Where to start?
Start with an idea that has potential. Find out as much as you can from others such as your friends, family, the library, other business owners, the web, etc. You must convince yourself and others that your plan makes sense and is commercially viable. Your enterprise must generate enough revenue to pay the bills and earn a living.

Our website offers free information, tools and informative articles to help you start your business.

Planning and preparation
Prepare a plan showing how much you expect to receive and spend, and when. You should include costs for at least the first year, or even 2 or 3 years. This will tell you how much money you need to borrow or take from your savings to launch the business.

BDC's business plan is a useful tool that can help you. Most entrepreneurs also hire or consult specialists like accountants or experienced business owners.

The lending process
It is important to analyze the various sources that can provide you with the necessary startup capital. When you decide to approach a bank or financial institution, it's best to be well prepared. It helps to have your business plan and other information prepared by a professional (your accountant or BDC advisor can help). You should prepare:

• Your business plan
• Projected balance sheets, income statements, and cash flow statements (optimistic, pessimistic, and realistic scenarios)
• Amount of financing required
• Detailed list of fixed assets (equipment, land, buildings) you will require, and their cost
• Amount of security (collateral) you can provide
• Amount you (and your partners) will be investing personally

If they say no:
Don't be discouraged. Make an appointment with the account manager, not to change his or her mind, but to find out how you can improve your request for financing. Ask the following questions:

• What factors of the business were not acceptable: the industry, location, products, employees, capitalization, management?
• Where was the proposal weak? How can I improve it?
• What changes would I need to make before submitting the request again?