<![CDATA[Terry Foster Multimedia Storyteller - Blog]]>Thu, 16 May 2024 05:18:30 -0700Weebly<![CDATA[Navigating the Rise in Canada's Food Prices - Insights and Strategies for 2024]]>Wed, 03 Apr 2024 14:04:11 GMThttp://terryfoster.ca/blog/navigating-the-rise-in-canadas-food-prices-insights-and-strategies-for-2024

As Canadians, we're facing an undeniable truth: the cost of our groceries is on the rise. According to the 14th Edition of Canada's Food Price Report for 2024, conducted by several leading Canadian universities and food and agricultural companies, national food prices increased by 5.9% in 2023 and are expected to surge further by upwards of 4.5% in 2024. This uptick in prices is shaping our shopping habits and dietary choices in significant ways.

Despite the sharp increase in food prices last year, an intriguing trend emerged - statistically, most Canadians spent less on food in 2023 than in the previous year. This shift suggests a collective movement towards eating less or seeking alternative grocery options, driven largely by the rising cost of living across housing, energy, and transportation, leaving less disposable income for food.

The grocery market in Canada is largely dominated by five companies, with Loblaw Companies Limited holding 29%, Sobeys and Safeway at 21%, Costco at 11%, Metro at 10.8%, and Walmart at 7.5%. This concentration of market power raises questions about competition and pricing within the industry.
While some point fingers at carbon taxes for the rising food costs, the study finds the impact of carbon taxes on food prices inconclusive due to high factorial coefficients. It's a complex issue, entwined with other significant factors like supply chain disruptions, wage increase demands, global political instability, and notably, climate change. Canada is grappling with unprecedented environmental challenges, including droughts, unseasonable weather, and forest fires, which threaten food stability as they worsen over the years.

Interestingly, the report highlights that while some grocery chains have reported record profits, these are in line with inflation. This counters the perception of over 30% of Canadians who believe profit margins are inflating food prices.

Looking ahead, the report signals the imminent introduction of a Grocer Code of Conduct in the Canadian food sector, aimed at restoring discipline and trust within the industry. Drawing from the experiences of Australia, the UK, and Ireland, such measures have shown to moderate food price increases when adjusted for inflation. Moreover, the government's introduction of Bill C-56, an amendment to the Competition Act, seeks to address unfair regulations that stifle competition in the grocery and housing sectors.
Strategies for Navigating Rising Food Costs
  1. Explore Local Markets: Often, local farmers' markets and independent grocers offer competitive prices and fresher produce. Here is a link to find your local farmer's market locations. and for some reason Saskatchewan isn't on this list so here is the list for them specifically. 

  2. Plan Your Meals: Minimize waste and unnecessary purchases by planning meals in advance.

  3. Buy in Bulk: Where possible, buying in bulk can save money in the long run.

  4. Stay Informed: Keep abreast of sales and promotions through apps and newsletters.
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<![CDATA[Fear of change? | 5 ways to overcome your fear]]>Tue, 31 Jan 2023 21:03:11 GMThttp://terryfoster.ca/blog/fear-of-change-5-ways-to-overcome-your-fear
Have you ever been in a position where the only thing standing between you and what you want is fear?

What would you do if you weren’t afraid? 

But I’m scared
Fear is a natural emotion and has served our ancestors since the dawn of human life. Built-in to our DNA, fear has been the safety mechanism that has ensured our survival for thousands of years. Without it, we would be oblivious to the dangers that surround us and, as Darwin would agree, we would be history.

Fear is also our first experience as children. Our parents, teachers, television and media program the idea of fear into us since birth. Don’t get me wrong, it’s important to make sure little Jimmy doesn’t kill himself by eating Tide pods but teaching kids to be afraid of everything can result in muting the creative mind.

Don’t touch that!!! Be Careful!!! You’re going to hurt yourself!!

