How to Become a Business Owner in Canada

by Tyler Bailey

14 August 2023

Starting a business in Canada, with its strong economy and entrepreneurial spirit, provides countless opportunities for individuals to become successful business owners. If you are considering starting a business in Yukon, Canada, this comprehensive guide will offer valuable insights to help you navigate the process. From conducting market research to legal considerations, these steps will set you on the path to becoming a successful business owner.

Conduct Thorough Market Research:

Before plunging into the world of entrepreneurship, it is essential to conduct thorough market research. Understanding the target audience, competition, and demand for your product or service is crucial for long-term success. Consider the following aspects while conducting market research:

– Identify your target market: Determine the specific demographics, preferences, and needs of your target audience. This will help tailor your business model and marketing efforts effectively.

– Analyze the competition: Study existing businesses in your niche to understand how they operate, their strengths, and areas where you can differentiate your offering.

– Assess demand: Identify the demand for your product or service by analyzing market trends, consumer preferences, and potential growth prospects.

Create a Detailed Business Plan:

A well-crafted business plan acts as a roadmap for your business and is a prerequisite for securing financing and attracting potential investors. Here are some key elements to include in your business plan:

– Executive summary: Provide an overview of your business idea, target market, and financial projections.

– Company description: Outline the nature of your business, its structure, and legal form (sole proprietorship, partnership, corporation, etc.).

– Products and services: Detail the products or services you intend to offer, emphasizing their unique selling propositions.

– Marketing and sales strategy: Outline your marketing approach and how you plan to attract and retain customers.

– Financial projections: Include detailed financial forecasts, such as income statements, balance sheets, and cash flow statements, for at least the first three years of operation.

Understand Legal Considerations:

To successfully operate a business in Canada, it is crucial to understand the legal aspects involved. Consider the following factors:

– Business registration: Register your business name and structure with the appropriate provincial and federal authorities, such as the Corporate Affairs office.

– Tax obligations: Familiarize yourself with the tax obligations for businesses in Canada, such as GST/HST, payroll taxes, and corporate income tax.

– Permits and licenses: Determine if your business requires any permits or licenses to operate legally. Check with local authorities or industry-specific regulatory bodies.

– Intellectual property protection: If your business relies on unique ideas, inventions, or creative works, consider registering trademarks, patents, or copyrights to protect your intellectual property rights.

Secure Financing:

Starting a business often requires significant financial investment. Explore the various financing options available to fund your venture:

– Personal savings: Utilize personal savings to bootstrap your business, reducing the need for external financing.

– Loans and grants: Research available government grants, loans, and subsidies to support Canadian small businesses. Financial institutions, such as banks and credit unions, also offer business loans.

– Venture capital and angel investors: Consider seeking investment from venture capital firms or angel investors who are interested in supporting promising startups.

– Crowdfunding: Explore the option of crowdfunding platforms to raise funds from a large pool of micro-investors who believe in your business idea.

Build a Strong Support Network:

Building a strong support network is crucial for your success as a business owner. Surround yourself with knowledgeable mentors, industry professionals, and like-minded entrepreneurs:

– Join local business organizations and industry associations: Networking events and resources provided by these groups can be invaluable for sharing knowledge and experiences.

– Seek guidance from mentors: Connect with experienced business individuals who can provide guidance, advice, and mentorship throughout your entrepreneurial journey.

– Build relationships with suppliers and customers: Establish strong relationships with suppliers and customers as they can play a vital role in the growth of your business.

– Skip the guesswork and partner with our Small Business Startup Platform. Our seasoned experts will provide invaluable insights, helping you build a robust business plan that aligns with government funding criteria in Yukon.

Becoming a business owner in Canada is an exciting endeavor, and it requires careful planning, market research, legal considerations, financing strategies, and a strong support network. By thoroughly understanding each of these steps and executing them meticulously, you will be well on your way to building a successful business in Yukon, Canada. Embrace the challenges, stay persistent, and remember that entrepreneurship is a journey of continuous learning and growth.

Funding

Unveiling the Challenges and Triumphs of Yukon’s Small Business Startups

by Tyler Bailey

7 August 2023

Setting up a small business can be an exhilarating venture, but it’s not devoid of hurdles. In Yukon, Canada, an array of startups are launched every year, yet many of them face considerable challenges that lead to untimely shutdowns. In this article, we navigate the labyrinth of factors contributing to small business failures in Yukon, offering valuable insights to steer your startup clear of common pitfalls. We will also spotlight successful businesses, showcasing their approach to overcoming these challenges, thus transforming your business into a thriving enterprise.

