We Can’t Go On, We Have No More Money!
Is that really what you want to hear when starting your small business? Probably not. So how exactly do you generate more funding for your startup?
There are the obvious few ways that most startup entrepreneurs turn to, including:
- Family and Friends
- Personal Credit Cards, Lines of Credit and Loans
- Personal Savings
- Bank Loans
Other avenues from which you can get more funding for your startup could potentially include:
GROW YOUR BUSINESS WITH GRANTS & LOANS
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- Business Partners
- Business partners on the funding side
- Private Investors
- Government Funding
With any of the above mentioned funding sources for your startup, you are more than likely to obtain some money. But what is the best?
Best Source of Funding for Your Startup
From experience dealing with thousands of small businesses over the past few years, we here at CanadaStartups learned that the best source of funding for your small business is in fact government grants, government loans, and government-provided assistance.
Why?
Funding for your startup can be obtained by any of the above mentioned sources, but anything personal (family, friends, or your personal credit) could put you at risk. Whether that risk is not visible now during the exciting phase of your small business startup, think about what happens if things do not work out. What if you borrowed money from your family or friends that you cannot pay back? Or if your credit cards, loans, and lines of credit are maxed out and you have to worry about repaying them?
The government, however, has funding programs for small business startups which help entrepreneurs focus on their business and not worry about the before and after.
Government grants are available to fund your startup.
Different types of government grants exist. You can see more in our Funding Database.
On the other hand, government loans and other financial assistance programs are also available. Hundreds, in fact.
All of these sources can provide you with more funding for your startup.
Before you get into any funding search, remember that it is important to know how much funding you really need and what you intend on using the funds for. Will the funding help you?
If you can think of any other ways to generate more funding for your startup, let us know and we can add it to the list.