Our parents told us our whole lives not to do things because you will get hurt. We are taught to fear first and seek approval from those we trust on just about every action we take. Therefore, we inherently need outside reassurance on our decisions later in life, causing us to doubt our own abilities.

The problem is, fear also comes at some pretty inopportune times as well. Failing to recognize that can prevent us from taking everyday risks that may lead to a better life. This is well known as the “Flight of flight” response.
Fight or Flight
Fight or flight response, or acute stress response, occurs when a stressful situation triggers the sympathetic nervous system and adrenal-cortical glands to produce a burst of hormones including adrenaline and noradrenaline. This combination puts us at a heightened state, causing the heart to race, an increase of blood pressure to the muscles, causing them to tense and prepare to react. It also causes pupils to dilate and our skin to perspire.
The brain doesn’t know the difference between being chased by a pissed off grizzly bear or asking out your crush. It only knows how stressed you get about it. This is where your brain can fool you into throwing away the chance of a lifetime.

We all walk through life wearing a mask. This mask represents not how we perceive ourselves but how we choose to hide ourselves from others. If you were to ask just about anyone what they would do if they weren’t afraid, most people would have an answer, but would be too afraid to share it out of fear of judgment. 

Some people might even stay in a toxic relationship or possibly, they may decide to ask someone to marry them out of fear of being alone. Some may miss the opportunity to ask for that raise or promotion. Whatever it is, fear is the thing keeping it from you.

There’s always that one defining moment in every decision we make, where we let fear dictate our outcome. Only those who are willing to cross that line can reap the rewards. You’ve heard the saying, “No risk, no reward”? Well it’s true in nearly every decision you make.

So how do you overcome your fears and finally get what you want?

Here’s a few tips that can help you get past the dream killer.
1. Prepare 
Feeling good about yourself will come through in your body language, speech and attitude. In most cases, we know we are walking into a stressful situation before it happens. Take this as an opportunity to walk into it as the best you possible.

If you know you are going up against a stressful situation, start your day early and eat a healthy breakfast. This doesn’t mean a bowl of cereal. Eat some fruit and some sort of protein. Avoid caffeine if possible, unless you’re like me and that would cause stress on it’s own…
Exercise!

No, I don’t mean you have to hit the gym for 2 hours before work but try to go for a jog around the block. Or if you’re stuck at the house, challenge yourself to hit 20 good pushups and sit ups. Hell, do a couple lunges in the shower if it’s all you have time for. Just don’t skip it.

Hygiene!

Take a shower, because you probably stink now. Brush, floss and style your hair the way you feel most confident.

Dress to impress!

Even if you have nothing planned except running out to the store for string cheese, put on clothes you feel confident in. When they say, dress for success, there’s a reason. I am a firm believer in dressing for the life you want. The more confident you feel, the more relaxed you’re going to be in stressful situations. The next time you want a raise, walk in looking like you're the boss.
2. Picture yourself achieving your goal 
Before you walk into a situation, picture yourself succeeding at your goal. By mentally preparing yourself for success, you are much more likely to act relaxed in the moment. You will have already seen yourself do this a thousand times in your head so just do it one more time and you’re done.

Let your imagination show you the reward and you will be more likely to take the plunge and just go for it. 
3. Accept that failure is inevitable

Have you ever heard the saying, a master has failed more times than the student has tried? The only real failure is not learning from your experience. Each time you fail you learn something that will help you get closer to your goal, so don’t be afraid of a valuable learning experience. Remember to ask yourself, why didn’t that work? figure out what you did wrong and try something new. The only thing that’s insane, is doing the same thing and expecting different results.
​"Our greatest weakness lies in giving up. The most certain way to succeed is ​always to try just one more time.” 

​– Thomas Edison
4. Courage only takes 4 seconds. 
You will undoubtedly spend much more time worrying about the outcome of a possible failure than you would spend regretting just taking the shot. The next time you are faced with a decision that scares the crap out of you, try taking a deep breath and step over the point of no return. 

