Asking for Money as an Entrepreneur
Every entrepreneur at one point or another is going to have to ask for money. It is something that so many entrepreneurs view as a weakness, but there is great strength in having the confidence to ask for money. If you are truly passionate about your business, then you should have no trouble getting someone else passionate about it too.
If you are a new entrepreneur, then you have to know that in your first few years having enough capital is incredibly important. This is due to the fact that you are not likely to even break even in those first few years. Many small businesses fail during this time, and mostly because they do not have the money to keep going.
Government of Canada Funding Opportunities
A fantastic place to secure funding is through the Government of Canada. There are funding programs available at all three levels of Government: federally, provincially, and in your own municipality. The Government wants small businesses to succeed and that is why they have set aside millions of dollars to help both for-profit and not-for-profit small businesses out, especially during these initial stages.
GROW YOUR BUSINESS WITH GRANTS & LOANS
Learn about the funding available for your small business. It just takes a second!
There are a lot of things to research before applying for these Government Grants, but here are two things nobody will tell you about them. If you want to obtain funding, it is great to know these two things.
First Key Insight
First, the Government will grant money to a company that has zero sales so far. Many people think there is no way the Government will give me money, my company is not starting out. But that is simply not true. The Government is looking for potential and a new idea that has the power to be a great success in the future.
The Government also does invest in businesses that are doing great financially, but they also want to fund great ideas with a concrete plan. This is why it is so important to have a solid business plan to sell your business idea to the Government. If they can trust you and trust in your idea, you are more likely to obtain funding. So do not let your current financial state turn you away from even applying.
Second Key Insight
The second thing nobody tells you about Government Grants is that more than anything they are looking at how your business is giving back to our society. They are not interested in companies that are not going to help Canada, whether that be financially, or through a great product, or creating jobs, or giving back to the community through athletics or arts.
The Government wants to invest in businesses that will add to the country of Canada. This is a huge selling point for them and should be all over your application. Sit back and think why your business is important to the country. How will it benefit our global footprint? Does it add to who we are as Canadians?
Final Thoughts
While getting a Government Grant may be difficult, you should at least apply to the ones you are eligible for, as they are one of the most valuable resources when starting a small business.