2010 Highlights of Small Business in British Columbia

Published October 2010

BC - The government has released SMALL BUSINESS PROFILE 2010, a 36 page report that profiles small business growth and development in the province. Here are the key highlights.
Small businesses account for 98 per cent of all business in the province, with approximately 395,900 small businesses operating in British Columbia in 2009. Of those more than half (56 per cent) were self-employed and the rest (42 per cent) had fewer than 50 employees.
Only Saskatchewan, which has 89.5 small businesses per 1000 people, has a greater number of small businesses per capita. This puts BC, which has 88.9 small businesses per capita, well ahead of most other provinces (the national average of 72.0).
How does this translate into economic value? Small businesses provide enormous support for employment and also contribute to the province's gross domestic product (GDP).
Small businesses in the province account for 57 per cent of private sector jobs, the highest rate nationwide, and employed 1,045,400 people in 2009. On top of this are 443,800 self-employed worker, who tend to be older, are more likely to work longer hours than employees working for others and are also more likely to be male.
In terms of production, small businesses in the province accounted for roughly 32 per cent of BC's gross domestic product in 2009 and 41 per cent of the total value of goods exported from the province in 2008.
Read the report SMALL BUSINESS PROFILE 2010 to learn more about the state of small business in British Columbia.

Article: http://www.canadaone.com/ezine/briefs.html?StoryID=10Oct18_2

Buying a Business 101

If you are thinking of buying a business and you have never bought a business (in Canada) before, the following guide will be of great use and is especially created for helping potential buyers of Canadian businesses. This comprehensive guide, written by Michelle Collins and Julie King, can be found on Canada One online and gives practical advise to those who are interested in buying a business in Canada. 

Just click on the following link and it will bring you to the correct page:

A comprehensive guide to buying a business in Canada

10 Tips for Buying a Small Business

Based on a survey conducted by Merger Network in 2009 among 350 recent buyers, a list of 10 Tips for Buying a Small Business was compiled.

1. Activate your Social Network. Friends, relatives, and business associates are the best resources to tap when it comes to looking for potential business opportunities,   according to recent buyers. Business intermediaries are another potential source for finding out about new business ventures. The majority of respondents indicated the web as the top place to start your search.

2. Get your financial house in order. One of the first things buyers suggest is to get your financing in order. Be sure you have enough money to cover costs for 12‐18 months, add 50% to your   estimates for unforeseen expenses and don’t forget about advertising and marketing budgets. Respondents cautioned prospective buyers to keep the economic downturn in mind when preparing forecasts. Be conservative and be prepared.