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Business Advice, Funding

NorthWest Territories Government Funding Checklist

by Grace Santos
31 January 2024

Download the Northwest Territories Government Funding Checklist

The Northwest Territories Government Funding Checklist is an essential tool for entrepreneurs and small business owners in the Northwest Territories seeking funding through various Canadian government programs and options. This checklist simplifies the process, ensuring that you have all the necessary information and steps to secure funding for your business.

Northwest Territories Government Funding Checklist Details

In the Northwest Territories, where business opportunities are unique and diverse, securing funding can be a critical step in starting or expanding your business. The Canadian government offers a range of resources to support business growth, job creation, and the entrepreneurial spirit in this region.

However, navigating government funding processes can be complex. This checklist, specifically tailored for businesses in the Northwest Territories, focuses on four critical areas:

  1. Your Business Plan: Developing a comprehensive business plan that outlines your business model, market analysis, and financial projections.
  2. The Funding Needs: Clearly identifying the amount of funding required and for what specific purposes.
  3. Starting the Funding Search: Knowing where to look for appropriate funding opportunities within the Northwest Territories and across Canada.
  4. The Funding Applications: Understanding the application process, including documentation and eligibility criteria.

Despite seeming straightforward, many applicants face refusals due to overlooked details in these four areas. The checklist provides detailed guidance to help you navigate each step effectively, thereby increasing your chances of successfully obtaining funding.

Get Your Free Checklist

To start the funding process for your small business in the Northwest Territories, download the checklist for free. It offers clear, step-by-step guidance to ensure you meet all the requirements and avoid common pitfalls.

Download the Northwest Territories Government Funding Checklist [FREE]

This checklist is a valuable resource for any entrepreneur or small business owner in the Northwest Territories looking to leverage the financial resources offered by the Canadian government.

Download the Northwest Territories Government Funding Checklist

Business Advice, Business Planning

13 Home Based Businesses You Can Start

by Grace Santos
31 January 2024

There are many home based business ideas for Canadians that regular people can take advantage of.

We’ve taken some time to browse home based business ideas ourselves to see what is really out there and what is being recommended. And shockingly, there is a lot – but the problem is most of the ideas being offered require you to spend a ton of money to get started.

Get Funding Potential For The 13 Businesses

So we’ve compiled a list of actual and profitable home based business ideas which Canadians can take advantage of with very little to no money down.

Starting a Home Based Small Business

When thinking of which of the home based business ideas for Canadians we’ve listed below to chose from, think about the following:

  • What do you like to do?
  • How much time do you have to dedicate?
  • Is this really right for you?
  • Do you have funds to allocate to the business?

These are the simple questions that will help you pick the right home based business idea for you.

When starting a home based small business, don’t think it’s any easier or faster to “make money”. Just because you’re not having to spend money on small business startup costs like a brick and mortar business would, you will have to invest more time and effort into a home based business.

Top Home Based Business Ideas for Entrepreneurs

The below home based business ideas are put together by collecting information of what current Canadians are doing across Canada to make a business worth while. Some of the business ideas may not be right for you but if any of them are done right, profitability awaits.

When starting any small business, home based or not – the first thing after opting the business idea to go with would be to create a business plan for your idea. This will tell you a lot about the business, will show you how viable the business could be, the costs associated and of course it will help you start your search for funding, perhaps from government funding sources.

Idea #1: Start a blog

Starting a blog about an interesting subject which the attracts an audience could lead to some great success and turn into a viable home based business idea.

Certain ways to make money from your blog include advertising, selling goods and services on the website and having a large following, building an e-mail list and using it for promotional incentives to make money

To start a blog business your startup cost could be under $100.

See how much funding you can get for starting a blog.

Idea #2: Sell products online

Selling online these days is pretty easy. You can do it directly on your website, through social media and pretty much anywhere.

It’s important to find the products which you can sell. Do some research, figure out the costs (for you to buy) and hesitate profits after selling.

An alternative way is to use a drop shipping service where you as the seller never touch the product, so you end up keeping more of the money.

A typical online shop can be set up with a little bit of work, time and under $100.

See how much funding you can get for selling online.

Idea #3: Renting our your space

Services such as Airbnb are a great way to make some extra money by renting out your property if you own it. Sometimes you can rent out a room or two, or even the entire home and make money while you’re home or away.

You can take a look here to get an idea of what you may be able to make with Airbnb when you’re out.

While it’s not a “home based business idea” fully, it is a way to make money from home and potentially turn it into a business.

Just think about it. If you can make $500 per month from your home, perhaps you can get your friends and family in on it, start to manage their listings, take a cut! There is a business for you.

See how much funding you can get for renting your space.

