Obtaining a Business Grant
Written by Lee Wyatt (last updated August 23, 2013)
Anyone that has ever started a business can attest to how difficult and stressful it can be to come up with the starting capital. In fact, simply generating the money necessary to simply get the business off of the ground, let alone running for any length of time, is probably the single most stressful aspect of running your own business. Perhaps the single best way to help alleviate that problem would be by obtaining a business grant.
Obtaining a business grant won't necessarily solve all of your problems, but it will definitely take the edge off. The trick is figuring out how to succeed in this particular step of the process. There are four basic aspects to keep in mind when trying to get this extra funding. While there are no real hard and fast rules that will ensure that you succeed, these guidelines will definitely give you a leg up on the chances of success.
- Look around. There are all kinds of places that offer grants for businesses. Some of the more notable ones are from local, state, and even federal sources. However, these are not the only places that you can go to obtain a business grant. Some additional business grants can be obtained from other businesses, special interest groups, religious groups, even from community and historical groups. Before you begin applying, make up a list of as many different possible or potential business grants as possible.
- Go for a specialized grant. After you have made your list, keep an eye out for any specialized grants that you may feel you are eligible for. For example, if you are a member of a minority group, you can try applying for any grant that is specifically for those minority groups. In addition, there are grants that are designed to help out specific age groups such as younger people (or older people) who are starting a new business. Use your general list to help you make another list of specialized grants that you may be eligible for.
- Try out for multiple grants. Try applying for as many different grants as you possibly can. For example, apply for each of the specialized grants that you may be eligible for. A simple rule of thumb to keep in mind is that the more grants that you apply for, then the more chances you have of succeeding. It's kind of like playing the odds in a lottery. The more tickets that you have for the lottery, then the greater your chances of winning.
- Don't give up. There is one thing that you will need to keep in mind more than anything else when obtaining a business grant and that is do not give up. If you don't succeed at first, try again and again until you do. Just because you don't get the first one, two, or even several grants that you apply for doesn't mean that you won't get one.