As the old adage goes: it takes money to make money. So if you’ve got a side-gig or brilliant idea that you need help turning into a viable source of income, it’s imperative your business strategy should include sourcing liquidity to have on hand for your business’ long-term financial health. Even if you were a self-starter who found success in getting your enterprise off the ground, you could still benefit from an additional lumpsum to help you get to the next level and make your operations more efficient.
Why business funding matters
Despite getting excellent returns every quarter, you may still benefit from additional funds. Business funding is a way to quickly inject capital – perhaps, more cash than you may have on hand – so it can be reinvested in your growth and development strategies, stay afloat during any financial shocks or periods of low returns. If you haven’t started your business yet, it could even give you the seed money needed to get off the ground and established in the market and grant you access to other competent managers and executives who can help you navigate the arena and grow financially.
If you wait until financial strain develops or an emergency to beckon financiers and investors, they may not have the confidence in your outlook to invest in your flailing enterprise. That’s why getting funding for your business before a crisis is important, as it gives you a safety net to protect you from a financial downward spiral, and shows other financiers that the executives of a company are competent, proactive and therefore present a lower risk of failure in which to invest.
There are many different funding opportunities for businesses with different benefits, drawbacks and eligibility requirements that may or may not suit your goals and needs. Some may be in the form of loans that incur debt to be repaid, an initial investment in exchange for a share of the profits, grants that don’t require a payment back but have an agreed-upon outcome stipulated and so on. If you’re a novice entrepreneur and unsure of where to turn for capital, heading to your local bank and taking on a large and high-interest loan can not only start your business drowning in debt that devours profits in its infancy, may not only give you an uphill start but it might not have even been your only option. This is why navigating and understanding the complex financial industry is essential to your success.
Compare your business funding options
This is where a funding platform such as Swoop Canada comes in handy. They let you compare a wide array of sources of funding and savings for your business to help you manage your company’s finances. This includes, but is not limited to, start-up, business and government loans, grants, investors and even tax credits. Since their launch in 2018, they’ve helped thousands of businesses procure millions of Great-British Pounds in funding, and been acclaimed by media sources such as Forbes, the BBC and The Financial Times. They’ve since expanded their services from the UK to Ireland, Australia and, as of September 2021, Canada. To get started, simply register as a business or advisor and provide your annual turnover, the age of enterprise and how much funding you require.
You’ll gain access to an array of loans, grants and investors so you can sift through the options that are tailored to you before you apply, rather than individually pitching to potentially hundreds of investors, banks and benefactors and wasting time by finding out you were ineligible for their funds, to begin with.
For the entrepreneur doing it on their own, you can also find a knowledge hub with detailed articles explaining how to manage your assets, the difference between a variety of loans and credit lines, types of equity, tax credits and more.
Swoop Funding makes it easy to access funding and savings opportunities tailored specifically to your business
Types of funding Canadian businesses can source on Swoop
- Unsecured business loans.
- Secured business loans.
- Startup loans.
- Government funding.
- Revolving credit facilities.
- Merchant cash advances.
- Asset finance.
- Invoice finance.
- Business grants.
- Commercial mortgages.
- R&D tax credits
In addition to this, they have interviews with other entrepreneurs and positive case studies for inspiration. But the piece-de-resistance is the fact that you can find help managing your overhead costs by finding affordable plans for your quotidian operational expenses. Given that commercial purchases are larger and more expensive than personal ones, expenses can wrack up quickly and be detrimental to your business’ savings accounts. Having lean operations is crucial to the long-term health of your portfolio, as it ensures that you have money on hand for emergencies, for reinvesting in growth and is just practical management.
You can find different saving measures for different costs you routinely incur such as insurance, telecommunications and commercial utilities (that’s where we can help!)