Understanding the Terrain: Why Small Businesses Struggle

Market Research Missteps: Entrepreneurs often underestimate the importance of in-depth market research. Understanding market trends, and consumer demands, and developing a unique value proposition is critical. However, many startups neglect this, leading to product-service mismatch and a lack of competitive advantage.
Financial Pitfalls: Insufficient initial capital, lack of a robust financial plan, and inadequate financial management often result in a startup’s demise. Many Yukon businesses struggle to sustain through the initial stages due to these challenges.
Lackluster Branding and Marketing: Many startups fail to invest adequately in branding and digital marketing, limiting their visibility and reach. In a digitally-driven era, overlooking online presence can severely hamper growth.
Weak Strategic Vision: A lack of a comprehensive business strategy often results in startups losing their direction. Poor goal-setting and an inability to adapt to a changing business landscape are also major stumbling blocks.
Poor Leadership and Management: Successful startups are built on solid leadership and effective team management. Startups often falter due to poor leadership skills, inefficient operational processes, and an inability to motivate their teams.
Intense Competitive Landscape: Yukon’s market is rife with competition. Startups struggle to establish a market presence due to limited customer bases and high operating costs.
Limited Networking Opportunities: A lack of networking resources and collaborative initiatives can prevent startups from accessing valuable opportunities, partnerships, and mentorship, leading to failure.
Regulatory Non-compliance: Non-compliance with local and industry-specific regulations can lead to legal disputes and penalties, adding to the startup’s challenges.
Failure to Leverage Technological Advancements: Ignorance of technological advancements leads to operational inefficiencies and loss of competitive advantage.
Negligence Towards Risk Management: Startups often fail to identify potential risks and formulate suitable risk management strategies, exposing them to severe problems.

Learning from the Best: Success Stories from Yukon’s Startups

The thriving business landscape in Yukon offers an array of success stories for budding entrepreneurs to draw inspiration from. These businesses have managed to overcome the aforementioned challenges, navigating their way toward sustainable success. They’ve understood their market, allocated appropriate financial resources, formulated robust strategies, and leveraged technology while remaining compliant with the regulations.

A few notable examples include:

Arctic Aurora – A Sustainable Cold-Climate Greenhouse

Business Overview: “Arctic Aurora,” a cold-climate greenhouse business, has become a remarkable success story in the heart of Yukon. The venture was started by a duo of experienced horticulturists, Jane Davis and Lily Moore, who wanted to address the issue of food security in the region. They established Arctic Aurora with the mission to grow fresh, sustainable, locally sourced produce year-round in Yukon’s harsh climate.

Challenges and Overcoming Them: The primary challenges the founders faced included securing funding, building a sustainable growing system in a cold climate, and convincing the local market to buy their premium-priced produce.

Jane and Lily overcame these hurdles by presenting a detailed business plan to the local government’s entrepreneurial funding program, highlighting their solution’s role in addressing the community’s food security issue. This led them to secure an initial grant to kickstart their business. For the technical challenge of growing in a frigid climate, they partnered with agricultural researchers and innovators to design a sophisticated, energy-efficient greenhouse that utilized solar energy and geothermal heating.

The duo used marketing campaigns to educate the local community about the benefits of consuming locally-grown, sustainable produce. They also worked with local retailers and restaurants, offering them high-quality, fresh produce that tasted better and lasted longer than imported alternatives. This strategy helped them create a steady demand for their products, ultimately leading to Arctic Aurora’s success.

Klondike Cyber Solutions – Custom Software Development

Business Overview: “Klondike Cyber Solutions,” started by two software engineers, Tom Wilkins, and Bill Gurgus, is a custom software development firm catering to small and medium-sized businesses in Yukon. Recognizing the region’s digital gap, they launched their venture to offer custom software solutions that helped businesses streamline operations, boost productivity, and embrace digital transformation.

Challenges and Overcoming Them: The biggest challenges they faced included the lack of local talent, competition from larger tech companies, and convincing traditional businesses to invest in digital solutions.

To tackle the talent shortage, they established a partnership with a local college to offer internships and job placements for computer science students. This approach helped them secure bright, eager-to-learn local talent and fostered a positive relationship with the community.

