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Business Advice

Organizations for additional guidance and support in starting my business

by admin
23 October 2023

To achieve your entrepreneurial vision, it’s crucial to leverage all available resources and support networks. Fortunately for entrepreneurs in Saskatchewan, Canada, numerous organizations and platforms are equipped to provide the necessary guidance and assistance. This article sheds light on these resources, guiding you on your path to business startup success.

  1. Saskatchewan Entrepreneurship Ecosystem: Saskatchewan’s dynamic entrepreneurship ecosystem is a treasure trove of resources designed to fuel startups. Saskatchewan Startups is a standout platform within this ecosystem, providing entrepreneurs with access to relevant resources, events, programs, and networking opportunities. Serving as a one-stop shop, this platform simplifies your navigation through the Saskatchewan business landscape, ensuring you connect with the right tools and contacts to help your business thrive.
  2. Saskatoon Regional Economic Development Authority (SREDA): For those based in Saskatoon or the surrounding regions, the Saskatoon Regional Economic Development Authority (SREDA) is an invaluable ally. SREDA fosters regional economic growth by supporting entrepreneurship and business expansion. Providing tools, resources, workshops, and mentorship programs, SREDA empowers startups to flourish. They offer assistance with market research, business planning, funding access, and industry expert connections.
  3. Saskatchewan’s Small Business Enterprise Centres (SBECs): Operated by the Government of Saskatchewan, the Small Business Enterprise Centres (SBECs) spread across the province are a beacon for entrepreneurs. They offer a variety of services tailored to support startups at different stages of their business journey. Whether you need advice on business planning, market research, financing options, or networking opportunities, SBECs are an excellent starting point. They provide key insights into local market conditions, essential for crafting a robust business strategy.
  4. Women Entrepreneurs of Saskatchewan (WESK): For female entrepreneurs, the Women Entrepreneurs of Saskatchewan (WESK) is an organization you need on your radar. WESK is dedicated to inspiring, empowering, and supporting women in their entrepreneurial pursuits. Offering programs, mentorship opportunities, networking events, and funding options designed specifically for women entrepreneurs. WESK supports women at every stage of their business journey, fostering a vibrant community of ambitious businesswomen.
  5. Saskatchewan Trade and Export Partnership (STEP): If your business intends to export or penetrate international markets, the Saskatchewan Trade and Export Partnership (STEP) is the organization for you. STEP offers services that facilitate business expansion into exports, global opportunity exploration, and foreign market navigation. From market research to international trade missions, STEP equips you with the expertise and resources necessary to succeed on the global stage.
  6. Conexus Business Incubator: Based in Regina, the Conexus Business Incubator is a springboard for technology-focused startups. This initiative assists entrepreneurs in transforming their innovative ideas into thriving businesses. Offering mentoring, workspace, funding opportunities, and networking events, the Conexus Business Incubator provides access to industry insights, valuable advice, and support from seasoned mentors.
  7. Indigenous Business Development Services (IBDS): Indigenous Business Development Services (IBDS) is a critical resource for aspiring Indigenous entrepreneurs. IBDS offers support, training, and partnerships to aid Indigenous individuals in launching, growing, and managing successful businesses. With services including business planning, funding opportunities, financial management, and networking, IBDS provides tailored support considering the unique strengths and challenges of Indigenous entrepreneurship.
  8. SaskatchewanStartups.org: Saskatchewan Startups is a dynamic online platform designed to empower new entrepreneurs in Saskatchewan. As a centralized hub for all things startup-related in the province, it provides an array of invaluable resources and tools to help navigate the often complex journey of launching and running a business. The platform connects entrepreneurs with key industry events, support networks, funding opportunities, and educational programs that are crucial for startup growth and success. It also features a directory of local startups and entrepreneurship-related organizations, thereby fostering collaboration and strengthening the local startup ecosystem. Regardless of the stage or sector of your startup, SaskatchewanStartups.org is your go-to platform to connect, learn, and accelerate your entrepreneurial journey in Saskatchewan.

While starting a business is a thrilling journey, it demands resilience, creativity, and the right support systems. Thankfully, Saskatchewan is rich with resources and organizations like Saskatchewan Startups, designed to foster entrepreneurship. Whether it’s business planning, market research, funding options, mentoring, or networking, these resources can provide the guidance and support essential for success. By leveraging these platforms and organizations, you’re well-equipped to tackle the trials of entrepreneurship and steer your business towards a prosperous journey in Saskatchewan.

