There are many young entrepreneurs in Toronto that really want to get their own business off the ground but simply don’t have the start up funds to get it going. When they start to look for financial help for small businesses they most often find that there is nothing available for the as yet non-existent business that is at the moment just a great idea.
It would seem that the Mayor of Toronto is keen on the city becoming involved in the new provincial program called “Starter Company.”
First, this program is designed for those who are between the ages of 18 to 29 years old, and want to start a business or even buy an existing one. You may be able to qualify for up to $5,000. to get you started but the catch is you must be able to provide at least 25% of whatever amount you are getting. So if you are eligible for the full $5,000. Then you would have to be able to add $1,250. of your own money to this.
So assuming that you now have a total of $6,250. To start your business with you now need to do a business plan. Depending on the type of business you are thinking of starting, this isn’t a huge amount of money, but there have been some very successful business people who have started with a whole lot less.
Included in the Starter Company program you are going to be provided with some very important support like individual guidance from an advisor affiliated with the Small Business Enterprise, being mentored by a local entrepreneur who has achieved success, and the chance to attend business workshops.
In the workshops you will learn how to write your business plan and budget your funds. Plus you will gain some insight into marketing strategies.
All of this will help you to put your new business into a position where you will be able to apply for standard type financing.
All of these resources are critically important to getting your business started properly and on the road to success. There is one vital resource that is missing however, which is accounting support. Keeping track of your finances, and keeping on top of your tax obligations is also vital to the stability of your business and the best expert to assist you with this is a quality chartered accountant. Any business whether new, small or big should utilize the resources of these experts.
If you are thinking of opting into the Starter Company program, I would be pleased to offer my services as your business accountant. Just give me a call here at 416-398-1700.
