More and more women are starting businesses.Women are more likely to start new businesses than men.Between 5 and 5.5 million jobs are expected to be created by businesses owned by women.It can be difficult to run a business as a woman.According to research, the average revenue for woman-owned businesses is just 27% of what it is for man owned businesses, and women start their businesses with half as much startup capital as men do.A grant can be used to start a new business or support an existing one.You need to research and plan well in order to have the best chance of getting a grant.
Step 1: There are grant opportunities for your business.
It is important to look for grants that relate to your business.If you are a start-up business, you should look into federal and private grants.Grants range from $100 to $4,000.There are 26 grant agencies in the US that give funds to women entrepreneurs.If you have been in business for at least 3 years, you can quality for federal grants of up to $5,000.The grants are for women entrepreneurs.
Step 2: Government grants can be used to research.
There are over 900 federal grant programs.It doesn't offer grants for women-owned businesses.It may be easier to find a grant if you are a non-profit.Businesses that are involved in research are more likely to be eligible.You can find information on other government agencies at grants.gov.You can search by industry type.The database can be found at http://www.grants.gov.The Women's Business Center has a state branch.State specific grant information can be found through the sba.gov office.If your business is a stable non profit organization that has a good record for developing community partnerships and supporting women's needs for at least 3 years, you can qualify for many federal grants.You may be eligible for grants if your business is involved in technology research or development.The US Department of Commerce has a division called the Minority Business Development Agency.There is a section on financing your business with information about grants and loans.
Step 3: Visit your state's website.
Grants and other funding opportunities are offered to businesses in most states.Empire State Development is a program run by the state of New York.Craft beverages are often the target of state grants.They may be targeted for promoting a particular trend.There is a Minority and Women-Owned Business Lending Program in most states.Due to the fact that you have to pay the money back, these programs are not grants, but rather competitive loans to minorities and women who are often turned away from banks for small business loans.
Step 4: Private grants can be found.
There are many opportunities to apply for private grants, as well as federal and other types of grants.The Small Business Administration Office of Women's Business Ownership is a good place to start.Grants for starting or expanding a small business are not offered by the SBA.Free counseling, advice, and connections to private grant and loan opportunities for women are offered by the WBO Office.The SBA helps connect women to the annual InnovateHER Business Challenge, a grant competition for woman business owners.Woman-Owned Grant Database and Membership.You will need to pay a fee to become a member, but this online site allows you to access thousands of business grants and state programs for business growth and development.You can get tips on how to apply for grants if you search by state.There is a women's funding network.Grants for business are not all of the funding opportunities here.There are over 100 funds in WFN's network.
Step 5: You can visit corporation websites.
Private grant programs are offered to women entrepreneurs.The Eileen Fisher Women-Owned Business Grant Program is one of them.Eileen Fisher gives $100,000 in grants each year to businesses that are majority woman-owned.Count me in.Count Me In and Capital One give grants in amounts from $500 to $10,000.The Women Veteran Entrepreneurs grant is provided by them.There are grants for amber.These are small grants that are given monthly.
Step 6: A business plan can be written.
A business plan details the financial, managerial, production and marketing concerns for your business, at least 5 years into the future.The start-up costs and investment capital that are required to make a business successful should be outlined in your business plan.Your business plan should discuss the potential market for your products or services, how your business will market itself to potential customers or clients, and how you will sustain yourself over a long period of time.If you want to open a maternity focused store, you may discuss your ideal customer, such as young pregnant mothers looking for eco-friendly clothing and products.The market for eco-friendly maternity items is expanding as consumers become more conscious of the environment.You should include a marketing plan in your proposal.Social media, print advertising, word of mouth, and a combination of these strategies are how you will reach your customers.
Step 7: A business budget can be created.
Your budget should show your long term plan for your business.A business budget is different from a personal budget as you will need to account for staff wages, production costs, and funds for marketing your business.You can use a spreadsheet to keep track of your business expenses.If you are starting a new business, you should estimate your start up costs.To estimate your overall expenses, use the budget from the previous fiscal year.
Step 8: Ask for recommendation letters.
You will have to provide recommendation letters for most grant applications.Ask professional individuals, such as community partners or business colleagues, who can provide strong recommendation letters that will support your applications.Give your recommenders a brief overview of the grant you are planning to apply for and how you think your business qualifies.Specific about the skills or processes that you have as a business owner would make you a good candidate.Discuss the future goals of your business.This information isn't meant to sway your recommenders.It will give them background information so they can write you a recommendation letter.
Step 9: If you are a woman, check if you qualify for women owned small business status.
If you specify this on your application, you have a better chance of getting a specific government grant.If you want to apply for grants in the US, you need to be at least 51% owned and controlled by one or more women.According to the Small Business Administration, be small in its primary industry.The SBA has a guideline for size standards for businesses.Small business self-certification is required for your business.The form can be found here.
Step 10: Read the grant application specifications carefully.
Before you apply for grants, you need to make sure you qualify.Read the requirements carefully if you need to request more information from the grant provider.Some grants are intended for new businesses, while others are for established businesses.Some grants are only available to people in certain states.
Step 11: Don't be fooled by fake grants.
You may get calls from telemarketers that want you to give them your credit card number or bank account number, or you may see fake websites that offer large grants.Do not give out your credit card number or bank account number to any suspicious organizations.Go to the websites of grant providers.Make sure they have a working email and phone number.Call or email the grant providers with questions and make sure you get clear, credible answers before you apply for grants online.Most grant scam will contact you via phone or email and use a script that congratulates you on your eligibility, ask for your checking account information so they can deposit your grant directly into your account, or cover a one-time "processing fee."You can get a refund if you are not satisfied.They will disappear with your money if you don't see the grant they promised.The Federal Trade Commission or the National Fraud Information Center can be reached if you come across a grant provider that isn't legit.
Step 12: The applications should be organized based on their deadlines.
When you have narrowed down your list of grants, organize them by their deadlines in chronological order.The deadlines are in your calendar.You have time to get each application done if you make small goals.Late grant applications will not be accepted by grant providers.
Step 13: Obtain the necessary documents for your grant application.
If you apply for more than one grant at a time, you may have some overlap in the documents you need for the application.All required documents can be found in many applications.You can be required to give documents such as an application form.You must fill out a form to apply for a grant.If you want to complete the application, you will need to provide financial or industry information.There is a business plan.Make sure your business objectives, goals, and finances are clearly stated in the proofread version.The opportunity, problem, or need that your business helps fill should be addressed.There are letters of recommendationBusiness people or community members may be able to give you letters of recommendation.A proposal.Each application will require a unique proposal.Some of the statistics and business information in your business plan can be used in the grant proposal.One grant may only be available to women working in science, while another may be only for African American women.The grant proposal needs to address how the grant will help your business succeed and how you can qualify for it.Proposed budgets and financial statements.Women entrepreneurs can manage their finances.The stronger your budget and financial position is, the more likely you are to use the grant in a responsible and effective way.
Step 14: Take the time to proofread all your materials.
Ask a second person, such as a peer or colleague, to look over your applications to make sure you answered all questions correctly.Ask the person to read the applications for errors.Your chances of getting the grant will be lessened if you submit materials with errors.Make it easier for the application processor by arranging your documents in the order they were requested.
Step 15: You can submit your application online as early as possible.
They have a website where you can apply for grants.Make copies and send the application by certified mail if you apply for grants by mail.Before you apply to create an account, go to the grant provider's website.To get an ID number that will help you process your grant application, you will need to enter important business and personal information.