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Business Advice, Business Planning

The 20-Minute Business Plan – Free Business Plan Outline for New Brunswick Entrepreneurs

by Grace Santos
31 January 2024

As you start a business in Canada, one of the more challenging steps is creating a business plan.  What to write, how to write it, what to include and what not to include – it becomes more challenging the more you think about it.

We’ve created a 20 Minute Business Plan template for you. More so, a business plan canvas that you can get done in literally 20 minutes – to kick-start your business, apply for funding, and more.

Download the Free Business Plan Here

The 20-Minute Business Plan

If this hits home for you, take comfort in knowing you are not alone and that there is still time. Time to lay out your ideas for your business, to create a plan, to figure out how you will find the money to do it, and to start applying for those funds. It is not too late to accomplish your business goals for 2024.

But you do have to start now!

Need help getting in the ‘mood’…the entrepreneurial mood, that is! We’ve got you covered.

The Business Model Canvas is just the tool you need to get your small business gears a-grinding. We call it the 20-Minute Business Plan as it will get you thinking and considering all of the most important aspects of your business, its goals and how you intend to achieve them….without getting into all of the nitty-gritty details of a traditional Business Plan.

You can complete your entire canvas on a single page, in just 9 small sections that cover all the key aspects of any business: what the business offers, its team members, its customer-base, its partnerships and revenue streams.

The Business Model Canvas you create will provide focus on what’s driving the business; flexibility to modify and try different things; as well as transparency.

Download the Free Template Now

Download your very own Business Model Canvas and dedicate 20-minutes of your time to achieving your 2024 business goals. Follow the included instructions to properly complete each section of the canvas and reveal the next steps for your small business.

Already have a Business Model Canvas? Get one of our other helpful downloads below:
Small Business Funding Course
Fishing For Funds: A Startup Funding Checklist
Funding Program Fact-Sheet: The Canada Small Business Financing Program
Business Plan Essentials

Ready to start your Business Model Canvas? If you have any questions at any point, feel free to contact us to help you get through it. Good luck!

Business Advice, Business Planning

The Funding Checklist For New Brunswick Entrepreneurs

by Grace Santos
31 January 2024

Download the Canadian Government Funding Checklist Here

The Canadian Government Funding Checklist is a super easy way to follow an exact checklist of items to help you and your small business secure the needed funding via the government of New Brunswick programs and options. Take a moment to fill out the form below to get the free checklist and start the government funding process for your own small business.

Canadian Government Funding Checklist Details

As a small business owner in New Brunswick, or if you are considering getting into business, the one thing that you will likely need, especially in today’s climate, is funding for your business. The Canadian government provides great resources (money), to help individuals start and expand their businesses, in order to boost the economy, to create jobs and to help support the entrepreneurial spirit across the country.

That being said, the process of getting government funding isn’t always simple to understand or follow.

The checklist created here by New Brunswick Startups will help you confirm on 4 key points, to ensure your success with government funding for your own small business:

  • Your business plan
  • The funding needs
  • Starting the funding search
  • The funding applications

Sounds simple; however over 80% of government funding applications are refused, or denied due to issues found within each of these 4 steps.

The checklist that you can download below, will explain in clear detail, the key points surrounding each of the 4 steps, and will guide you to ensure you avoid the common mistakes as you push your way through the funding obstacles – to get funded!

Click here to get instant access to the New Brunswick Government Funding Checklist [FREE]

Business Advice, Business Planning

2024 New Brunswick Grants Guide

by Grace Santos
31 January 2024

As a small business owner or an entrepreneur looking to start a business in New Brunswick, you must be aware of the various New Brunswick small business grants available through the government.

This is a comprehensive guide to understanding all the available government grants for your small business in New Brunswick.

Small business grants in New Brunswick are specific, categorized, and well organized, ensuring that entrepreneurs can find and successfully apply for the right business grant. It’s crucial to know where to find information about these grants, how to utilize the funds effectively, the amounts available, and the application process.

The New Brunswick small business grants currently include options such as environmental grants, agricultural grants, economic growth grants, technology advancement grants, as well as grants for the arts industry, disabled entrepreneurs, and women-owned business grant options.

Download the 2024 New Brunswick Grants Guide

New Brunswick Small Business Grants

The New Brunswick government offers various small business grant programs.

These government grants typically come from local funding agencies focused on the economic development of New Brunswick, but many options are also available from the provincial government and the federal government of Canada, broadening the spectrum of potentially beneficial business grant options.

