Welcome to the February 2005 issue of infosource News. We hope you enjoy our monthly e-mail newsletter, meant to keep you informed of the services and resources available at business infosource, issues that effect you and your business, as well as upcoming events.

Question of the Month

Question of the Month: "I am considering starting a home-based business. Do you have any tips to help me get started with my research and preparation?"

Response: Today, home-based business is the fastest growing sector of the economy with almost a quarter of all Canadian households now involved in some form of home work. To help ensure that your home-based business succeeds, you need to thoroughly research and understand all the facets of operating a home-based business. The following tips are meant to help you get started:

• Pick a home business idea that interests you, for which you have a talent or expertise, for which there is a need, and which you can afford to finance.
• Do your market research. In a home business, as in any business, getting as much information as possible on your customers, competition, suppliers, and market area before you start is essential.
• Do a complete business plan, including financial planning, before beginning.
• Check on and obtain all necessary licenses, permits, and registrations for your line of business. This includes checking with your city/town/R.M. to see if it's legal to operate your business from home.
• Have business cards, stationery, brochures, etc., printed by professionals. A polished, professional look is particularly important for home-operated businesses.
• Advertise. Scan and target T.V. and radio stations, newspapers, magazines, and newsletters geared to your market.
• Designate and design a work area that is separate from the mainstream of your home activities. Install a separate business phone, fax, and Internet connections.
• Check on any extra insurance needs. Shop around for policies, but make sure that you're adequately covered.
• Don't overlook management/bookkeeping. Lack of managerial expertise is one of the single highest causes of business failure. Take courses, seek expert advice or hire help, but do learn basic management skills before you start.
• Join trade associations, business community associations, (i.e. chambers of commerce), business networks, or clubs to help establish contacts.
• Check both federal and provincial taxation requirements with Canada Revenue Agency and Saskatchewan Finance. Find out about allowable deductions for automobile expenses, business meals and entertainment, and home offices expenses for self-employed persons.

Saskatchewan Home-Based Business Association Annual General Meeting

On Saturday March 12th, the Saskatchewan Home-Based Business Association Inc. (SHBBA) will hold its Annual General Meeting in Saskatoon at the Park Town Hotel. While the meeting is open to anyone who wishes to attend as an observer, only members of the SHBBA are allowed to actively participate.

The meeting, slated to begin at 1:30 p.m. and wrap up by 3:30, will be preceded by lunch in the south dining room of the Park Town Hotel at noon. Election of Board Members, discussion of SHBBA policy and a year-end review will be on the agenda.

The SHBBA, incorporated in May of 1993, consists of members at large and various chapters throughout the province. These chapters hold local meetings and events. The Board of Directors consists of representatives from each chapter. Local chapters exist in Saskatoon (1993), Regina (1993), Prince Albert (1994), Parkland (1995), Moose Jaw (1995) and Great Northwest (1996).

For anyone currently operating a home-based business or considering starting one, there are definite benefits in attending the AGM. Networking with homepreneurs, gaining knowledge of the policy and structure of the SHBBA, as well as socializing and re-energizing with other entrepreneurs are just some of the reasons to attend.

Should I Stay or Should I Go? When to Visit Your Target Market

While business travel can be exciting, it can also be expensive and time consuming. New exporters don't always have the resources to visit new markets on a regular basis. And while not all export ventures require travel to the target market, most exporters would benefit from a business trip in the following circumstances:

• The planning stage: For many exporters, one of the best methods for studying the market is to visit it and conduct some primary research.
• Meeting with key clients or attending significant trade events: Relationship building is often enhanced by the possibility of meeting face to face. This also illustrates to the prospective client that you respect them and take them seriously enough to make a personal visit.
• Troubleshooting: Exporting is a complex and multi-faceted task. If problems arise, you want to know firsthand what they are and how to resolve them. This may require a trip to assess the situation.
• Expansion: Exporting can also be very rewarding and profitable. Consequently, you may wish to explore possibilities for growing foreign operations in person.

Canada Revenue Agency Website

Women Entrepreneurs of Saskatchewan Program

Women Entrepreneurs of Saskatchewan Inc. (WE) is part of the pan-western Women's Enterprise Initiative developed and funded by Western Diversification (WD). Each western province has established its own organization with tailor-made programs and services for each province's women entrepreneurs.

Services offered through Women Entrepreneurs of Saskatchewan include:

• Loans: WE will provide loans to help women start , expand or purchase a business. Loans will be offered at 3% above commercial prime rates. To be eligible for a loan, a company must be majority owned and controlled by women, located in Saskatchewan, and demonstrate viability.
• Advisory services will be provided to business women who are considering a business, starting a business, or working within their existing business. Advisory meetings serve to address a wide array of issues facing women entrepreneurs. Meetings are confidential and client-driven.
• Networking: WE will work with existing organizations to hold networking events that will allow women to make contacts, support each other's efforts and learn from each other's experiences. As well, WE is a membership organization.
• Your Future Is Here (Start-up Capital): WE sponsors, in partnership with Rotary and Rotaract clubs of Saskatchewan, a $10,000 start-up contribution to be awarded annually to one successful applicant based on her qualified and well-researched business plan.

business infosource Library

With more and more Canadians taking the plunge and starting a home-based business or micro-enterprise, there is a growing need for access to timely information to help these entrepreneurs succeed. The business infosource library is a virtual treasure trove for anyone who is either thinking of starting, or all ready operating, a home business.

There are over one-hundred books on the library shelves at business infosource that pertain directly to home-based business, as well as several hundred other resources that may be helpful in areas of home-based business operation. In addition to the print publications on home-based business, we also offer several audio-video resources on the topic.

Below is just a small sample of a few of the resources we have in the Home-Based Business section of our library. Click on the title to view a full abstract.