Here’s How to Stay Afloat When Using Your Personal Savings for Business

Being a business owner can be a very tricky job as it is unpredictable and be a difficult task to carry out everyday. Something new always comes up leaving you to constantly have new ways to adapt and learn. 

One thing that can be difficult to do is generate a sufficient amount of income to maintain business, pay employees and pay for any kind of surprises that may come up. 

Amid COVID-19, various kinds of businesses have either fully opened with health and safety regulations, open part time or have had to permanently close due to money problems. 

If you’ve been able to stay open and depending on where you are located there are different ways that businesses are able to collect money from their government under certain programs but sometimes that isn’t enough. 

In such an extreme situation, many business owners have had to tap into their personal savings just to operate their business but I’d say that’s a mistake anyone should not be willing to make. 

A business can mean so much to a person but it’s not as important as your retirement and money needed for a rainy day. 

In Canada, there are programs like Canada’s Emergency Wage Subsidy (CEWS) that helps employers bring back employees who have been previously laid off, Canada’s Emergency Business Account (CEBA) that gives non profit and small businesses interest free loans. These are only 2 of 4 major programs that are directed towards businesses that need help financially because Canada cares. 

Now, I’m not saying America or Brazil doesn’t care because I don’t know enough about their financial programs for businesses but I highly recommend researching up on the programs that are available in your country for business help. Doing that much can save you so much time and money rather than thinking you have to file for bankruptcy and close up shop.

Something as simple as hosting a fundraiser can help out as well. Specifically for local businesses, this can be a great idea when your community is familiar with you and loves who you are. 

Local businesses bring a sense of culture and uniqueness to cities all around so when people appreciate that, they will put an effort in to help out in small or grand ways. (If community members don’t, I am truly sorry for getting your hopes up).

When operating a business, you should be mindful of what could happen, both good and bad. So starting a savings account where you can’t touch the money can be crucial for harder days.

Banks like Scotiabank offer Right Size Savings for small businesses as an investment account or Royal Bank of Canada (RBC) offers a simple Business Savings Account for small and midsize businesses that want to save but also have funds accessible at any time. 

With many kinds of banks all around Canada, there are so many different accounts and cards you can choose from to have a peace of mind of where your money goes and where it comes. An added bonus is being able to talk to advisors that can help you manage your accounts with ease, so looking into what banks offer can have a lot of benefits.

Lastly, be cautious of your money whether it’s for business or personal use. Managing your money in both areas smartly will bring you success in many ways and when you see this success it’ll only encourage you to do better with your money. 

Thank you for reading today’s post! I hope you learned something useful and continue to stay safe during today’s pandemic. 

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