If you follow CanadaStartups you will be in for a treat. This is the guide to getting Government Funding For Your Small Business.

Most of our members who register for our Small Business Startup Portal end up starting their business, building their business plans, using our experts day in day out and get the help they need to locate the government funding programs for their business needs.

We are going to do the same for you and hopefully you will listen and follow direction as the rest of our members. We are going to tell you today how to get government funding for your small business in Canada (new or existing). Be sure to read on to the next steps to getting government funding.

This is the perfect time to get into business! You have the entire year to show “them” who’s boss. Them being, your friends, family, your ass**le of a boss..etc, or maybe you just want to be your own boss for your own sake and benefit. Whatever the case may be, these are the steps that will get you to success.

So let’s get started.

Please note while you read these steps don’t just assume it’s reading material – it is not. This article, or guide is an interactive one where you must engage in order to benefit. If you don’t want to, don’t read on as this is only for those serious entrepreneurs not the dreamers.

Do you have a small business?

The first rule of getting government funding for your small business is to actually have a business. No it doesn’t have to be a business making a ton of money, or any money at all. But it does need to be a registered business.

Weather you are just starting up (brand new or under a year); or if you have an existing business, government funding is definitely an option for you to consider.

If however you don’t have a business and don’t have an idea yet consider taking some time to figure it out before you move on to the next step.

It’s never a good idea to work the “funding search” backwards. And by that we mean don’t look to see what may be available in terms of funding and gear your business towards the funding; instead – figure out your business model, figure out your needs and then search to see if there is help.

Trust us, the proper type of search goes far!

Write your quick paragraph and send it to us right here.

Be sure to not skip this step as this is a critical step to getting government funding for your business!

Do you have a business plan?

Assuming that you read the first section correctly and know that you need to have a business idea or an existing business before you move further in the steps, then you will have no problem answering this questions – do you have a business plan?

And of course you have a business plan in terms of what you want to do or what you’re already doing as a business, but do you have a business plan on paper, written down along with all of the necessary steps that are considered the norm of a well developed business plan?

If you have a business idea, having a well developed business plan that is a physical or a digital document goes a long way. This document acts as a guide to the success of your business and is a critical document that is very much needed when applying for government funding.

Why?

Well simple actually. Before anybody, in this case a government agency decides to give you money  which they may potentially never see returned, they want to ensure that their investment in you and your business is worth it.

While a business plan isn’t always accurate or 100% for sure, it is a practical guide that allows these government agencies learn more about you and your business, your strategies and goals.

Before moving on to the next step be sure to answer the following:

Do you have a business plan?

If yes, go on to the next step!

If no, take some time to get started with the Canada Startups Business Plan Builder Tool. Did you know that it was actually rated the #1 user friendly business plan builder tool of 2018?

May not mean much to you, but it should! Considering how many different “business plan tools” and strategies are out there, and every single person telling you that they are the expert, following a recommendation of a highly reputable company who reviews “business plan tools” and takes some of the world’s top tools reviews them – to find ours to be the #1 user friendly – that means A LOT.

So if you don’t have a business plan yet – be sure to use the tool and develop your business plan. It is critical and highly necessary before we move on to the next step.

Does your business plan cover the necessary sections needed for government funding?

When writing a business plan and we mean a real business plan there are certain things that the plan should include. Depending on where and what you read on the web, somebody might be telling you to include certain things or to not include certain things. Somebody might be telling you that a one page business plan is okay. Or maybe no plan is okay.

We get it, you’re looking for help and you simply don’t know who to listen to.

What is the perfect business plan?

Well you are in luck because we actually did a little guide for you titled “Creating the Perfect Startup Business Plan”, funny how it comes in handy!

Be sure to read it. This is one of those tests! Are you serious about starting up? Do you really want to succeed with your business? If yes, follow the step and see what it takes to write the perfect business plan.

In summary, the perfect business plan will typically include the following elements:

• The Executive Summary
• Business Overview
• Operation Plan
• Market Analysis
• Products/Services
• Sales and Marketing
• Competitive Ansysis
• Management Team
• Financial Plan and Projections

Yes seems like a lot of stuff. And yes you may have seen business plans not have these sections which is still fine, but we are talking about the perfect business plan here. Not all business plans are perfect.

