5 Foolproof Tactics To Get You More Government Funding

So, you are thinking of starting your own small business in Canada and the lack of funding is keeping you back.

Government funding is there to help you cover the costs of your small business, to grow your business, and to succeed – the challenge, finding the available government funding options.

As the funding is provided via different government funding agencies, scattered across local, provincial, and federal government agencies, it becomes a challenge to find the right options for your small business.

What small business owners really need is a tactic to get more government funding – easier!

5 Foolproof Tactics To Get You More Government Funding

When it comes to government funding, as they are scattered across the various levels of the government, the process it takes to locate potential options is very time-consuming.

As a small business startup or existing business owner, your time is often taken up by other business operational needs.

This is where things fall through the cracks and you end up missing some government funding deadlines, skipping over crucial program options, or simply not giving it your best – you miss out on funding your business and needs.

There are various government funding program search tactics that will help you get and secure the available funding.

Tactic #1: Have a solid business plan

One of the more “common sense” tactics to have when you want to apply for government funding is to ensure you have a solid business plan in place.

Without a business plan, the chances you have of securing any government funding are very slim. So – the first step, your business plan needs to be done.

A proper business plan will help in 2 ways.

First: It will help you detail out the critical components of your business model. Often, it will make you think outside of the box and will help you generate a better idea of how to run your business smoothly. It will also outline and prepare you for what is to come in terms of your research, understanding your customers, the market, knowing what you will do to grow your business, preparing you financially, and will help you determine what you need government funding for.

The information your plan will outline is where you lack financially – this is where your funding requirements come in.

Second: From a funding agency point of view, the majority of the government funding program agencies will ask to see a business plan in the hope to determine if your business is eligible for any government grants, government loans, or funding programs.

So the first foolproof tactic to ensuring you can secure government funding for your own small business is to have a solid business plan in place.

Tactic #2: Breakdown your funding needs

If you have completed your business plan, a breakdown of your funding needs or understanding what your business lacks, financially speaking will be a natural and easy process.

Having a breakdown of your funding needs is a MUST-HAVE for applying to any government funding program.

Why, you ask?

Well, each funding agency provides funding for a number of things – this is their focus and they only fund those specific things that they focus on.

So, if you were to group all of your needs together (all of the expenses under one total lump sum), it is likely to be denied.

Breaking down your funding needs and showing exactly what you need funding for; how much is needed and providing more details is always key to helping you secure more government funding.

As each agency can fund a number of requirements; the more you break down, the better it will be for your search.

Keep in mind that there are many different funding requirements that you may be able to obtain funding for.

If you are unsure if your small business is eligible, or what you may use the government funding for, accessing all options in the Funding Database, with expert help will set you straight.

Tactic #3: Understanding your business industry

Just as much as having a breakdown of your funding requirements is important, knowing the industry you are in or can step inside of – will help you determine which programs you may be eligible for. Ultimately, giving you a greater chance to secure more government funding for your business.

Certain government funding agencies are set in place to help support a certain industry and focus on that industry solely.

Agriculture, manufacturing, medical, and technology are often great examples of this.

The Canadian government, along with various local and provincial governments may decide that a certain sector is lacking, or slowing down – in return, they create government funding programs to help boost the economy with regards to businesses within the industry.

By creating these funding programs, the business owners (new and existing) come up to take advantage. The money provided by the various government agencies helps the end result.

If you understand what industry you fall in, there may be various government funding options to consider and to take advantage of.

In addition to that, knowing what other industries cross over into each other, you may have an extra chance to secure some outside funding as well.

Tactic #4: Knowing how much you need

A major problem when small business owners apply for government funding is over asking, or not asking for enough.

As a business owner, you need to apply based on your needs – this is why the step to develop your business plan and know how much you need is definitely key to your government funding success.

While it would be great to get as much as you “can”, the goal should be to ask for only what you really need – often initially within the initial 3 to 6 months process (or as much as 1 year).

Over asking can result in your government funding applications getting denied, and not asking enough could result in you not having enough capital to operate your small business.

Remember, the breakdown will always help you determine how much you need and will allow you to apply to multiple programs – getting you all the funds you need.

Tactic #5: Get expert help

It’s easy to want to get it all done on your own – but getting expert help will be great advice we can give you.

Think of it like fixing your car – you can try on your own, but always better to get an expert to get this done for you.

You can do your own taxes – or get an expert to do it right.

You can make food at home, but a restaurant can often make it better.

When it comes to your small business unless you are a pro and understand what the perfect business plan is; how to project your financials like an accountant, or know what government funding programs to apply to – or even where to find them – you probably need help.

Don’t be shy to ask for help. Delegation is a great skill to have, especially when it comes to running your own business.

With Canada Startups, and working with the Small Business Startup Platform, you will get access to experts who work with you 24/7, assist you with your small business plan, financials, the pitch, finding government funding, applying and much more.

These are the top 5 foolproof ways to help you and your small business get more government funding.

Follow the advice, build your business plan, know how much you need and don’t be afraid to ask for help.