If you’re planning on getting into the business world, there’s a high chance you might be looking for some help. A business is no piece of cake, no matter how small it is. It requires a lot of planning, organizing, patience and last but not least, funding. The main intention of starting a business is to generate profit from it. You can’t hope to earn something without investing something first. For you to generate profit, you need to put in some capital.
You want to know Small Business Ideas 2020
How to Get Small Business Grants
Small business grants are little amounts of seed money offered by the federal government to jump-start or expand a small business. Even though you don’t have to pay it back, you have to prove that you deserve it. The government is very tenacious when it comes to selecting their candidates.
Small businesses can help launch the careers of many aspiring entrepreneurs, all they need is a little support. But it is also true that many small organizations can’t make it through the first five years. It’s a very competitive world out there.
Qualifications For Receiving Grants
As mentioned, by looking at the number of potential failures in small businesses, government and other organizations both are skeptical about providing a grant to start the business, let alone allowing you to pay off debts. Before approaching anyone about giving you a grant, you need to be sure of what you’re gonna ask from them.
You have to be sure about your business idea. It will be easier if your business is a non-profit one or is contributing to the field of research (medical research, scientific invention, educational programs, etc.) as it will make your grant providers more flexible. Otherwise, it would be a bit difficult to convince them. Several other business types, such as- green business, business in rural areas, minority-owned, women owners, it will be easier for these to get a grant.
So yes, unless your business falls into the category of the mentioned ones above, it will be harder for you to get a grant but not impossible. It would be wiser to keep looking for opportunities both online and offline. Many websites are offering help regarding startups, you can visit those sites to see if it proves to be helpful.
Applying For A Grant
When you decide to apply for a grant, you need to make sure that you have what it takes to convince the officials that their money will be put to good use. At first, you need to put your business plan together. When you’ll go in to ask for the grant, the first thing they’ll ask about is your business.
So it is better to have a business plan that can dazzle them into giving you the grant. Select your product or service, your target consumer, competitive advantage and finally, what do you plan on bringing to the new table? How can you guarantee that your plan will be successful? Before convincing them, you need to convince yourself. You need to be sure that it won’t end in disaster.
Try to find out as much as you can about the process. It’s a very long one and you cannot be sure that you’ll end up receiving one. Make sure that you want to take the risk before applying for a grant. Your application may include an outline of your proposed work and your financial information.
We already mentioned the privileges you might get if your business is a non-profit one or if it’s in a rural area or helping the environment. If not, chances are you won’t get a grant but might be able to receive a loan. Just follow all the instructions and there might be a chance of you being shortlisted.
Some Extra Tips
We already covered the basic dos and don’ts about applying for a grant. Let’s take a look at some tips which might prove to be useful for you:
- Pick out the ones you have more chance of winning. Before applying for a grant, find out all you can about it and if the eligibilities are too critical, it’s better to look for alternate options as you don’t want to waste your time in a futile attempt
- Always keep an eye out for new opportunities
- Be sure to go over the instructions for every grant. Yes, many of them are similar but there might be exceptions
- Don’t put anything irrelevant into your grant application. Stick to the instructions and only provide what they asked for
- Try to make your budget as accurate as possible
- Submit your application early if possible, it shows that you’re ready
- Don’t forget to proofread every sentence before submitting your application
- Don’t waste your time on grant amounts that aren’t worth it
- If you can, hire someone who’s an expert in writing grant proposals and ask for their help
- Be sure to check your eligibility before investing your time on it as different grants have different criteria for applicants
- Accept every help you can about writing grant proposals and approaching anyone for a grant
There are many opportunities out there for you to grab on. It’s a very competitive market but you need to be confident. Don’t neglect smaller grants as they might have less competition.
In conclusion, no matter how much research you do, how much time you invest and how hard you try to convince, there’s still no guarantee that your journey will be an easy one. It’s a very tough market with fierce competition.
If you feel intimated or disheartened, it’s always better to consult some advice. Just remember that hard work does pay off. If you put in enough time and effort into putting together a compelling grant proposal, your business might have a future after all.