Searching for funds is one of the biggest challenges new entrepreneurs are facing in Canada. If you are thinking about starting your own small business in Ontario, you might be wondering how you will be able to get a grant or a loan to help you meet your goals.
Many government grants for small businesses are available in the province, but your small business will certainly not have access to all of them. Here is how you can get a grant for your small business in Ontario.
1. Define your small business idea
Before you even try to figure out how much money you will need to start your small business, you should clearly define your idea. Many grants for small businesses offered by the government are only available to business owners in specific categories.
For example, there could be grants for young entrepreneurs, for minorities, or for businesses in different sectors of an industry. Figuring out which categories your business idea falls in will help you find the right grant for your needs.
2. Think about how your small business can help the economy
It should be easier for you to get the grant you need if you can demonstrate that your small business will help the economy of the province, or create a positive change in your community. If you can fulfill a need or create many new jobs in your area, your grant application should be successful.
While searching for a grant, keep in mind your vision about how your business should be able to help the economy in the near future.
3. Write down your detailed business plan
Writing a detailed business plan is a step that no entrepreneur should ignore. It becomes even more important if you are thinking about applying for a grant. Your business plan has to present your business goals and processes, as well as your needs and your expectations.
The quality of your business plan could make all the difference between seeing your grant application get approved or denied, so make sure not to neglect this step. Get some help from a professional if you are not sure how to prepare a great business plan.
4. Research government grants for small businesses
The internet is of course the best place to search for grants for small businesses. Start by searching for a list of grants offered by the Canadian government, and try to determine which ones would be a good fit for your business.
You should be able to find at least a few grants that can meet your needs, available for entrepreneurs in a situation similar to yours.
5. Research other grants and loans available
If you are not sure if grants offered by the government can meet your needs, there are also a number of private foundations offering grants for small businesses. You should be able to find many of them online.
Research all of your options, and be sure to find more information about all the grants that interest you, so you will know how to apply, and when you should apply to respect any time limit.
6. Send in your application
Once you have found at least one grant that would be perfect for your situation and for your business goals, go ahead and prepare your application. Your business plans, your goals and your ideas to help the economy should be an important part of your grant application.
Many grants have limited funds, so make sure to apply early if you don’t want your business to be left out.
