How to Start a Small Business with Government Grants
Small Business Grants Made Easy
Many of us will have heard the saying ‘work to live not, live to work’. With many of us working full time jobs to cover everyday living costs and paying mortgages, we all want to find that perfect work/ life balance doing something that we enjoy. Wouldn’t it be great to find a job with the hours that suit you with a great pay? Wouldn’t it be great to work in a job that offers limitless opportunities? Wouldn’t we all love to be our own boss?
Being your own boss is a smart career choice that offers you opportunities that no other job can. Not to mention giving you stability and confidence throughout your working life. It is the situation we all dream about and one that only some of us ever achieve. So how do you go about making it possible?
Well, a great start is finding out about all the help that is available to you. Sourcing a small business grant ensures monetary issues are sorted. This is crucial, as most of us will not be able to start a successful business without help covering the high start up costs. There are plenty of types out there such as small business grants for women, veterans and minorities.
Start Your Search
In order to obtain small business government grants you first need to find the places that offer them. Now, this will not be an easy task. It will require you to do a lot of research with many dead ends along the way. What you get from the end result though is definitely worth it so it is important to stay positive.
A great place to start searching is with your local government agencies. You will find many of these are willing to give government grants for small business owners as it will create much needed jobs while boosting the economy. In saying that, this does not mean they are a sure deal and you may have to move on to other areas in your quest for grants to start a business. You can move on to check out the federal agencies. Please keep in mind however, federal agencies don’t supply grants to businesses. They provide grants to foundations and then it is up to them to provide them to businesses if they wish.
The next place to start searching is with the major corporations around you. Now once you hear ‘major corporations’ many of you will cringe and think there is no way they would be willing to help. You will actually be surprised though as, often, major corporations are happy to provide grants to get you started in order to benefit the company.
When all else has failed, rely on the trusty internet search engines to help you out. Have a search to see the local grants that are available in your area. The internet is a great way to find information fast but it also harbours sites that may contain false information. Make sure you research thoroughly to prevent yourself from getting ripped off.
So you have found someone that may be able to offer you a small business grant. So, what next? The next part of the process is crucial as essentially you are selling yourself. To do this you must prepare a thrilling grant proposal that convinces them that investing money into your business is worth it. This doesn’t mean giving a brief description of what you plan to sell or do. It is a detailed and professional document that includes every element that must be considered when starting a business. Some of these elements are:
- Purpose of your business
- Time frames in which you plan to achieve your goals
- Benefits to the community
Once you have sorted everything you want to include in your proposal, set out to write it down using correct grammar and pronunciation. This proposal is all the business grant reviewers will have to go on and they will be looking for any reason to turn you down. Giving a professional document that is free from mistakes and discrepancies helps you to put your best foot forward.
After finalizing your proposal it is time to move onto a Business Plan. Within the plan you need to write your mission statement. A mission statement is your goal, your motto for the business. Although this is only short, it can be very time consuming to get right and looking at examples from other companies may be a good idea. On top of this, you also need to add a competition analysis; what sets your business apart from your rivals. Mentioning your marketing strategy is a good idea as well (ie. How you plan to advertise your business).
Once you’re done and everything is sent, it is all about the waiting game. There is no definite time frame for receiving a response so be patient. If you receive good news, congratulations and happy business building! If not, don’t panic, just continue sending your application to others and eventually something will come up.
Need More Information
If you want to learn more about business grants or business loans then the following is for you. There are many places you can have a look at to get more information. But the two that stand out is the Small Business Administration (SBA) website and GovLoans.gov. These sites provide valuable information on what you need to qualify, the loans available and how to obtain them. By following these easy steps you too could be among the lucky to successfully run and own a great small business.