There are different types of small business grants available:

  • One-time and renewable business grants
  • Partial contribution grants
  • Non-repayable government grants

Read this guide to learn more about the three different types of government grants your small business in New Brunswick may be eligible to apply for.

In addition to small business grants, other government funding options available to business owners in New Brunswick include government loans, tax breaks, and tax credits.

Learn the differences between government grants and loans.

One-Time and Renewable Business Grants

One-time, renewable, or direct business grants are provided to small business owners to cover various startup or expansion expenses. The costs of starting a small business in New Brunswick can be high, and securing additional funding can be crucial.

These grants are generally provided to cover a specific business expense in a lump sum, such as startup costs, renovations, or long-term purchases. Renewable business grants often fund ongoing expenses like training costs, wage support, and other recurring business needs.

Partial Contribution Government Grants

Partial contribution grants are similar to non-repayable grants, but they require the business owner to also contribute financially. For example, if you need $100,000, the government might provide $50,000 as a non-repayable grant, but you would need to supply the other $50,000.

The percentage of your contribution may vary, but it’s often a partnership in funding your business.

Non-Repayable Government Grants

Non-repayable government grants are among the most desirable for business owners in New Brunswick. These grants do not require repayment and are allocated based on specific business needs, provided you meet the eligibility criteria.

All available government grants in New Brunswick and across Canada can be accessed via the Funding Database, where you can see all grants, government loans, and tax breaks.

Applying for Small Business Grants in New Brunswick

To effectively apply for a small business grant from the New Brunswick government, or the federal government of Canada, ensure you have:

  • A solid business plan
  • Financial projections
  • A PitchDeck presentation
  • Knowledge of relevant funding programs

Creating a perfect business plan is essential before applying for government grants. This plan should detail your business model, growth plans, promotion strategies, and specific funding needs.

Financial projections, including a 3-year plan with balance sheets, cash flow statements, and profit/loss statements, are critical for demonstrating your business’s potential success.

A PitchDeck presentation, while not mandatory, can be a valuable tool in summarizing your business model to funding agencies or investors.

Knowing which funding programs to apply for can be challenging. In New Brunswick, there are over 1,500 different funding programs available. You can review all options in the Funding Database to narrow down and choose the best for your business.

For assistance with finding small business grants in New Brunswick, feel free to contact funding experts at 1-800-288-9691.

Before starting your applications, determine how much funding you need based on your business plan. This includes looking at startup or expansion costs and any expenses you can’t cover on your own.

Remember, there are funds available in all industries, including mining, agriculture, energy, manufacturing, biotechnology, creative services, professional services, consumer products, recreation, tourism, and IT and telecom.

Small business grants can cover costs like hiring and training, purchasing tools and equipment, improving cash flow, marketing, and more.

To determine if you are eligible for a government grant program in New Brunswick and to understand what you may qualify for, download the free grants guide PDF below.

Download the 2024 New Brunswick Grants Guide

Business Advice, Business Planning

Navigating the Venture Capital Landscape in New Brunswick

by Grace Santos
29 January 2024

New Brunswick, with its burgeoning start-up ecosystem and innovative business environment, presents a landscape ripe with venture capital opportunities.

The State of Venture Capital in New Brunswick

New Brunswick’s venture capital scene, though not as large as in some other Canadian provinces, is growing rapidly. With a focus on sectors like technology, clean energy, and biotechnology, the province is attracting attention from both local and national venture capitalists (VCs).

Key Players in the VC Arena:

  • New Brunswick Innovation Foundation (NBIF): A prominent player in the VC space, NBIF provides crucial funding and support to innovative start-ups and research initiatives in the province.
  • BDC Capital: As the investment arm of the Business Development Bank of Canada, BDC Capital plays a significant role in venture funding, particularly for early-stage companies.
  • East Valley Ventures: Focused on tech start-ups, East Valley Ventures has been instrumental in nurturing entrepreneurial talent in New Brunswick, providing both capital and mentorship.

Success Stories: Venture Capital Triumphs

Several New Brunswick companies have successfully leveraged venture capital to scale their operations and make a mark both nationally and internationally.

Case Study 1: Introhive

  • Introhive, a software company based in Fredericton, secured substantial venture funding and has become one of New Brunswick’s notable success stories, showcasing the potential of local start-ups to achieve global reach.

Case Study 2: Smart Skin Technologies

  • Specializing in pressure-sensitive technology, Smart Skin Technologies is another example of a New Brunswick company that has effectively used venture capital to expand its market presence and innovate further.

