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As in the case of any new business, capital is a necessity not only to launch a new business, but also to grow it. And many entrepreneurs are tied to a job they don’t like because they can’t find the capital they need to start their new business. The solution to this dilemma is small business grants. The advantage of a small business grant is that they are tax exempt and interest free. Believe it or not, there are sources of money available to business owners that amount to a free lump sum of money that you can use for startup costs when opening your own business.
Sources of subsidies for entrepreneurs
There are two main sources of grants for small business owners. The main source is from the government. But there are also private grants that are available. Yes, the government and private equity firms are interested in growing your business. They want you to succeed!
Government Scholarships
Detailed information on government grants is available online at grants.gov, which is the federal government website maintained to provide relevant information to individuals seeking to find and apply for federal grants.
Once you choose a grant to apply for, be sure to follow the grant proposal instructions to the letter and adhere to all guidelines and deadlines. Visit your state’s website to find out what state government grants may also be available.
Grants from private foundations
Grants from private foundations are an excellent source of funding for small businesses. You might wonder…why would a company offer to “give away” money? The truth is that many foundations NEED to give money to charities for tax reasons, and these foundations set up trusts or endowments for specific charities or new businesses through grants.
Finding a grant from a private foundation is not as easy as finding a government grant. To find a grant from a private foundation, you might consider hiring someone who is experienced and familiar with the grant process. And more importantly, you need to find someone who is familiar with the grant making process in YOUR industry. This can be a major hurdle for some companies. If your company isn’t prepared to hire someone to research and write a grant proposal, do some research on Google and possibly take a class on how to write a grant proposal yourself. It can be done and grants have been obtained by entrepreneurs who have no prior experience in obtaining grants.
Write a grant application
The grant application process is lengthy and competition is fierce. You’ll want to make sure your app stands out. Therefore, when writing or preparing to write your proposal, you should keep in mind that the goals of grants are not only to help business owners, but also to help society. Therefore, please keep this in mind when writing your application. How will your business help society? Is there a way to link your business to the interests of the organization sponsoring the grant? How can you show the grant sponsor that your business will be a good investment for the country? Most commercial grants go to research and development or non-profit companies, because these types of companies benefit all of society.
Must-Have Website Hosting
Get started with a website hosting account. Don’t rush the grant application process before you have an established website.
And keep in mind that just because you THINK you have a good idea, you are. Bounce your choice between friends and family. Do they “get it”? Do they understand why you think so? If so, it’s probably a good fit for a business. If they don’t, keep working on it. If they do, start by setting up a professional website. Your application process will require a URL and a professional web presence.
Before you do anything, before you develop a business model, a revenue model, a company purpose, before you establish your brand core values and develop a company tagline, think carefully about the best website for your new business venture.
