Business & Personal Finance

Small Business Success: Market Research Online

The Toronto Reference Library offers classes which cover small business related topics. If you want to learn what online library resources are available for your market research, the session “Small Business Success: Market Research Online” will be a good workshop to participate in. The librarian will introduce you to some online databases, such as Scott’s Business Directories and Canadian Business and Current Affairs (CBCA). Spring 2013 sessions are taking place in Learning Centre 1 on the following dates: May 25^th at 3 pm, and June 10^th at 6 pm.

Curious about the Stock Market but don't know where to start?

Written by Elizabeth

Try Shareowner Magazine.  It offers stock market education for today's investor.  Learn how to identify companies with superior potential.

Drawing from a pool of 450 selected, high-quality companies, you can find out how to study a stock's fundamentals such as revenue and debt.  Case studies feature Canadian and American stocks like Tim Horton's, Enbridge and Google.

You can expand your knowledge of North American industries and companies using your new skills.  Starting with some familiar names, you can develop your stock picking expertise and gain confidence in building your own portfolio.

Shareowner magazine is available at Don Mills Branch, Fairview Branch, North York Central Library and Toronto Reference Library.

 

How to avoid Tax Scams

I recently received an email stating that the tax department identified an error in my tax form and that I'll be receiving a refund.  The email requested my bank account information so that they can return the "excess amount".

The Canada Revenue Agency (CRA) warns Canadians that fraudulent emails purporting to be from the Agency are currently circulating.   Taxpayers may receive fraudulent communications by telephone, mail or email.  CRA states that  "these fraudulent communications are also referred to as scams or phising".

To help you identify those communications that do not come from the Canada Revenue Agency, general guidelines are provided by the agency.

According to the CRA website, the Canada Revenue Agency does not do the following:

• The CRA will not request personal information of any kind from a taxpayer by email.
• The CRA will not divulge taxpaper information to another person unless formal authorization is provided by the taxpayer.
• The CRA will not leave any personal information on an answering machine.

If you have concerns about a communication, check the Canada Revenue Agency web site.  They have posted samples of a fraudulent letter, fraudulent emails as well as fraudulent online refund forms.

If the CRA has called, you can verify the authenticity of a CRA telephone number by using the numbers on CRA's Telephone numbers page.  For business-related calls, contact 1-800-959-5525 and for individual concerns, contact 1-800-959-8281.

If you have responded to a fraudulent communication and have become a victim of fraud, please contact the Royal Canadian Mounted Police's Canadian Anti-Fraud Centre by email at info@antifraudcentre.ca or call 1-888-495-8501.

Small Business Success: How Small Business Can Use Facebook and Twitter

If you own or are planning to open a small business and your company does not have a Facebook page or Twitter account, attend our session “Small Business Success: How Small Business Can Use Facebook and Twitter”. The class is introductory and covers the benefits of using social media, particularly Facebook and Twitter in your business, as a part of your marketing plan. The class is offered on May 13^th at 6 pm, and June 4^th at 2 pm, 2013 in Learning Centre 1.

Small Business Network meets May 14th, with Special Guest Hill Peppard of Hill Peppard Photography

The Small Business Network's next meeting is Tuesday, May 14, 2013 from 6 -7 p.m.

Our special guest speaker is prominent Toronto photographer Hill Peppard of Hill Peppard Photography.

Learn about different business resources for the photography business and network with others starting or running a small photography business.

After the speaker's talk, there will be time for questions.

The Small Business Network meets at the Business, Science & Technology Information Desk on the 3rd floor at the Toronto Reference Library.

All are welcome.

A toy story

 

 

Toys have been around for thousands of years but did not become "big business" until the early 1800s when advances in transportation--mainly trains-- allowed for the wider distribution.  The industrial revolution that followed led to the mass production of toys making them more affordable. Increased accessiblilty was ccompanied by changes in the products themselves. Early toys such as horses, soldiers, wagons and other simple toys were usually made of wood, tin or cast iron. Later innovations in materials, like sawdust-based composition for dolls' heads and lithographed paper on wood to simulate domestic interiors or hand painted scenes on play sets, added variety and rapid change to this growing industry.

The 20th century introduced many new and exciting products: Plasticine was first made commercially in 1900, Meccano was invented by John Hornby in 1901, train sets became very popular in the 1920s and Lego was introduced in the 1950s. Mr. Potato Head appeared in 1952 and the skateboard was invented in 1958.  One of the most famous toys of the 20th century, the Barbie doll, was introduced at the 1959 Toy Fair in New York City. With inventions in circuitry and miniaturization in the early 1980's the video game market exploded with Nintendo leading the pack.  According to a Euromonitor report (report available through  Research Monitor database ) the traditional toy and games industry, currently valued at $1.8 billion (Canadian Toy Industry Association) in Canada, will continue to grow at 1% per year despite an ageing population while video game sales will reach an estimated $3 billion by 2016!

Are you an inventor looking for more information on the toy industry and it's competitors or are you someone who is simply interested in reading about the cut-throat world of toys? Take a look at what the library has to offer:

  

  
       

  

How will you spend your tax refund?