To compete with larger tech companies, they focused on providing personalized, local service and leveraged their in-depth understanding of the local market to create customized solutions that perfectly met their clients’ needs.

To convince traditional businesses of the need for digital transformation, they organized free seminars and workshops showcasing the benefits of their solutions, such as cost savings, increased efficiency, and enhanced customer experience. They also offered trial periods for their services, allowing potential clients to see first-hand the difference their software could make.

This three-pronged strategy helped Klondike Cyber Solutions overcome its challenges and establish itself as a successful small business in Yukon.

Embarking on your successful startup

The entrepreneurial journey in Yukon may be fraught with challenges, but the story doesn’t end there. With meticulous market research, solid financial planning, innovative marketing strategies, strong leadership, and an understanding of the competitive landscape, Yukon startups can transform these challenges into opportunities for growth. As exemplified by Yukon’s successful businesses, diligence, strategic planning, and an understanding of potential pitfalls can fuel the journey toward long-term viability and profitability. There’s no dearth of success stories in Yukon – your business could be the next one.

Funding

Small Business Startups: Top 13 Mistakes to Avoid in Yukon, Canada

by admin

31 July 2023

The path to entrepreneurial success can be a thrilling yet challenging journey. Recognizing the common blunders made by entrepreneurs can equip you with the knowledge to navigate the hurdles, saving crucial time and resources. In this revised guide, we now explore the top 13 small business startup mistakes, providing strategies to circumvent them. Regardless of your chosen business field in Yukon, Canada, this guidance will give you the tools for a successful launch.

Overlooking Market Research

Critical missteps entrepreneurs often make skipping comprehensive market research. Identifying your audience, scouting competitors, and understanding industry trends can offer indispensable insights that refine your business strategies.

Neglecting Adequate Planning

Failure in proper planning can wreak havoc on your startup. A holistic business plan outlining your goals, marketing strategies, and financial forecast will pave your way to success and equip you to tackle setbacks efficiently.

Mismanaging Finances

Poor financial stewardship is a common downfall. Establishing a solid financial system, tracking expenses, and monitoring cash flow from the get-go will facilitate informed decision-making and preclude monetary disasters.

Ignoring Branding Essentials

Many small business owners underestimate the power of branding. It fosters a unique identity, setting you apart from competitors. Dedicate resources to craft a compelling brand image that attracts customers and fosters loyalty.

Sole Dependence on a Single Customer

Heavy reliance on one customer poses a significant risk. Diversifying your client base shields your cash flow from the impact of losing a significant customer, ensuring steadier revenue.

Ineffective Marketing

Without adept marketing, even top-notch products can struggle to thrive. Ignoring marketing or digital strategies can stunt your business’s growth. Diversify your marketing techniques to maximize your reach and tap into your target market.

Resisting Market Adaptation

Markets and consumer needs evolve constantly. A failure to tweak your offerings in line with these changes can lead to a loss of relevance. Monitor market shifts diligently and adjust your strategies accordingly.

Underestimating Competition

Overlooking the competitive landscape is a typical entrepreneurial error. A detailed competitor analysis can equip you with insights to differentiate your business and carve a niche in the market.

Recruiting the Wrong Team

Hiring the right team can accelerate your startup’s success. Onboarding individuals who don’t align with your vision can hamper growth. Focus on recruiting talented team members who resonate with your company’s vision.

Ignoring Regulatory Compliance

Compliance with legal requirements is crucial. Overlooking local laws and regulations can lead to legal disputes and damage your reputation. Ensure you stay updated with all relevant regulations in your industry and locale.

Misaligned Value Proposition

Your product or service should offer unique value that meets market needs better than competitors. Many businesses fail to match their value proposition with market demands, leading to underperformance.

Neglecting Customer Service

Quality customer service boosts your reputation and customer retention. Aim for excellence in customer service from the outset to build a loyal customer base.

Overlooking Networking and Mentorship

Successful entrepreneurship often relies on strong relationships and guidance. Ignoring the power of networking and mentorship can limit growth opportunities and the valuable advice mentors can offer.

Building a small business demands vigilance, strategic planning, and awareness of potential pitfalls. By understanding and dodging these top 13 small business startup mistakes, you can enhance your chances of success in Yukon, Canada. Embrace these insights, learn from other’s experiences, and strive for continual improvement. Your commitment and proactive approach will help drive your business to new heights, guaranteeing sustainable profitability.