Strategies for Securing Venture Capital in New Brunswick

1. Developing a Compelling Pitch:

  • Entrepreneurs must craft a compelling and concise pitch that clearly articulates their business idea, market potential, and competitive advantage.
  • Practice and refine your pitch to address potential questions from VCs, focusing on your business model’s scalability and sustainability.

2. Building a Strong Network:

  • Networking is key in the venture capital world. Attend industry events, start-up meetups, and workshops in New Brunswick to build connections with potential investors.
  • Leverage local accelerators and incubators, such as Planet Hatch or Venn Innovation, to gain access to a wider network of VCs and mentors.

3. Understanding Your Investor:

  • Research potential investors to understand their investment thesis, past investments, and industry focus.
  • Tailor your approach to align with the investor’s interests and demonstrate how your business fits within their portfolio.

4. Showcasing Market Knowledge and Business Acumen:

  • Demonstrate a deep understanding of your target market, including customer needs, market size, and competitive landscape.
  • Present a clear and realistic financial model, showing how venture funding will drive growth and generate returns.

For ambitious entrepreneurs in New Brunswick, navigating the venture capital landscape requires a blend of a strong business concept, strategic networking, and a thorough understanding of the investment community. The province’s growing reputation as a hub for innovation and entrepreneurship, coupled with the success stories of local start-ups, underscores the potential for venture capital to transform businesses. By effectively leveraging these opportunities, New Brunswick’s entrepreneurs can secure the funding they need to scale new heights and contribute to the province’s vibrant economic future.

Business Planning

How can I determine how much funding I need to start my business?

by Maya Mah
18 December 2023

Starting a new business venture in New Brunswick can be a thrilling endeavor. But before you can launch, you’ll need to calculate the amount of funding required to set your business into motion. Identifying these financial requirements early on is crucial to securing enough capital and setting your venture up for success. This article will guide you through several essential steps to accurately estimate the funding you’ll need to start your business.

Empower your startup journey with our Small Business Startup Platform. Harness the knowledge and experience of our dedicated team, leverage our user-friendly Business Plan Builder tool, and explore the extensive Funding Database to unlock government funding opportunities.

1. Estimate Start-up Costs

What Are Start-up Costs?

Start-up costs are the expenses incurred before you start making any revenue. They include one-time expenses and ongoing costs that you’ll need to cover until your business reaches a break-even point.

Breaking Down Your Start-up Costs

Some common start-up costs include market research, legal expenses, licenses and permits, insurance, inventory, branding, website development, rent, utilities, and initial marketing efforts. It’s essential to note that these costs can vary greatly depending on the type and size of your business, location, and industry.

2. Calculate Operating Expenses

Defining Operating Expenses

Operating expenses are the costs associated with running your business on a day-to-day basis. These expenses typically recur monthly and include costs like rent, utilities, salaries, marketing, insurance, and maintenance.

Detailing Your Operating Expenses

List all the potential operating costs you’ll encounter and project these expenses for at least the first year. This will help you understand how much money your business will need to operate once it’s up and running. Keep in mind that you will need to cover these expenses until your business reaches its break-even point and starts making a profit.

3. Project Your Sales Revenue

Understanding Sales Revenue

Sales revenue is the money your business will generate from selling its products or services. While it can be challenging to estimate sales for a new business, it’s a crucial part of determining how much funding you’ll need.

Estimating Your Sales Revenue

To project your sales revenue, you’ll need to make assumptions based on your market research, pricing strategy, sales goals, and industry benchmarks. Create a sales forecast to estimate how much revenue your business will generate over a specific period. Remember to be conservative in your projections as new businesses often face unexpected challenges that could impact sales.

4. Determine Your Break-Even Point

What is a Break-Even Point?

The break-even point is when your business’s sales revenue equals its total expenses. At this point, your business is neither making a profit nor suffering a loss. Knowing your break-even point will help you understand how much funding you’ll need to cover costs until your business becomes profitable.

Calculating Your Break-Even Point

To calculate your break-even point, divide your estimated annual fixed costs by your gross profit margin. This will give you an idea of how much sales revenue you need to cover your costs, helping you determine how much startup capital you’ll need before you start making profits.

5. Account for a Safety Margin

The Need for a Safety Margin

In business, it’s prudent to expect the unexpected. Unforeseen costs, lower-than-expected sales, or delays in revenue can quickly deplete your funds. Therefore, it’s crucial to add a safety margin to your funding requirement.

