Rose-Marie Almond, Cobourg, Ontario, CYBF Young Entrepreneur & Mentor
1. Determine what financing you need
Making a budget will help you assess the best financing options for your project.
2. Get a reality check
Often the budget and the ideal situation don’t match up. It is important to keep your mind on the desired outcome instead setting a fixed path to reach it. For example, refurbished equipment might do the same job as brand new equipment, but at a fraction of the cost. By considering a wider range of options, you can make a more informed choice and better adjust your plans early on to avoid causing a ‘cash-astrophe’ when you go over budget.
3. Negotiate discounts and credit
Knowing what you have available and what you need to purchase within that budget gives you some power to be creative to try to make ends meet. Consider halving your initial budget and trying to meet the same goals – you may be surprised at what you can achieve.