Surprisingly, once you put yourself into a position where you can’t turn back, most of the fear is replaced with a sense of relief. You will find you no longer feel nearly as scared as soon as you start the ball rolling. The next time you want to do something, just do it and you’ll instantly feel better about the situation and yourself. Besides, it’s only one moment of millions.
5. Adjust your goals
​Don’t set unrealistic goals for yourself or you’re sure to be let down. Rather than telling yourself you’ll be rich by the time you’re 30, try telling yourself that you want to establish your career by the time you’re 30. It is much more feasible and realistic to expect that you will settle into a good career by the ripe old age of 30. Once you are secure and happy doing what you love, you may decide that the money means less than you thought, or maybe that’s when you start making the big bucks.

Do everything in steps and don’t stop trying to move up from there. Even the people at the top started somewhere. Trying to change your mindset overnight isn’t sustainable but trying to be 1% better each day is.
The moral of the story
The only thing to fear is fear itself. Man, I wish I could take credit for that quote… Believe me when I say that every good thing I have achieved in my life was at one point or another, a goal that I was afraid to go after. I spent years failing before realizing that the one thing holding me back was being too scared to just try. I now have a wonderful life and am grateful for learning how to fight my fears.
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<![CDATA[So you want to be an entrepreneur?]]>Tue, 31 Jan 2023 20:46:06 GMThttp://terryfoster.ca/blog/so-you-want-to-be-an-entrepreneur
There are several reasons why someone might want to become an entrepreneur. You might be sick of your job, laid off due to work shortage, or maybe you’re like me and you just can’t stop dreaming big. Regardless of the reasoning, success takes more than just an idea, it takes someone with an entrepreneurial mindset and the ability to wear many hats. 

It takes a very strong person to enter into the world of entrepreneurs and if you aren’t prepared, you can run the risk of losing everything. Before you decide if entrepreneurship is right for you, make sure you understand what you’re getting yourself into. Here are some things you should consider before declaring self-employed on your next tax return.
You’re Mostly On Your Own
Friends and family are probably not going to be your biggest supporters. It’s a natural human instinct to want to protect the ones we love. Unfortunately, this is why our family and friends might attempt to talk you out of taking any risks. Remember when I said that it takes a specific type of person to be an entrepreneur? Well, unless your friends and family are also entrepreneurs, they’ll likely encourage you to stick to the safetynet of regular employment. 

Don’t let this discourage you, let your passion guide you and you will find your market. Eventually, if your hard work pays off, it will be hard for your friend and family to ignore your success and fulfillment. Just remember that when they ask for the family discount.
Long Hours 
Most new businesses take a long time to break even, let alone make a profit. This means that you are likely playing several roles in the start-up phase. Expect to work long hours to keep up with the demand of growing a business from the ground up. When starting a new venture, you could end up working twice as many hours as you did when you had the comforts of the 9-5.

Remember to schedule your day. This can help you balance your new venture with your life so you don’t run the risk of burning out. Take time to appreciate your wins and reward yourself with taking down time.
Hard work  
Starting your own business on your own isn’t an easy way to make a living. It takes a lot of hard work and dedication to succeed in business. Probably more than anything, it takes discipline. No one is there to scold you for coming in late or not hitting your deadlines. This sounds appealing until you start falling behind and your business sufferers. Most businesses fail because the owner doesn’t want to put the work in to succeed.

Not only are you the CEO but you are the janitor as well. There is no one doing the dirty jobs for you when you first open. You have to be willing to roll up your sleeves and get the job done no matter how difficult it may be. 
Learning Curve 
In order to succeed, you have to be willing to commit to a lifetime of learning. You need to become an expert in every aspect of your business. It isn’t enough to know how to perform your own skills, you also have to learn other specialized skills such as bookkeeping, marketing, sales and a ton of other roles that you may not have pictured yourself doing. Just because you have a ton of experience or fancy education as a photographer, doesn’t mean you know how to manage a website, create paid advertising campaigns, balance your books, or file for licenses and permits. You have to navigate a world of zoning laws, safety inspections and write-offs. 