Incorporating a Safety Margin

A safety margin is additional capital that protects your business from unexpected costs or changes in the market. While the size of the safety margin can vary depending on the business and industry, a general rule is to add 10-20% to your total estimated costs.

6. Consider Personal Living Expenses

Personal Expenses and Your Business

While setting up your business, don’t forget to factor in your personal living expenses. You’ll need to cover your personal costs while you’re launching your business and before it starts generating a steady income.

Calculating Your Personal Living Expenses

Calculate how much you need to cover your personal expenses for at least six months to a year. Include this figure in your total funding requirements. This can help ensure you can focus on your business without worrying about meeting your personal financial obligations.

Determining the amount of funding needed to start your business is a critical step in your entrepreneurial journey. By considering factors such as start-up costs, operating expenses, projected sales revenue, break-even point, safety margin, and personal living expenses, you can establish a robust financial plan. Remember that the more accurately you can estimate these costs, the better prepared you’ll be to secure the necessary funding and successfully launch your business in New Brunswick.

Business Advice

How can I make my business more attractive to potential investors?

by Tyler Bailey
11 December 2023

Launching a business in New Brunswick can be a rewarding endeavor, but the path to success often involves securing funding from outside investors. Attracting investors, however, requires more than just a compelling idea. You’ll need to demonstrate that your business is not only profitable but also capable of delivering a solid return on investment. This article provides an in-depth exploration of the strategies to enhance your startup’s appeal to potential investors.

1. Clear and Compelling Business Plan

The Importance of a Business Plan

A business plan is an essential document that communicates the viability of your venture to potential investors. It should clearly articulate your business’s vision, mission, value proposition, market research, competitive analysis, marketing strategy, financial projections, and funding requirements.

Expanding on Your Business Plan

A strong business plan also highlights your understanding of your target market and your strategy to penetrate that market effectively. It presents a clear road map of how the business plans to achieve its goals and deliver a return on investment for potential investors. Be specific about your business model, revenue streams, pricing strategies, and sales and marketing plans.

Don’t let the complexities of business planning hold you back. Try our Business Plan Builder tool and effortlessly craft a comprehensive business plan, ready to attract government funding.

2. Sound Financial Management

Why Financial Management Matters

Investors pay particular attention to a startup’s financial health. Sound financial management practices demonstrate your business’s potential to generate profits and provide a return on investment.

Details of Financial Management

Ensure you have accurate, up-to-date financial statements, including income statements, balance sheets, and cash flow statements. Regularly review and analyze these financial reports to identify trends, address potential issues, and improve financial performance. Additionally, financial forecasts that outline projected revenues, expenses, and profitability are crucial. This information allows investors to understand the financial potential of your business.

3. A Strong Management Team

Role of the Management Team

Investors invest in people just as much as they invest in ideas. A committed, skilled, and experienced management team can significantly increase your business’s attractiveness to potential investors.

Expanding on Your Team

When presenting your team, highlight their skills, experiences, achievements, and contributions to the project. Explain how their expertise will help the business succeed and grow. Show that your team can execute the business plan effectively, adapt to changes, and overcome challenges. If there are gaps in your team, consider your plan to fill them.

4. Market Opportunity

Understanding Market Opportunity

Investors want to invest in businesses that operate in growing markets with substantial revenue potential. Thus, demonstrating a large market opportunity can make your business more appealing.

Market Research and Analysis

Provide comprehensive market research and analysis to show the potential size of your market, current trends, and how your business can capitalize on these opportunities. A thorough understanding of your customer demographics, needs, and buying behaviors is also vital. Show that you have a unique value proposition that differentiates your business from competitors and can attract a significant share of the market.

5. Scalability and Growth Potential

Why Scalability Matters

Scalability is a critical factor that potential investors consider when evaluating an investment opportunity. Businesses that can scale quickly and efficiently offer a higher potential return on investment.

Growth Strategies and Potential

Detail your growth strategy and how you plan to scale your business. This could include strategies to expand your product line, enter new markets, or leverage technology to increase efficiency and reduce costs. Discuss your timeline for scaling and how it will enhance profitability and increase the value of the business for investors.

6. Proven Traction

The Importance of Traction

Traction is a clear indication to investors that your business concept works. It shows that there is a market for your product or service and that your business can attract and retain customers.

Showing Your Traction

Traction can be demonstrated in various ways, including sales, customer numbers, partnerships, or user engagement metrics. Provide concrete data to illustrate your traction and discuss how you plan to build on this success. Show that your business is gaining momentum and that investment can accelerate this growth.

