Guess what? Everyone wants free money! And one way to get it is a business grant. As I have discussed locating a business grant can be difficult if you don’t match anyone’s criteria. Being eligible to apply for this “free money” is only the first hurdle in the race to claim your prize. Applying for a business grant can be a long and laborious process with many hurdles, and it’s not only you in the race.
Other entrepreneurs are gunning for these grants, armed with a business plan and determined to get their share of the pot. It’s worth remembering something; these grants are only available for a short period of time or even stop once the pot runs out.
It can be a case with these grants of who shouts loudest will get the grant. An entrepreneur can greatly improve their chances of getting the amount they need by working closely with the grant company and contacting them for regular updates.
Every grant provider will want a business plan and a list of all the items you need. The problem is each provider may want to see something different in each business plan. It’s not uncommon for an entrepreneur to be applying for several grants, working with several organisations and having several versions of the business plan.
This is where the hard work comes in and you realise that there is no such thing as free money. It can be quite demoralising if the business plan you have slaved away on is not what is required to get the grant and when you have got it right for that organisation, another granting body may want you to make changes. Don’t take this personally, every person reading a business plan will expect something slightly different and will want you to make changes. You will save yourself time by listening and working closely with the organisation and making the changes as quickly so that you don’t delay the process.
As I have said, with some of these organisations it can be a case of who shouts the loudest wins, so you can’t afford to sit back and wait for things to happen. Phone for updates regularly and ask them if they need anything else to process the application. You never know, applications for business grants sometimes get lost so it’s worth a phone call to check everything is in place.
All in all applying for business grants can be a time consuming process, but that’s the price you pay for “free money”