The good news is that once you’ve run your business for a few years on your own, you’ll either be a multi-disciplined expert, or you will have discovered which employees will have the best return on your investment. Another bonus to being the jack of all trades in your own business is, your employees can’t say that you don’t know how to do their job. If you ever need to step into a position for any reason, you’ll know exactly what to do. 
Adaptable To Change
Every industry is in a constant state of change and in order to succeed, you have to stay up to date and ahead of the trends. This means that you need to become an expert in your field. Go to conventions, read the latest news and stay up-to-date on all the latest innovations in your industry. Trends are an important area to study. This means that you shouldn’t just watch what’s changing in your industry, but look into related industries and emerging businesses as well. These are typically a good indication on where the market is heading. 

One example is the rise of home delivery during the pandemic. New delivery businesses started popping up everywhere and a new hole opened in the market for a completely online grocery store.

Becoming a trend setter is the dream of every entrepreneur. There’s no recipe for predicting trends but the more you actively pay attention, the more adaptable you will become when you spot a change on the horizon. Always ask yourself how your skills or services can be expanded to include more revenue streams.
High Risk
Entrepreneurship has many benefits but they come at a very high risk. Not only do you not have the comfort of your weekly salary, but you may have your life savings on the line and also be on the hook for several thousand a month in commercial rentals. If something happens, like say a pandemic, you are still responsible to pay for your space regardless of income. If you can’t pay, you risk losing your entire inventory and expensive court battles. 
Low Pay- You might think the boss always makes the big bucks, but that’s rarely the case in the beginning. Most businesses start out as one person’s passion and slowly grow into unpredictable machines. During this growth phase, entrepreneurs typically have to shell out the lion’s share of the company’s profits to their employees. It typically takes most startups three years or more before they can expect to reap the rewards.
Know The Rules
Knowing the rules is important. The last thing you or your new business needs is a little oversight forcing you into bankruptcy. There are different rules for all sorts of different industries. For example, if you’re starting a food related business out of your home. Although it is technically legal to do so, your home must first be zoned for mixed commercial and residential uses. On top of that, you are required to install specific equipment that is up to health and safety standards. You also can’t have an animal, the space must be separate from other family members etc. There’s specific insurance for the property as well as liability insurance, food handling certificates and so much more. These aren’t necessarily the first things you think of when starting a cake business. 
Big Rewards
They say, “No Risk, no reward.” I’m inclined to agree. 

Despite the high risk, and hard work, the payoff can be huge. Multi-billionaire Jeff Bezos, built his business up from a garage full of books and a minivan, into the world's largest ecommerce enterprise. His business plan included taking a loss on every product until the market adopted the business as a trusted source. The risk of selling everything at a loss cost Bezos and his investors millions before Amazon started to see profits. I don’t know a person in the world crazy enough to risk millions they don’t have on a dream.

This doesn’t mean that in order to succeed you need millions in capital. I have been opening businesses since I was 16 and I can assure you that I failed more times than most people try. But, aside from a couple hundred here and there for a website and business cards, I only ever risked my time and efforts. What I gained was skills, knowledge and most importantly, the gift of humility. I learned that in order to grow and reach my goals, failure is the only option.

Today, I own several successful businesses and am still developing more each day. I have helped dozens of people start and build their dreams from the ground up and obtain financial freedom. Now I show others how to start making moves towards making their dreams a reality.
Conclusion
So, you’re still reading this? I guess you’re either crazy like me... or you’re ready to take the ultimate journey towards entrepreneurship. The biggest question is, where do you start?

Well, I’m glad you asked. I’m gathering some entrepreneurial friends and we are putting together a series of freesources with everything you’ll need to start and grow your own small business.

Follow me on social media @tfostermedia so you never miss any useful tips. 

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