It’s both thrilling and difficult to launch a new company in Ontario.
Many factors are at play, making it hard to know where to begin. You probably don’t have a tonne of spare cash to put into your company, if you’re like the average person. You can still launch a successful enterprise, though. It’s possible to launch a successful company with minimal funding by relying on one’s ingenuity and determination.
1. Find a Low-Cost Location
One of the first ways to save costs is on the location of your office or storefront when you’re just getting your business off the ground on a tight budget. You’re one step ahead of the competition if your company doesn’t require a storefront. However, there are still options available if you require a physical location for your business.
You could, for instance, settle for a rental unit in a shopping mall or office building that is shared with other businesses. This is a terrific option for obtaining suitable office space without incurring the full cost on your own. You can also try to find a space to sublet or even to barter with another business owner.
If all else fails, a home office can do the trick; just make sure you have a dedicated work area that is separate from your living area.
2. Use Free or Low-Cost Marketing Strategies
The days of companies needing to spend thousands on advertising campaigns to get noticed are long gone. To get their names out there, firms can take use of a wide variety of currently available free or inexpensive marketing tactics.
Connecting with your audience and fostering loyalty among your present clientele is a breeze on social networking sites like Twitter, Facebook, and Instagram. Connecting with other companies in your field is another great use for LinkedIn. There are many low-cost social media management tools available if you don’t have the time or energy to handle your own accounts’ administration.
Furthermore, content marketing is a great (and cheap) approach to get people talking about your company by giving them knowledge they can utilise. Blog entries, infographics, and videos are all excellent methods of interacting with and educating your target audience.
3. Utilise Free or Low-Cost Business Tools
There are probably a lot of tools that can help you operate your business, but that doesn’t mean you have to spend a fortune on them. Thanks to recent technological developments, there is a plethora of low- or no-cost resources for entrepreneurs.
For example, Google Suite offers businesses a powerful (and free!) suite of productivity tools including Gmail, Calendar, Docs, Sheets, Slides, and more.
Canva is another great (and free!) tool that businesses can use for graphic design needs like creating flyers, posters, logos, and social media graphics.
Hootsuite is an affordable ($19/month) social media management tool that businesses can use to help save time by scheduling social media posts in advance and tracking engagement metrics.
By utilising free or low-cost tools like these, you can stretch your startup budget further and allow yourself room to reinvest earnings back into the business as it grows.
Bonus Tip: Use Government Funding
Another way to start a small business in Ontario without any money is to get capital, or funding from the Ontario government, or the federal government of Canada
If you’re looking for government funding to help start your small business, there are a few different options to choose from.
Government Loans and Government Grants
Business loans and grants are two of the most common types of government funding available to small businesses. A business loan is exactly what it sounds like—a loan that the government provides to a business to help them get started or grow. A business grant, on the other hand, is money that the government provides to a business with no strings attached—meaning there’s no need to pay the money back.
Tax Credits / Breaks
Tax credits are another great way for small businesses to get financial support from the government. These credits can be claimed for expenses related to things like research and development, hiring new employees, or purchasing new equipment.
You can see these funding options in the Funding Database. Access all government grants, government loans as well as tax breaks and credits for your small business.
It’s entirely possible—and not nearly as daunting as it might seem—to start a business with very little money. With some creativity and resourcefulness, you can get your fledgling operation off the ground without breaking the bank!
By following the tips outlined above—finding an affordable location, utilising free or low-cost marketing strategies; taking advantage of free or low-cost business tools—you’ll be well on your way towards setting up a successful small business in Ontario!