Do you need capital in your small business? Chances are you said, “absolutely.” Small businesses are often underfunded and vulnerable. The COVID-19 p
Do you need capital in your small business? Chances are you said, “absolutely.” Small businesses are often underfunded and vulnerable. The COVID-19 pandemic definitely proved just how vulnerable small businesses are. According to a 2020 study, “43% of businesses had temporarily closed, and nearly all of these closures were due to COVID-19.” Some businesses are still struggling.
In addition, most businesses failed because of cashflow problems even before the pandemic.
However, there are ways to fix your cash flow problems and keep your business up and running. According to US Bank, you can make sure you have around 3 to 6 months of expenses saved up.
But at the same time, we know running a business can be costly. Therefore, it can be hard for small businesses to save. One way to ensure you have more cash to save is by getting external funding. One of our favorite ways to get funding is by getting grants.
Grants are often referred to as “free money” because, unlike loans, you don’t have to pay them back. If you use grants well, they can offset certain costs and free up more money for you to save and increase cash flow.
However, there winning grants is not as easy as people think. There are often many people vying for the same grant. Therefore, your grant application needs to stand out. In addition to that, your business needs to be ready for grants. The great news is we’re experienced at preparing entrepreneurs and small business owners for grants. So, here are 5 tips for winning grants for your small business.
1. Make Sure Your Business is Set Up Properly
Before applying for grants, you have to ensure your business is set up properly.
- Having an active business bank account
- Registering your business
- Having an Employer Identification Number (EIN),
- Having a professional website
- Creating a business plan
You will be taken as a serious business owner and more likely to win the grants you apply for.
If you’re just starting out and don’t have any of these things, don’t worry. You can open a business bank account in no time.
However, before you open a business bank account, you’ll have to register your business. You can take your time to decide on a business structure. For grants, it’s best to go with a Limited Liability Corporation (LLC) instead of a sole proprietorship. The next step is finding a location for your business, even if your business is online. Once that is decided, it’s time to register your business name and get your EIN. You can apply for your EIN online.
If you need help with your business plan, check out our Roadmap To Success Business Plan Template.
2. Consistently Apply For Grants
You can’t win grants if you don’t apply for them. At the same time, don’t waste time applying for every grant you see.
Take some time to find out if you’re eligible for the grants you want to apply for. All you have to do is check the eligibility requirements.
In addition to that, look for grants within your industry.
In order to consistently apply for grants, you first must find them. There are many places you can find grants.
We recommend our Small Business Grant Tracker, especially if you’re a busy small business owner.
We do the research and compile a list of FREE MONEY sources for small businesses, including grants, tax credits, investment funds, and more.
We’re giving you the option to subscribe to our grant tracker so you can get the following:
- Unlimited access to the grant tracker with free money programs, which include grants, pitch competitions, accelerators, incubators, and others
- Monthly emails with highlighted grants which serve as reminders straight to your inbox
- More time to perfect your grant applications since you don’t have to spend hours searching for grants.
You can subscribe to our grant tracker for a low payment of $10 a month or $99 for a year of exclusive access.
3. Invest in Grant Resources
As a business owner, you have to invest in resources; there is no going around that. Investing in grant resources is just as important as investing in other business resources.
The ideal grant resources will help you create better grant applications and increase your chances of winning grants.
We recommend the following:
Grant Application Training: Step-By-Step Process to Winning Your Free Money
This resource gives you a first-hand look at the process for qualifying for and winning grant awards. You’ll also be able to use this training to guide you in completing your applications. In just 90 minutes, you will be able to:
- Qualify for more grant opportunities
- Navigate the application process with ease
- Craft compelling impact statements
- Know the three must-have qualifiers to keep you in the running
- Complete grant applications in 30 minutes or less
- Understand which grants to apply for
- Understand what grantors are looking for in applicants
- Submit a standout application
You can grab it in our Payhip store for instant access.
Win Grants With Ease Masterclass Bundle
This bundle includes a 2-hour masterclass, an ebook, and a slide deck presentation. In addition, there is an audio file with the information for those who love to listen on the go.
This masterclass bundle will teach you how to:
- Qualify for more grants
- Position and structure your business to win
- Read a grant application like a pro
- Stand out among competitors
- Submit a winning grant application
We’ve helped over a thousand businesses win grants for their business, and this masterclass bundle has the information that helped them win.
The Winning Grant Application Cheat Sheet & Checklist
The Winning Grant Application Cheat Sheet and Checklist is perfect for small business owners and entrepreneurs who want to win grants for their businesses.
It is a detailed 21-page fillable PDF that includes practical tips, recommended tools, and information on:
- Components of applying for grants and funding
- Business formation, structure, and ownership requirements
- Getting your business financials in order + recommendations
- Preparing your investment strategy and how to stand out
- Telling a story that compels people to give you money
- Information on how to legitimize your online presence
4. Read Instructions Carefully
Even if you created a well-written grant application, you might miss out on grants because you didn’t read the instructions carefully.
We recommend reading ALL the guidelines before you even start the application process. If there is something you don’t understand, ask someone.
Make sure you pay special attention to the following:
- How to apply
- Submission date
- Eligibility requirements
- How to application should be formatted
- Character limits
Unfortunately, even using the incorrect font could get your application trashed. According to Funding for Good, “I have spoken with foundation staff who use guidelines as a way to eliminate applications before the review process. If an organization can’t follow the rules on an application, can they manage the dollars if they win an award?”
5. Proofread Your Application
Now that you’ve accessed the grant resources and written an amazing grant proposal, you think it’s ready for submission. Not so fast!
Before you submit your grant application, make sure you:
- Look over the guidelines again and make sure that you followed the instructions
- Make sure the application is formatted properly, and check font and spacing requirements
- Check for grammatical and spelling errors as well as sentence structure
- Get a second pair of eyes on your application
- Read your application out loud
- Check the submission date and time
What may seem like minor details could prevent you from winning a grant for your small business. Make sure you proofread!
The secret to winning grants is reading instructions and submitting an amazing application. We’re certain that these tips will increase your chances of winning the next grant you apply to. Don’t forget to share this blog post with others in your network so you can all win together.
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I’ve always asked the question that has not yet been addressed.
Do you consider funding outside the USA? I’m writing this from Kenya.- Could you consider those out your US Country?
Hello Rita. Are you asking if these tips are applicable to grants outside the US?