The 5 Steps To Business Grants

We are often asked about business grants. There are two very common misperceptions:
1. There are slews of them (there are not), and
2. There are no business grants (well, yes there are some).

The truth of the matter is that there are thousands of business grants available. Many are small. And virtually all of them are hard to get.

Here's what it takes to latch onto a business grant:

1. Make Sure You Can Meet the Requirements of The Grant
Once you determine grants that you want to target, you and your management team need to do the necessary research to determine how closely you will be able to match the requirements of the grant. Tasks include interviewing people within the company, talking with investors and partners, and doing research on the competition in your market, Farnsworth advises. If you've never applied for a grant before, this process could take up to a month.

It's also a good idea to make friends with the grant administrators, who will be happy to give you some feedback on your viability for their particular award.

2. Create A Business Plan To Knock Their Socks Off
While that may seem obvious, companies don't often update these documents and sometimes never have a good one from the beginning. Few things will demonstrate your financial capability and expertise as quickly as a well-constructed business plan. You can bet your booties that you won't get a business grant unless you have an exceptional business plan.

3. Give yourself time to be successful.
Business grants take time. Sometimes weeks. Sometimes months. If a grant is especially sought after, with lots of applicants, it can take a very long time. Don't assume you don't have the grant until you actually receive the letter from the granting agency. And, yes, in the meantime continue to submit for other grants as well.

4. Match Your Skills Item By Item
Go through the announcement of the grant very carefully. Make sure you have every skill that is requested, every bit of experience that is requested. And if you don't have it ...

5. Find a partner
Applying for a grant with a partner, such as a nonprofit or university, can increase your chances of not only winning the award but getting more money. Partners can fill in missing gaps in knowledge or background, and give your business plan real strength.

More and more companies are now applying for business grants. Hone your skills at this game, and it can prove to be a valuable source of funding and professional advancement for your firm.