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Startup Money for Newcomers

Startup Money for Newcomers. Presented by Roger Pierce NewcomerStartup.com. Congratulations!. You’re starting a business! 3 Million Canadian Entrepreneurs Most respected occupation You’ll need some money : Poor cash flow kills startups. How much money?. Startup Budget:

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Startup Money for Newcomers

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  1. Startup Money for Newcomers Presented by Roger Pierce NewcomerStartup.com

  2. Congratulations! • You’re starting a business! • 3 Million Canadian Entrepreneurs • Most respected occupation • You’ll need some money: • Poor cash flow kills startups

  3. How much money? • StartupBudget: • Capital (equipment, renovations, website, vehicles) • Operating (rent, wages, marketing, telephone, supplies) x 6 months

  4. Before you shop for money • Write a Business Plan • Know your number • (Startup Budget) • Decide how you will repay • Loan? • Investment? • Know your options • Be prepared for rejection

  5. Money source # 1 Your money! • Savings • Part-time job(s) • Loans, credit (be careful) • Consult financial advisor

  6. Money source # 2 Family & Friends • Loan or investment? • Don’t take too much

  7. Money source # 3 Financial Institutions • Need a Business Plan • Personal Guarantee • Invest some of your $ • Shop around

  8. Money source # 4 Government Programs • Grants & Contributions (e.g. Book Fund) • Loan guarantees (CSBF Program) • Wage subsidies • Tax refunds and credits (SRED; 35%) • www.canadabusiness.ca

  9. Money source # 5 Investors • Angel investors are other businesspeople • Venture capitalists are professional investors • Business plan, great pitch essential

  10. Money source # 6 Customers & Suppliers • Get money early from customers • Deposits, retainers, full payment • Pay suppliers later • Credit account, generous terms, inventory upfront

  11. Tips • Good Paper makes Good Friends • Shop around • Research, referrals • Combine sources of money • Persevere

  12. Need less money • Bootstrap • Underestimate revenue, over-estimate expenses • Start slowly • Start small

  13. Startup Money for NewcomersTHANK YOU! Free advice at NewcomerStartup.com

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