Thinking of starting your own business?

Many people want to work for themselves rather than an employer, and for many different reasons.  Maybe you have a passion or skill you want to share with the world.  Maybe you want the flexibility and control of being your own boss.  Maybe you see a unique niche that you can fill.  Whatever the reason, creating your own business can provide great opportunities to build the career and lifestyle you want.

Canada has a long and rich history of entrepreneurship – which isn’t to say that being an entrepreneur is easy, or the right path for everyone.  Luckily, there are lots of supports available for young adults looking to start their own business.

Futurpreneur.ca is one of these support organizations.  They have been helping young adults become entrepreneurs for more than 25 years, and have supported more than 12,000 businesses across the country.  The organization is a non-profit that operates across Canada, and provides a range of supports including mentoring, early-stage financing, and other business support to young adults between the ages of 18 and 39.  Their mission is particularly focused on supporting diverse entrepreneurs and businesses, including those run by and serving members of Canada’s BIPOC and LGBTQ+ communities.

Financial Support

Young business owners can secure funding in the form of collateral-free loans directly through Futurpreneur, up to $20,000 from the organization itself, as well as up to $40,000 from the Business Development Bank of Canada (BDC).  These loans are repayable over structured plans, and can include benefits such as competitive interest rates and interest-only payments for the first year.

As with any loan, young entrepreneurs will need to provide information including a detailed business plan and financial resources, in order to determine their eligibility and amounts they might be eligible for.

Mentorship

While financial support is necessary, having a mentor to help you along can make the difference between getting by and excelling.  Futurpreneur provides new business owners with up to two years of mentoring through its network of 2,400 volunteer mentors with experience in a wide range of businesses.  Futurpreneur matches young entrepreneurs with mentors who can offer the best knowledge and support for their particular business focus.  Mentors will encourage and offer advice, help you network and build a community, and help you handle the common problems that can crop up when launching and running a new business.

The organization also offers specifically tailored mentoring programs geared towards Black and Indigenous entrepreneurs, as well as those for whom their business venture is a “side-hustle” outside their regular employment.

Other Entrepreneur Resources

Aside from the core offerings of financial support and mentorship, Futurpreneur also offers a variety of additional business supports and tools.  These include regular workshop series that focus on business development topics such as creating business plans or managing finances and cash flow.

There is also an annual growth accelerator workshop program for eligible business owners, which focuses on business growth, profitability, marketing, intellectual property, and many other topics.  This program is offered virtually through a series of workshops hosted by subject matter experts, and gives entrepreneurs the opportunity to learn from established business owners, as well as developing relationships with their peers.

If you’re thinking of starting your own business, or if you already have a business plan in hand, Futurpreneur.ca might be a great way to get your business off the ground.

Sources

Futurpreneur. https://www.futurpreneur.ca/en/about/