Skip the guesswork and partner with our Small Business Startup Platform. Our seasoned experts will provide invaluable insights, helping you build a robust business plan that aligns with government funding criteria in Yukon.

Funding

Unlocking Yukon Investment Opportunities: What Private Investors Seek in Your Pitch Deck

by admin

24 July 2023

Essential elements for crafting a pitch deck to attract private investors in Yukon: A comprehensive guide

Venturing into entrepreneurship in Yukon, Canada, demands not only a ground-breaking business idea but also an impressive pitch deck to win the hearts and wallets of private investors. A well-crafted pitch deck paints a vivid picture of your business concept, its potential, and your roadmap to profitability. The potency of a pitch deck in the fundraising journey cannot be underestimated. This article digs into the critical elements that Yukon’s private investors search for in a pitch deck, providing you with a compass to navigate the funding terrain successfully.

Section 1: Distinct Problem Statement

At the core of a solid pitch deck is a well-defined problem that your business intends to solve. Private investors in Yukon look for entrepreneurs who have spotted a significant gap in the market and have ingeniously designed a solution to bridge it.

To captivate investors, it’s crucial to depict the problem clearly, backed by compelling statistics, market research, and real-world examples. By displaying an in-depth understanding of industry dynamics and the shortcomings of existing solutions, you can underscore your business’s significance and the untapped opportunities it harbors.

Section 2: Stand-out Value Proposition

What sets your business apart? Private investors in Yukon are keen on identifying your unique value proposition, a cornerstone that propels customers to choose your offerings over the competition. Whether it’s price, innovation, superior quality, convenience, or customer service, accentuating these unique selling points can convince investors of your business’s growth potential.

Support your claims with potent visuals, relevant data, or customer testimonials to paint a compelling picture of your value proposition.

Section 3: Market Potential and Competitive Edge

Investors seek assurance of a sizeable market with promising growth potential and a competitive advantage for your business. As part of your pitch deck, a comprehensive market analysis is indispensable, outlining the total market size, your target market share, and anticipated growth trends.

A thorough competitive analysis is also crucial, spotlighting your business’s unique attributes and how it plans to infiltrate and surpass competitors. Clear insight into the competitive landscape and strategic plans for market dominance is key to attracting investment.

Section 4: Scalability and Sustainable Profitability

The prospect of exponential growth and long-term profitability is a significant magnet for Yukon private investors. Your pitch deck should vividly outline how your business model promotes scalability and profitability.

Illustrate how your business plans to expand operations while managing demand, retaining customers, and ensuring cost efficiency. Projected financial statements can help highlight potential revenue streams, profit margins, and the expected return on investment, enhancing your credibility among potential investors.

Section 5: Competent Team and Execution Plan

Investors understand that the success of a business is deeply intertwined with its team’s competence and execution capabilities. Showcase your team’s qualifications, industry expertise, and past achievements in your pitch deck. Highlight their ability to traverse challenges and propel growth.

Supplement this with a comprehensive execution plan detailing your short-term and long-term objectives, milestones, and the strategies to achieve them. A well-structured roadmap reassures investors of your capability to effectively implement your business plan.

Winning Over Yukon’s Investors

Creating a pitch deck that resonates with private investors in Yukon involves a deep understanding of what they value. A pitch deck that effectively identifies a market problem, offers a compelling value proposition, conducts comprehensive market and competitive analysis, demonstrates scalability and profitability, and showcases a competent team and execution plan, dramatically increases your chances of securing funding. A successfully executed pitch deck is your ticket to not only attracting investors but also illuminating your vision, commitment, and expertise in transforming your business idea into a thriving Yukon enterprise.

Take the first step towards success and start capturing investments with the Yukon Startups Pitchdeck tool. Collaborate with our team of experts, utilize our powerful Business Plan Builder tool, and gain access to our Funding Database to secure government funding for your Yukon-based business

Small Business Grant

Small Business Success Grant Program

by admin

19 July 2023

“Unlock Your Success Story: Propel Your Small Business Forward with the Small Business Success Grant“

Provided by: SBSG Canada

Current Stage Deadline: September 8th, 2023

Apply via the Funding Database

The early stages of a startup can often be the most challenging.

SBSG understands that getting your new business off the ground can be an exhilarating yet challenging journey. The Small Business Success Grant Program, which offers up to $1,500 in non-refundable funding, is designed to support small businesses like yours and help you turn your great ideas into successful ventures.

