Home>Blog > New business guide: Part 4 – Funding options.

New business guide: Part 4 – Funding options.

May 11, 2021 by Justin Morgan
New business guide: Part 4 – Funding options.
May 11, 2021
by Justin Morgan

There are a lot of options to consider when attempting to fund your operation. Many of these options may be limited to you, based on your credit, current available funds, or even who you know! Funding is one of the biggest concerns with a new business. Once you open that door, it is difficult to close it, weigh all your options carefully.

  1. Business loans. Your local bank is usually the first step to funding your business. It will be able to offer funding based on your credit.
  2. Business grants. Grants are given to businesses in order for them to operate, and are based on their perceived value of the business. They do not have to be paid back, but are incredibly difficult to get.
  3. Investors. Bringing on individuals or organizations to help fund your business allows for a lot of options. In many situations, they will become a part of the board of directors to ensure their invest is maintained effectively.
  4. Crowdfunding. One of the newest forms of financing. Often with very little strings attached but is often based on popularity. Kickstarter is the most popular for this.  

Choosing the bank

There are several factors that go into selecting the bank that you will be sourcing your loan from. However, the best practice is to stick with your personal bank. This makes payments simple. As well as offering more negotiating options. For many, the desire to keep things separate is important too, this would ensure there are no mix ups. Take the time and way the pros and cons of each bank carefully. Some will offer longer term with lower percentages, or vice versa. Always choose the option that lets you sleep at night, even if that means paying more in the end. Do not just see one, see them all, your business and your life will thank you!

If you do not have a storage unit, visit and book yours today!

For help on what size storage unit you will need, check out our helpful size guide:

Talk to your local Self Stor manager by dialing 1-833-523-0453, they are available to reserve units or answer any questions.

About Justin Morgan

Justin Morgan is a York University alumnus and began his Self Stor journey in 2015, earning a deep understanding of the qualities of self-storage and what made Self Stor special. Justin is now applying his unique talent as a Marketing Manager and content creator to bring storage to life! Follow his latest content on Instagram by subscribing to @selfstor!

50% OFF

Enjoy your first three months 50%!