Do keep in mind when writing a business plan, depending on who is writing and what the purpose of the business plan is, it may not have the exact wording for each of the sections mentioned above, but it does and should answer the components.

Be sure to read the article on Creating the Perfect Startup Business Plan to get a better understanding of what to put in each of the sections and most importantly how to gear your business plan towards the government funding search!

In closing of that, it brings us to our next section – a critical piece of this guide which will help you get government funding for your business so be sure to read on!

Why do you need government funding for your small business?

Getting government funding for your small business (new or exiting) is like a dream come true.  Right?

It should be, if you actually need the funds.

A BIG MISTAKE that a lot of entrepreneurs make is not properly planning when it comes to funding.

This is why the question why do you need government funding comes into mind.

It’s actually one of the easiest questions on this entire guide that you should be able to answer.

Why do you need the money?

Sure you can say “well because I want to start my business”, or “I need to cover the costs of my business”, which is fine – there is funding for that but before you jump in entirely and start depending on the government funds, you really need to know if you really need the funds.

And the perfect way to determine the funding need is to complete your business plan.

You might be saying right now “I know that I need funding”,  which again is completely fine – you know your business and your needs the best but when it comes to government funding it is important to know what you need funding for, how much funding you need and when you need the funding by.

Government funding isn’t easy to come by. Your business plan has to be perfect, you have to meet the conditions set by the funding agencies, you don’t get to chose a grant, or a loan or how much you get – but you can ask for what you need.

So let’s get to the money.

How much do you need in funding?

If you’ve completed your business plan and the financial plan with the projections, knowing how much funding you need (in terms of obtaining additional funding and not your own) should be no problem.

Just break it down.

Your financials and financial projections will tell you exactly what is outstanding or what it is that you need the funding for – and how much.

A key point to remember when seeking funding is asking the right questions or better yet asking for the right amount.

Here are a few tips to do that:

Tip 1: Don’t ask for a lump sum of money just because you think you’re going to get it. Sure everyone could use a million bucks, but realistically you will need to back the needs up within your financials. Be sure to ask only for what you need.

Tip 2: Don’t ask for a ridiculous amount. Blunt, yes. But it’s true – just trying to save you some time here. If your revenue is let’s say $100,000 in one year and your profit is 30%; don’t apply for $500,000 – it won’t work.

Tip 3: Break down your funding needs based on the specific needs since there are different programs for different funding needs.

What do you need the funds for?

What you need the funds for and how much you need in terms of funding goes hand in hand. If you know how much you need, you should not what you need the funds for.

Think about what you need to grow your business. Is it employees that you need to hire? Do your employees need to be trained? Maybe you need money for advertising to make it boom? Perhaps money to help you buy the new machinery/tools and equipment?

Whatever the case is, in order to grow your business you need that thing (whatever that may be). This becomes the perfect funding need.

When you are looking for funding, again the most important rule is to not ask for a lump sum and to group all of your funding needs together.

Yes you need funding for your business, but what do you need it for?

This is important and very much needed when breaking down your funding needs along with the proper funding amounts per each need.

The reason: since there are hundreds of different government funding programs, not all funding programs provide funds for every single funding need.

Some programs provide monies only to those starting up, while some only to those that are existing for 1 year plus. Certain programs only fund those in need of funding to pay for marketing, while others only for those who want to hire and train staff.

Breaking down your funding needs will ensure that you are able to not only apply to one funding program but to multiple programs for each of your funding needs. This will give you a greater chance of obtaining the funds you need.

Does your business plan clearly state this?

So you’ve completed your business plan and you think you are a pro. You’re ready for the funding search to begin, right?

Well, maybe.

A funding search requires a unique business plan. The business plan must be geared towards your funding search.

So go back into your business plan and answer the following question.

Does my business plan clearly state why I need funding? What I need funding for exactly? And how much funding I need?

