When you are evaluating different financing options for your business, one key aspect to consider is the interest rate. Make sure you consider all available sources of financing and then compare interest rates, grace periods, repayment schedules, and monthly payments. This can help you head-off cash flow issues in the future.
Market research will give you valuable insight into your target market and potential customers, allowing you to evaluate the market need, market size and competition. When starting the market research section of your business plan, you can request valuable market information from Canada Business Network and from the Economic Development unit with the City of St. John's. In addition to this secondary data, entrepreneurs should also gather quantitative data through methods such as customer surveys, and qualitatively data through focus groups and in-depth interviews.
Does networking make you feel nervous? Put yourself in the mindset of a host to feel at ease! Ask others how they’re enjoying the event, why they came out, what they’ve learned…. you’ll be amazed at the confidence you feel and the natural conversations that flow!
Contributing equity shows that you are personally vested in your business. Lack of personal equity is a red flag for lenders, who want to see that potential clients believe in their venture and are willing to invest their own personal finances to help the success of their business. If you’re lacking personal funds to invest into your business, consider MBO’s Impact loan program. As a government-backed loan, Impact is considered personal equity when other lenders evaluate your business for financing.
Step back from the sales pitch! Build your social media audience with valuable content – entertaining posts, educational tips, and interesting information. Keep it on brand and appealing to your audience by making sure your content aligns with your business vision. However, make sure to include a Call to Action so your content can convert your followers into customers!