Idea #4: Driving for Uber/Lyft/Skip the Dish/Uber Eats

If you have a drivers license and a newer car, a home based business idea for Canadians and often one that many take on is driving people around or delivering food.

With companies such as Uber, Lyft, Skip the Dish or Uber Eats, you can make yourself some money and turn it into a business.

Many opt to register with as many companies as possible to get the most benefit out of it.

Just recently here at CanadaStartups.org, a member of ours discussed this with out experts and showed over a $120,000 a year income from doing exactly this.

See how much funding you can get via these types of driving services

Idea #4: Freelance Writing

There is big demand for quality content on the web and many companies will hire freelance writers to write content on various industries.

Depending on the industry and the agreed upon contract, a typical freelance writer can make anywhere between $20 to $200 per article they write.

See how much funding you can get as a freelancer.

Idea #5: Thrift Store and Garage Sale Resellers

Have you ever walked into a thrift store and noticed a bunch of stuff – all under $10 (most of the time a dollar or two)? Or have you visited a garage sale and noticed somebody selling a really cool piece of furniture for pretty much free?

Well, as a home based business idea, many people take that stuff and re-sell it online. And often make a large profit.

Think about it. You can buy a coffee table for $5 to $25 dollars and clean it up and resell it for $50 to $100.

See how much funding you can get for becoming a thrifty reseller.

Idea #6: eBay, Etsy, Amazon, Kijiji

These are a few popular websites with a large reach (large audience and following). Through these websites, you will find a ton of people selling and buying random stuff.

Just figure out what you want to sell and get started.

See how much funding you can get for getting into sales online.

Idea #7: Become a Home Inspector

A great idea to turn your free time from home into a business is to become a home inspector.

Home prices are going up which gives home buyers more reason to have their homes inspected prior to buying a home.

Turning this into a business is easy, all you need to do is get the certificate and learn how to become a home inspector. You can learn more here.

See how much funding you can get in this lucrative high-demand business

Idea #8: Become a Tutor

Sure you have to be a bit smart, but if you chose the right topic you can tutor kids and even adults of all ages on a variety of topics.

Math, English, Science, History, Computers, Business, Video Games? Anything really.

Create a website, get some social media presence going, start to promote and charge by the hour, or a flat fee!

See how much funding you can get as a tutor.

Idea #9: Christmas Decorations Business

During the Christmas season which starts early November and ends after the New Year, the decoration business is booming.

Hanging Christmas lights, decorating the front of homes, the trees..etc is a big business.

It’s hard work to be out in the cold, to have to climb a roof, but if you can do it for people, you can charge a ton.

This type of home based business idea let’s you make a ton of money in just 2 months!

See how much funding you can get for a seasonal style business.

Idea #10: Mobile Oil Changes and Car Washes

While it may require a bit more work and some knowledge, you can turn your passion for oil changes into a business.

Most people don’t have time to wait at a local oil shop for a hour or sometimes more to have their oil changed on their vehicle and this is where you fit in and visit their home to get the job done. The same idea goes for car washes.

A low startup cost that can turn to high profitability.

See how much funding you can get for a mobile automotive style service.

Idea #11: Starting a home based daycare

If you love kids and know how to interact and take care of them, a business of starting a day care could be your next big move to make some money while at home.

Depending on your location, a day care can make between $100 to $500 per week per child per week.

See how much funding you can get a daycare (2024-HUGE Demand).

Idea #12: Starting a photography business

Most people are experts at taking pictures these days. And you can turn this into a valid business idea which you can do from home.

Start a home based photo studio or book trips to see your customers in the field.

Sure you need a camera and come equipment, but a simple photo shoot for a family of 4 can cost up to $500 if not more.

See how much funding you can get for equipment and setting up the business.

Idea #13: Open your own cleaning business

Cleaning businesses can make a lot of money.

Start by getting the equipment you need (cost is minimal), and move on to finding residential and commercial clients.

Many of those in this industry report earnings at minimum of a few thousand dollars per month when active and those more involved have reported earnings of $10,000 and more.

These home based business ideas for Canadians are just a few (13) out of many that are potential to turn into a profitable small business.

When starting a small business in Canada always keep in mind that a business plan is the first step.

See how much funding you can get for a cleaning service.

Business Advice, Funding

Completing your Business Plan in 20-minutes

by Grace Santos
31 January 2024

As you start a business in Northwest Territories, 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 – in order to kick start your business, apply for funding and more.

Receive 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 layout 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 2018.

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 Northwest Territories 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!

