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To celebrate E-News! first anniversary, we decided to play a little...

Answer the following four multiple choice questions and fill out an entry form on our site to enter our draw for a chance to win a coffee maker!

Question One:
Which web site is "the window through which Canadian businesses of all sizes can access contracting opportunities with the federal government and from participating provincial governments and MASH (municipal, academic, school and hospital)."?

Question Two:
What is the name of The Business Link's program which allows you to "discuss your business concerns in confidence, either in person or over the phone, with volunteer professionals"?

Question Three:
The Yearly Maximum Pensionable Earnings increased on January 1, 2003. What is the new limit?

Question Four:
What is the theme of this season's (Sept. 2002 to June 2003) series of Brown Bag Sessions from the Quality Council of Alberta?

All the answers to these questions are in the archives of E-News! available on our web site.

Don't forget to include your name and contact information and send us your answers electronically before June 20, 2003 to get a chance to win!

The winner will be announced on June 30, in our next issue of E-News!, so stay tuned to find out if you are the lucky one!

Good Luck!

Young Entrepreneur Awards 2003

You only have a few more days to nominate yourself or a young entrepreneur you know for the Business Development Bank of Canada's Young Entrepreneur Awards.

To be eligible, candidates must reside in Canada, be between 19 and 35 years of age on December 31, 2003, and must have had at least 2 years of experience as entrepreneurs. The deadline for receipt of nominations is June 6, 2003.

To apply, download the nomination form on BDC's web site and fill it out, or obtain a form by calling 1 877 BDC BANX (232-2269) free of charge, or by contacting the BDC branch nearest to you.

Talk to Us!

Need assistance in finding information on our web site? Check out our web/voice support service, "Talk to Us".

Send to a Friend

Please feel free to forward E-News! from The Business Link to a friend or colleague. They can subscribe on-line on our web site.

Welcome to this first anniversary issue of E-News! from The Business Link!

Since our first issue was released on June 1, 2002, our list of subscribers has grown significantly. Today more than 1,850 entrepreneurs, business service providers and government representatives receive E-News! to stay informed of upcoming events and services at The Business Link and other items of interest to Alberta's small business community.

We would like to take the opportunity of this first anniversary issue to thank our readers and content contributors for their ongoing support and interest in The Business Link. Whether this is your first time to receive E-News!, or you've been with us from the first issue, we hope you will enjoy this quick monthly e-newsletter.

Your feedback is welcome at any time to help us improve and enhance our services for Alberta entrepreneurs. Simply use the "Feedback" function located on the toolbar at the top of E-News! to send us your views.

Quality Council of Alberta Brown Bag Sessions

The Quality Council of Alberta (QCA) invites you to attend their last FREE monthly Brown Bag Session of the season. Bring your lunch and take in this series on "Performance". Attendees will examine and learn what organizational performance is, approaches to improve it, and challenges to maintain it.

This month's session on "Emotional Intelligence, Corporate Culture & Organizational Performance" presented by Patty Walker from Chrysalid Works, will be held at The Business Link on Friday, June 20, 2003, from 12:00 noon to 1:00 p.m. Seating is limited and allocated on a first-come, first-served basis.

For more information and to register for this event, contact Ann Beaque at the Quality Council of Alberta at 780-423-6878 or 1-800-224-0848, or by e-mail at: abeaque@telusplanet.net.

How to Protect Your Business in 4 Easy Steps
by Gaëlle Gagné
Business Officer - The Business Link

As an entrepreneur, you know you have to be a risk-taker. Being in business exposes you to all kinds of risks and liabilities, but if you want to be a successful entrepreneur, the risks you take must be calculated. Consider these four tips to limit the risks and protect your new business:

1- Choose the appropriate business structure
Before you can start your business, you need to decide how to legally structure your business. Three options are available, all with their own advantages and disadvantages: sole proprietorship, partnership or corporation.

A sole proprietorship is the simplest way to set up a business. A sole proprietor operates alone without any formal structure and is fully responsible for all debts and obligations related to his or her business. A creditor with a claim against a sole proprietor has a right against all of his or her assets, whether business or personal. This is known as unlimited liability.

A partnership is an agreement in which two or more persons combine their resources in a business. Partners share in the profits according to the terms of their agreement and the management of the business, but each partner is personally liable for 100% of the debts and obligations of the business. This means that each partner is not only responsible for his share of the debts of the business and his or her own actions, but must also assume the consequences of the actions of the other partner(s). This makes partnerships the riskiest way to do business. In order to establish the terms of the business and to protect partners in the event of disagreement or dissolution of the business, a partnership agreement should be drawn up with the assistance of a lawyer.

