Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Kevin Trainor, President and CEO of EIO Solutions, located in Vaughan, ON, Canada.

What's your business, and who are your customers?

Our job at EIO Solutions is to improve the small business’ working environments so that the 8+ million Canadians who work at small businesses get better jobs (and better lives). Small businesses can compete for talent on equal footing with bigger competitors, and small business owners can focus on growth instead of putting out employee-related fires.

All this is done through a new management service called Employee Investment Optimization. As a replacement for traditional HR, EIO is a more proactive and quantifiable practice that improves processes, reduces liabilities, and shifts benefits and perks—all with a clear intention of reducing waste and improving the ROI of every dollar spent on employees. After all, why give money to the government or former employees when we can spend it on the wellbeing and productivity of the great people who currently work for us?

Tell us about yourself

I guess I would call myself a builder—I love nothing more than creating a new business where once there was nothing. I love serving a new need
giving great people new employment opportunities, and doing my part to prop up the Canadian economy. (I could talk all day about how small businesses are the backbone of our country).

One thing I learned over the past twenty years, have never gotten used to, and now motivates me with EIO, is how much time and money I spend on employees. A particular thorn was health benefits; I’d pay thousands of dollars every month, yet I received more complaints about coverage than thanks. I finally started doing the math on where the money was going and couldn’t believe the ratio of money spent vs. money that actually went to employees. I used to believe in “the cost of doing business” but have since learned never to settle blindly. Whether it’s turnover rates, WSIB premiums, or health benefits—everything can be optimized.

What's your biggest accomplishment as a business owner?

Founding EIO with my current partners has been my biggest accomplishment as a business owner. Previous to that, we’d each offered great services to clients, but now we’ve created something bigger—a holistic approach to managing employees (and money spent on them) that completely transforms a business. Instead of hearing “thanks” for helping with everyday issues, we now regularly see small business owners save tens of thousands of dollars annually.

We’ve helped dozens of owners successfully navigate the challenges of the pandemic to emerge stronger than ever. We’ve provided thousands of employees (and their families) access to healthcare—including preventative care and mental health benefits—they’d never have received otherwise. Every new story is among the most satisfying of my career.

What's one of the hardest things that come with being a business owner?

For me, it’s all the little things adding up that make running a business so difficult. I want to spend my time thinking about the big picture, talking to people about our services, growing the business—pursuing the mission. I don’t want to hire or fire anyone, deal with the government, manage payroll, or choose software.

I get lost in all that minutia, and they eat away at the single most precious resource I have at my disposal: my own time. The less time I waste, the more my business grows. So, even more than cash management, protecting your own time is one of the most important tasks for a successful entrepreneur.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Help people. It’s hard to stay motivated if you’re just working for yourself or planning your exit strategy. Get behind a mission that will honestly impact the lives of others, and you’ll find a lot more energy to push through the hardships of entrepreneurship. Plus, you’ll find a lot more help along the way as others buy into your cause.
  2. Start small, think big. You’ll want your business to do everything for everyone (I know I do), but while you get started with limited resources, it’s better to do a few things really, really well than twenty things just okay. That being said, keep an eye on a future where you take over your industry. Consider all the different products and services in your portfolio and all the customers you’ll serve to keep the excitement alive—and pique the interest of investors who love growth potential.
  3. Keep great people close by. You might start solo, but you won’t reach your goals solo, so it’s incredibly important to surround yourself with smart, ambitious people who believe in the same mission you do but have very different skill sets. (Like I do with the marketing guy who helps translate my big ideas into legible chunks like he did today.)

Is there anything else you'd like to share?

If you have an idea for a business, pursue it. At the very least, test the waters while working your day job. Talk to your target market, other entrepreneurs, or potential investors. The world needs people like you. We need the thing you’re dreaming up, and believe it or not; you’re likely the only one who can bring it to life.

And sure, starting a business is incredibly difficult, but the good news is, support is out there. More resources exist than ever before to help entrepreneurs grow. If you can build out a great product or service, you can outsource a lot of the back-end work and create a solid business.

Where can people find you and your business?

Website: https://www.eiosolutions.com/
Facebook: https://www.facebook.com/EIOSolutions/
Instagram: https://www.instagram.com/eiosolutions/
Twitter: https://twitter.com/eio_solutions
LinkedIn: https://www.linkedin.com/in/kevin-trainor-a7a83b1ba/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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