Funding Tips to Help Your Small Business Succeed in Canada
October 25th 2019 at 4:16pm Published by sharpshooteradmin
Things are looking up for Canadian businesses. Though it has a population of only 37 million people, Canada boasts one of the most exciting and dynamic economies in the G7, and with a strong healthcare system, a wealth of natural resources, a key geopolitical position, and one of the highest standards of living in the world, it is one of the best places for young entrepreneurs to start new businesses.
The only problem is funding. One of the reasons SharpShooter funding has quickly become one of the sources most trusted by Canadian small businesses for their funding is because we bring together the optimism and can-do spirit of the Canadian entrepreneurial sector with a deep knowledge of the practical solutions Canadian businesses need to finance their growth.
If you are starting a small business in Canada and are looking for ways to secure the cash you need to establish themselves in the market, maintain regular growth, and plan for the future, here are three funding tips that can help you succeed.
1. Secure Long Term Funding
Long term funding is one of the most important resources for any growing company. Without long term funding, it is extremely difficult to plan for the future and take advantage of opportunities that cost more in the short term but which will set you up for impressive expansion further down the road.
This kind of funding is perfect for companies that are considering major inventory purchases, bidding on new contracts, hiring new staff, or investing in long term marketing campaigns.
If you are looking for funding that can extend from three to ten years so you can make much-needed investments in your company, you can review your long term business funding options here. The SharpShooter Funding approach to long term funding is designed to ensure you have the capital you need, while also making it easier to maintain a strong credit rating and manage a workable re-payment schedule.
While long term funding is a little more complex than short term options, it is designed to provide you with a stable financial foundation for growth for years to come. This makes it an ideal option for companies that have a solid business plan and a well-thought-out strategy for where they are going to be in a decade.
2. Get Business Expansion Funding
After a turbulent 2018, there are good reasons to be optimistic about the future of Canada’s economy in the third quarter of 2019. If you want to expand your business while the economic weather is good, now is the perfect time to strike.
What business expansion looks like for your company depends on a number of factors specific to your industry (for some, growth happens through new product lines or services, while others may need to open new locations or hire more staff). But all growing businesses share one foundational need: funding.
Companies unable to secure outside funding often find themselves in a Catch-22: they can’t increase revenue without expanding, but they can’t expand without increased revenue. At SharpShooter Funding, we have designed our business expansion funding options specifically to help established companies with a proven track record of sound business dealing get the cash they need to overcome this double bind.
If your company has already been operating for a few years and you can demonstrate how a tranche of capital can help you increase your revenues, you may be eligible for our business expansion funding.
3. Apply for a Merchant Capital Advance
Sometimes, however, you just need a quick injection of capital to help you get over a challenging quarter, or deal with a sudden emergency. In these situations, a Merchant Capital Advance (MCA) can be the perfect funding tool to help you stabilize your finances.
MCAs have a few clear advantages over typical bank funding. Not only can they be secured much more quickly, but they also offer flexible repayment schedules. Instead of being locked into a fixed payment plan, you can make your payments in a way that makes sense for your business. Best of all, it is much easier to get approved for an MCA compared to a fixed term funding.
If you think an MCA is right for you, you can start your funding application today — at SharpShooter Funding, we process applications seven days a week, and in some cases can even approve you for funding within a matter of hours.
No matter what you need the funding for, we will consider your application efficiently and fairly, and let you know as soon as possible whether you’ve been cleared for funding. If you want to know more about the MCA process, get in touch for more info or start your application today.
While the world economy has shown signs of instability over the past year, Canada has proved to be one of the most resilient countries, posting strong 3.7 percent growth over the second quarter of 2019.
Not only does this underscore the value Canada’s dynamic economy offers to small businesses, but it also serves as a reminder that Canada has a recognized history of weathering economic downturns better than its fellow members of the G7.
This means that if you’re looking to start a small business, Canada is one of the best places to do it. And with help from SharpShooter Funding, it’s possible to get the capital you need to make your dream a reality.
Get in touch with us today to find out more about how you can benefit from SharpShooter Funding’s unique approach, or start your own application online!