You need to spend money to make money.
Tired as this cliché may be, it does hold a certain truth, particularly when starting a small business. Good news! Although it does involve some initial investment, launching a new venture or enterprise doesn’t take a lot of money.
Before considering options to fund your business, consider both the one-time start up expenses and the operating costs you’ll need to keep in mind. These costs represent the initial investment you’ll need to make.
Consider the various ways you can fund your business. These include, but are not limited to
One of these may be all you need, or you may wish to combine funding sources. Alternatively, if you wish to use as little investment capital as necessary to start your business, consider bootstrapping.
SMALL BUSINESS GRANTS
A number of small business grants are available from the Alberta government, as well as from the federal government and from private groups. Unlike a small business loan, a small business grant does not have to be repaid. Finding grants, however, can be challenging—unless you’re a non-profit organization or undertaking a project related to science, education, medical research or agriculture. There may be conditions restricting how grant monies may be spent.
Research grant opportunities and review eligibility criteria carefully. Once you find a grant for which you’re eligible, allow yourself enough time to complete and submit your application: the application process can often be time consuming, but the time spent is well worth it if you’re awarded a grant.
Still unsure which option is best for your small business? The knowledgeable team at Lift Legal can help you consider each of the options and create a thoughtful plan to set up the capital you need.
Contact us today to learn more.
The information on this blog and website is provided by Lift Legal for educational purposes only. It is intended to give readers a general understanding of the law, not to provide specific legal advice. Information contained in these pages should not be used in place of competent legal advice from a licensed, practising lawyer in Alberta. Furthermore, by using this blog and website, you understand that no lawyer-client relationship exists between you and Lift Legal.