Starting your own business is a huge accomplishment but it is key that it be done based on a well-thought-out and structured plan. It all starts with the initial idea but then needs to grow to include how the idea shifts to operations, what the strategy is and most importantly how you will get the funds necessary to make your idea into a reality.
Without a doubt starting a business is risky that’s because there’s no proven market for the product or service and there is no or limited revenue. About 96 percent of small businesses that enter the marketplace survive for one full year, 85% survive for three years and 70% percent survive for five years. Approximately 7000 businesses go bankrupt every year in Canada. One of the primary reasons for this is that the business lacked the right amount of funding. Most entrepreneurs fund their business through their savings and borrowing from friends and family. They fear that financial institutions won’t fund their new business, and while it is true that many financial institutions shy away from funding new businesses, preferring to wait until there is an established track record. But there are ways to secure funding for your new business, and we can help.
The key to getting funding for your startup is having a clear plan, and clearly articulating what the funds are for. When we combine this info with our experience and banking relationships, we can help you get the funds you need. We can take advantage of various programs offered by financial institutions that make funding start-up possible.
One of the most commonly known is a government guarantee loan program offered to start-ups from various financial institutions. This program is designed to fund the purchase of assets up to a maximum of $350,000. But this is only one avenue you can take.
One of the key services we provide is combining different funding mechanisms to meet your overall funding needs. We structure deals and funding asks to take advantage of both these government programs and specific programs at different banks to maximize your funding opportunities. For example – let’s say you are starting a business and need up to $5,000,000 for assets. We have successfully secured up to 113% ($565,000) of the asset value.
The key to success is inputting your business idea and your plans into terms that meet the information requirements for the different financial institutions and government programs. This is where seeking expert advice is key, and doing so as early as you can in the process maximizes your chances of success.
Seek Expert Advice
As an entrepreneur, it’s important to get advice from an expert who takes a holistic view of the business rather than simply looking at one component of the business. This ensures a solid foundation is set for the longevity of the business. The expert should be able to guide you through the financing process and suggest to you the best financing option for your business. At BPF Solutions every client is unique to us. We meet with each client and understand their requirements and their short and long-term goals. Based on that understanding we come up with a strategy to solve business challenges and meet the client’s short and long-term goals. Over our years of dealing with business owners just like you, we have successfully funded almost 100% of the clients we agree to take on, and our fee model is tied to successfully getting your funding approved. So, contact us today and we can start on the path to getting you the funds you need so your business can beat the odds and be one of the success stories.