Unlimited Access

One year subscription to our small business video library

Flexible

Learn at your own pace anywhere, anytime, on any device

Expert Instructors

Our engaging instructors cover more than 100 vital small business subjects

Users

GoForth has trained over 10,000 entrepreneurs and counting

Educating, Engaging and Inspiring Entrepreneurs

GoForth offers Canada's leading small business training program, helping entrepreneurs across the country run better businesses, become better leaders, embrace change and face the future with more confidence. Learn more about our training and get inspired.

"GoForth is a paradigm-shifter. They’ve figured out how to deliver fast, affordable, really effective and convenient entrepreneurship education. This is a game changer in Canada."

Patrick Lor - Co-founder of iStockphoto and CEO of Dissolve

"This course informed me of aspects of business that I had never thought about before, such as how to take legal action, managing accounting and finance, and how crucial it is to have your business down on paper before launching into it."

Erin Ignatio - Fine Artist and Milliner

"I’ve run a small business for over 10 years and thought I knew what I was doing – until I took GoForth’s course. Wow, where was this 10 years ago?"

Maritza Leach, Owner, Kantera - Elegance in Stone

Expert Entrepreneurs and Resources at Your Fingertips

Our small business experts have answered over 1,000 entrepreneurship questions in the Ask an Expert section. And if you’re looking for getting-started guides, calculators, templates, checklists, or small business articles, search our comprehensive Resources section.

Have a burning business question? Just looking for a little advice? Maybe you want to see what a cashflow forecast should look like, or what a successful business plan should include. Our resource library has all this and more. No problem.

Ask an Expert Access Free Resources

Visit GoForth Institute's Blog for Trending Business Topics

How to offer warranties in your small business

13 July 2019, 10:00 am by Samantha Garner

It happens to the best of us – no matter how good your product or service, sometimes a customer or client won’t be happy. What do you do? This is why your small business should have warranties.

What is a warranty?

A warranty sets expectations for your product or service. It helps your customers understand what they can do if they run into an issue, and it helps you cover your bases. Warranties show that a company is willing to stand behind what they sell.

Some examples of warranties include a full refund, partial refund, store credit, or even no refund.

How to set up a warranty

The length of the warranty you offer depends on your industry and your products or services. Sometimes, products will come with warranties from the manufacturer. Warranties on services cover satisfaction with the service.

Here are some questions to ask when creating warranties:

Will your warranty cover all products or just certain ones?
Will your warranty terms differ across products or services?
Should the same warranty be offered in all markets, or just some? This decision will rest on local laws.
What must the customer do or not do to keep the warranty valid?
Who will honour the warranty – the manufacturer, wholesaler, retailer, or dealer?
Who should be responsible for responding to a warranty claim?

Warranty claims involve a cost to the small business, but the potential cost to your business of providing no warranty at all can be very significant.

A new small business may find it hard to estimate the problems that could come up with its product or service. We believe warranties are an important aspect of a small business, but you can take steps to minimize their necessity. Careful field-testing of a new product or service will help to take care of product reliability or liability issues once your product or service sees the light of day.

As always, we recommend that you have a lawyer or other professional review your product or service warranty program, so you can get advice on the extent of risk your business is potentially carrying.

Visit the GoForth Blog