6 Tips to Win Small Business Grant
If you are looking to open a business of your very own, you are not alone. Every year more and more people make the decision to stop working to make other people rich and to start their own businesses. For most of them, having the start up capital that is needed is harder than one might think.
Small business grants are often a hot topic with new business people with a
small amount of money and little access to other capital. We have all seen the many media claims about ”Free Government Grant for Small Business.” It seems
all too easy to get these days.
Of course, if it were really that easy, all you would have to do is find a
government small business grant to apply for, apply and before you knew it you
would have the money to grow your business. Most U.S. government
departments, like the Department of Commerce, do not provide any grants for
help in starting a small business. Grant programs are available through state
programs and other groups as well. The grant programs are often awarded to
people in fields such as medicine or education, and they all have specific
eligibility criteria.
The process of finding a small business grant program to apply for and reviewing
the requirements to getting is very time consuming. After conducting a two week
search for a medical publisher, I found the requirements to be very specific and
difficult to meet.
Eligibility can be based on your location, and your business’ sales revenue to the
application date, years in business, sex, race, and even for the purpose of
funding. If your business sets out on a small business grant seeking mission
there are some questions that you will have to answer which are:
- Do you have the time and the resources available so that you can search for a small business grant program and apply for it?
- Can you afford to hire a consultant if you are unsure of how to do it, or can you learn the grant application process by yourself?
- Does your business need the money right now for expansion or can you wait up to a year?
- If you do decide to ask for a grant, will it hurt your business because it will be taking away time from selling and marketing?
If you want to take a look at the small business grants available, the best place to
start is the Catalog of Federal Domestic Assistance (CFDA). The CFDA lists
thousands of grants from all government agencies for free. Many business
grants will be geared towards minority business development or rural business
opportunity grants. Do not overlook the other assistance programs available
such as equipment and training.
If you do find a small business grant program that is available for your business,
you will need to be ready to go through a lengthy, approval process. With today’s
funding cutbacks and the high amount of competition you will want to be
prepared for it by following these quick tips:
Small Business Grant Tips
- Provide the grant company with all of your complete and accurate information
in the application. An incomplete application will likely not make the review
process or it can add delay your grant form getting approved. - Get to know your grant officer and their constraints, budget and concerns with
approving your grant. - Stand out among the crowd with a wellprepared business plan if required.
You will have to demonstrate your understanding of the business. Show how
the money will bring the benefit the government agency wants. - Bring in outside experts or consultants to help you if you need it. An
accountant or consultant can add credibility to your application process. - Keep in touch with the company offering the grant. Make regular contact with
the grant office in a professional, but nonintrusive manner. - The task of locating and applying for a small business grant is not for the
people who are not willing to go through hell. Take an honest look at
alternative sources first, such as loans, personal credit lines, friends and
family.
October 8th, 2008 at 12:47 am
If you would like a tool to manage your small business activities and Projects, you can use this web aplication:
http://www.Gtdagenda.com
You can use it to manage and prioritize your Goals (for business but also in other areas of your life), Projects and Tasks. It has a Checklists section, for the routines and repetitive activities that any business has to do. Also, it features a Schedules section and a Calendar, for scheduling you time and activities.
Some features from GTD are also present, like Contexts and Next Actions.
And it’s available on the mobile phone too, so you can access it from anywhere.