Do you want the freedom of owning your own business?

by | Jun 5, 2023 | Finance and Business

Many of us dream about giving our two weeks’ notice at work and starting our company, where we get to be the boss and do what we love. But if you’ve been feeling a push to do more than just dream about it, check out these tips to start turning your fantasy into a reality.

Pick your passion. Owning your own business is a long-term commitment, so take time to find something you’re passionate about that taps into your talents and skills. Think something sounds cool but don’t know much about it? Investigate the market, find out what the positives and negatives are, and talk to people who work in the industry.

Research your field. Once you decide what area you want to focus on, you need to become an expert on the subject and create a solid business plan. Check out the library, read industry news, keep up with the latest trends and consider joining a professional association. A great time to do this is while you’re still employed so you have time to build confidence and expertise before having to generate an income.

Think about your lifestyle. Running a small business is more than a full-time job – it’s a complete lifestyle. And if you’re thinking of switching from a standard nine-to-five office job to owning a small business, evenings and weekends might now be part of your workweek. So take some time to consider your current priorities and schedule to make sure you’re open to the changes that will come.

Explore your funding options. Even if you aced high school calculus, trying to figure out financing, loans and lines of credit may feel like learning a new language. Fortunately, there are plenty of sources of support to make funding your business easier.

For example, the recently updated Canada Small Business Financing Program, which helps businesses finance real property, equipment and leasehold improvements, now offers financing of day-to-day operating expenses like ads, marketing, payroll and more. Intangible assets such as franchise fees and intellectual property can also be financed. New lines of credit and higher maximum loan amounts are now available.

Find more information at canada.ca/csbfp or talk to your lender to see if you’re eligible.

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