Business capital requirements in Canada often boil down to some basic truths the business owner/financial mgr/entrepreneur needs to address when it comes to financing for businesses.One of those truths? Knowing the true state of their financial condition and what financing they do and don’t qualify for when it comes to meeting commercial lending requirements in Canadian business.Business Loans In CanadaWhether you are smaller or start-up firm looking for information on how to get a business loan or a larger established firm looking for growth financing or acquisition opportunities we’re highlighting 3 mistakes that commercial loan seekers like your company need to avoid making when addressing, sourcing and negotiating your cash flow / working capital and commercial financing needs.1. Understand the true condition of your company finances – These are almost always successful addressed when you spend time on your financials and understand how your financial statements reflect your access to commercial loans & business credit in general2. Ensure you have a plan in place for sales growth and financial needs as it relates to commercial financing3. Understand that actual hard facts about cash flow which is, of course, the lifeblood of your companyCan you honestly answer or feel positive about all those 3 points. If so, pass Go and collect $ 100.00!A good way to address your company’s finance plans is to ensure you understand growth finance solutions, as well as how to manage in a downturn – i.e. not growing, losing money, etc; It’s never fun to fund yourself in an economic or industry downturn such as the COVID pandemic of 2020!When we talk to clients of new or established businesses it seems they are almost always talking about sales, so the ability to understand and focus on the differences in their profits and cash fluctuations is key.How do cash flow and sales plans and projections affect the type of financing you require? For one thing sales growth usually starts out by consuming your cash, not generating it. A poor finance plan will drag your business down and addressing financing simply gets tougher and tougher.Three basics always emerge when it comes to your search for the right business capital and financing.1. The amount of financing you need2. The type of financing (debt/cash flow/asset monetization) The business loan interest rate will be dramatically affected by whether you choose traditional or alternative financing solutions. Private business loans in Canada come from non regulated commercial finance companies most often known as ‘ alternative lenders ‘. These lenders are typically highly specialized in one ‘ niche ‘ of business financing and may be Canadian firms or branches of U.S. banks and non-bank lenders3. How the financing is structured to be manageable with your day to day operationsWhat Finance Company In Canada Can Meet Your Borrowing Needs & Why Is Capital Important In BusinessLet’s identify and break down key financings your firm should know about and understand if they are applicable and achievable to your business. They include:A/R Financing / Factoring / Confidential Receivable FinanceInventory finance / floor planning / retail inventoryWorking Capital term loansUnsecured cash flow loansMerchant working capital loans/advances – these loans are geared toward short term cash needs and are typically one year in duration. Loan amounts are typically 15-20% of your annual sales revenues.Royalty financeAsset based non bank business lines of creditTax credit financing (SR&ED bridge loans)Equipment Leasing / Sale leasebacks – Equipment financing in Canada is used by almost 80% of all companies looking to acquire new, and used, assets.Govt Guaranteed Small Business Loan program – Government Loans in Canada are sometimes referred to as ‘ SBL’, aka Note: BDC Finance solutions are available from this Canadian non-bricks and morter crown corporation. A small business loan via the government-guaranteed loan program comes with true flexibility around term loan duration, market rates, no pre payment penalties, and of course the low personal guarantee that is required by borrowers. These two ‘ government ‘ loan solutions are often perfect for financing a new business.If you’re focused on not making mistakes in your business finance needs and want to capitalize on the solutions your competitors are probably already using seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist you with your cash flow and commercial financing needs.

A side hustle is an essential part of building wealth and creating the means to do more with the limited time we have. Many people have never even considered having a source of income outside of their day jobs.

But wouldn’t it be great to rid yourself of the financial pressures you face? Not having to worry about the end of the month and what your bank balance is?

Starting with a side hustle is now easier than ever, but it might be worth considering these 3 factors before you jump straight in.

Time
You need to make sure whatever side hustle you decide to embark upon is suitable for your time commitments. Some side hustles require much more time than others. Blogging for example is extremely time consuming. Although it may be one of the most profitable side gigs it might not be suitable for your lifestyle.

But that doesn’t mean you can’t find a hustle that does suite your needs. There are countless ways to make extra income, you just need to explore your options and pick what you are able to commit to. Here are just some examples of side hustles that do not require a great deal of your precious time:

User testing
eBay Flipping
Rent out Car
Rent out House
Complete tasks on TaskRabbit
Online Surveys
Recommended article: 29 Awesome Side Hustle Ideas To Make Extra Money

Skill
Obviously the more skill a side hustle requires, the more profitable it will likely be. Now, this doesn’t mean you can’t develop and learn the skills needed to do any side hustle you want. It just means it may take more time before you jump in and start making money.

But this is something that you should carefully consider.

Investing in education is the best way to significantly increase your earnings. And this is where many people fall short. You see, it’s so easy to think $500 or $1000 is a massive outlay and not worth it.

But you will be able to develop and learn the skills required to perform a side hustle that could make this initial investment back and more. And that is the key to investing in yourself and your ability to earn more money in the future.

Passion
Do you need to passionate about your side hustle selection?

Well, the truth is, it helps.

And it helps a lot.

There are so many things you could do to earn more money outside of you main source of income. Bu the chances are you have hobbies and interest. And this could actually give you a leg up over the competition.

Take for example a music teacher. They work at a school doing 40 hours a week for standard teachers pay. This is great, but the teacher wants to improve their life and make more money.

Now they could consider starting a blog or running Facebook ads. Both are great side hustles and would do the job perfectly.

But if the music teacher considers their skills then an ideal side hustle is right under their nose. Giving music lessons on the side means they can charge a decent price because they are already qualified and they can get started right away.

This won’t be the case for everyone, and if you don’t have any obvious skills that you can monetise, don’t worry. Remember, skills are transferable and the side hustle options are many.

But having a passion is a great way to start side hustling the right way – and it means you can make even more money.