A corporation is a legal entity that is separate from its owners, the shareholders. Except for certain circumstances where directors and officers are deemed liable, where an individual agrees to give a personal guarantee, or where services are provided negligently, the individuals associated with a corporation cannot be personally liable for the debts, obligations or acts of the corporation. This type of business is your best protection against personal liability and can be incorporated at either the federal or provincial level.

To help you choose the form of business structure which would best suit your needs, read "Forms of Business Organization" on our web site.

2- Use good contracts
Signing contracts with others (clients, suppliers, employees, other businesses, etc) is an important part of running a business. A contract is a legal document which can protect you if things go wrong, so make sure you draft it properly to make it legal and binding.

When it comes to drafting contracts, it is recommended to hire the services of a lawyer. This will guarantee you the best protection possible with a document that is tailor-made to meet your needs. However, because of the legal fees involved, many business owners prefer to draft their own contracts. If you decide to do it yourself, make sure to use the many resources that are available to you at The Business Link such as self-help books, sample contracts and useful web sites.

To learn more about contracts and what you need to know when reading and writing them, read "Contracts" on our web site.

3- Insure your business
What risks can you afford to take, what losses could you manage, what should you insure? Your business and personal situation will determine your insurance needs. Your business may have many assets to protect (vehicles, an office and equipment, inventory, an indispensable employee or partner and even yourself) and may also face many potential legal liabilities which can be covered through the right insurance.

You can ask an insurance broker to provide you with a customized commercial insurance policy that will cover all aspects of the protection you need or you can purchase a small business insurance package available from most insurance companies and brokers. These inclusive packages usually cover damage or loss to business inventory and can include basic coverage for business liabilities, loss of earnings, and errors and omissions. You need to be sure that the package you choose covers what you need – and not what you don't. Talking to an insurance broker and having a plan specifically for your business may meet your needs better than a generic package.

Learn more about business insurance and liability on our web site by reading "Small Business Insurance: What You Need and Why You Need It" and "Business and Liability".

4- Hire a lawyer
Lawyers provide legal advice. This doesn't mean that they can make your business decisions for you. He or she should be able to identify legal issues that concern your small business, tell you what the law says about these issues, and on your instructions, help you to address them.

The cautious (and therefore recommended) approach is to seek the advice of a lawyer whenever a legal issue arises that involves your small business. Of course, it is not always clear when that happens. Many problems can be solved without resorting to lawyers, people solve their own legal problems every day. However, don't hesitate to call a lawyer to find out if they could help you deal with a specific problem. Lawyers can help you protect yourself and your business from any possible legal issues. By trying to deal with legal issues on your own, you may forget something, make a mistake and find yourself spending a lot more money that you would have spent on legal fees.

To find out where to find and how to hire a good lawyer, read "How to Hire a Lawyer" on our web site.

Copyright © 2003 The Business Link

The Business Development Bank of Canada (BDC) is a financial institution wholly owned by the Government of Canada delivering financial and consulting services to Canadian small businesses, with a particular focus on technology and exporting.

BDC's web site: www.bdc.ca offers information and tools particularly useful to potential and existing entrepreneurs, including an entrepreneurial self-assessment test, a business plan template, ratio calculators, e-business diagnostics and Ask a Professional, a free service to ask a BDC Consulting Group professional for advice on a different topic each month.

For more financing web links and other useful links to additonal sources of business information, visit our web site at: www.cbsc.org/alberta/tbl.cfm?fn=weblinks.

One of these Regional Access Sites is Business Development Centre West.

Business Development Centre West is committed to doing everything possible to put the odds in your favour and help you build your business. This organization offers counselling services and technical assistance to new and existing businesses in the areas of Airdrie, Banff, Canmore, Carstairs, Cochrane, Crossfield, Redwood Meadows, M.D. of Bighorn, M.D. of Rocky View and west of Highway 2.

n. Counselling assistance includes: business plan assistance and assessment, marketing research assistance, strategic planning, financial projections and program information. Business Development Centre West also has a Business Resource Centre which offers a wealth of information to help you plan, start and manage your business.

Business Development Centre West provides financing to entrepreneurs and existing business owners who are unable to obtain conventional financing. Entrepreneurs starting their own business, purchasing a business or expanding an existing business in the BDCWest region can access funds for start-up expenses, the purchase of equipment, land and buildings or for working capital up to $125,000. The other financing programs available are the Western Youth Entrepreneurship Program and the Entrepreneurs with Disabilities Program. The Business Development Centre West also trains new and potential entrepreneurs through its Self-Employment Program and various workshops and seminars of interest to entrepreneurs or individuals thinking of starting a small business.

For more information, contact Business Development Centre West at:

#6, 205 - 1 Street E
Cochrane, Alberta T4C 1X6
Phone: (403) 932-5220
Fax: (403) 627-3035
E-mail: bdcwest@nucleus.com
Web site: www.bdcwest.com