• With the final tax filing deadline just a day away, many people are rushing to get the job done.  The majority of returns are being submitted electronically with EFILE and NETFILE.  In an April 19 news release, the Canada Revenue Agency reported that they had received almost 79% of returns or 9.7 million on-line returns. This means money in your pocket sooner, if you are getting a refund.

Hopefully you are one of the lucky individuals, who will receive a tax refund.  With last years average tax refund running around $1,700, the temptation is to splurge and do something nice for yourself - a trip or some big ticket item that you have been eyeing - but the best thing you can do is help yourself financially. 

Some suggestions from Evelyn Jacks, a tax expert and author include:

• Paying down debt.  If you took out a loan to purchase an RRSP or if you have a high interest loan, consider using some of your refund to pay this down.
• Getting a jump on next years RRSP contribution.  
• Consider a TFSA.
• Contributing to an RESP, if you have children.

And of course it is never too late to begin planning for next year's tax season.  Check out some of these resources to assist you in reducing the bite of the taxman and keeping more of your hard earned money:

          

“I like to pay taxes. With them, I buy civilization.”
― Oliver Wendell Holmes Jr.

 

Innovation Camp 2013

Are you an innovator?  Or do you own a business and want to inject more energy into your operation?  If so then mark your calendar.

Enterprise Toronto is hosting its annual Innovation Camp this coming Wednesday, May 1, 2013 from 9:00 a.m. to 3:30 p.m. at the North York Civic Centre, Council Chambers located at 5100 Yonge Street. This jam packed day includes a trade show, as well as workshops and panel discussions.

Registrations can be made either on-line www.innovationcamp2013.eventbrite.com or by phoning (416) 395-7416.  This is a free event but you must register to attend.

Stop by and visit the TPL booth hosted by the Business Department of North York Central Library.  The department, located on the fourth floor of the library, steps from the show, offers a wide range of materials including books, magazines, databases, audio books, DVDs, speaker programs on business topics and more. 

Check out just a few recent titles on innovation:

     

Hope to see you there!

 

 

 

Help for Young Entrepreneurs

Are you a young entrepreneur hoping to start your own business?  If so, here are a couple of programs that may be able to help.

Canadian Youth Business Foundation (CYBF) is a national not-for-profit organization that provides pre-launch coaching, start-up financing, mentoring and business resources to Canadian youth between the ages of 18 to 39.  Their services include the following: 

Pre-launch Coaching:  CYBF provides entrepreneurs personal guidance with their Entrepreneur-In-Residence, who assists you with business planning or developing financial strategies.

Start-up Financing:  CYBF may provide up to $15,000 in start-up financing, low interest rates and 5 year repayment schedule with no principal payments in the first year. Additional financial assistance may be available with their partnership with the Business Development Bank of Canada (BDC).

Mentoring:  Every young entrepreneur is "hand-matched" with a business professional for the first critical two years of the business start-up phase in order to help businesses succeed.

Online Business Resources:  CYBF provides access to many resources including a business plan writer and marketing tips to draw awareness to your company.

Visit the Canadian Youth Business Foundation website or call at 1-800-464-2923 to learn more about CYBF.

Rise Asset Development also has a Youth Small Business Program.  Their program is designed for individuals aged 16 to 29 with a history of mental health or addiction challenges (anorexia, depression, bipolar disorder, anxiety, drug or alcohol addictions, post-traumatic stress, abuse etc.)

This is a free group training program where participants gain practical tools, business knowledge and confidence, while converting their business idea into a viable business plan. Students may be eligible to apply to receive Rise financing and a start-up grant upon completion of the program.

The sessions include:

Workshops: Creative and interactive sessions are taught by Rotman School of Management, University of Toronto alumni and industry experts. Participants work together and discuss business strategies and concepts to develop their business skills.

Coaching:  Participants receive individual and group coaching from mentors across the Rotman community (Rotman MBA alumni) and professionals from the business community.

Self-Directed Learning: Learning is not limited to the classroom. At home, participants can access online resources and support and use a customized Business Plan Workbook to develop their business plans.

Expectations and Outcomes: All participants must complete a business plan and will have the opportunity to present their plan to a panel of small business experts on the final day of the program. Participants receive a certificate upon successful completion of the program.

Financing: Participants successfully completing the program may be eligible to receive a financial incentive of $500 toward the start-up costs of their business. They may also be eligible to apply for Rise financing.

Upon completion of the program, youth will:

• create an actionable business plan
• gain tools and knowledge to start their business
• become eligible for business financing from Rise

Visit the Rise Asset Development website or call 1-855-464-7473 for details. 

Also, check out the Students and Young Entrepreneurs page at the Ontario Ministry of Economic Development, Trade and Employment website for information on youth-owned enterprises.

Moreover, the Toronto Public Library has related recommended websites on its Young Entrepreneurs page.

 

New Business Database - Research Monitor

Are you looking for consumer market reports in Canada?  Research Monitor, a new database available at the Toronto Public Library website, may be able to help.

 

Research Monitor includes consumer reports in Canada, the United States, and Mexico for 200 industry categories such as health and wellness, packaged foods, toys and games, apparel, and much more.  Reports identify important headlines, market trends, the top players within an industry and five-year forecasts.  They are updated annually.

 

Reports can be translated into ten different languages.  They can also be exported into Word, Excel or PowerPoint for use in a report or a presentation.

An active Toronto Public Library card is required for remote access.