Starting a business is a daunting journey filled with challenging obstacles. These hurdles should make the business resilient but never lead to a complete shutdown. According to the Bureau of Labor Statistics, 18% of businesses will fail in their first year of operations, while 50% will fail after 5 years.
In the world of innovative startups, small business grants may provide a cushion for owners to find the strategies that will bolster their business’s success. In this article, we’ll dive into the power of small business grants and how to navigate the grant process.
The Basics: What is a Small Business Grant?
Small business grants are non-repayable capital supplied by non-profits, governments, or others to support a business. Grants can cover many business expenses, such as marketing, payroll, and the development of products and/or services.
The availability of grants depends on a couple of factors, such as services, revenue, and the size of the business. Apart from those factors, it is important to keep in mind that funding is usually given to businesses that stand alone.
For example, Enhanced Konnect Services LLC. is unique in its ability to reach any person during life events. The client can contact us, use our emotional support hotline, or use Calendy to access business, life, and relationship coaching.
Benefits of Small Business Grants
Did you know that small business grants can do more than support a project? Here are three benefits of small business grants:
- Financial support: This benefit is obvious, as financial support is a grant’s purpose. For a small business, grants can be the vessel that brings ideas to fruition. Business owners can now have a ‘growth mindset’ instead of a stressed mindset about how they will sustain themselves in their industry.
- Reputation: When a business wins its first grant, it highlights its reputation, credibility, and innovation. Grants are never rewarded haphazardly; funders take a lot of time to make their final decision. But once the first grant is awarded to a business, they are more likely to receive other awards down the line. This process is also known as the “domino effect.”
- Visibility: In many cases, small business grants offer networking opportunities. Creating meaningful connections with other business owners can allow one to grow and seek out new strategies. These new, professional relationships may just help you take the next steps to reach your business goals.
Retrieving Your First Grant
Navigating the grant landscape is a lengthy, cumbersome process. But, luckily, with the right resources, securing grant funding can become easier with time. Here are three steps to keep in mind:
- Research thoroughly: This step is one that cannot be forgotten. It is best to recruit an experienced grant writer to research and write these grants for the business. Not only will grant writers have to research grant programs, but they’ll also research funders and write the entire grant. Researching and writing grants is truly a whole job in itself.
- Branding: Branding creates a sole identity for a product, project, or service. The design must be appealing and relevant and catch the audience’s attention. Consistent branding allows funders to see a business’s commitment to its values, increasing the likelihood of successful grant retrieval.
- Don’t Give Up: From research to submitting proposals, the grant process is undoubtedly difficult. About 1 in every 10 grant applications is accepted, as noted by the Professional Grant Writer. So, take your time, stay persistent, and keep asking questions. That is the ultimate way to be successful in securing grant funding for small businesses.
Small business grants have become a vital tool for startups. Funding can help sustain a business and bring the best-quality products to customers. This process is not just for anyone to take on, so it’s always recommended to recruit experienced grant professionals into the business.
Startups… Do you want to write your first grant but don’t know where to start? Enhanced Konnect Services LLC is offering a Small Business Start-Up Grant that could just provide you with extra funding for operations or any special projects. If you have any questions or technical issues accessing the grant, please contact us here.
It’s about time that businesses start working in tandem and watching amazing, innovative ideas come to life!