How to Increase Your Chances of Winning a Business Grant
Almost half of the companies in the United States are composed of small to medium-sized businesses. Some are lucky enough to secure grants as a funding option.
Business grants are famous because they’re like winning free money. These entities aim to give a helping hand, so you don’t have to pay them back.
Do you want to increase your chances of winning a business grant from the government, the public, or organizations? Win a small business grant by following these six tips!
Follow Directions
A good grant proposal follows the directions provided. It may seem obvious, but many applicants quickly get disqualified because they do not follow instructions. These rules usually consist of word count, page number, limits to the number of attachments, and other formatting standards.
Make sure you also submit the requested supporting documents using the correct file type. Most grant opportunity requests should be sent as PDFs, but a few require you to submit a Word document.
Know Your Numbers
It’s not enough to mention your budget in your project description. However, everything has to be specific and realistic. In fact, there should be a separate section for your budget. Many business experts also suggest keeping your numbers within the limitations of funding. Analyze the costs, such as the fixed, one-time, variable, and unexpected costs.
Don’t forget to evaluate your budget multiple times before submitting it. A small gap or discrepancy could disqualify you from the entire application process.
Be Timely
The old cliche, “time is gold,” is relevant if you want to increase your chances of winning a business grant. Be conscious of all the deadlines provided, including the date and time, to avoid any last-minute rush.
Beware of timezone barriers, especially if the investors are from another country. Learn the definitions of WAT, ET, GMT, and more.
Stand Out
Stand out in the grant processing phase by making the grantor excited about your business idea. Besides offering an innovative product or service, you should also show enthusiasm for the program and dedication to helping the community. Experts agree that grantors are excited to partner with enthusiastic applicants.
Also, keep your application detailed. Include tax records, credit scores, employee number, and expenses.
Learn from Other Winners
Organizations that offer grants, mostly government-sponsored ones, sometimes share excerpts from the proposals of recent winners. Peruse them and check which parts you can emulate.
Funders also emphasize previous winners on their social networking sites or websites sometimes. Some even create web pages dedicated to the winners’ profiles. Do your research on these businesses and examine how their offers align with the organization’s mission and vision.
Explain the Aspects You Don’t Want People to Ask About
Instead of trying to answer inquiries about your business’ weaknesses, why not justify them in the application already? Securing a grant is more possible if you explain potential threats to your business model, high expenses, and more.
Moreover, reviewers won’t bother reading your entire application if they don’t understand something about it. Don’t forget to anticipate these things so you can stand out among the other candidates.
