees who act “like they’re protecting the business as if it’s their own.” At the same time, Mariah recommended developing onboarding policies and training to ensure staff can step into other positions when necessary.
Location: Lana emphasized the importance of choosing the right location for a small business, explaining that a more walkable location could have benefited her business sooner.
Planning for success
Importance of a business plan: All three panelists stressed that a business plan is vital for guiding decision-making and securing funding. Bridget and Lana described the process of researching similar businesses in different-sized communities across North America to understand the marketplace's potential in their communities.
A living document: Mariah noted that it’s okay if your business plan changes over time: “It’s an evolution. Just because you didn’t write a business plan on day one doesn’t mean you can’t write one later.”
Lana noted that Bike and Bite took longer than she expected to build, and she agreed, adding, “Don’t be upset if your business doesn’t go according to plan; use it as a tool to learn and adapt.”
Support and mentorship
The panelists emphasized the importance of mentorship and support networks, some of which offer business planning assistance and financing, as well as local Chambers of Commerce. Bridget noted that Community Futures was “invaluable for information and guidance” during her business’s early stages. Mariah and Lana also commended informal and formal mentorship opportunities as a source of essential insights.
Managing work-life balance
The panel agreed that preventing burnout requires setting clear work-life boundaries. Mariah emphasized the importance of hobbies and disconnecting from all digital tools. She also advised entrepreneurs to prioritize their well-being as a critical factor in sustaining a business, especially during busy times. "Take care of yourself. Your job is to keep the business afloat, so take the time to recharge."
Cash flow and financial management
Accounting software: QuickBooks was a popular choice among the panelists for managing cash flow and expenses.
When to get an accountant: All three agreed that working with a good accountant can be invaluable. Lana said, “Every business needs a good accountant and lawyer.” Mariah added that understanding your cash flow cycles is critical for making strategic decisions, and an accountant can offer insights that keep a business on track.
Staying on top of finances: The panel emphasized having a system for budgeting, paying bills, and managing cash flow. “The most important thing is to make sure you have enough in the bank to pay your staff and bills,” said Bridget.
Networking and community involvement
Community engagement: Each entrepreneur stressed the importance of being active in their community. Lana and Bridget joined their local Chambers of Commerce, while Mariah sits on multiple boards. “Put yourself out there and talk to people,” said Lana, adding that volunteering can open valuable networking opportunities.
Targeted networking: Mariah shared advice for optimizing networking time: “Make sure that the events you’re attending are valuable, with your target audience present. Socializing is great, but as a business owner, your time is finite.”
Marketing and branding
Invest in branding: Lana emphasized that investing in a professional brand image from the start pays off long-term. “It’s one area that’s worth the money, even when funds are tight.”
Audience-specific strategy: Mariah advised that every business needs a unique marketing approach tailored to its audience. “Find professionals to develop a customized plan.”
Leveraging social media: Bridget found, in her food-related business, that posting images of her products on social media drives engagement. “If I show a picture of a product that’s been made, it goes crazy.”
Embracing the entrepreneurial journey
Continual evolution: Entrepreneurship is an ever-evolving journey. As Mariah explained, your business today may look very different tomorrow. “Don’t get hung up on where you started. If something’s not working, be open to pivoting and adapting.”
Taking calculated risks: The panel agreed that everyone is unique when deciding to leave a job to dive into your business. Bridget took a leap of faith early on, leaving her part-time job to focus fully on her business. “At some point, you’ll need to take the plunge,” she noted. Mariah agreed, adding, “It can be a slow process… build yourself up to that point without rushing in.”
Final takeaways
The panelists closed with words of encouragement for aspiring entrepreneurs. Lana highlighted that no matter the outcome, creating something and bringing it to life is a success. “Even if we closed our doors tomorrow, we didn’t fail… Do it—you’ll regret the things you didn’t try.”
Through their stories, Lana, Bridget, and Mariah exemplify the rewards and challenges of small business ownership. While the path may be unpredictable, it offers unique learning experiences, personal growth, and lasting connections that make it worthwhile.
About the Host: Tanya Kroeker
Tanya Kroeker is the Vice President of Entrepreneurial Growth at ATB.
Tanya’s deep passion for supporting Albertans and helping grow this province stems from being born and raised in Alberta and growing up in an entrepreneurial family.
Hear more insights from Alberta's small business owners at an upcoming ATB event.
