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EP020 Business Financing Tips with Sharon Connolly, VP at BDC

Young Money with Tracey Bissett

Release Date: 02/20/2018

EP263 How to Rightsize Your Spending show art EP263 How to Rightsize Your Spending

Young Money with Tracey Bissett

Throughout the pandemic, our budgets and spending habits changed immensely. We started ordering groceries online, added to our subscriptions, signed up for online courses, etc. As we gradually come out of the pandemic, many of us may not have taken the time to reevaluate our budgets, and with inflation hitting all-time highs, our money isn’t going as far as it used to. In this episode, I will be walking through some practical steps to ensure your budget is right sized—meaning you haven’t fallen back into old spending habits without removing any pandemic budget additions.  Listen in...

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EP262 Taking Control of Our Money with Kelley Keehn show art EP262 Taking Control of Our Money with Kelley Keehn

Young Money with Tracey Bissett

Kelley Keehn believes everyone has money problems. That’s as true for millionaires as it is for people who spend years trying to pay off their student debt. However, these last few years have been especially challenging for everyone. With the pandemic and the current state of the economy, it can be difficult to know what to do to secure your finances. So, in this episode, Kelley will be joining the show to share her tips for navigating these uncertain times. Listen in as Kelley explains the importance of reviewing your spending so you know where your money is going and why it is...

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REPLAY: EP214 Backpack to Briefcase with Stephanie Koonar show art REPLAY: EP214 Backpack to Briefcase with Stephanie Koonar

Young Money with Tracey Bissett

Stephanie Koonar is a marketing professional, academic, career coach, and workshop facilitator. Stephanie offers “Meaningful Career” private coaching and online courses supporting young people and those in mid-career transitions. Today she joins the show to discuss the importance of finding your reason for living—or ikigai—in order to live a more purpose-driven and fulfilled life. Listen in as she shares her advice for building practical skills, as well as growing your network so you can broaden your knowledge. You will learn the benefit of learning about other cultures, why it is...

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EP261 Financial Fitness in Action with Lisa Mitchell show art EP261 Financial Fitness in Action with Lisa Mitchell

Young Money with Tracey Bissett

As a talent management thought partner and results coach, Lisa Mitchell helps talent leaders embed programs that drive results and elevate organizational culture. Today she joins the show to discuss her experience with financial literacy, including the challenges she has faced financially over the years and her best advice for others hoping to better their financial fitness. Listen in as Lisa describes the importance of investing, paying off your debt, and changing your scarcity mindset. You will learn the benefit of learning how business works, what compound interest is, and what scale is....

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EP260 Banking for Newcomers to Canada with Tracy Gomes, SVP Scotiabank show art EP260 Banking for Newcomers to Canada with Tracy Gomes, SVP Scotiabank

Young Money with Tracey Bissett

Throughout the pandemic, immigration plateaued in Canada. However, as we continue to rebuild after the last few years, we have seen a huge influx of newcomers. To better understand the experiences of newcomers and the unique challenges they face as they begin their lives in Canada, Scotiabank conducted interviews with some of these newcomers. In this episode, Tracy Gomes, SVP Retail Customer Value at Scotiabank, will be sharing what they learned from this research and sharing her advice for anyone hoping to improve their banking skills as they live in Canada. Listen in as Tracy describes the...

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EP259 Young and Profiting with Hala Taha show art EP259 Young and Profiting with Hala Taha

Young Money with Tracey Bissett

Hala Taha is the host of the Young and Profiting (YAP) Podcast, frequently ranked as a #1 education podcast across all apps. Hala is also the founder and CEO of YAP Media, a social media and podcast marketing agency for podcasters, celebrities, and CEOs. In this episode, she joins the show to share her advice for those looking to start their own successful businesses through gaining experience, talent stacking, and finding confidence in their strengths. Listen in as Hala gives her tips for investing and why she believes you should invest instead of compiling your money into a savings account....

