Every year, hundreds of applications are passed to grants. Competition is indeed stiff. So how do you ensure a successful application? Below are some helpful tips to consider as you start your application process.
Choosing Grants to Apply for
Do: Check out the grant’s roster of funded companies. Grants usually look for businesses in line with their own goals. By applying for grants that funded similar types of businesses, you are increasing your chances of winning. If you need help in looking for a grant, you can opt to get help from local business organizations which offer assistance to entrepreneurs in finding grant opportunities.
Don’t: Apply for just any grant. Applying for too many grants will mean spreading yourself thin and could result in you passing a low quality application. It’s always best to allocate your time and effort in applying for grants that are more in line with your cause or business goals.
Do: Schedule, schedule, schedule! A lot of grants accept applications once a year so it’s important to schedule your application process ahead of time. You can get a head start by researching on the different grants you are interested in and taking note of the application deadlines and requirements.
Don’t: Procrastinate. Grants have different requirements that might take time. In example, some may require you to join their organization or require you to be certified or licensed. Waiting last minute to apply for grants might not give you enough time to accomplish all the requirements.
Do: Read application instructions. Before proceeding with your application, make sure to go over the requirements and instructions. You could save a lot of time and money as some grants tend to have very similar requirements. It’s also important to make sure you are eligible to apply.
Don’t: Copy and paste your application to all grants. Every application must cater to the unique requirements of a specific grant. Make it a point not to include irrelevant data as well as make sure to sure all questions being asked.
Do: Make a business plan! Aside from being a common application requirement, business plans can help you gain a clearer vision of what you want to achieve. This will prepare you for any possible questions that might pop up later on during your application process. It’s also very useful in determining the amount of funds needed as well as determining a plan on how to maximize such.
In writing your business plan, be sure to cite credible sources as well as be honest when mentioning the expected costs or revenues. It’s also good to consider professional help as big grants usually require well-written essays.