Business Advice

Gaining an Edge with Student Employment Grants

by admin
9 October 2023

Starting and managing a business is an invigorating venture, but it also brings its unique set of challenges. One such challenge is finding and hiring the right workforce. For entrepreneurs in Saskatchewan, Canada, the provincial government offers a range of employment grants designed to aid businesses in hiring students. These grants not only give financial backing to both employers and students, but they also bolster the local economy’s growth and development. This article will delve into the various employment grants in Saskatchewan, how to access them, and how they can benefit your business.

Saskatchewan Government Apprenticeship Scholarship Program:

  • Description: This program provides scholarships of $1,000 to $2,000 to eligible apprentices enrolled in a designated apprenticeship training program.
  • Eligibility: Employers must hire an apprentice and enroll them in a designated program to receive this scholarship.
  • Application Process: Applications can be submitted online through the Saskatchewan Apprenticeship and Trade Certification Commission website, with deadlines typically in early fall.
  • Benefits for employers: Employers can receive a scholarship as an incentive for supporting apprenticeship training.
  • Benefits for students: Apprentices can receive financial support that helps mitigate the cost of their training.

Saskatchewan Youth Apprenticeship (SYA) Program:

  • Description: The SYA program connects high school students with employers in skilled trades, allowing students to explore potential career paths and gain valuable work experience.
  • Eligibility: Businesses that can offer apprenticeship opportunities in the skilled trades sector qualify for this program.
  • Application Process: Employers can register for the program through the Saskatchewan Apprenticeship and Trade Certification Commission.
  • Benefits for employers: Employers can build a pipeline of skilled workers and receive financial incentives through wage subsidies for hiring eligible students.
  • Benefits for students: Students can gain hands-on work experience and receive support from employers invested in their future careers.

Graduate Retention Program (GRP):

  • Description: The GRP provides a tax credit to eligible post-secondary graduates who choose to live and work in Saskatchewan.
  • Eligibility: Businesses that hire recent post-secondary graduates who choose to live and work in Saskatchewan can apply.
  • Application Process: Students can apply through their personal income tax return, while employers can apply through the Saskatchewan Ministry of Finance.
  • Benefits for employers: Employers can attract and retain talented graduates, which helps in business growth.
  • Benefits for students: Graduates can receive tax credits of up to $20,000 over a seven-year period.
  1. IMPACT – Inclusion and Marketability of Persons Assessments, Coaching, and Training:
  • Description: IMPACT assists employers with funding for on-the-job training to support persons with disabilities.
  • Eligibility: Businesses willing to accommodate and train persons with disabilities can apply for this funding.
  • Application Process: Applications can be made directly through the Saskatchewan Abilities Council.
  • Benefits for employers: Employers can access financial support to promote diversity and inclusivity within their workforce.
  • Benefits for students: Students with disabilities can gain valuable work experience, and enhance their future employability.

Saskatchewan Student Summer Job Incentive (SSSI) Program:

  • Description: The SSSI program provides wage subsidies to employers who hire students during the summer months.
  • Eligibility: Employers must offer a full-time summer position to a student currently enrolled in a secondary or post-secondary institution.
  • Application Process: Applications are available online at the Saskatchewan government website, usually starting in spring.
  • Benefits for employers: Employers can access wage subsidies, reducing labor costs and potentially expanding business capacity.
  • Benefits for students: Students can gain valuable work experience and earn income during the summer months.

Canada Summer Jobs (CSJ) Program:

  • Description: The CSJ program is a federal initiative that provides wage subsidies to employers who hire students for summer jobs.
  • Eligibility: Businesses offering part-time or full-time jobs to students aged 15 to 30 years can apply.
  • Application Process: Applications can be made through the Government of Canada’s official website, typically in early spring.
  • Benefits for employers: Employers can receive wage subsidies to create more job opportunities for students during busy seasons.
  • Benefits for students: Students can gain valuable work experience and earn money to support their education.

After being awarded the grant, it’s essential to follow all compliance and reporting requirements, which vary from program to program. You can find this information on the respective program’s official website.

Real-world examples or testimonials from businesses that have benefited from these grants show how these programs can have tangible benefits for both businesses and the Saskatchewan economy. For instance, in the case of the Saskatchewan Government Apprenticeship Scholarship Program, several small and medium-sized businesses have reported a significant reduction in training costs, making it feasible for them to hire and train more apprentices.

