Starting out as an entrepreneur in Canada is a very exciting and rewarding experience. However, as with all business ventures, it does come with its fair share of bumps along the road. One of the hardest aspects of starting up your business is definitely the first couple years and getting it up off the ground. This is usually the time when most businesses fail, as they simply cannot stay alive long enough to raise a clientele. However, we want to make sure this does not happen to you, as there are fantastic ways in this country to stay afloat and to start out strong.
One of the main reasons businesses fail in the first couple years is that they simply cannot raise enough capital to keep their business going. If not enough capital is raised, costs will get too high and it will eventually have to close. This is why before a business is even started, enough capital has to be raised knowing it may take some time to return a profit. I promise you that almost every business in Canada started this way as it does take some time to market and close some sales, or market and sell your service.
Many Canadians simply do not have the money to raise the capital themselves and so they turn to friends or potential investors, eager to be a part of the next big thing. However, one investor that you should really look into is the Government of Canada. Begin to realize that the Government definitely wants your business to succeed. If your business prospers, then there will be more jobs for Canadians and in doing so with further and strengthen our global economy.
This is why the Government has a lot of funding set aside to help new businesses and established businesses especially during those first few foundation years.
Creating A Business Plan
In order to get funding from the Government of Canada, you must have a concrete business plan in order for them to take you seriously. The Government has strict criteria for who they give money to, because eventually they want to see a return on their investment.
Without a business plan, you lose credibility and you will never get even a single dollar of funding. If you have never created a solid plan, with a budget, it can definitely be difficult doing it for the first time. We offer the tools necessary to create a fantastic Business Plan Builder Tool that helps you craft a professional personalized business plan that the Government will respect, moving you even closer to obtaining funding. As well, there are so many grants and funds out there that it can be difficult to know exactly what one you qualify for. Another tool you can use is our Funding Database, which has over 1500 sources of information on funding programs throughout the Canada.
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