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Business Planning. Strategic Direction. Clarity.



Financing your Business Starts with a Plan

There are several options available to financing a business. If you intend to secure outside funding, you will need a formal business plan.

Outside of external financing, the other option is to borrow from friends and/or family. This option presents obvious advantages and disadvantages. While the terms and conditions of the loan may be more flexible than those offered by banks, involving friends or family may result in unwanted interference, family discord, and relationship issues if the business loses money. 

Other funding options include:


Bank Loans and Lines of Credit

Bank loans and lines of credit can be acquired from several types of financial institutions, such as retail and commercial banks, internet banks, credit unions, and savings and loans associations. In Canada, retail and commercial banks are known as chartered banks. 

Most of these institutions can extend a line of credit. This is a preset amount of money that borrowers can draw on as needed, paying interest only on the amount borrowed.


There is rarely such a thing as free money. Most grants require applicants to contribute their own funds to demonstrate sincere commitment. Grant programs do not, as a rule, offer seed money for startups. An investment of 10% to 50% is a standard requirement.

Grant programs tend to be very exacting and specific as to how funds must be spent. Most focus on a particular industry sector, geographic region, and/or job creation.



Crowdsourcing is a means to raise money from a large number of people, typically via the internet. This involves fundraising on your own website or using an official fundraising website.


Crowdsourcing platforms generally charge 5% of the monies raised and payment processors an additional 3% to 5%. 


             The Entrepreneur’s Checklist

  • A vision of where you want to be in 5 years.

  • ​A qualified business idea. Know your target market(s), their purchase behaviors, and your industry.

  • Your break-even point and your plans to survive while getting there. 

  • A clear understanding of your business model, your operations, and logistics. 

  • A concise list of startup funding requirements. 

  • A realistic sales forecast. Can you defend it when questioned? 

  • A smart marketing and sales plan.  

  • Detailed documentation of past financial performance, if applicable. 

  • Convincing pro forma statements. How valid are your financial assumptions? 

  • Passion. Your personal commitment in the venture should not be perceived to be focused exclusively on money


                   Canadian Resources

                  American Resources

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