Before you apply for a business grant, you need to make sure your business plan is in order!

A business plan is more than just an overview of your idea – it needs to be concise, detailed and should carry through to at least the first 18 months of operation.  

What is a good business plan?
A good business plan should provide a complete, detailed explanation of your business, your marketing plan, a comprehe

nsive budget, and bios of the founders and other key personnel, and most importantly – a financial forecast for the profitability of your new venture.

As part of the marketing strategy, you will need to be able to accurately describe the market for your product or service, projected price points, potential or existing competition, and your expected revenues for at least the first 18 months, and preferably, the first 36 months.

Once you have found a grant program that fits your needs, you want to make the most of your opportunity, so give yourself the ‘competitive edge by doing your preparation work before you ever sit down to start the paperwork!

Every grant application is reviewed by the funder’s panel. These are usually people that are experts in the area that the funder specializes in – they know exactly what they are looking for and what parameters the grants must meet.

The first step in preparing to write your grant proposal is to familiarize yourself, as much as possible, with the grant guidelines, and if possible the grant committee members. Call the grantor and ask if it is possible to meet with one of the reviewer’s to go over the guidelines, and clarify any points that you many not fully understand. If a call is not possible, ask if you can submit your questions by fax or email.

If you think that government grants are available for anyone that wants to start a business – think again! Small Business Grant Money IS available – but most small business owners will have a difficult time finding the right program without help from a service or Small Business Grant Money professional.

In the case of government grants, the rules are very, very strict – every year, Congress allocates almost $100 million in the form of grants to be distributed to a wide variety of agencies under the Federal Government.