By Jessica Bledsoe
Let’s face it, running a small business is a constant hustle. You’re wearing every hat, from CEO to marketing guru, and resources can feel tight. That’s why, last month, we shared a list of grants available to small businesses.
These grants are essentially lifelines, offering financial support for everything from marketing initiatives to product development. The catch? They’re competitive. Crafting a winning application is key to securing those precious funds, and several of you reached out to ask how you could make your application stand out, so I wanted to expand on how to make your grant applications successful.
Here’s why making grant applications part of your ongoing strategy is a smart move:
- Free Money, Big Impact: Grants are essentially free capital, allowing you to invest in areas that might otherwise be out of reach. This can propel your business forward without adding to your debt burden.
- Multiple Applications, Increased Odds: Think of grant applications like lottery tickets. The more you submit, the higher your chances of winning. Treat grant applications as a regular part of your business development strategy, aim for a few applications each month.
Building a Winning Application:
Now, let’s delve into crafting a truly successful application:
- Know Your Audience (and Their Money): Don’t be a scatter shot. Research the grant provider thoroughly. Understand their mission and the specific goals of the grant program you’re applying for. Tailor your application to directly address their priorities. This shows you’ve done your homework and increases your relevance. Alternatively, if you do your research and find that your business doesn’t fit their criteria, just move on – don’t waste your time on applications that you don’t feel aligned with.
- Be Sherlock Holmes of Storytelling: Craft a compelling narrative! Don’t just list features of your business. Tell a story about the problem you solve, the impact you make, and how this grant will fuel your mission. Use data and success stories (even small wins) to showcase your effectiveness.
Remember, the application is likely the only exposure whoever is reviewing your submission will have to your business – don’t assume they know anything about you or your business. If you need help creating a narrative, use AI tools like ChatGPT to help you make your story one they can’t stop reading. - Budget Like a Boss: Grants are about responsible spending. Create a detailed budget that outlines exactly how you’ll use the funds. Be realistic but ambitious. Don’t overspend, but show how the grant will make a significant difference.
- Proofread Like a Pro: Typos and grammatical errors scream carelessness. Proofread your application meticulously. Have a trusted colleague review it too. A polished application shows professionalism and respect for the grant provider’s time.
Streamlining Your Grant Application Process:
As mentioned above, if you really want to be successful in securing grant funding, you’re likely going to need to apply for a lot of grants. Not only will this increase your odds of winning one, you’ll get better at telling your story and communicating your needs. These tips will help save you time:
- The Answer Vault: Grant applications often ask similar questions. Create a master document where you store well-crafted answers to common inquiries about your business, mission, and goals. This way, you can easily adapt and tailor your responses to each specific grant opportunity, saving you tons of time and frustration.
- Grant Aggregators: Leverage online resources that compile grant opportunities relevant to your industry or location. These platforms can save you significant time searching for suitable grants. Here are a few resources that I’ve found:
- Skip – Offers monthly grants ranging from $1k – $10k and also keeps an updated list of other grant opportunities.
- Ladies Who Launch – An up-to-date spreadsheet of grants available for women and non-binary business owners.
- Hello Alice – Curated lists of available grants based on your business needs.
- Deadlines are Your Friend: Set calendar reminders for application deadlines. This ensures you don’t miss out on opportunities due to a forgotten due date.
- Become a Grant Guru: Once you’ve won a grant, document your experience! Take notes on the process, successful elements of your application, and even communication with the grant provider. This knowledge base will be invaluable for future applications.
Remember, just like most things in life, consistency is the key to success. Don’t give up if your first (or even 10th!) application isn’t successful, keep looking and applying because it could only take one successful application to change the whole trajectory of your business!
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