Business Grants Success Stories
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Despite her initial reluctance, Donovan feels she's found her destiny. "I thought when I had finished my university studies, that I would be behind a desk doing accounting or reports or plans or consulting. But in hindsight, I can see that I've trained all my life for this job. I am glad I was encouraged to accept the challenge."
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Stitches Creation, Inc. of Vancouver, British Columbia, has received $61,000 from Industry Canada to develop and market their embroidered sportswear. The company, which is Western Canada's largest digitizing and embroidery firm, also provides graphic designs and artwork.
Ajax, Ontario's Sure Fit Home Furnishings has nabbed $10,763 from the federal government to complete a SWOT analysis of production and improve production efficiency. The textile manufacturer makes furniture covers, cushions and other products.
Viatech Solutions of Saskatoon, Saskatchewan has received a total of $47,685 from Industry Canada to expand a computer and network training facility. The company provides consulting and support services to organizations, businesses and individuals.
Grant File
Get real – Three secrets that will take you from dreaming to doing
Dreaming's a big part of creating a successful business, but you need to look at things with a realistic eye, too. So even if your head's in the clouds, keep your feet planted firmly on the ground at the same time.
Analyze every funding opportunity before you act
It's easy to get caught up in the idea of free cash or low-cost loans. But estimate how much time and effort you'll need to put into the application. If you can increase sales or otherwise raise the money through your business by simply putting in that same time and effort, the grant or loan may not be worth it. On the other hand, if you have under-utilized staff who may be able to devote time to it, here's a job for them.
Learn from your mistakes
You're going to get rejected. Treat it as a learning experience. Most successful companies have faced rejection more than once. Recognize the value of all comments and questions, even critical ones. Even if you've been turned down, take the opportunity to get feedback.
Make sacrifices
An entrepreneur who received $33,000 from the federal government was grateful but a little disgruntled. "The government can probably distribute the money in far better ways than they have been," he tells us, and he advices that you sacrifice some of the income to use outside sources to help you win the grant or loan. "If a company really wants the money and doesn't want to lose any sleep over it, they would be better off," he says. "Then they wouldn't have to lose valuable time pursuing it."
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