(NC)—The most important ingredient for any business is money.

The over two million self-employed Canadians know that to secure financing, you need to take a look at three key factors:

Your Business Plan

A business plan is one of the first things most lenders will want to see. Show lenders how you plan to implement your business and convince them that you will succeed. Consultants are one resource to assist you in drafting a plan, but there are also lower-cost services. Free services (such as business planning resources and secondary market research) are offered by your local library or through government services like Canada Business Ontario and many banks now offer free online business planning software.

Anne and Alan Dickson, owners of Pig Out Roasters in Ontario, know the importance of business planning when it comes to financing. Their spit-roasting venture has entered its fourth successful year in Canada and was awarded a business achievement award in 2009. “If a bank won't lend to you, then your business is not viable,” says Anne, providing a word of advice for new entrepreneurs.

Your Credit Rating

Lenders will consider your personal finances when you apply for a loan. While it may not be the only factor, most lenders will look at your credit rating as an indicator of how you have repaid financing in the past. Keep on top of your credit and, if needed, take the necessary steps to improve your credit to make you more attractive to lenders.

Your Financial Investment

Be prepared to invest your own capital into your business. Most financing ventures, including government financing programs, will need to see a portion of investment coming from you.

Raising capital will probably be one of the more challenging parts of starting or running a business. To be successful, get as informed as possible on the subject. Canada Business Ontario offers an array of free services, including business planning resources and a search engine to help you find government financing options specific to your business. View their video clip on financing, call their Business Info Line at 1-888-745-8888 or visit www.canadabusiness.ca.

The Government of Canada has designated 2011 as the Year of the Entrepreneur to recognize the importance of the business community. If this is your year to launch or expand, remember that proper planning and investment are key to securing financing.