Hey there Momtrepreneurs! In this article, we’re going to talk about an excellent way to get additional financial support for your biz: Grants. We’ll discuss when and how to seek them out, and how to be well prepared for the process.
First, it’s important to know when to seek out grants, because not all grants are created equal, and not all businesses are eligible for grants. You can seek out grants when:
- You are just starting out: Starting a business can be expensive, and if you are just starting out, you may not have the funds you need to get your business off the ground. Grants can help you cover some of the initial costs of starting a business, such as equipment, marketing, software or inventory.
- You are expanding your business: If you have an existing business that is doing well and you are looking to expand, grants can help you finance the expansion. For example, you may need to hire employees, invest in new equipment, or open a new location.
- You are developing a new product or service: If you are developing a new product or service, grants can help you cover the costs of research and development. This can be especially helpful if you are developing a new technology or product that requires significant investment.
- You are in a niche market: If you are in a niche market, such as a minority-owned business or a business in a rural area, you may be eligible for grants that are specifically targeted at your market. These grants can help you overcome the unique challenges that come with being in a niche market.
Now, let’s talk about how to find grants for your biz. Here are some of your options:
- Research online: There are many websites and databases that list grants for small businesses. Some of these resources include grants.gov, the Small Business Administration (SBA) website, and the National Association of Small Business Owners (NASBO) website.
- Check with your state and local government: Many states and local governments offer grants and other forms of financial assistance to small businesses. Check with your state and local government to see what options are available to you.
- Look for industry-specific grants: Many industries have grants that are specific to their industry. For example, if you are in the renewable energy industry, there may be grants available to help you finance your business.
- Network with other business owners: Networking with other business owners can help you find out about grants and other forms of financial assistance that may be available to you. Attend business events and join local business groups to network with other business owners in your area.
Before applying for a grant though, remember to follow these steps to ensure you’re well prepared:
- Start by outlining the specific funding that you need and by identifying the objectives that the grant will help you achieve
- Create a detailed business plan which should include your biz’s most important details and info.
- Gather your biz’s business records
Once you’re done with these first steps, you can finally apply for the grant. Make sure to consider the grant that your biz is most likely to receive and to go over the application’s requirements so that you can narrow down your best options. And if you’re feeling overwhelmed, don’t worry, you can always contact an expert or hire a grant writer to assist you through this process.
If you’d like to learn more about how to build and strengthen your biz, be sure to check out our blog.
By: Costanza Garassino
