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:
- 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.
- 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.
- 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.
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.