While you may have added the figures into your financials, do you talk about your funding needs elsewhere?

A critical piece of a business plan, especially when applying to various funding agencies in hopes to get funding, so be sure to have it ready!

Get an expert to review your plan right now!

Sometimes but more likely most of the time, unless you are paying a few thousand dollars for a professional business plan, your plan won’t be 100%. This is a fact (unless you are a professional business plan writer).

The best thing to do is to have an extra pair of eyes look at the plan.

If you’re looking for funding, every single little thing counts.

It could be a spelling mistake, not answering something correctly, confusing the reader, the formatting of the plan, whatevet the case is, having somebody else take a look at your plan and perhaps review the plan for you will go a long way.

Hopefully that one to review your business plan will be a real business plan expert.

And this is exactly where we come in. The CanadaStartups Experts have years of experience writing and reviewing business plans. All types, all industries and successfully obtaining funding.

Getting your business plan reviewed is very simple. Once a member of CanadaStartups.org, you simply upload your business plan and send it in to our experts.

Shortly after, your business plan will be reviewed by the experts who will provide actionable feedback to help you improve your plan and prepare you for the next step; finding the government funding programs which you will have to apply to.

Let’s find that government funding for your small business (2 steps)

Finding the government funding for your small business is one of the biggest steps to getting your funded.

Where do you look?

Which programs are for you?

How do you apply?

In this section of the guide we will present to you two options to finding the government funding for your small business.

The first being “the do it yourself way”.

Not a fun one but a free and a do-able one.

We found that on average, a small business owner searching for funding on their own using the government website, calling local government departments and searching online typically find some help within 4 to 6 weeks.

Doesn’t seem like a lot of time, but as a small business owner looking to start up or to expand your business – time is money.

In our experience, an average “funding searcher” finds 1/8^th of the funding programs available by the government. Which means you are simply missing out  on A LOT.

So if you want to try the “do it yourself way”, go take a look at the government website, search on Google and see what you come up with. We are to help you with the business plan and any questions you may have.

BUT, if you’re looking for the easy and quick way to finding government funding programs, we got the way.

The Funding Database. This is a tool developed by our experts here at Canada Startups which actually helps you locate all available government funding programs across Canada – all in one place.

So no more searching on Google trying to figure out the program name, or the website, or if you qualify – when you use the Funding Database you are simplifying your search.

All you have to do is search for programs in your area, in your industry and for the specific funding needs and click go!

We’ve actually done a quick walk though of the Funding Database right here for you to see. Be sure to click on your province to get started and see the steps.

The Funding Database will allow you to locate all programs, to read about who they are for, what they offer, how much they offer along with the criteria and the qualifications you must meet to get funded.

To get your access to the Funding Database and to save yourself the time, register right here.

The very end…

The last step – getting the funding.

This is the exciting part of it. To actually get the government funding for your small business you have to make sure you’ve completed your business plan, that you know how much funding you need, what you need it for and by when you need it by.

You also have to make sure your business plan shows this – and that you’ve had an expert review your plan. The last thing you want is to be denied funding because of a simple mistake or problem in your plan.

Once you’ve covered the basics, using the Funding Database (or on your own) you will need to locate the funding programs that may be right for you.

This usually means programs that you meet the eligibility requirements for and that are in your area, for your business industry and for the funding needs you have.

When all this is done and you have a few programs lined up – it’s time to apply.

Keep in mind that as a member of Canada Startups you also get expert help in searching for the funding programs. So no more head aches of trying to figure out what’s the best program, just let our experts know and they do the search for you and provide you with a personalized funding report.

So once you’ve got the programs, applying is fairly easy.

Fill out the application forms and be sure to follow the instructions to the “t”. A simple mistake could mean the difference between success and failure and your application getting denied.

Be sure to confirm that you meet the edibility requirements, that the criteria is met and that the program deadline has not expired. Send the application in, sit back and wait for the response.

Depending on the program you apply to and the time of the year you apply – a response time may vary from a few weeks to a few months.

As a member of Canada Startups you are also provided the access to the experts who can help you with the application process as well – so be sure to get in touch!