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EP258 For Your Convenience Vending with Maya Ray show art EP258 For Your Convenience Vending with Maya Ray

Young Money with Tracey Bissett

Maya Ray owns and operates FYC Vending, which (in just two short years) she has turned into a 6-figure company. Maya's goal now is to pass on the knowledge and expertise she has built in this industry to students and young adults who are going through what she went through only a few years ago. In this episode, she joins the show to share her success secrets and advice for anyone hoping to start as an entrepreneur. Listen in as Maya explains the importance of finding people you can learn from who are already experts in their field, as well as why you need to research the credibility of where...

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EP257 Entrepreneurship Spotlight with Jowana and Melisa show art EP257 Entrepreneurship Spotlight with Jowana and Melisa

Young Money with Tracey Bissett

Entrepreneurship is often a difficult journey. Starting a business as a woman at a young age simply adds more challenges. Our two guests today have both created something inspirational by themselves and have truly showcased what it means to have an entrepreneurial spirit. Jowana Burgan is a recent Mechanical Engineering Graduate who has initiated the Girls Mechanic Team, running hands-on workshops that educate and empower women on the basics of car maintenance. Melisa Cela is an International Business graduate who founded a successful Lash Extension business. In this...

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EP256 Tips to Combat Inflation show art EP256 Tips to Combat Inflation

Young Money with Tracey Bissett

Over the last few months, you’ve probably heard the word “inflation” numerous times. Inflation refers to a general progressive increase in the prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. So, how does this impact you and your goals? In this episode, I will break down this topic in depth so that you feel confident in your understanding of inflation. Listen in as I explain the pros and cons of inflation, as well as the...

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EP255 Plufl: The Dog Bed for Humans with Noah & Yuki show art EP255 Plufl: The Dog Bed for Humans with Noah & Yuki

Young Money with Tracey Bissett

In the fast-paced, over-worked society that we live in, setting aside time for rest throughout the day is becoming crucial for mental health. However, it is tricky to find a comfortable spot to take a snooze. This is where Plufl comes in. Inspired by the classic dog bed, the Plufl is designed to alleviate stress and anxiety by providing a space to recharge. Noah Silverman and Yuki Kinoshita, Co-Founders of Plufl, will be joining the show to share their advice for other young entrepreneurs, including their secrets to success. Listen in as they describe the importance of not having debt and how...

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In her commitment to helping entrepreneurs grow their business, Sharon Connolly leads a team as the Vice President of Financing and Consulting at Business Development Bank of Canada (BDC). With her financing experience of more than 20 years, Sharon serves as the regional sponsor for BDC’s Women Initiative Program where she provides financing and consulting services to women-owned businesses and women entrepreneurs.

Sharon joins me today to share a number of business financing tips and the basics that every young and starting entrepreneur should look at as they begin their entrepreneurial journey. She discusses how BDC helps their clients, the significance of having a business plan, and knowing and forecasting your budget and cash flow.  She also emphasizes the importance of building relationships for your long-term success.

 

“Be open to opportunities when they present themselves.” - Sharon Connolly

 

This Week on Young Money:

  • How Sharon learned financial independence and to work hard to achieve her goals
  • The difference between BDC and other banks and where to go for particular banking needs
  • Why young entrepreneurs need support and mentors
  • How a S.W.O.T. (Strengths, Weaknesses, Opportunities, & Threats) analysis helps your business
  • The significance of understanding the implications of your business funding
  • Why it is critical to build relationships with financial partners and be prepared for meetings with them
  • Why you should diversify the lenders you’re working with
  • The benefits of budgeting and having a cash flow forecast
  • How to seek continual personal development in your career or as an entrepreneur
  • What BDC has in store for women entrepreneurs

 

Key Takeaways:

  • Live within your means and give yourself permission to course correct.
  • Money isn’t enough to be successful in business. You need a lot of support around you as well.
  • Build a good personal profile.
  • Understand the viability of your project, the market and your place in it.

 

 

Resources Mentioned:

 

Connect with Sharon Connolly:


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