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Ownr CEO and entrepreneur Shane Murphy shares his tips on how to approach debt as a business owner, and why you should consider diversifying your income.
Shane Murphy is the CEO of Ownr, a platform that has helped simplify small business incorporation, registration and compliance processes for over 100,000 Canadian entrepreneurs. Prior to stepping into the role of CEO at Ownr, Murphy was an entrepreneur himself. His venture, Founded Technologies, helped businesses automate complex legal tasks, including incorporations. Ownr acquired Founded Technologies in 2020. Read Murphy’s thoughts on how to find meaningful work, the importance of diversifying your income and why he believes entrepreneurs can achieve financial freedom.
I don’t have any specific heroes, but I have immense respect for anyone who reaches their financial goals while pursuing work they find meaningful.
Playing guitar, cycling or walking my 170-pound Black Russian terrier, Boutros.
Nothing radically different. Seeking out interesting projects and bright, enthusiastic people who want to make a difference.
I remember getting into my first financial dispute when I was about six years old. My older brother was collecting cans and bottles to recycle and recover the deposit, and when I found out I immediately wanted to get in on his venture. My dad had to settle the dispute over which son was entitled to future cans and bottles. I would like to say this set me up for my future career as a litigator, but I’m pretty sure I just cried until I got half!
Music has always been very important to me. I remember buying a Guns N’ Roses cassette tape when I was nine or 10 years old, as my parents were not going to buy it for me.
I delivered flyers for several years in my neighbourhood in Calgary where I grew up. My modest income was promptly spent on hockey cards and music.
Through operating my own successful business venture, I learned that it can be much more rewarding to take a long-term approach and build a valuable asset, rather than simply seeking out a higher salary as an employee.
Separate your business assets from your personal assets.
The advice to entrepreneurs that you should raise money from investors at any valuation without worrying about dilution. As a result, too many entrepreneurs end up owning very little of their business once they have an opportunity to exit.
I would rather take the large sum right now and use it to bring a business to life. Not only can this be more financially rewarding, but it’s also a lot more fun than just sitting around waiting for the money to arrive.
Diversifying your income. Whether it’s through a side hustle or working in a variety of different roles, you can sometimes stumble into work which is more lucrative and rewarding than expected.
When it comes to entrepreneurship, I think there’s a misconception that it takes a huge financial investment in order to start and grow a new business. This differs from business to business, but you can incorporate a sole proprietorship for as little as $49!
I regret waiting so long to become an entrepreneur. Every day I’m still learning about running a business (and making mistakes). You get better over time, but I could have learned some valuable lessons sooner.
I try to find value through using smart technology and automation tools across Ownr. You can always pay someone to do the menial tasks of your business, but technology can free up your people to focus on creative and meaningful tasks. That’s where I think real value lies—in giving people valuable work and helping them avoid burnout.
Investing in my education was my first important financial decision as an adult, and it’s one I’m glad I made.
It’s a valuable tool that should be used cautiously. A lot of startups have an immediate aversion to debt, but on the right terms it’s a fine way for founders to protect their equity while letting the business grow.
My partner and I finally splurged on a minor renovation to expand our home offices. We could have done it sooner, but it took a while to come to the realization that some form of hybrid working is here to stay. It’s important to be able to focus on work at home as a result.
For Profit: A History of Corporations by William Magnuson (Basic Books, 2023). It’s a surprisingly engaging read on what seems like a banal topic. It covers thousands of years in which money has been sought for personal and public gains under a variety of business relationships.
My Presto transit card.
It would have to be my collection of guitars. I go through phases where each one is my favourite.
To continue growing Ownr and supporting Canadian entrepreneurs in achieving financial freedom through small business creation and ownership.
Own, if you can.
Buy, if you can.
Invest. For entrepreneurs especially. Invest in your business and in yourself.
Always budget. But also, be flexible when opportunity arises.
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