Funding

Can You Bag a Business Grant or Loan with Bad Credit?

by Tyler Bailey
21 August 2023

An Exploration for Entrepreneurs in Northwest Territories

In the competitive world of business, a common stumbling block for aspiring entrepreneurs is a bad credit score. However, the dream of securing a grant or a loan is far from impossible, as Northwest Territories offers unique opportunities to help entrepreneurs overcome financial hurdles.

A bad credit score, which usually falls under 579 on a scale of 300-850, can limit access to resources and lead to higher loan fees and interest rates. But what if there is a viable business idea at stake? Can bad credit still hold back its potential?

When it comes to grants – free funds offered by government, corporate, or non-profit entities – a bad credit score might not be as significant a setback as perceived. Unlike loans, grants are awarded based on the merit of the business plan and its potential impact, not the entrepreneur’s financial history. While precise eligibility criteria may vary, a robust business plan and a clear demonstration of financial need can go a long way.

Northwest Territories hosts numerous regional and national grant programs. These initiatives are designed to support specific industries or demographics, and they often focus less on credit scores. Entrepreneurs are advised to tap into local business networks and use online grant databases to find the best fit for their venture.

However, the route to securing loans with a bad credit score is not as straightforward. Traditional lenders such as banks usually shy away from individuals with poor credit scores. One silver lining comes in the form of government-backed loan programs. These initiatives offer more lenient credit requirements and offer lower interest rates, which could provide a lifeline for businesses in their early stages.

Secured and collateral loans represent another option for those with low credit scores. These loans use assets as a guarantee, which can offer a safety net to lenders and increase the likelihood of loan approval.

While securing financing is crucial, it’s equally important for entrepreneurs to focus on improving their credit scores. Some practical strategies include reviewing credit reports for errors, making timely payments, reducing outstanding debts, and gradually building a positive credit history. Various credit counseling agencies and credit repair services in Northwest Territories are available to offer professional assistance.

However, for those who find the traditional funding path a tough climb, there are alternative routes to consider. Crowdfunding, partnerships, or seeking investment from friends and family are just a few options that don’t always hinge on a solid credit score.

Remember, in the realm of business, every hurdle can be turned into a stepping stone with the right approach. Despite a less-than-ideal credit score, entrepreneurs in Northwest Territories have the resources and opportunities at their disposal to turn their business dreams into reality. The road to success might be challenging, but it’s never entirely out of reach.

Take the first step towards success with our Small Business Startup Platform. 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 NWT-based business.

Funding

Is Government Funding a Windfall for Businesses in the Northwest Territories?

by Maya Mah
31 July 2023

The buzz around government funding has been making the rounds in entrepreneurial circles in the Northwest Territories, Canada. Is it a blessing in disguise or merely a financial instrument cloaked in the term “free money”? This article demystifies the various aspects of government funding, highlighting the opportunities and responsibilities it carries for businesses.

Government funding can take various forms – grants, loans, or tax incentives, each with its specific characteristics. While grants are funds that need not be repaid, they come with strings attached, such as fulfilling specific criteria or obligations.

Take, for instance, A Yellowknife-based tech startup. The company secured a substantial government grant for its innovative environmental monitoring technology. But this financial boon also came with a set of conditions, such as meeting project milestones and submitting regular progress reports.

On the other hand, government loans, although they offer lower interest rates, are not “free money”. They require repayment over an agreed timeframe. Tax incentives, while they result in savings, are not direct funding.

The eligibility criteria for these funding sources are quite precise. They evaluate factors such as business size, location, industry type, and project objectives. These strict guidelines ensure that funds flow to businesses contributing to economic growth or aligning with the government’s strategic goals.

When asked about the funding application process, Jim Casblon, a financial advisor based in Yellowknife, emphasized that it’s a meticulous task requiring detailed documentation. “Government funding programs see a high influx of applications. To stand out, businesses need to follow instructions carefully and present a compelling and viable proposal,” says Casblon.

Competition aside, recipients of government funding must also uphold a high degree of accountability and transparency. The misappropriation of funds or failure to meet outlined obligations can result in stiff penalties.

Despite the rigorous process and responsibilities involved, the allure of government funding remains undeniable. According to recent data, approximately 40% of new startups in the Northwest Territories sought government funding in the past year, with 25% successfully securing it.

However, the financial advisor suggests not putting all your eggs in one basket. “Government funding is just one source among many. Exploring other avenues such as bank loans, venture capital, crowdfunding, or even personal savings can provide a more diverse financial foundation,” adds Casblon.

Overall, government funding, while a potentially significant resource, is far from free money. Businesses in the Northwest Territories looking to capitalize on it must fully comprehend the eligibility criteria, the application process, and the obligations that come with it. With this knowledge in hand, businesses can judiciously leverage government funding to realize their growth ambitions.

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