3 Tips for Financing Your Woman Owned Business

If you are starting a small business, or you already own one, you probably know that most businesses that fail do so because of financial difficulties. Owning a small business requires time, effort and a taste for risk. Even a great idea, excellent customer service and a strong team can’t overcome a lack of working capital.

If you are like most business owners, you start your business with a combination of credit card debt, personal loans and savings. Did you know, if you have a business that is at least 51% women owned, there are an amazing number of grants available to you?

If you’re looking for financing, here are 3 tips to keep in mind when looking for and applying for a grant:

 

  1. Look around. Grants are available from a vast number of organizations for a variety of different types of business owners. Are you a women owned business? Are you also a veteran?  Are you a minority-owned business? Do you have a business idea that can help the planet or help the community?  Think about your business set-up, your personal experiences and avail yourself of the support available. The Women’s Small Business Start-Up Kit: A Step-by-Step Legal Guide gives you the practical and legal information you need to kickstart a successful enterprise.
  2. Don’t wait until the last minute. Grant applications are a bit more complex than other business applications. Gathering documents for the grant can take time. If you don’t have a formal, written business plan, now is the time to write one.  Many of the questions on a grant application will focus on the goals of your business and how you plan to get there.
  3. Get some help. If you have not written a grant application before, you may want to bring in an expert, especially if you are requesting a high dollar amount grant. You can request a professional grant writer at GrantWriterTeam.com. These professionals know what foundations, businesses or government agencies wants to see in an application.

 

Grants are awarded without expectation of repayment, which makes them an excellent vehicle to grow a small business. Knowing where to look and how to find the right one for your business is key.

Both MWBEzone.com and Grantwatch.com feature current grants and provide all the details you need to apply.

For really outside-the-box novel ideas, go to the crowdfunding site Uhelpfund and raise money from the general public. We will be writing more on this topic in coming weeks.

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6 thoughts on “3 Tips for Financing Your Woman Owned Business

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