There is an abundance of free money for your small business. You just need to know where to look. No, money doesn’t grow on tree, but there are plenty of parties that are handing it out.
Over the years, governments at all three levels have extended a helping hand to startups and small businesses as a way to compete against the major players, and to assist in growing a particular industry that is still in its infancy. You can think of green energy as an example.
A quick look at any government website will outline a wide array of funding mechanisms. The most popular pecuniary gift for private firms is obtaining grants for small business.
How do you get your corporate hands on this money? You will need to compose a winning small grant application and proposal first before you can do anything else. Is it hard? Not necessarily.
Here are five winning tips for writing a small business grant:
1. Apply for Grants That Suit Your Niche
A common mistake that startups and entrepreneurs make when applying for grants is that they tend to tailor their company’s makeup to whatever the small business grant seeks out. In other words, a small business, in order to get approved for the grant, will attempt to modify their identity and mission to something they’re not.
For example, you may be a social media firm, but you notice a small business grant being offered to biotech firms so you try to incorporate biotech jargon into your business model. This is ridiculous and a waste of time.
Simply put: locate a small business grant that suits you and who you are.
2. Look at the Agency Providing the Funds
Is the federal government searching for green energy endeavours to fund? Is a municipal government offering money to motion picture production companies? Is the provincial government handing out dough for businesses that work with children?
Whatever the case, you need to understand the agency giving you this grant and find out what they’re looking for. When you’re writing your application, you always need to keep the agency in mind and their ultimate objectives.
Indeed, knowing your audience is key.
3. How Will You Approach the Grant Offering?
When you have found the right parties for the small business grant, you need to determine how exactly you will approach them. Are you going to be composing an in-depth business model? Are you going to deliver an hour-long presentation? Is it just an application with figures?
4. Be Realistic but Remain Visionary
No, you’re not going to discover a free energy source. No, you’re not going to make a 100,000 percent profit in one year. No, you’re not going to create a colony on the moon and Mars.
One thing you will need to remember when creating your small business grant application is to stay realistic but remain visionary.
Here is an example: you want the grant funds to construct a product that will aid consumers in lowering their carbon footprint within the next five years.
You’re not saying that you will eliminate carbon or that consumers will reduce their carbon footprint tomorrow. It’s realistic but still outlines your primary aims of the future.
5. Visit a Professional Grant Writer
If you’re stuck on your first line on your word processor then you may have no other choice but to hire a professional grant writer. If these funds will essentially make or break you then perhaps it would be a wise investment to visit a professional grant writer and use their services.
Small business grants can help a startup move onto the next step or ensure a small enterprise can expand operations and hire more workers.
It is important to note as well that small business grants can come in all shapes and sizes. For instance, a small business grant can also mask as a tax credit or a tax deduction. It doesn’t necessarily have to be a cheque for $5,000.
That said, if you wish to be approved for a small business grant, you need to incorporate the aforementioned tips to have a winning application, plan or proposal. If you do, your entrepreneurial dreams can be realized.
