When it comes to starting a business, you need funding, right? After all, if you don’t have money to get started, then how do you actually expect to, you know, get started?
Luckily enough, there are a variety of ways to go about obtaining investments for your business. Of course, depending on the specific type of company you plan on starting could determine the course of action you take.
Currently, angel investing is quite popular throughout Canada. Specifically, the Northern Ontario Angels have been named the top angel investment group in the country by the National Angel Capital Organization. Originally reported by CBC News, this data comes from a survey that was conducted last year.
Speaking for the Northern Ontario Angels, executive director Mary Long-Irwin believes that the group has done well due to the fact that investors in the region feel it’s their duty to reach out to others.
“They understand and they believe that it’s their responsibility to help grow the north and help support the north, where they made the money.”
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Interestingly enough, it’s been noted that the majority of investment deals have been made in the technology and manufacturing sectors—indicating that these fields are doing well in Canada.
However, while angel investing is big in Canada, what about other regions of the world. For example, what are some different and popular funding options for the United States?
You’re most likely familiar with this term, having heard of the different options that include Kickstarter, Go Fund Me and Indiegogo. These selections are rather easy to access and allow for many different types of donations. In fact, anyone who is interested in contributing, despite how much he or she can actually give, will be allowed to donate. Due to the fact that the opportunity to have more investors is present, crowdfunding is quite big in the United States.
Grants and loans from the United States are still available—even if some opt to steer clear of this option. However, it’s still vital to remember that this specific type of funding can be accessed and utilized. Of course, grants are more sought after because that money doesn’t have to be paid back. The only downside is that grants can often be hard to obtain; you really need to have a specific niche and then find particular programs that support that niche. And we all know the downside of loans: they have to be paid back with interest.
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Personal savings account
Who better to support your business than you? If you’re disciplined and are good about saving money, then you may be able to simply rely on yourself to get your new company started. Of course, you do run the risk of sinking everything into your company and then losing everything—but if you’re passionate enough about this dream and you believe in this business, then you just may need to take such a risk. After all, if you don’t whole heartedly believe in your company, how do you expect to get someone else to?
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[SOURCE: CBC News]