Strategy #6 and 7 – 30 Essential Small Business Funding Strategies
Most likely a lot of you have read the first 5 Essential Small Business Funding Strategies, and are getting excited and learning a lot. That is why this week we will let all of you know the next strategy (but not just one, but two strategies at the same time). Be sure to use them towards getting your small business funded!
And just in case you missed lasts week’s business funding strategy #5, you can read it here.
So on to so more advice on getting your small business funded.
Funding Strategy #6: Seek experience & funding at the same time
One of our success stories from CanadaStartups, Marla Atkinson makes custom pediatric cushions and seniors and to get started she was able to take full advantage of a program which helped her create a business plan, and paid her while she was working on it. She stressed these key factors:
- Try and get a job with a company similar to the one you are planning to start on. That way you get paid and learn the business, the industry and get an insight into the customers.
- Make sure you have some money behind you before you start a business. Unless you have a business partner, or potential investors who can support you financially while you get things going, she recommends seeking financial assistance wherever you go.
As Marla puts it – get some experience, get paid and get funded.
These points are all very good points when starting a business. Most people don’t just come up with a random business idea and launch. Typically a business startup idea originates from something, and the successful ones are usually started by entrepreneurs who were at one point in the same industry (maybe working for somebody else, like the product/service, and are familiar with it). Do the same!
At the same time, seek funding. If you know the industry and are able to show experience and knowledge to potential investors, you shouldn’t have an issue applying for funding.
Funding Strategy #7: Get involved in a community level
Another success story we had was a young entrepreneur from Oakville, Ontario who made sure he was the first to hear about new programs by volunteering. Both he and his partner volunteered with economic development organizations, and were in the loop when a new program came along that applied to him and his partner. $43,700 in interest-free funding later, he was convinced it was all worth it (meaning his volunteering).
What does this mean? Do you need to be a volunteer?
Not necessarily, but get involved with the community. By networking and speaking to other business owners, potential customers, agencies and community centers, there may be something of a benefit for you – even if its just information and contact building.
That’s it for tip number 6 and number 7. Remember to network, and get experience while starting your own small business. In the day and age of social media, you shouldn’t have a problem doing both. But either way, next week we will be discussing on how to look the part so be sure to tune in to funding strategy number 8 a little while later..
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