A small scale business is a great way to free yourself from endless hours locked up in small office cubicles. Starting a business, however, requires a fair amount of capital that you will use for setting up the actual business, buying the materials and equipment for production, and paying the staff. Unless you have the money for the capital, one of the things that you need to do is to find free grant money. Here’s how.
- Business plan. First of all, you will need to determine your exact business and create a comprehensive business plan based on it. The business plan will form the blueprint for your business. It is very important since no grant funding institution will give you notice unless you are able to present a good business plan. Make sure that your plan includes a summary of the objectives of the business, the angle, twist, and niche that makes the business different, the resource that you need, the advertising and marketing moves that you will make for your business, and other aspects that will ensure that your business takes off.
- Editing and refining the plan. After you have made the initial draft of the business plan, the next step is to polish it. The best way to do this is by taking a break for a couple of days or weeks after you have formulated the business plan. This will give you the creative distance that you need to be able to reevaluate the business plan later on. After some time, go back to your business plan and try to reassess it and look for flaws. You need to be critical while reassessing your business plan. The point is to be able to improve your business plan. Remember, there is no such thing as a business plan that is perfect from the start. You can also get some input and advice from friends who have engaged in their own business, as well as from family members.
- Proposal. After revising and editing your business plan to make sure that it is solid and fully functional, the next step is to create the business proposal. The business proposal should include the pitch that should influence the granting agency to give you the grant to start your business.
- Grant opportunities. Once you have made your business proposal, the next step is to determine where you can send the proposals. The easiest way to determine which institutions and foundations offer free grants is by doing a web search .search for the websites of major firms, companies, and government agencies. Check out the requirements that are needed in order to apply for the grant.
Once you have a list of the grant agencies, the final step is to submit your business proposal, your business plan, as well as a list of other requirements that are needed for the granting agency to process your application. With these steps, you should be able to find a free grant to help you realize your business dreams.