Small Business Success Grant Overview

The Small Business Success Grant is a program specifically created for new, for-profit, privately owned businesses located in Yukon.

If your business has generated no more than $10,000 in annual revenues, you’re eligible to apply. What’s even better? You can use this grant as you see fit to further the growth of your business. There are absolutely no strings attached!

Here’s a sneak peek into what this program offers:

$1,500 – a Non-Refundable / Non-Repayable Grant
No credit checks required – or minimum revenue requirements
Grant Writer Not Needed
No Restrictions on how you can use the funds
Matching Contributions are not required to be eligible

Applying to the Small Business Success Grant Program is unlike any other program currently available – as it is available to you with the bare minimum in requirements and eligibility.

WANT TO LEARN MORE?

Finding Government Funding For Your Small Business

CLICK HERE FOR DETAILS

SBSG Program Eligibility Criteria

To qualify for the Small Business Success Grant, you must meet the following criteria:

Your Location:

Your business must be located in Yukon.

Business Age:

Your business should be less than 1 year old – from the registration date.

Revenue:

Your business should have generated no more than $10,000 in revenue since its inception

Registration:

Your business registration process should be completed. This can be done via federal or provincial incorporation or a Canadian resident sole proprietorship.

Documents:

You must provide a complete business plan and PitchDeck presentation to be considered.

Membership:

You must have a valid membership with Yukon Startups, which you register for here – or submit a $20 application if you are a non-member.

Securing a grant can significantly boost your business’ potential by providing the much-needed capital to move your startup forward.
Whether it’s for purchasing essential equipment, funding marketing efforts, managing cash flow, or covering payroll, the grant can cater to various needs.

The Small Business Success Grant provides an excellent opportunity for Canadian entrepreneurs. Unlike other grant programs, there are no
strings attached. You can use the funds as you see fit to drive your business growth.

Application Process

To start the application process for the Small Business Success Grant offered by SBSG.ca, complete the initial form found on the website to put in the request. Shortly after, the application steps will be emailed to you.

Along with your completed application form, compile all the necessary documents and information and submit your application before the deadline presented on sbsg.ca

Remember, providing accurate information and a well-prepared business plan is essential to increase your chances of receiving the grant. The application process is straightforward, and no professional grant writer is needed.

Good luck with your application!

Frequently Asked Questions

What is the Small Business Success Grant?

The Small Business Success Grant is a funding program offered by Canada Startups, providing up to $1,500 in non-refundable funds to new, for-profit, privately-owned businesses in Yukon.

Who can apply for the grant?

To be eligible for this grant, your business must be less than a year old, located in Yukon, have an annual revenue of no more than $10,000, and be either federally or provincially incorporated or a Canadian resident sole proprietorship.

How can I use the grant funds?

The grant money can be used for any business-related expense, including purchasing equipment, marketing and advertising, managing cash flow, covering payroll, and more. There are no restrictions on how you can spend the funds

Do I need to have good credit to apply for the grant?

No, a credit check is not required for the application. This grant program aims to support new businesses and does not require a credit check or a minimum revenue requirement.

Do I need to hire a grant writer to apply?

No, you do not need to hire a grant writer. The application process for the Small Business Success Grant is simple and straightforward.

When is the application deadline?

The next deadline to submit applications for the Small Business Success Grant program is September 8th, 2023.

How competitive is this grant?

Grants are generally competitive, as they are a popular form of funding, especially for new businesses. However, the exact level of competition varies based on the number of applications received during each application period.

Do I have to repay the grant?

No, the grant is non-refundable, meaning you do not have to repay the money

How can I apply for the grant?

To apply for the grant, you need to complete and submit the application form, along with the required documents and information, on the Yukon Startups website before the application deadline.

Can I apply for the grant if my business is not incorporated?

Yes, you can apply if you are a Canadian resident sole proprietor. However, the business registration process must be completed.

Application Checklist

It is always a good idea to follow a checklist to determine that you have all that you need to successfully apply for the grant program.

Before you start, it is essential to confirm the following:

Is your business located in Yukon?
Is your business less than 1 year old?
Ensure you have under $10,000 in revenue
Your business must be registered
Have your valid membership to Yukon Startups (or be prepared to pay the $20 application processing fee)

In terms of the documentation required to apply; you must have your 3-year financial statements and proper business plan – ensure this is reviewed by an expert and given the go-ahead. Be sure to have your PitchDeck presentation ready to go, and approved by an expert. If you have a website, ensure it is reviewed by an expert to evaluate and increase your chances of success with the Small Business Success Grant.For added security, you can register as a member of Yukon Startups here: www.Yukonstartups.org/purchase – to ensure you can get expert help with your business plan, financials, pitch deck, and funding search, and application steps.