Making your business attractive to potential investors involves several key elements. A well-crafted business plan, sound financial management, a competent management team, a sizable market opportunity, scalability, and proven traction are all critical components that can enhance your business’s appeal. By focusing on these areas, you can increase your chances of securing the investment needed to grow and succeed in New Brunswick’s vibrant business landscape.

Business Advice

What to Know When Applying for Government Funding in New Brunswick

by Tyler Bailey
4 December 2023

Starting a business is an exciting venture, but it often comes with financial hurdles that can be difficult to overcome. However, new entrepreneurs in New Brunswick can take advantage of various government funding programs to kickstart their business endeavors. These funding opportunities can provide the necessary capital to launch a new business or expand an existing one. In this article, we will explore what you need to know when applying for government funding in New Brunswick, helping you navigate through the process more effectively.

1. Understanding the Different Funding Programs:

– A. Small Business Loans: The government provides loans at competitive interest rates to help entrepreneurs establish or expand their businesses. These loans usually have flexible repayment terms and are available for different purposes, such as purchasing equipment, leasing commercial space, or supporting marketing initiatives.

– B. Grants: Unlike loans, grants do not need to be repaid. They are typically awarded to small businesses with innovative ideas or projects that align with specific government priorities. These grants may cover costs related to research and development, technology adoption, workforce training, and more.

– C. Tax Incentives: The government offers various tax incentive programs aimed at supporting business growth and development. These incentives can reduce your tax burden and free up funds that can be reinvested in your business.

2. Eligibility Criteria:

– A. Researching Eligibility Requirements: Before applying for any funding program, it is crucial to thoroughly research and understand the eligibility criteria. Each program might have specific requirements, such as business size, industry focus, employment opportunities, or location. Ensure your business aligns with these criteria to increase your chances of approval.

– B. Preparing Necessary Documentation: Most funding programs require applicants to submit detailed documentation, including a business plan, financial projections, market analysis, and proof of eligibility. Be prepared to provide these documents in a well-organized and professional manner to make a strong impression.

3. Building a Solid Business Plan:

– A. Importance of a Business Plan: A well-crafted business plan not only demonstrates your commitment to your business idea but also serves as a roadmap for your venture. Funding agencies want to see that you have thoroughly thought through your business concept, knowing how each aspect will be executed.

– B. Key Components: A comprehensive business plan should include an executive summary, company description, market analysis, marketing and sales strategies, operational details, and financial projections. Ensure that all aspects of your business plan are aligned with the goals and objectives of the funding program you are applying for.

4. Demonstrating Innovation and Value:

– A. Emphasizing the Unique Selling Proposition: When applying for grants or other funding opportunities, differentiating your business from competitors is crucial. Highlight what sets your business apart and explain how your products or services provide value to customers or the community.

– B. Innovation and Research and Development: If your business involves innovative products, processes, or technologies, emphasize these aspects in your application. Government funding programs often prioritize investments in research and development, and your innovative approach can increase your chances of obtaining funding.

5. Building Relationships with Funding Agencies:

– A. Networking and Research: Take the time to network with individuals and organizations involved in funding programs. Attend industry events, workshops, and conferences related to your business sector to make valuable connections. Additionally, researching and understanding the mission and priorities of different funding agencies can help you tailor your application accordingly.

– B. Seek Expert Advice: Consider consulting with professionals who have experience in securing government funding and grants. They can provide guidance on which programs are best suited for your business, review your application materials, and offer valuable insights to enhance your chances of success.

6. Properly Managing Funded Projects:

– A. Compliance and Reporting: If you are awarded government funding, it is crucial to understand and comply with the reporting and accountability requirements. This includes providing progress reports, financial statements, and performance reviews. Failure to adhere to these obligations can result in penalties or loss of funding.

– B. Effective Project Management: Implement proper project management methodologies to ensure your funded project is completed on time, within budget, and according to the agreed-upon scope. Strong project management skills will not only help you meet your obligations but also increase your credibility and reputation in the business community.

Securing government funding can be a game-changer for entrepreneurs in New Brunswick, providing a valuable boost to their businesses. By understanding the different funding programs available, meeting eligibility criteria, building a solid business plan, demonstrating innovation, building relationships with funding agencies, and properly managing funded projects, aspiring entrepreneurs can maximize their chances of obtaining this financial support. With the right knowledge and approach, you can ensure a successful application process, opening doors to new opportunities and growth for your business in New Brunswick.

