Applying for a business grant may seem like a crapshoot; with so much competition for limited funding, you’d think the boards in charge of allocating grant money would be reduced to picking names out of a hat. There is a common myth about securing grants, to the effect that it’s based on pure luck or who you know. But this is far from the truth. Anyone can learn to write a successful grant proposal in order to adequately spell out why they should get the money instead of the next guy. It just takes a little research into the grant itself, the entity that is offering grant money, and how to make your business idea fit the particular requirements to receive the grant. So here’s what you need to do if you want to write a business grant proposal that will help you get your venture off the ground.
- Find grants to apply for. The first step in finding money for your business enterprise is seeking out grants that may apply to your particular industry or your goals. Often, you will come across grants at many levels, from federal and state government funds to private local businesses that are giving back to the community. While some will offer more money than others, it behooves you to try for several grants (even if they won’t deliver the total funding you’ll need by themselves). You could end up with more than one, which is only good news for your professional undertaking.
- Consider the goals of the entity offering the grant. In some cases, you can get an edge on the competition by taking into account the goals of the organization that is offering the grant. For example, you may be seeking grant money from a company that is committed to meeting and exceeding environmental standards in their operation. Even though they might not list this as a requirement to receive the grant, they will likely favor candidates who show and interest in goals that are similar to their own.
- Get in line with requirements. Once you have selected the grants you wish you apply for, you have to get to work writing the proposal that will seal the deal and end with a check in your hand. The first step towards doing this is meeting the requirements listed in the grant, and there will likely be many. In fact, you may find at some point that your proposal really doesn’t fit with what the grant is seeking. So if you are interested in actually receiving the grant, you’re going to need to tailor your business proposal to fit. And you can’t simply phone it in – the review board will know if you’re giving them lip service. You need to make a real effort to modify your business plan to meet the criteria of the grant if you want a crack at the vault. If you feel you can’t compromise your vision, then perhaps you should seek other grant opportunities.
- Don’t be afraid to ask questions. The language of grants is often specific to the grant offering, which can make it difficult for those who are trying to understand and meet requirements. So don’t hesitate to call or meet with someone in charge of the grant to clarify the fine points. Not only do you stand to familiarize yourself with decision-makers, you will also ensure that you have the best chance of meeting all criteria for consideration.
- What to include in your proposal. In general, you’ll need to list the goals of your business (and how they relate to the goals of the entity offering the grant), tasks to be accomplished, the anticipated budget, any partners involved in the project, and of course, additional paperwork like letters of support, matching funds, and so on. Make sure to include all required documents and don’t forget to use your spelling and grammar check tools (in other words, edit). While you may not be that worried about getting caught making spelling errors or breaking grammar rules, you might be surprised at how fine a line can be drawn between candidates, and what might put you out of the running.