Small business funding is out there, but can be overwhelming/confusing. Let’s not even get into how many hoops you have to jump through sometimes! Throughout the pandemic, we’ve helped some of our clients to navigate the funding process and we want to help you too.
Plan it out!
A business plan can be time-consuming, detailed work, but it is necessary. The effort that you’ve made to produce one will not go unnoticed by potential lenders and investors. A business plan will help determine how much money you need and how quickly you can repay it as well as define your target market and set the goals you want to achieve.
Potential funders/grantors want to hear all about your big idea. They want to feel your energy, see your work ethic and share your vision for the future. They also want to know you’re going to pay them back or that you are business is worthy/would benefit from the grant. The best way to demonstrate that your head is in the right place is not with words, but with numbers — financial details.
Prepare financial projections for at least 1 to 3 years. A P&L statement can be even more important than the business plan. Get very detailed about expenses, margins, overhead and product development costs. This will give you a good guide to see if your business idea is actually viable or if your existing business can handle the increased debt.
Know the Options
From crowdfunding to angel investors or government funding and grants, the list of possible funding options is huge. Thoroughly researching each of them requires time and patience; but identifying the right one can greatly affect your chances.
All of this has prepared you for the final step —asking for money. Whether presenting , meeting one on one with a banker, or selling an agency on why you deserve funding, you must have a compelling story. Before you make the pitch maybe have colleague look it over or test your pitch with friends to work out all the kinks.
There are many different places to find funding and grants these days, especially since the government opens up new programs on what feels like a daily basis. It can be easy to get lost in all the updates. I have listed a few places below that you may want to use to start your search.
https://paro.ca/ ( This is a non-profit that also offers free advisor support to women entrepreneurs and can assist you in finding the right funding)
https://innovation.ised-isde.canada.ca/s/?language=en_CA( Funding/Benefits finder)
Send us a message if you need help with any funding applications…we are here to help!