Grow Your Business with Mega Money

Grow Your Business with Mega Money

Posted on April 10 by Lesley-Anne Scorgie
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In North America today, women are the fastest growing segment of entrepreneurs and they create jobs at a significantly higher rate than large corporations. I suspect this trend will continue as more women seek flexibility in their employment, diversity in their sources of income and opportunities to make more money; ultimately bucking the trend in the persistent income gap between men and women.

If you’re looking to start or expand your small businesses, you have far greater, and more flexible, options to raise money today than even a decade ago.  

Contests and grants are the best place to start because the money is given to the entrepreneur – and often without strings attached. Review funding opportunities through your local small business association, business development bank, technology centre and more.

Crowdfunding has become increasingly popular, as banks have tightened their lending practices. Crowdfunding allows entrepreneurs to pitch their business ideas to millions of people. Rather than seeking $100,000 from one investor, crowdfunding allows entrepreneurs to raise the same amount from many people in smaller increments like $10 or $50, by leveraging the power of social networking.

Some of the most popular sites for crowdfunding are Kickstarter, Startgarden, Crowdfunder, Fundable, and Gust.

Pitching angle investors or venture capitalists – the real-life versions of the Sharktank and Dragon’s Den investors – is also solid option. But, watch closely for things such as giving away too much control or equity. These investors can be found through word-of-mouth recommendations or a quick Google search.

Lastly, you can apply for traditional loans through your local financial institution. In most cases you’ll need to prepare a business plan with a full set of financials and may even have to personally guarantee the loan. You’ll need to have a good plan to repay the loan.

Learn more about increasing your income through small business in my new book Well-Heeled – The Smart Girl’s Guide to Getting Rich.

Lesley-Anne Scorgie

Posted by Dundurn Guest on December 6, 2014
Lesley-Anne Scorgie photo

Lesley-Anne Scorgie

Lesley-Anne Scorgie is the founder of MeVest, a money school helping Canadians reach their financial potential. She’s also the bestselling author of Well-Heeled: The Smart Girl’s Guide to Getting Rich and Rich by Thirty: Your Guide to Financial Success. She lives in Toronto.