The Secret to Acquiring Business Grants
Since 2002, the federal government has been developing and implementing Grants.gov as a collaborative cross-government program focused on streamlining grants management for the Federal grant community.
Grants.gov is the one-stop-shop Website to apply for more than 0 billion in Federal grants.
Managed by the U.S. Department of Health and Human Services (HHS), Grants.gov is one of the 24 E-Government initiatives operating under the governance of the Office of Management and the Budget (OMB). The Website centralizes grant information and electronic submission for more than 1,000 grant programs across the Federal government.
Business grants could be one of the most important financial tools that nearly all businesses would need. They may not be the single most significant support businesses could have, but they can get definitely help you start the business right.
Business grants refer to a particular amount of money that is being granted by the government to a particular business. Some people may have thought of it as a “free financial support” from the government, but they are not. That is because there is an equivalent effort, time, and sweat entailed when requesting for grants.
Moreover, not all businesses can avail of business grants. Even if the government provides business grants to support businesses, certain qualifications are required prior to the approval of the business grants.
Primarily, your business should be a not-for-profit organization or it should include an expansion of a new knowledge or technology. If your business does not fall under these categories, you are not qualified for a business grant.
However, there are some instances that the government may award business grants if your business can prove that it can develop a new technology for economic advancement or if you can meet the requirements. You need to accomplish all the prerequisites at an agreed period to get the business grant. If in case you failed to meet the deadline, your request for a business grant will not be approved.
Secondly, your business should have a business plan. If you think you can qualify for business grants, you should consider having a business plan as well.
Getting the first stage of the application is just the start of your journey. You need to create a business plan in order to guarantee the government that you really intend to develop your business and help the economy. In this way, you can show them that your business aims to develop a knowledge that will boost the country’s economy.
What most unsuccessful businesses failed to realize is that business plans are extremely important when establishing a business. Statistical reports show that more than 85% of unsuccessful businesses do not have business plans.
Did you know?
Applying at Grants.gov can reduce your costs and the time required to find government grant opportunities and process your application. The site provides access to multiple grantors and reduces paperwork.
By downloading a grant application package, you can view it offline, giving you the flexibility to complete the application when and where you want.
The most common problem is that businesses only create business plans to reach their primary goal, that is, to increase their finances. What they do not know is that businesses need business plans to create an effective line of attack. Plus, these also serve as a gauge of the present achievement.
So if you want to obtain a business grant, you must create a business plan. In this way, the government can tell if you really have a strong marketing strategy and if you intend to boost the economy as much as you want to increase your finances.
Here are some guides on how to create a well written, technically and analytically superb business plan.
1. Keep it short and precise
Too much information may only bring more harm than good. When it comes to business plans, investors or the government itself would want a precise and brief explanation of your business strategy. Elaborating them more with extra words may only bore them.
Then again, do not create a business plan that lacks the essential information that the government needs in order to give you your business grant. Too little information will also put your business on the bad side.
The key point here is to provide the most important facts and state them in a straight and clear-cut manner.
2. Provide proofs
Statistical data and documentations do not just put credible facts on your business plan but can also facilitate your request for business grants. The government would most likely want to see solid information attested by mentioning the primary source of data or through citations or documentation.
It would be even better if you can provide graphical representation of all information in order to provide a more realistic and visual effect.
3. Keep it complete
Never pass a business plan that lacks one of the important parts. See to it that you have all the necessary portions intact before submitting them. Your business plan should always have the proper “pagination,” contact information, and contents and cover page.
4. Keep it real
If you are really aiming for a business grant, do not make it as an excuse to create falsified information. Keep in mind that the government or any other investor will eventually find it out.
Hence, it is best to be reasonable, sincere, realistic, and consistent with your data.
Indeed, business plans may not be the single most important tool to achieve business grants. However, having a well-written business plan can put you on top of the other businesses.
About the Author: Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on Government Grants for Small Businesses and also edits HandsNet - A Human Services News Website.