I did it! the Holy Grail of small business opportunities in Canada, a Futurpreneur loan and mentorship program, are now mine. What is Futurpreneur? They are Canada’s only national, non-proﬁt organization that provides ﬁnancing, mentoring and support tools to aspiring business owners aged 18-39. Their network is the place to be if you’re a young and eager entrepreneurial Canadian.
So how did this happen? If you’re interested in starting a business of your own, and want to get funding opportunities, here are 5 steps to make it come together.
1. With your idea in mind, watch this slew of videos. This tool is called a business model canvas and it just helps you to get all of the moving parts of your business thought through.
2. Next download a business plan template. Any bank or organization offering you a loan will need to see a business plan. I got mine through RBC but you can get yours through your own bank or through Futurpreneur. Now comes the arduous work of filling your own business ideas into the template.
3. After that's done comes to financial projections. Oh the joy! Hopefully you’re like me and Excel spreadsheets excite you. If not, that's okay too, you'll get through it. -_- It’s sort of fun to take a guess at what your sales are going to look like over the next two years. The most important part is making sure your net cash flow is not in the red. That's what anyone giving you a loan is looking for.
4. Register your business. Look at you -- official director of a Canadian owned business! It costs some money but it makes you just feel accountable to making this thing real. Do a little research on whether a sole proprietorship, incorporation, or LLC is right for you.
5. Now, make an account with Futurpreneur and apply. They'll ask you for your business plan your cash flow statement, your Articles of Incorporation and your ID scan.
So have at ‘er. It's not as impossible as you might think. If you need a push in the right direction, Futurpreneur holds different workshops that can help you with the ideation process. Best of luck!