Is Your Small Business in Canada Ready for Government Funding?
Is your small business in Canada prepared and ready to start the search for government funding?
This is a very important question because answering it correctly or not could mean the difference between success and failure of your small business funding applications through the government.
Now, we all know that the government of Canada has a ton of government funding programs. These funding programs are all considered government funding and come in many forms such as:
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- Government Grants
- Government Loans
- Tax Breaks or Credits
- Incentives
Other than finding the hundreds of available funding programs, which on your own is extremely painful, the other challenge is applying for the funding and being denied because your small business was not prepared to even search for government funding programs in the first place.
How do you know if you are prepared?
Searching for government funding programs is not a simple task to do in one sitting. It is actually a process that takes between 3 to 4 weeks on your own, depending on how much you already have and what you already know.
A quick guide to help you figure out if you are ready to start your funding search is to follow the questions below.
Do You Know What You Need Funding For?
If you are thinking of jumping into the search for government funding because you need funding to start up or to expand your business, stop.
While you need funding, searching for funding to start up or to expand is not good enough and you will most likely waste a lot of time for nothing.
In order to be prepared for your funding search, you need to be able to break down your funding needs to be as specific as possible. Not specific to the point where you list every item on your shopping list, but a general idea such as:
- To pay for advertising and marketing
- To help you hire and train your staff
- To pay for tools, equipment, and supplies
- To improve cash flow
If you know what you need funding for because you have done the research required to figure it all out, the next questions should be a piece of cake and you will probably be ready to start your search for government funding.
Do You Know How Much You Need?
Answering this question follows the same logic as the previous one. If you know you need funding, do not say “I need $200,000 to start up.” This will not get you anywhere.
Instead, you want to break down your funding needs into specific activities that need to be funded. If you require funding to help you pay for tools and equipment, describe them and show approximate figures. This way, you will be able to search and apply to multiple programs, not just one.
Keep in mind that when searching for government funding, there is not one program that covers all funding needs. You may have to get creative and know how to break down your needs in order to benefit your funding search.
Do You Have Your Business Plan Ready?
This is probably one of the first things you should do before deciding to search for government funding. Start and have a business plan ready.
By having a completed business plan, you will prepare yourself for your funding search. It will tell you what you need funding for, how much you need, and when you need it. A business plan is also one of the most critical tools you will need when searching and applying for government funding.
Do You Know Where to Start the Search for Funding Programs?
You may be in need of government funding and you may want it, but where do you search for government funding?
There are hundreds of government funding programs available from various levels of the Canadian government through various funding agencies. Where do you begin?
It has been shown that searching for government funding on your own can typically take between 3 to 4 weeks. That is a lot of work.
Many business startups and existing business owners turn to expert help such as CanadaStartups.org to speed up the government funding search process, or personalized funding report services such as MyFundingReport.ca.
Now that you know what is required to prepare for your own funding search for government grants, loans, and tax breaks, are you ready?