Published on 07/10/2014 by Bill.Tamva

These Hot Tips Will Help You Secure a Business Grant

Growing your business can be difficult, even without having to secure funds from somewhere. Business grants are one of the best means of getting a significant bit of dosh to move your business forward.

But grants are by no means an easy source of funding. There aren't a load of business grants out there in Australia, yet thousands of businesses apply for each and every one. So how do you set your business apart? We've got the hot tips so you have a better chance of putting in a winning submission.

Do your research and find the most relevant grant

You're wasting your time applying for business grants that have little to no relevance for your business. While it's tempting to go for every business grant out there, you'll want to spend considerable time and investment building worthwhile applications for each submission. You simply don't have time to cover them all – nor will the grant assessors appreciate receiving a submission that doesn't acknowledge the grant's focus. Do your research to find out just which grants will work for your business and make sure your application addresses the grant's purpose satisfactorily.

Think outside the box

Having made our last point, it's always worthwhile seeing how you can make a business grant that at first sight seems irrelevant work for you. If, for example, you're looking for some finances to expand your business space, incorporate some energy-efficient features into the plan and pitch the idea to a grant aimed at a renewable energy project.

Think of a grant as a bonus, not a lifeline

It would be a mistake to rely upon a business grant as your sole means of funding a business venture. Take the attitude that winning a business grant will be a bonus to your business rather than a necessity. Then you'll find yourself putting more energy into various ways of achieving your end means, rather than relying upon one financial source – and that will ultimately guarantee a greater outcome for your business.

Treating a grant as a bonus also shows the grant assessors that you're confident enough in your business scheme to obtain funding from a variety of sources – including, perhaps, your own investment. Confidence is one of the key traits any grant assessor would be looking out for when determining which business proposition will work best for the grant.

Demonstrate success wherever possible

Show grant assessors that you know what you're doing by providing evidence of previous successes. This demonstrates that you know how to put the thought and commitment into a projection to make sure it gets done with optimal results.

It is unfortunate that oftentimes with grants, if you really need the money it's unlikely you'll get it. That's because grant assessors are much more likely to give the grant to a company with a proven record of successes, rather than a wildcard. Highlight the successes you've achieved in your business thus far and make sure you have a clear, demonstrable path to future success.

Have a killer business plan

We've already said that confidence is an important trait to show when you apply for a grant. Back your confidence up with a well-defined business plan that demonstrates a strong financial and strategic direction for your project. If you have a clear path from development to commercialisation, you'll instil confidence in your grant reviewers, as well as set yourself up for an easy road to success.

Keep your application simple

It's easy to want to go into great depth to show the grant assessors you've done your homework and have it all figured out. It's often better to keep your answers brief, but succinct. Don't go into all the particulars of a business plan – you don't want to lose the grant reviewer's focus by having a longwinded proposal.

Seek feedback

If in doubt, give your application to a third party to read over before you submit it. They can give feedback on the content, as well as pick up any grammar or spelling errors you may have overlooked.

Don't give up

There are a whole host of business grants out there, so if you get knocked back with one of your applications, don't lose heart. Reassess your approach, consider any potential changes that could strengthen your project plan, and apply for different grant. Remember, purchasing and running your own business from AnyBusiness - https://www.anybusiness.com.au/ could lead to significant financial gains, don't give up on your dream.

Feel encouraged and ready to make applications? Read our blog post on finding the best business grants for you.

bill.tamva

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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