Writing an Effective Grant Proposal for Your Business
Writing a compelling proposal for your business is critical to pursuing outside funding. Grants come in different forms from federal and state grants to local education and vocational training grants. Some foundations also impacted by your cause are grant candidates.
Writing a grant is similar to writing an effective resume. The same elements are required including;
- A bottom line 2 sentence description of the opportunity and your solution to fill a gap.
- Outline of your potential clients (TAM total available market) and include competitors that may already be in the space. What do you offer that no one else offers
- Financial needs projections. What financial obligations/costs will you need to address to start and run the business without a profit for at least one year.
- What does your research say about the market for your idea? Independent research and studies. How sustainable is your business when it comes to expansion?
- What is your definition of success from marketing to revenue and profit margins?
As an example, you may be interested in “leveling the playing field” as it relates to preparing students for careers and college selection or alternatives. How are you going to make a difference by reaching a broader audience at a lower price to enable more of the less fortunate to benefit from your service. Can your service be subsidized to make it even more affordable? What groups will be most impacted and which groups will be motivated to help you succeed based on the synergies of your company.
All strong business plans draw a straight line between the problem, the solution to the problem and the structure (including funding) that will be required to get it done. It has to be a win, win, win situation between you, the clients and the funding agency or group. Government agencies including the SBA (small business agency) a federally funded bank for small to medium businesses is one source of funding. Education grants can be identified on the Federal Department of Education website. Nonprofits funding similar or parallel initiatives may also be a good source of funding or partnering.
Let Job-Lander help you get started and guide you through the process of securing funding via grants. Click here to register for our training or to schedule your complimentary 30 minute consultation.