So you decided to crowdfund your big idea ... congratulations! But what’s next? There is a ton of information out there, from crowdfunding basics to advanced “hacks.” The amount of information is overwhelming—we know, we read most of it. We decided to offer some key tips that we’ve learned from our own experience of running crowdfunding campaigns on Kickstarter. No matter which platform you choose for your big idea, these five principles will ring true. Let’s dive in.
Blog Category: Financing
By far the most common question we find entrepreneurs asking is: “What financing options are out there to start or grow a small business?”. Although there are many traditional ways to finance a business, like through personal savings, family and friends, loans from financial institutions, and speciality financing programs, sometimes these may not be enough (or available at all) to get a new venture off the ground. That’s when you need to harness your creative energy and start thinking outside the box!
At Business Link, we get a lot of questions about money. Quite often those questions are about how to get money to buy essential equipment needed to start a business. There are currently no grants for this type of activity, but there might be some paths you can take.
Crowdfunding can be a great low-risk way for startups to get financial support for their business ideas. As I recently ran my own crowdfunding campaign, I learned a few things along the way that might assist other entrepreneurs. Here are a few tips that can help make your crowdfunding campaign a success!
Free rent is just one negotiable factor in a commercial lease, which my business partner and co-author, Jeff Grandfield, and I explain in our new book, Negotiating Commercial Leases & Renewals FOR DUMMIES. Even if you did not receive a rent-free period when you signed your first lease, you may be eligible for one when you renew (although you may have to work harder to get free rent on a renewal).
Every bank and credit union has turned you down, you’ve gone through Canada Business Networks grant lists and there’s nothing you can use. You’ve worked your way through all the financing sources that we've sent and have still come up empty. Perhaps the only money that anyone is giving you is the change your grandma lets you keep when you buy her milk. It’s time to face facts, you’ve just discovered that no one is going to give you any money to start your business. Is that it?
Money makes the world go round. Okay, maybe that isn’t entirely true. However, as someone who is trying to get their business off the ground or trying to take their business to the next level, money is your lifeblood. It’s likely that every company is going to need financial assistance when starting up but before you rush to just any bank, organization, or family member to hand over money, it’s important you think through some critical things first.
Whether you’re getting ready to launch your own business or just wanting to better your financial situation, seeking credit counselling is always a good idea. However, we know that when it comes to talking about your money, it can be a bit of a sensitive topic.
Finding and securing financing is an important part of starting any small business. You need money to be able to start, operate, and eventually grow your operations. But when it comes to small business grants, there are a lot of misconceptions and even inaccurate information out there. There really isn’t any free money, but there are specific programs or incentives that may be able to assist very select types of businesses. Get your notebooks out, we’re giving you some handy grant tips!
[Note from the editor: the event listed below was held on September 27, 2016.]