Beginners Guide: Finding Government Funding For Your Business Startup

As a small business owner or startup entrepreneur, your first though 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 helping small business owners startup and expand their businesses.

So are you ready to get a piece of that pie and get your small business funded?

This Beginners Guide to Finding Government Funding can help you get started on your funding search.

It is really simple actually….

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 with the Business Plan Builder Tool.

Next you need to know what you need money for.

Is it to help you startup, set up your business, hire employees, purchase tools and equipment, for marketing/advertising?

Figure out what you need money for exactly.

Why?

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.

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 get your needs. If you are purchasing a new truck for your business be sure to research costs of trucks in your area..etc

Remember that you don’t need to get all of your funding in one place (or one government agency/program). If you do it right, multiple funding agencies can give you a piece to make your total funding goal. But careful planning does it.

The last step is to be impressive!

Just like if you were going to the bank for a loan, you are promising the bank that you will pay it back, and you are asking them to trust you.

The government and government agencies are no different. Why would they give you money?

Ensure you create a good enough 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 don’t hear back
• Only apply if you meet the criteria/requirements
• Don’t ask for too much or tool little
• Have a detailed business plan
• Practice your presentation/pitch
• If you fail…try again