Alberta is one of the few places you can go from the bottom to the top.
Don’t be at the end of of the trickle
Which one are you?
- Pessimist = Complain about no jobs.
- Optimist = Hope the job market improves.
- Winner = Creates jobs – or at least one for yourself – follow framework below and throughout blog.
- Alberta is a monster economy and even during a recession Alberta’s per capita GDP exceeds $80K – on par with Switzerland’s and nearly DOUBLE the rest of Canada and Europe. It takes a million more Norwegians to generate the same money as Albertans.
- If you live in Edmonton there is money everywhere. PCL Construction generated record revenues of $8.5 billion in 2015 and is on track to reach $9 billion this year.
- The Swiss have a wealth-based taxation system that is easier on the average worker. While the Alberta system is supposed to be progressive – up to 48% for the highest bracket, business owners can escape these taxes with strategic planning. For example, in 2016, a well executed strategy would have someone pay $16,000 in taxes net of Canada Child Benefits on a $260,000 income, or a tax rate of 6%. This is a 10% less than what a single income family with 2 children would have to pay on a $50,000 wage.
- Prior to 2015- 90% of my income came from oilfield.
- I proudly can say I have never had to axe any employees in this recession and I have rejected all the requests to outsource bookkeeping to India. In my tradition of doing the opposite, I continue to give raises and bonuses.
- Most people have no political pull so speaking of politics this far from election does nothing.
- No government can save you. The only way to improve your life is the harder task of honing your skills.
- Understand that big government will always have inefficiencies, no big deal, business as usual. Smart ones are taking the money and laughing.
- Develop and exercise your rare and valuable skills.
- When you are ready “productify” your service. Don’t charge per hour, make clear-cut product offerings or sell something you know better than most.
- Sell either business to business or online or both. If you sell direct to consumers, remember who spends the money *hint: it’s not necessarily the people who earn it.
- Ritualize everything to focus on what’s important
- Prioritize efficiency = value created/time spent creating value
- Get the right people on board and the wrong ones out.
- Hire 2, work them like 4 and pay them like 3.
- Don’t try to please everyone. Most people are not worth it. I lose bad customers and obtain good ones. To be polarizing is a good problem to have.
- Buy fixer-uppers if you can realistically expect to double or triple your investment (do not count on capital appreciation if you are borrowing money!)
Control what you can control and ignore the rest. Manipulate the system to suit your needs. Our new government wants to spend billions on infrastructure, so get your self a piece of the pie, and employ our services so will let you hold on to as much of your hard-earned money as possible. The smaller percentage of taxes we pay is still our wonderful contribution to a great place I am proud to call home!
The triangle gets smaller on the way up so sooner or later we will meet!
As a result of improved efficiency – made possible by savings, innovation and investment – our prices are down and the benefits of THUT are available to a wider pool of entrepreneurs.