Don’t let the lack of a solid business plan hinder your progress. Use our Business Plan Builder tool to easily craft a professional plan that enhances your chances of securing government funding.

Business Planning

How Can I Maintain Good Relationships With My Investors After Securing Funding?

by Tyler Bailey
13 November 2023

Embarking on a business venture in New Brunswick is an exciting journey, one that often involves various stakeholders, including investors. Securing initial funding is a major accomplishment for any entrepreneur, but it’s merely the beginning of a longer-term relationship. Nurturing this relationship with investors is critical as it can influence future funding rounds, business decisions, and the overall success of your venture. This article aims to provide a comprehensive guide to building and maintaining healthy relationships with your investors after obtaining initial funding.

Regular and Transparent Communication

Investors appreciate entrepreneurs who communicate regularly and transparently. It helps build trust, sets expectations, and keeps investors engaged with your business journey. Here’s how to implement effective communication:

  • Regular Updates: Share monthly or quarterly updates to keep investors informed about your progress, challenges, and strategies. Include key financials, business milestones, and upcoming initiatives.
  • Transparent About Challenges: If your business faces difficulties, share these with your investors, along with your plan to overcome these challenges. They may provide valuable advice or resources.
  • Open Line of Communication: Be responsive to queries, and make yourself available for discussions or meetings. Dialogue can foster understanding and collaboration.

Demonstrate Progress and Results

Investors like to see that their investments are generating value. Showing tangible progress and results can reassure investors about the viability of your business. Consider these steps:

  • Track Key Performance Indicators (KPIs): Identify KPIs that accurately reflect your business performance. Regularly update your investors about these metrics.
  • Achieve Milestones: Strive to meet the goals and milestones discussed in your business plan. If milestones change, explain the reasons behind the changes and present your updated roadmap.
  • Share Success Stories: Sharing customer testimonials, case studies, or media coverage can reinforce the positive impact of your business.

Engage Investors and Seek Their Expertise

Investors typically bring more than just capital; they bring a wealth of experience, knowledge, and networks. Engaging them beyond financial discussions can strengthen relationships:

  • Seek Advice: Don’t hesitate to seek your investors’ advice on strategic matters. Their insights can be invaluable given their experience and understanding of the market.
  • Leverage Their Network: Investors often have extensive networks. If appropriate, ask them for introductions to potential partners, clients, or other stakeholders.
  • Involvement in Strategic Discussions: Involve investors in strategic discussions or decision-making processes where their expertise can add value.

Show Appreciation and Respect

Appreciation and respect go a long way in any relationship, including that with your investors. Simple gestures can make your investors feel valued:

  • Acknowledge Their Contribution: Regularly acknowledge your investors’ contribution, both in terms of capital and other support they provide.
  • Respect Their Time: Be punctual for meetings, be concise in your presentations, and prepare well for any discussions. It shows that you value their time.
  • Celebrate Wins: When you achieve significant milestones, celebrate these with your investors. It can foster a sense of shared accomplishment and pride.

Uphold Integrity and Professionalism

Maintaining professionalism and integrity is crucial for a sustained relationship with your investors:

  • Honesty: Always be honest with your investors, even when the news isn’t great. It’s essential to uphold integrity in all interactions.
  • Accountability: Be accountable for your decisions and actions. If things don’t go as planned, acknowledge it and present a plan to rectify the situation.
  • Professional Conduct: Always maintain a professional demeanor in your interactions with investors. This includes being respectful, prepared, and following through on commitments.

Plan for Future Funding Rounds

If you plan to raise more capital in the future, it’s important to keep your current investors informed and engaged:

  • Share Future Plans: Discuss your long-term business strategy and potential future funding needs with your current investors.
  • First Refusal Rights: Consider offering your existing investors the right to invest in future funding rounds. It shows you value their ongoing support.
  • Build Positive Relationships: A positive relationship with your current investors can help attract new investors in the future. They can become advocates for your business, sharing their positive experiences with potential investors.

Building and maintaining good relationships with your investors is a continuous process, one that can significantly impact the success of your business. By focusing on open communication, demonstrating progress, engaging investors, showing appreciation, maintaining professionalism, and planning for the future, you can nurture these important relationships. Remember, your investors are not just sources of funding; they are partners in your business journey. Building strong, positive relationships with them can contribute to a prosperous and rewarding business venture in New Brunswick.