As an entrepreneur in Saskatchewan, capitalizing on the various employment grants available for hiring students can significantly benefit your business. Whether you’re looking to fill skilled trade positions, provide opportunities for recent graduates, or promote diversity and inclusivity in your workforce, these grants can help you achieve your goals. Invest in the future of your business by accessing financial support through these employment grants, thereby contributing to Saskatchewan’s growth and development.

Funding

Eligibility, Application, and Success Strategies

by Maya Mah
2 October 2023

A Comprehensive Guide to Government Funding Programs in Saskatchewan

Embarking on a business journey can be both exhilarating and challenging, often requiring significant financial investment. The Saskatchewan government offers various funding programs to support entrepreneurs in their quest. Understanding the eligibility criteria and application process is essential to capitalize on these opportunities. This comprehensive guide will equip you with insights into Saskatchewan’s key government funding programs, the roadmap to a successful application, and practical strategies to secure financial support for your business.

1. A Snapshot of Saskatchewan’s Government Funding Landscape: Several funding programs are available to assist businesses in Saskatchewan. Here are some prominent ones with real-world success stories:

a. Saskatchewan Polytechnic Innovation Voucher: This program supports businesses in technological innovation. A local start-up specializing in green technologies, for instance, was able to prototype and test their product thanks to this voucher. b. Innovation Saskatchewan – Innovation Superclusters: Aimed at driving large-scale collaboration, a successful example is a group of agri-tech firms that received substantial funding for their cutting-edge project. c. Western Economic Diversification Canada (WD): Aiming at broad-based economic development, numerous businesses have benefited from this program, including a manufacturing SME that expanded its operations and created new jobs. d. Access to Capital (RBC): In partnership with RBC, this program has helped various businesses, such as a fashion boutique that accessed capital increase its inventory. e. Canada Small Business Financing Program (CSBFP): A tech company could purchase necessary equipment with the funds from this program. f. Agriculture and Agri-Food Canada (AAFC) Programs: Numerous agri-businesses have leveraged these programs to innovate and grow.

2. Understanding the Eligibility Criteria: Each funding program has unique eligibility criteria. Here’s a deeper look:

a. Business Status: Most funding programs are designed for SMEs. For instance, CSBFP is accessible to businesses with gross annual revenue of $10 million or less. b. Business Registration: Your business should be legally registered and operating within Saskatchewan. Federal programs may have different location criteria. c. Industry Specificity: Some programs target specific sectors. For example, AAFC programs mainly support agri-businesses. d. Project Scope: Ensure your project matches the program’s objectives. The Innovation Voucher, for instance, supports technological innovation projects.

3. Navigating the Application Process: Understanding the application process increases your chances of success. Here are the steps, along with tips to avoid common mistakes:

a. Research and Program Selection: Identify the most suitable funding programs. Remember, each program has specific objectives, funding limits, and deadlines. b. Preparing Documentation: Comprehensive and accurate documentation is crucial. Include business plans, financial statements, and project proposals. A common mistake is submitting incomplete or inaccurate documents. c. Online Application: Many funding programs use online portals for applications. Ensure all sections are completed accurately and the necessary documents are attached. d. Review and Evaluation: A committee will review your application considering factors like project viability, expected outcomes, and benefits to Saskatchewan. Ensure these are well highlighted in your application. e. Notification of Decision: If successful, you will receive funding distribution details, reporting requirements, and more. Should your application be unsuccessful, don’t be discouraged. Seek feedback and consider revising your application for a future round or exploring other suitable programs.

4. Additional Tips for a Successful Application: Consider the following:

a. Deadlines and Timing: Ensure you are aware of application deadlines. Moreover, align your project with industry trends or economic objectives as some programs prioritize these. b. Professional Assistance: Consider help from consultants specializing in government funding. They can save you time and increase your chances of success. Organizations such as the Saskatchewan Economic Development Association offer resources and advice. c. Compliance and Reporting: Familiarize yourself with reporting requirements. Staying compliant is essential for maintaining good standing and ensuring future funding opportunities.

Government funding programs in Saskatchewan provide substantial financial opportunities for entrepreneurs. A clear understanding of eligibility criteria, coupled with a well-prepared application and strategic approach, can significantly enhance your chances of securing funding. As you navigate this journey, remember that each setback is a stepping stone to success. With persistence and a well-strategized application, your business can reach unprecedented heights with funding programs in the Saskatchewan Funding Database.

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