Government dollars help retailer renovate, buy inventory
Guylaine Bossy and Burton Cloud have just finished painting the floors of Crystal Clear Audio white and blue, and their shop is looking great. But it wasn't always this way. "Oh God," says Bossy. "It was in really bad shape before." The floor-painting was only the latest task in their transformation of a dusty rundown retail space into an active business in their small New Brunswick town. That transformation had taken nearly a year.
When they first moved into their shop, they faced a daunting task. With only a few weeks before their doors opened, they had to re-do the walls, move Cloud's office door behind the counter, buy tools, and purchase enough inventory to showcase the amps, subwoofers and speakers they sell and install.
The costs involved in refurbishing and renovating can give retailers sleepless nights -- and it's easy to put them off -- but Cloud and Bossy took a proactive approach. They sought funding from the federal government specifically directed at this kind of improvement, and they received a grant of $6,650 -- a boost any entrepreneur would welcome.
On a scale of one to 10, Bossy gives the money a 10 for importance to their business. "It was crucial," she says. "This was the only way we could have started up."
Cloud and Bossy say it's important to prepare a good business plan before applying. Then you need to follow up frequently to keep your name front and centre with the granting agency. It took Crystal Clear six months to get the funding, but it couldn't have come at a more opportune time.
Five quick grant getting tips
When they first opened their doors, business was slow to pick up. But as successful retailers know, the first year can be tough. The trick is to stick it out, and additional funding can be essential. Staying in touch with the funding agencies can be your smartest move. Here are five other techniques to help you get the cash you need
1 Prepare a solid business plan, which includes your company's capabilities, strengths, weaknesses, and long-term plans.
2 Determine what you need money for (expansion, marketing, hiring, new equipment, or all of the above.)
3 Get a current list of government programs, which includes type of funding, deadlines and key contacts.
4 Make a list of programs which fit your criteria, and contact the office of the government body. Get detailed application information and follow it to the letter.
5 When preparing your application, keep in mind the government agency's agenda as well as your own. Remember that the agency must justify the funds they give away, and cater to this.
Would you like to receive money to launch and grow your own business too? There are monies available now for qualified existing & start-up small businesses. Visit The Small Business Finance Centre for more information.
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