Don’t navigate the startup journey alone. Our Small Business Startup Platform offers personalized support from experienced experts who will assist you in creating a comprehensive business plan and connecting you with government funding options.

Business Advice

Exploring the 5 Types of Government Loans for Starting a Business in New Brunswick

by Maya Mah
23 October 2023

Starting a new business is an exciting endeavor, but it often requires significant financial investment. For entrepreneurs in New Brunswick, Canada, there are various avenues of funding available, including government loans. These loans provide an accessible and affordable way to obtain the necessary capital to kickstart your entrepreneurial journey. In this article, we will delve into the five types of government loans available in New Brunswick, exploring their features, benefits, and eligibility criteria.

Don’t miss out on potential funding for your startup! Access our Funding Database and unlock over 1500 government grants, loans, and tax breaks in New Brunswick.

I. Small Business Loans

One popular option for budding entrepreneurs is Small Business Loans provided by the Canadian government. Key features of this loan program include:

– Loan Amount: Up to $1 million.

– Interest Rates: Competitive and aligned with the prime rate.

– Repayment Terms: Flexible repayment options tailored to your business needs.

– Use of Funds: Can be utilized for business expenses such as purchasing equipment, financing marketing campaigns, or hiring staff.

II. Provincial Financing Programs

New Brunswick also offers Provincial Financing Programs to support entrepreneurial growth. These include:

– Business Development Program: Offers financial assistance to startups, expansions, and modernization projects.

– Community Business Development Corporations: Facilitates access to early-stage capital, mentorship, and ongoing support to entrepreneurs in specific regions and sectors.

III. Export Development

For enterprises involved in international trade, the Government of New Brunswick provides Export Development loans to promote export activities. These loans support companies seeking to expand into global markets and encourage economic growth. Key aspects include:

– Financing Options: Support for pre-export, export development, and post-export activities.

– Eligibility: Available to companies across various sectors, as long as they demonstrate intent and capacity to export products or services.

IV. Research and Development Financing

To encourage innovation and technological advancement, New Brunswick offers Research and Development (R&D) financing programs. These loans support businesses involved in product development, technology commercialization, and R&D activities. Noteworthy features include:

– Funding Coverage: Available for both applied and industrial R&D projects.

– Financial Assistance: Offers businesses the necessary capital to undertake innovation initiatives and bring new products to market.

– Collaboration: Encourages partnerships between businesses, academia, and research institutions to facilitate knowledge transfer and foster research-driven entrepreneurship.

V. Indigenous Business Loans

To support the growth and success of Indigenous entrepreneurs, the Government of New Brunswick offers specialized Indigenous Business Loans. These loans aim to enhance economic development within Indigenous communities and provide easier access to capital. Key highlights include:

– Loan Programs: Tailored loan options specifically designed to address the unique needs and challenges faced by Indigenous-owned businesses.

– Business Support: Beyond financing, additional resources, and services are provided to assist Indigenous entrepreneurs in various aspects of business development.

– Cultural Sensitivity: These loans are crafted with a deep understanding of Indigenous culture, community dynamics, and traditions.

Government loans can be a valuable source of funding for aspiring entrepreneurs in New Brunswick. By exploring the five types of government loans outlined in this article, you can gain a better understanding of the options available to launch and grow your business. Remember to thoroughly research each program, assess eligibility criteria, and consider how these loans align with your business goals. With the right financial support, you can turn your entrepreneurial dreams into reality and contribute to the thriving business landscape in New Brunswick.

Funding

Government Grants for Starting a Business in New Brunswick.

by Maya Mah
9 October 2023

Launching a new business is an adventure filled with both opportunities and challenges. One of the most significant hurdles aspiring entrepreneurs often face is securing the necessary funding to get their business off the ground. Recognizing this, the Canadian government provides an array of grants and financial support programs designed to help entrepreneurs realize their business visions. In the eastern Canadian province of New Brunswick, there are numerous such opportunities for those ready to embark on their entrepreneurial journey. This comprehensive guide will delve into the details of the most commonly available government grants in New Brunswick, explaining their eligibility criteria, benefits, and the process of applying for them.

I. Business Development Program (BDP):

Eligibility Criteria: The BDP targets small and medium-sized enterprises (SMEs), nonprofits, and indigenous organizations based in New Brunswick. It primarily caters to businesses that are in the growth stage and have a strategic focus on expansion and innovation.

Program Overview: BDP is a comprehensive program that provides financial aid to businesses aiming for expansion, growth in the local and international markets, and innovation. By extending such support, the BDP program seeks to empower businesses to seize new market opportunities, enhance competitiveness, and increase employment.

