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Business Plan - Financing

Updated: Feb 13

The big question that weighs a bucket of coins is, where will the money come from? Before this financial brainstorm let us try to move ahead without anxiety and take a few minutes for #creativevisualization.



Take 3 deep breaths and cultivate your mind palace. Picture yourself inside the #dome greenhouse tending to the lavender heads and gathering bushels of flowers. Decide you will be fruitful and abundant. Go back to that vision time and time again.

Take a few more deep breaths and a few more minutes to visualize 5 years from now when your business is profiting and succeeding the way you imagined it would.

What are your successes and where can you learn from your mistakes? It's amazing what you already know, if you only ask.


Now that you're relaxed a bit more motivated, here's a list of questions for you to contemplate.


Where will the money come from?

  • Is your town in need of your niche market?

  • Have you thought about who you would sell your final product to?

  • Are there farmer’s markets, local restaurants, grocery stores or refilleries that are able to handle smaller batches?

  • What do you have to contribute others in your area don't?

  • How can you complement the other established business owners in your area and create relationships with your competition?


Is there a market for your product in your area?

  • Are there other farmers, homesteaders, bloggers, herbalists in your area? Strike up an email conversation and ask a couple of questions. Get your head in their head. Collaboration breeds creativity and motivation.

  • Research potential and popular herbs, seeds, plants in your climate.

  • What do they cost?

  • Does your idea require product processing?


Funding & Investment

  • How prepared are you to invest with your own savings or (low-interest) personal credit?

  • Investors are more likely to find favour if you are willing to lay some skin in the game.

  • If you aren't prepared or willing to take financial risk of your own, are you really committed to seeing this thing succeed?


Setting Financial Goals

  • Now more than ever, we know how important it is for small businesses to have contingency plans.

  • Set yourself up to save at least 20% for use during the inevitable “Plan B”

  • Goal Yr 1: $5,000 Emergency Fund

  • Goal Yr 3: 3 to 6 months of expenses saved in the bank

  • Goal Yr 5: 6 to 9 months of expenses saved in the bank

  • Goal 10yr: Loans & debts paid off

  • Goal 20yr: Mortgage paid off (if not at year 10!)


Diversify your Income

  • How many streams of income can you create?

  • Selling hempcrete online?

  • eBay, etsy, Marketplace, Kijiji

  • Are you a writer or editor?

  • Monetize your blog or get yourself on [writersareus]

  • Other ideas could include rental income.

  • Do you have space and time to rent out your equipment, trailer for camping, boat storage, etc? What about a spare room in your house?

  • Airbnb, perhaps?


Ways to save money

  • Refurbished

  • Used

  • Barter with neighbours

  • Go Bargain Hunting

  • Auctions

  • Garage sales


Look up Grants

  • Applications can be daunting, so start small and tackle one question at a time.

  • Print out the application and make some notes.

  • Use your brain dump skills if you're stuck with that blank page.

  • To save paper, read the application and details as a .pdf on your #reMarkable, make notes and highlight the good stuff


Crowdfunding

  • It's possible for us to offer support and dream together with your donation.


Gifts and volunteers

  • Do you have family, friends, neighbours that can take part in your goods and services for a discount or for free?

  • Do you have a donate "time" request on your website? It takes many hands.


Well, if you have persisted through that list, you deserve a break and a smoothie! #Breathe, stand up and rejoice! You’re that much closer to being fully funded and subjectively successful!


What are your money saving tips and tricks?




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Jessica Lilac purple flowers

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