Financing is often cited as the most challenging part of starting or growing a small business. Although there are many opportunities for loans, investment and financing available to entrepreneurs, pitching to gain that funding, at the right time with the right resources can often feel like a monumental task.
So to help you on that journey, here are seven tips for entrepreneurs looking to finance their small business.
1. DO Borrow at the Right Time
Business is all about planning and preparation. Whether you need startup funding or you’re looking to expand, take time to know your business, plan the specific time you will need the money and where it will go when you have it.
Borrow too early and you may be tempted to spend the money on things you need now vs. what you planned to spend it on. Borrow too late and you could put undue financial process on your business.
Read more from Small Business BC