Funding

Can I start a business with less than $5000?

by admin

17 July 2023

Many aspiring entrepreneurs in Yukon, Canada, may wonder if it’s possible to start a business with less than $5000. While it may seem daunting, with careful planning and resourcefulness, it is indeed achievable.

In this article, we will explore different strategies and ideas that can help you kickstart your business on a limited budget.

Define Your Business Idea

– Identifying a niche or unique business idea that requires minimal initial investment

– Conducting market research to ensure viability and demand

– Brainstorming ideas that align with your skills and passion

Bootstrapping Your Business

– Utilizing personal savings and funds to finance initial expenses

– Implementing cost-cutting measures and make frugal choices

– Relying on available resources, like home office spaces and existing equipment

The Power of Networking

– Leveraging your existing network to acquire free services and support

– Collaborating with like-minded entrepreneurs for shared resources and joint marketing efforts

– Engaging with local business organizations and attending networking events to expand your contacts

Crowdfunding and Community Support

– Exploring crowdfunding platforms to raise funds for your business idea

– Utilizing social media and local networks to spread the word about your project

– Engaging with the community to gain their support and potentially attract local investors

Utilizing Low-Cost Marketing Strategies

– Leveraging digital marketing tools and platforms, such as social media and email marketing, which often offer low or no-cost options

– Maximizing the use of free marketing channels like search engine optimization (SEO) and content marketing

– Collaborating with influencers or industry experts to gain exposure

Creative Financing Options

– Researching grants, sponsorships, and government programs specifically designed to support small businesses

– Exploring microloans or peer-to-peer lending platforms as alternative financing sources

– Seeking out angel investors or venture capitalists who may be interested in supporting promising startups

DIY Website and Online Presence

– Building and maintaining your own website using user-friendly platforms at an affordable price

– Optimizing your website for search engines to attract organic traffic

– Utilizing social media platforms to establish a strong online presence at no direct cost

Prioritizing Essential Expenses

– Focusing on essential expenses that directly contribute to your business’s growth and success

– Identifying areas where you can cut back on unnecessary costs without impacting your core operations

– Allocating funds strategically towards marketing, product development, and customer acquisition

Starting a business with less than $5000 may seem challenging, but it is certainly possible with the right strategies and resourcefulness. By identifying a niche business idea, bootstrapping wherever possible, utilizing networking and community support, exploring low-cost marketing options, considering creative financing, building a DIY website, and prioritizing essential expenses, entrepreneurs in Yukon, Canada can lay a strong foundation for their new ventures. Remember, starting small doesn’t mean your business can’t grow and thrive in the future. With determination and careful financial management, your business can exceed your expectations and become a sustainable success story.

Ready to turn your business idea into a reality? Our Business Plan Builder tool simplifies the process, helping you create a solid plan and increase your chances of securing government funding in Yukon.

Funding

How to Apply for Government Grants in Yukon

by Tyler Bailey

13 October 2022

It can be difficult to apply for government grants if you’ve never done it before.

However, there is no cause for alarm!

Here, you’ll find a step-by-step approach to securing the capital your company need for success.

To begin, you must determine which federal funding initiatives you qualify for.

If you own a business in Yukon, you may qualify for one of the many grants and programs offered by the provincial government.

Spend some time researching the many business grants and programs offered by the provincial government of Yukon to determine which ones are the greatest fit for your company’s needs.

Examples of popular sources of financing are:

Government Grants:

Money from the government is given to private companies, nonprofits, and individuals to assist them meet a specific need.

Research and development, extending into new markets, and product creation are all examples of such aims.

Applicants for government grants are usually evaluated on the basis of their demonstrated merit, or ability to benefit from the grant money.

The various grant categories are as follows:

Non repayable government grants are one of the most common types of grants available.

These grants are given to businesses or individuals without the expectation of repayment, meaning that you don’t have to pay the money back once you receive it.

There are a few different types of non repayable government grants, including:

Grants for small businesses:

Government grants are available to help new and existing small enterprises get off the ground.
These funds can be put toward a number of different endeavours, including the acquisition of new tools or the hire of additional staff.

