How to Get an Edge Over Your Competition With Business Grants—Tips from Experts

Grants are a fantastic way to get free money for your small business. However, applying for a grant can be challenging because you must be careful about the information you provide to the funder. You need to create a business plan, provide numbers, and conduct research. 

Here are some tips to stay on top of the competition with business grants. These practices are proven effective by experts!

Review Small Business Grants

Don’t rush into the application process as soon as you see an organization offering a small business grant. Instead, take your time learning about the requirements and preferences of the organization. Here are some essential factors to consider:

• Deadline for applying. Grants usually have short deadlines for submitting applications. If you think there isn’t enough time left, consider another option.
• Potential partners. Make sure these entities are legitimate and capable of funding your business. Researching this factor also gives you insights into the projects they support. 

Create a Detailed Business Plan

Write a business proposal that is specific and realistic so you can provide enough information about it. Some important details to include are:

• Executive summary. This is your short pitch to the grantor. It can consist of your company background, overviews in management, and competitive advantage.
• Business structure and description. Explain what you are selling along with its value proposition to consumers.
• Market research and strategies. Describe your marketing strategy, deadlines, and milestones. 
• Organizational structure. You may provide bios of the executives and managers.
• Financial documents. These will back up everything in your business proposal. 

Provide Numbers Whenever Possible

Clarity must be a priority when applying for a grant. Make the organization understand what your business does and what it offers using numbers. Whether you’re writing the business description or market research, make sure they can visualize the concepts.

If your business is already running, report growth percentages, sales numbers, and traffic rates.  

Attend Information Sessions

Always attend the information sessions if they offer one. The organization’s facilitators will give you an idea about past successful applications. They will also provide insider tips and guidelines to win the grant. 

If you’re busy and can’t attend the sessions, try asking for a session recording. But it’s always better to listen live to ask critical questions. 

Apply for Multiple Grants

Many businesses don’t succeed in their first application. But once you’re used to applying, you’ll increase your chances of securing funding. 

A $1000 grant is an excellent way to start. You can up the amount as soon as you acquire grant writing skills. Just make sure to practice integrity and fulfill everything in your proposal.

Get an Expert Opinion

Don’t worry if you don’t know how to write grants. Business owners can hire experts to review their proposals and records. Others even volunteer to write these applications. 

If you need help securing grants, we offer counseling and other services to help you complete a project or hit a particular goal. Contact us now!