If you have a small business in Canada or have thought about starting up, you most likely have considered or heard about government funding. The Canadian government supports it’s entrepreneurs through various funding programs in order to build a stronger entrepreneurial economy. In order to get funding, an individual or a business owner must search and apply, however there are the right ways and the wrong ways to search for government funding. Today, we are discussing the 5 wrong ways to search for government funding so you can learn and apply to your own funding search strategy.
Government funding is available all across Canada for many different industries and for various funding needs. The funding available can help you pay for:
- Hiring and Training Costs
- Advertising and Marketing Costs
- Tools, Equipment and Supplies
- Leasehold Improvements and Renovations
- Research and Development
- To Improve Cash Flow
- and more
The funding available can come in many different funding types such as:
Searching for government funding is a little bit of a complicated process, considering that there are over 900 different government funding programs all across Canada from various funding agencies, not all programs are easily accessible on the web. Thus many small business owners have a difficult time to locate these funding programs. At no fault of the government, but since all agencies have difference marketing strategies where some promote the programs and some don’t, usually 3rd party sources providing government funding information is the best way to go to get the most up to date info on how to apply.
To find the best programs which may be for your business, search in your province, your industry and for your exact funding needs.
5 Wrong Ways to Search for Government Funding
Searching for government funding isn’t always as easy as just googling “government funding” and clicking on whatever result comes up. Not all programs are for you and not all business are eligible to get government funding. So here are the 5 wrong ways that people search for funding and simply don’t get anywhere. Be sure to learn and avoid doing the same in your search.
- Assuming that there is only “one government” that provides funding
- Searching only locally for government funding help
- Searching and applying for any amount of money
- Searching the wrong way or in the wrong place
- Searching for funding right when you need the money
If you assume that there is only one government that gives the funding, as in “the Canadian government” you won’t get very far. While you are right, the Canadian government is who allows for the programs, the individual agencies are often the ones you need to apply to and not just the “main government”. Each agency has it’s own criteria and requirements and most of the time these agencies don’t know much about others that may or may not be available – only their own.
When searching for funding be sure to look at all levels of the government; local, provincial and federal.
If you search only locally you are making a mistake because your local government may or may not have any funding available. If your local government doesn’t have any funding support, don’t give up as it’s possible that the province may or the federal government may, so looking outside your own city is often highly recommended.
Many small business owners also make the mistake of looking for any amount of money to help, for anything and everything. If you are unsure of what you need and are just willing to accept any funding, you most likely don’t have a business plan. Not having a business plan is often the biggest mistake a business owner can make when searching and applying for funding.
It’s highly recommended to know what you need funding for before you start your search. Know how much you want and need, and what you need it for exactly.
Another mistake that people make often is searching for funding in the wrong way or at the wrong place. It seems like an obvious thing to remember but you’d be surprised how many business owners search for funding the wrong way and never end up finding anything. Many people will only search for “grants”, but the term grants can be very general and many not be specific to your funding needs. You may also be searching for funding on the wrong website or the wrong place. The most recommended is to search for funding using our Funding Finder Tool.
The last point where many people make the mistake on is searching for funding at the wrong time, as in the time when you need funding.
Funding from the government can take between a few weeks and it can take up to a year sometimes, depending on the complexity of your application, your funding needs and the overall business request. If you need funding today, you are already too late. It’s highly recommended to search for funding ahead of time to ensure maximum success.
Use these 5 wrong ways to search for government funding, and avoid them when searching for your small business.
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