Step 1: Make Sure Grants are Appropriate for Your Business
Grants aren’t for everyone, and they also aren’t the only way to finance a venture. If grants aren’t suited for your business, there are other avenues such as bank loans and venture capital just to name two. There are many things to consider when applying for a grant for your business and the following are only a few of those things:
- Grants are suited to your line of business. There are certain businesses that the government will not deem worthy of receiving a grant
- Grants are adequate for your needs, otherwise look for other sources of financing as well
- Read details and requirements of grants carefully to make sure your organization meets the qualifications
Step 2: Prepare your Business Plan
In the business world anyone who is willing to give you money (close friends and family being the exception), will require a business plan. Business Plans start with an Executive Summary which is a summary of the rest of the plan. The Executive Summary includes summarized business history and concept, industry, market, and competitive analysis as well as a marketing and financial plan.
Step 3: Find grants that might be suitable for your organization
Nearly every government organization if not every government organization has a website viewable to the public. The same goes for government institutions that provide grants to entrepreneurs hoping to start businesses. Search these websites for grants that would be suited for your business. Details are key; make sure your business is an ideal fit for a grant.
Step 4: Prepare and Submit Your Grant Proposal
Carefully follow all instructions and leave no omissions when filling out grant applications and providing requested materials. Remember grants are few, people are many. A better business that failed to pay attention to details may not receive a grant over another business that did. Respond with light speed when follow up requests are made by the grantor. Follow up requests may be signs that the grantor is interested but wants more information.
Step 5: Post Decision Follow Up
If you secure the grant, you are not out of the woods yet. Make sure your business is on track with the requirements of the grant, and if requirements are unclear, ask the grantor for details. If you don’t receive the grant, don’t despair: ask the grantor about why the request was denied and ask about other grants more suitable for your business.
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