Funding Details: BDP offers grants that cover up to 33% of eligible project costs. For businesses looking to dive into market research and development projects, the funding can go up to a significant sum of $1 million. In case the business needs expert advice, the BDP can provide up to $100,000 to cover consultancy expenses.

Application Process: Businesses interested in availing themselves of the BDP can apply via the Atlantic Canada Opportunities Agency (ACOA) website. The application should be comprehensive, including a well-structured project proposal, a detailed business plan, and any other necessary information as per ACOA guidelines.

II. Innovation Voucher Fund (IVF):

Eligibility Criteria: New Brunswick-based small and medium-sized businesses and startups that primarily focus on innovation and research and development (R&D) are eligible for the IVF.

Program Overview: The IVF serves to encourage and enhance collaborations between businesses and research organizations. By fostering this kind of collaboration, it ensures that businesses can tap into expert knowledge and innovative ideas that could be pivotal for their growth.

Funding Details: The IVF offers vouchers worth up to $15,000. Businesses can use these vouchers to access research facilities and technical services offered by approved research organizations, thus fostering a culture of innovation and research.

Application Process: Applications to the IVF are reviewed on an ongoing basis, and interested businesses can apply via the OpportunitiesNB website. The application should outline the proposed research project, its potential impact, and the chosen research organization.

III. Canada Small Business Financing Program (CSBFP):

Eligibility Criteria: Small businesses in New Brunswick, including those structured as sole proprietorships, partnerships, and corporations, can apply for the CSBFP.

Program Overview: The CSBFP offers a risk-sharing model of financing, allowing businesses to access necessary funds. The government shares the risk with lending institutions and the business owner, making it easier for small businesses to secure loans.

Funding Details: Through CSBFP, businesses can access up to $1 million in financing for purchasing, improving, or expanding land, buildings, and equipment. It covers up to 90% of the eligible costs, thus significantly reducing the financial load on business owners.

Application Process: Applications for the CSBFP should be submitted through a participating financial institutions like banks or credit unions. The application must include a detailed business plan and financial projections.

IV. Industrial Research Assistance Program (IRAP):

Eligibility Criteria: Small and medium-sized businesses in New Brunswick, particularly those engaged in technology-driven and innovative projects, are eligible to apply for the IRAP.

Program Overview: IRAP is designed to foster business growth through innovation. It provides financial aid, advisory services, and industry connections, thus helping businesses accelerate their innovation cycle and spur growth.

Funding Details: IRAP provides grants that can cover up to 80% of the eligible project costs, with the exact amount contingent on the size of the applicant and the scope of the project. This financial assistance can prove instrumental in advancing a business’s innovative project.

Application Process: Businesses can apply for the IRAP online through the National Research Council Canada (NRC) website. The application should include detailed information about the innovative project, including its potential impacts and projected costs.

V. Youth Employment Fund (YEF):

Eligibility Criteria: The YEF is open to employers in New Brunswick who intend to hire unemployed individuals aged 18 to 29.

Program Overview: The YEF’s primary goal is to stimulate job opportunities for young individuals in New Brunswick and help them enhance their skills through subsidized work experiences. By doing so, it assists in providing the younger demographic with valuable first-job experiences and aids their transition into the labor force.

Funding Details: The YEF offers wage subsidies that can cover up to 100% of wages for a maximum period of 27 weeks. By subsidizing these wages, the YEF alleviates the financial risk associated with hiring new and relatively inexperienced staff.

Application Process: Applications for the YEF should be submitted through the Department of Post-Secondary Education, Training, and Labour (PETL) website. The application should detail the proposed employment opportunity, including job description, expected skills acquisition, and duration.

Government grants can prove invaluable in overcoming the financial obstacles associated with starting a business. With programs tailored to the unique needs and aspirations of entrepreneurs in New Brunswick, these grants offer vital support that fosters business growth and innovation. Entrepreneurs are encouraged to explore and utilize the grants detailed above, taking advantage of the financial assistance, research collaborations, risk-sharing opportunities, employment subsidies, and technical expertise they offer. By carefully reviewing the eligibility criteria and application process for each grant, and harnessing the resources available from various government agencies and departments, your dream business idea can successfully become a reality in New Brunswick, Canada.

Take the hassle out of business planning with our user-friendly Business Plan Builder tool. Build a comprehensive plan with financial statements, and position yourself for government funding opportunities.

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