Grants for research and development: Grants for research and development are offered to businesses that are looking to conduct innovative research and develop new products or services.

This type of grant can be used to cover the costs of conducting research, such as hiring consultants or purchasing lab equipment.

Grants for women entrepreneurs: Women business owners can apply for grants to help them get started or expand their businesses. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

Grants for Indigenous entrepreneurs: Natives, Inuit, and Métis business owners who are just getting started or looking to expand their operations can apply for one of many available grants for Indigenous entrepreneurs. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

In addition to these, there are startup grants, business expansion grants and skills training grants.

One time and renewable government grants are another type of grant that is available.

One time grants are typically awarded for a specific project or purpose, and are not renewable once they have been used up.

On the other hand, renewable grants are ongoing and can be used for a variety of purposes over an extended period of time.

The most common type of renewable grant is a operating grant, which is given to businesses on an annual basis to help cover the costs of running their business.

Partial contribution grants are another type of grant that is available.

Partial contribution grants are typically given to businesses or individuals who are unable to fully cover the costs of a project on their own.

The Yukon government will partially fund the project, and the business or individual will be responsible for covering the rest of the costs.

Matching grants are another type of grant that is available.

Matching grants are typically given to businesses or individuals who are able to raise a certain amount of money on their own.

The Yukon government will then match the funds that have been raised, and the business or individual will be responsible for covering the rest of the costs.

Government Loans

Loans from the government are essentially loans from the government to private companies or people.

These loans are preferred by businesses because their interest rates are cheaper than those offered by banks.

Several distinct varieties of federal loans exist, including:

Loans for small businesses: these financing options exist to help established enterprises with limited resources grow. New machinery or personnel are only two examples of how these loans might be put to good use.

Startup loans: Lending assistance is available for new firms in the form of startup loans.
Loans of this type might be put for things like business permits and first advertising costs.

Business expansion loans: Loans for business expansion are available for companies who want to grow their operations. These loans can be used to pay for everything from the lease on a larger office to the salaries of new employees.

Skills training loans: Skills training loans are offered to businesses that are looking to provide training for their employees. These loans can be used to cover the costs of training, such as hiring instructors or purchasing educational materials.

In addition to these, there are also loans for specific business sectors, such as agriculture, tourism, and manufacturing.

Remember that government loans can often come in the form of no interest, or low-interest options, as well as government-guaranteed loans.

Government loan programs typically have more flexible eligibility requirements than traditional bank loans, making them a more accessible option for businesses.

The next step

After determining which government funding options are right for, be it a government grant or a government loan it’s time to start preparing your application.

The most important part of your application will be your business plan.

This is your opportunity to sell the government on why your business is worth investing in. Make sure to include detailed information on your business model, target market, and financial projections. If you have any existing customers or clients, be sure to mention them as well!

A good tool to use to develop your business plan is the business plan builder tool. It is created to guide you step by step based on what Yukon government funding agencies want to see.

Once you’ve assembled all of the required documentation, it’s time to submit your application.

The best way to do this is online, through the government’s official website. You’ll need to create an account and fill out all of the necessary information before you can submit your application.

As each funding program/applicaton may have a different application method – be sure to work with an expert to get help with the process.

Applying for government grants can seem like a daunting task, but it doesn’t have to be! By following this simple guide, you’ll be well on your way to getting the funding your business needs to grow and succeed. good luck!

Small Business Startup News and Resources

Conduct Thorough Market Research:

Create a Detailed Business Plan:

Understand Legal Considerations:

Secure Financing:

Build a Strong Support Network:

Essential elements for crafting a pitch deck to attract private investors in Yukon: A comprehensive guide

Section 1: Distinct Problem Statement

Section 2: Stand-out Value Proposition

Section 3: Market Potential and Competitive Edge

Section 4: Scalability and Sustainable Profitability

Section 5: Competent Team and Execution Plan

“Unlock Your Success Story: Propel Your Small Business Forward with the Small Business Success Grant“

Provided by: SBSG Canada

Current Stage Deadline: September 8th, 2023

Small Business Success Grant Overview

WANT TO LEARN MORE?

SBSG Program Eligibility Criteria

Your Location:

Business Age:

Revenue:

Registration:

Documents:

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Define Your Business Idea

Bootstrapping Your Business

The Power of Networking

Utilizing Low-Cost Marketing Strategies

Creative Financing Options

DIY Website and Online Presence

Prioritizing Essential Expenses

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Government Loans

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