Beginners Guide to Finding Government Funding
As a small business owner or startup entrepreneur, your first thought when you hear the word financing, funding, or need for money is to think of banks and bank loans.
Unless somebody tells you about it, you forget the fact that the government of Canada invests billions of dollars each year to help small business owners start up and expand their businesses.
So are you ready to get a piece of that pie and get your small business funded?
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Learn about the funding available for your small business. It just takes a second!
This Beginners Guide to Finding Government Funding can help you get started on your funding search.
It is really simple actually.
Step 1: Do You Have a Business Idea?
No (you need one).
Yes (good), next step is to get a Business Plan going. CanadaStartups can help with that using the Business Plan Builder Tool.
Step 2: Know What You Need Money For
Next you need to know what you need money for.
Is it to help you start up, set up your business, hire employees, purchase tools and equipment, or for marketing and advertising?
Figure out what you need money for exactly.
Why Is This Important?
There are many different government agencies that fund specific funding needs. The more specific you are, the more likely a government agency can provide you the funding.
Step 3: Figure Out How Much You Need
Once you’ve figured out what you need money for, the next step is to figure out how much you need.
This is where a lot of people make mistakes and ask for too little or too much.
Be sure to do some research on the costs to cover your needs. If you are purchasing a new truck for your business, be sure to research the costs of trucks in your area.
Remember that you do not need to get all of your funding in one place or from one government agency or program. If you do it right, multiple funding agencies can give you a piece to make your total funding goal. Careful planning makes this possible.
Step 4: Be Impressive
The last step is to be impressive.
Just like going to the bank for a loan, you are promising that you will pay the money back and asking them to trust you.
The government and government agencies are no different. Why would they give you money?
Ensure you create a strong pitch that will make the funding program coordinator believe in you and want to invest in you. Explain how your small business will benefit from the funding and why. Give details and numbers if possible.
Some Quick Tips
- Apply to multiple funding programs
- Follow up on your applications if you do not hear back
- Only apply if you meet the criteria and requirements
- Do not ask for too much or too little
- Have a detailed business plan
- Practice your presentation and pitch
- If you fail, try again