Time out: Before seeking a business grant, start making a list of things to do that will help ensure a successful outcome.
If you’re currently operating a business or planning on starting a business, there is a good chance that you may be eligible to apply for funding grants, either through government or private companies. There are grants available for Research & Design, Employment, Marketing, Equipment… and the list goes on. If you intend on applying for a grant in the near future, here are important tips to consider.
1. Thoroughly research the criteria and ensure that you demonstrate how you can/will meet each in your application. Clearly identify the return on investment and communicate the outcomes of your project if it were to be successfully funded, showing that you understand the purpose of the grant round or what the funding body is trying to achieve through their outlay of funds. Return on investment doesn’t just need to be financial, it can also include societal and community benefits.
2. Be concise and specific, only include the necessary information that the assessors need to know. Answer the questions being asked but keep it simple and don’t include irrelevant information.
3. Highlight partnerships and affiliations you have with other businesses, councils, chambers etc. There certainly is strength in collaboration and having the endorsement of your local council and chamber can prove invaluable. Consider requesting letters of support and attach them to your application.
4. Establish a relationship with the funder, if appropriate check in along each milestone of your project timeline and ensure you offer ample media opportunities recognising the funding body when and where appropriate.
5. Don’t be daunted by the application process, take your time and break down each question. Research previously funded projects and ask your team or colleagues for their input and feedback.
Some great websites to find available funding opportunities include Business.gov.au and OurCommunity.com.au – if you are a member of the Chamber be sure to include this in your application and also ask us for a letter of support. Happy grant writing!
To become a member or discover what the Chamber is about check out our website Follow us on Facebook Email us: info@coffschamber.com.au or call the Chamber office on 6651 4101.