Consider asking your bank about the fixed interest rate they offer, which is typically around 3-4% per year in Canada. This could yield $300-$400 in interest annually.

If you have $10,000 to invest but don’t have a clear business direction, it’s best to avoid squandering your time and money. Instead, deposit the funds in the bank, and use the interest payments to support your startup. Do not use the principal amount until you’re confident that your business can reimburse you.

Suppose you secure a sizable sales contract that requires you to hire and train a new employee or purchase specialized equipment. In that case, your sweat equity and build-over-buy mindset will come in handy. Starting a business without overspending can be difficult, but remember, businesses prioritize generating revenue over spending money. Earning money is far more challenging than spending it.