Business Challenges and Success
The Canadian government hands out billions of dollars each year to small business owners all across the country. This is considered government funding, which many small business owners can utilize to better their businesses.
While there are hundreds of different government funding programs available from the various levels of the Canadian government, they are extremely difficult to find on our own.
Most small business owners give up before they even begin the process.
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In most cases, there are numerous government funding misconceptions that keep the regular entrepreneur from applying.
Don’t let this stop you.
Government funding is available and comes in the form of government grants, government loans, tax breaks, and tax credits.
5 Must Haves to Get Government Funding
When you decide to apply for Canadian government funding for your small business, there are certain must haves in order to ensure your success.
These will include the following five:
- A detailed business plan
- Your financials or financial projections
- A powerful PitchDeck presentation
- Assistance in finding the available government funding
- Guidance through the entire process
Entrepreneurs are busy and if you’re a business owner or considering starting a small business, time is one of the most important factors in ensuring the success of your business.
It’s extra hard if you’re trying to start your own business while keeping your job, working around your family, and life in general.
However, those who stick through make it happen.
So let’s look at the five must haves to get government funding for your small business.
#1: Your Business Plan
This is a no brainer. You need a business plan to apply for funding.
Most, if not all, government agencies will ask to see a detailed business plan before they provide you any funding.
Makes sense, doesn’t it? Would you give anyone money for a business without knowing what it is?
A properly developed business plan will explain your entire business model, your market and industry, your potential customers, your potential growth, your financials, and your funding needs. It will tell the reader everything they need to know to decide whether to invest in your business.
While there are many different ways of creating a business plan, it is important to note the purpose of the plan. If it is to obtain funding, it is important to clearly outline that objective.
Funding-search-specific business plans are slightly different than traditional plans, and you could benefit from speaking with an expert at Canada Startups to learn more: 1-800-288-9691.
#2: The Financials
Closely tied to the business plan, the financials are a big must have when seeking funding.
In order to apply for and receive government funding, the agencies you apply to will want to see your financials.
This means showing your balance sheet, profit and loss statement, and cash flow statement.
These documents show government funding agencies the level of investment, time, and research you have put into ensuring the success of your business.
An existing business may be able to show financials more easily than a startup, which must project numbers, but either way, financials are a must.
In most cases, financials required will show three years of figures or a three-year projection plan.
If you’re not familiar with how to prepare financials or have questions about how they impact your government funding search, speak to an expert at Canada Startups.
#3: Your Pitch
You’ve most likely heard about an elevator pitch, a 60-second pitch, or the TV show Shark Tank.
If so, this is what a pitch is.
A presentation that shows your business model in a visually appealing format for government agencies or investors to review.
A proper PitchDeck explains the business model, shows potential, and outlines funding needs in a 10 to 15 slide presentation that agencies or investors can quickly review.
While PitchDecks are not a new concept, more government funding agencies are asking to see the pitch before the full business plan to save time.
Two of the most important tools when seeking government funding are combining your business plan with a visually appealing PitchDeck.
#4: Funding Search Help
One of the most difficult parts of applying for government funding is finding the programs themselves.
While there are hundreds of programs, they are extremely hard to find.
This is because government funding programs are scattered across local, provincial, and federal levels.
Each program often has its own website, is offered by a different agency, and requires a significant amount of time to locate.
In a recent Canada Startups survey, without expert help, only about 5% of individuals were able to find funding programs on their own within one to two weeks.
That is a lot of time spent just looking.
You can see the results of the survey here.
As a small business owner, time is limited. In the same survey, 50% of individuals took seven to ten weeks to find funding programs.
If you have the time to invest, do so. If not, expert help is often the best option.
An example is using Canada Startups funding experts to search programs for you using the Funding Database, pulling the best results for your specific needs.
The Funding Database offered by Canada Startups is the number one rated business funding database on Google.
#5: Guidance and Step-by-Step Assistance
After finding the programs to apply for, the next step is getting help with the application process.
Each program has a different application process, and mistakes are one of the main reasons business owners get denied funding.
Many factors affect the success of a government funding application, and the experts at Canada Startups help ensure everything is completed correctly.
Consider getting expert guidance and one-on-one support to ensure applications are properly completed, reviewed, and submitted without wasting your time.