Business Funding for Small Businesses
If you own a small business sooner or later you will need to apply for funding. Sometimes entrepreneurs want to avoid asking others for money and will put all of their savings and income straight into their business idea. While it will be necessary to put up some money yourself, it is not wise you risk everything you have, especially when there are thousands of funding programs available to you.
There are funding agencies all over Canada. Sometimes they are in the form of a government agency, other times they are private investors, but at the end of the day they really want to find a great business to fund. We offer a great Funding Database tool with a list of over 1500 funding programs that you may be eligible for. It can be a difficult task to go all over the Internet and make a list of what you want to apply for, because there are so many across the country. Our database has been made to make things easier for you, and so that you will not miss a deadline.
Now, with thousands of businesses applying for these funding programs, many get rejected time and time again. There simply is not enough money to fund every small business, and also there are a lot of applications that simply are done poorly and do not qualify for funding. Here are three reasons why you maybe did not get accepted by a funding agency and how you can fix it for next time.
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1. Your Business Plan Was Not Clear
The crux of any funding application is your business plan. It details exactly what you do, who you are, how you will sell your product or service, and why your business matters. It is the selling point of your entire business. However, some entrepreneurs make their business plan difficult to follow and way too long, which creates confusion within the funding agency. They should have no questions after reading your business plan, and if it is unclear at any time, you will not be accepted. Make sure you read over your plan and get someone you do not know to also read it over before you submit, just so you can be confident that it is clear and concise.
2. You Were Not Eligible In The First Place
This is very important. Every single funding agency or program has specific criteria on what type of business is eligible for the funding. Some small businesses try applying to every single one to increase their odds of funding. This is a terrible idea, as it wastes not only your time but the funding agencies time as well. Read through the funding criteria clearly and make sure your business qualifies to even apply.
3. Your Budget Was Not Correct
The budget attached to your application is important for the funding agency to know where their money is going. Double check it to make sure it is accurate and makes sense, because if it does not you will not receive funding.