Being an entrepreneur is an incredible job with fantastic opportunities. However, with it comes a lot of challenges and difficulties. A sign of a great entrepreneur is someone who is a strong leader, and is willing to do whatever it takes to achieve their goals. They persevere through difficult times and guide their employees towards success without losing their temper. A CEO must be the glue that holds the company together and the moment they give up, the entire thing will come crumbling down.
The main downfall of almost any entrepreneur is being too prideful to ask anyone for help. The owner of a company will be so passionate about it, that sometimes they struggle to reach out for help. They think they can do everything themselves, when it would be a lot easier to simply look for a resource for help. The moment you begin to open yourself up to other people and collaborate, is the moment your business will start to grow even further.
The Government of Canada wants your business to succeed. A successful small business grows our economy and also provides new jobs for the people of Canada. This is why the Government has set aside millions of dollars in funding for businesses across the country. Every level of government: federal, provincial, and municipal; has these grants available for you to apply to. So how can you tell that you need help from the Government through funding?
The easiest way to tell that you need government funding help is to look and see how much capital you have for your business. Is it enough to run it for a whole year even if your sales are low? Will your business survive in those first couple years when you are just starting to build a clientele? After finishing a detailed budget, you will be able to see your operational costs and if you will need more. If you are struggling turning to the Government for help is very important.
However, even if you feel like you are not struggling and have enough money of your own, or from another source of funding, it is still wise to at least research and apply to a few grants from the Government. As a small business you can never have too much funding. Funding allows you to continue to grow and also stabilize your business in case of some emergency in your field. There is nothing bad about at least applying and if your application is successful, it will definitely help you out.
In order to even be eligible for Government Funding, you will need a detailed business plan and budget. This will help explain what exactly your business is and where the Governments money will be going. There is a lot of competition when applying for these business grants, so it is crucial that your plan is concise and convincing to the Government that it will be a success! Try using our Business Plan Builder tool to create a professional business plan.
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