In 2019, we are going to experience new economic turbulence. Thankfully, there are many ways that we can do in order to ensure that any economic downturn doesn’t get the better of us. With this in mind, we’re here today to talk about the nature of business grants and what value they can add for you.
Small Grants – The Basics
Small Grants are the way to succeed in 2019 if you are only now starting with your company, then you will be thrilled to know that this year will offer you quite a few decent small business grants. They can come from international sponsors or be right at home. Let’s have a look at a handful:
- DOT Disadvantage Business Enterprise Program
- Minority Business Development Agency (MBDA) Business Grants
- StreetShares Foundation Veteran Small Business Award
- VetFran Business Grant Fund
- Miller Lite Tap the Future® Business Plan Competition
There are a lot of institutions that focus on giving sponsorship to various group from society. For instance, government backers will always focus on promising ventures. The sums awarded could range between $500 and $100,000.
Then again, they can extend to $1 million, sometimes more – sometimes less. In any event, there are also other sponsorship opportunities that are focusing on providing you with everything that you will need yourself.
As in our examples here, you can get some extra funding if you are a female entrepreneur or representative of a minority group, you stand to get something extra. And this is no bad thing.
Should You Apply for All Grants?
In general, yes. It doesn’t matter who the sponsor is as long as they are a legal unit or to put it this way – as they are a credible source of funding. You wouldn’t want to tie your business to some shady affairs.
Apart from that, you will want to pay some attention to other important metrics, such as how reliable the stream of funding is released. But about this – in another article.
Now, as to the application for a grant. You must make sure that you are prepare to meet the prerequisites. This doesn’t mean just preparing the red tape.
It also means execution. If you are planning to get funding, you must also be planning how you are going to turn your funding into a working business. There are several ways to do this in genera:
- Target funding sources that will back projects that you have the expertise to carry out
- Don’t chase the money, chase the idea
- Make sure your industry is sustainable
It’s important to always make sure that you are taking the necessary precautions to truly push yourself to the point where your project will turn a solid profit and that you won’t be left struggling.
Successful businesses are mostly looking for ways to optimize. If you are challenged on production level, it means that the business idea that you have hit is not really something you can execute well.
Pick and invest smartly.