Many entrepreneurs do not strike out on their own already having strong business acumen. Most are driven by passion and a desire to provide for their communities which can make financial management, a crucial part of being a business owner, a big challenge. When looking for help, how do you know when you need financial advice versus financial support?

It is likely that every entrepreneur will need both financial advice and financial support at some point in their journey.

Financial support is centered around obtaining the funds needed to start and operate a business. It can include loans, grants, and subsidies to help cover everyday costs.

It may be necessary to access financial support at various stages in your business such as covering start-up costs when launching your business, getting help when revenues aren’t enough to pay your expenses, or even getting help when one-time expenses unexpectedly come up, or in a crisis situation like the COVID pandemic. A business can also look at receiving financial support in order to expand its operations and reach new markets.

On the other hand, financial advice is focused on leveraging the resources you already have to your advantage and helping you decide when it is time to access financial support.

Financial advisors can offer support in a myriad of ways, including determining the best way to allocate capital, insight on risk management, and how to find opportunities. They may include research and case studies to help answer questions you have about moving your business forward in the best possible way.

Women entrepreneurs can experience unconscious bias when it comes to accessing capital which can result in being treated differently than their male counterparts.

Alberta Women Entrepreneurs recognizes this and offers both financial advice and financial support to women entrepreneurs to help start, grow and sustain their businesses. We provide loans of up to $150,000 to cover expenses including operating capital, equipment purchases, and advertising. If a loan doesn’t seem like the right fit for a business owner at that time, there are resources available to help find grants and other funding opportunities that may be a better fit.

We also offer free one-on-one advising sessions for entrepreneurs needing advice, whether that’s to discuss the next steps for their business or access other resources. Advising can be done through the phone or online which allows women from both rural and urban areas to access this service.

Dealing with your business’ finances doesn’t have to be a stressful experience. Take advantage of the resources available and don’t be afraid to ask for help when you need it. It’s beneficial to society as a whole that you and your business succeed and thrive.