How a Young Entrepreneur Launched His Business in 3 Months
A few days ago I spent some time with a young entrepreneur who just launched his small business, and I asked him how he was able to do it successfully in such a short period of time (3 months).
Darren’s reply stunned me a bit to be honest. He said, “I found the perfect hack.”
This got me thinking. Was he a hacker? Was he doing something shady?
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Rather than speculate, I asked Darren what he meant.
His answer was very simple.
A hack is exactly what it sounds like. An easy way to get somewhere fast (through ways that other people don’t often try or know about), like a game cheat or a secret key.
As there are many steps to starting a small business, his secret was focusing on the funding and financing aspect of it.
> My issue was that I had my business plan set up, and I knew exactly what I needed to do and how to get there, but I lacked funding.
I needed funding to startup, to hire staff, to train my staff, to purchase some equipment that I needed and at the same time it would have been great to get some money to actually promote myself and get my brand noticed locally.
As a new business I had no prior history and my personal credit was just “ok”. So the next thing that I did was contacting CanadaStartups for some advice, and now you are interviewing me here.
We took some time to learn more about Darren’s story and how he was able to use a “hack” to find financing for his small business startup, so we can share the same with you.
So let’s get right into it.
Most People Do This
When most entrepreneurs and startup companies think of filling their financing or funding needs, they turn to the banks, family, or friends. Some have personal savings invested in the business as well. Most entrepreneurs try to get whatever they can in order to startup, launch, and operate their business. More often than not, these entrepreneurs end up underfinancing their business and failing quickly after that with all that money gone (whatever the amount may be), due to the fact that it just wasn’t enough. Others get too much money and don’t know what to do with it and pretty much gamble on the success of their business.
Darren’s Financing Hack
Darren’s strategy was to get help and find a business consultant who could help get him funding through contacts he or she had. It didn’t matter if that source was a bank, a private investor, or a family friend, as long as he got the money without having to invest his own time in the search process.
After all, Darren was starting a business and he didn’t have the time to spend days searching for funding and then not know what to do to move forward.
After some time, he noticed that most business consultants were trying to profit from his need, by saying things such as:
I can get you funded for a fee.
I have the right guy for you but his interest rates are pretty high, but guaranteed.
You don’t need $50,000, you need $500,000. And I’m your guy.
First you pay me my fee and I’ll get you funded.
Scary, right?
Yep. Especially when you are counting every penny.
Instead, Darren found CanadaStartups, and after some research and reading some reviews about the products and services offered, he decided to give it a shot for $297.
A small fee to get all the tools, the resources, and actual access to over 1,500 funding sources. Surely somebody would give him the money that he needed.
In fact, after using the Funding Database, he was able to find 12 government grant programs, 77 loan programs, and he actually had access to hundreds of private investors who were there to help his cause.
So really his “hack” was to get access to a Funding Database where everything was available, so he wouldn’t have to search for days.
With no other fees other than the membership, CanadaStartups is one of the sources that can provide you with the detailed information you need to hack your way to getting funded.
Go away from the traditional funding sources and try out Darren’s strategy of getting funded by private investors or the Canadian government through grants and loans.