5 Pro Tips To Nail Your Government Funding Application

Government funding. 

It’s one of those things that everybody seems to know so much about and have an opinion on. It’s just like everyone knows everything there is to know about being a small business owner.

If you can’t tell by reading that, I’m being sarcastic.

But the sad truth is that business ownership and government funding both have a few things in common. One of those things is that there is a big misconception about each. That misconception is that if you start a small business you will fail and lose everything. In terms of government funding, the misconception is that it doesn’t exist and that it’s all a lie.

The fact that you are here, reading this article tells me one thing. You probably are either a small business owner looking for a way to get funding, or are a person who is looking to start up a business. Whichever one you are, you most likely have heard the above misconceptions.

I want you to do 2 things before you continue reading:

1. Answer this question. Who told you that if you start a small business you will most likely fail? Or if you start a small business it won’t work out?
2. Answer this question. Who told you about government funding and that it doesn’t exist or that you won’t get it?

The fact is that the people who share and spread this kind of “non-sense” what I’m going to call it, are typically people who have never been in business, and have never applied for government funding. That’s probably the case 9/10 times. The other 1/10 times, it may be a small business owner with some bad luck who failed, due to whatever circumstances, or a person who applied to funding and got denied due to whatever circumstances. So, why listen to them versus let’s say a professional?

Probably because it’s hard to know who is a professional and who’s not, right?

So let’s break it down a little.

Who is a professional?

• somebody who has had a business and preferably still does
• somebody who deals with business owners on a daily basis
• somebody that’s had multiple business
• somebody that has succeeded and failed in business
• somebody who’s been there and done that
• somebody who offers professional services of this nature for a living?

Who is not a professional?

• Your parents (unless the above match)
• Your friends (unless the above match)
• The internet (unless the above match)

Hopefully this will give you some insight who to trust and who not to trust when it comes to starting a small business and applying for government funding.

The number one hurdle that entrepreneurs have to pass and overcome in order to succeed is to break free of the misconceptions about small business ownership and government funding.

Here we have 5 Pro Tips To Nail Your Government Funding Application, which can help you accomplish exactly that.

Tip #1: Have a well developed business plan.

The first rule of ensuring that you are able to nail your government funding application is to have a well developed business plan. Why? Well think of it this way, 99% of the time you are simply sending in your application to a funding agency. They can’t hear or see you, and they can’t tell what you are about. So, the next best thing is to have a business plan that does it for you. Your business plan is your pitch and your presentation at the same time. It should act as if you were there in front of the funding agency pitching your idea to the investors in front of you. Your business plan tells them who you are, what you’re about, what you need and what you will do if you are successful. They will based on this be able to either take your funding application to the next step, or shred it.

Tip #2: Know what to look for.

Funding is available despite the misconceptions around government funding programs. However the difficult part, which ultimately adds to that misconception is the fact that government funding programs are extremely difficult to find. Or at least difficult to find the details that may be important to you as a business owner such as: where to I apply, what do I need, is it for me and how much can I get. Before you start your search, you need to narrow down what it is you are looking for. Think of it as a google search. If you’re looking for a restaurant to eat Italian food with your partner, do you Google “restaurant”, or would you be more specific and add in “Italian restaurant”, or maybe even more specific “Italian restaurant downtown”.  The more specific you are in your funding search the higher your chances are at finding the best suitable funding program.

Tip #3: Know when and where to apply to.

Knowing where to look for funding is hard. Because funding doesn’t come from one website, or one government, or one place, but instead is scattered over hundreds of funding agencies, hundreds of government funding programs, a lot of hard work, research and time is ahead of you. So what do you do? You have to start somewhere, so how about some expert help? Government funding has to be narrowed down. Different funding agencies offer different funding for a bunch of different things. Before you start your search, break it down. Where will your business be? What is the industry you are in? What do you need funding for? These will help you narrow down your project and assist you with your search. Keep in mind deadlines for each funding program are different, so don’t invest all of your time into just researching more and more.

Tip #4: Know how much to apply for.

Once you’ve found a program that you believe is right for you, the next step is to apply. However before you apply you need to have some clear information. How much funding do you really need. You don’t need to be specific to the dollar, but an approximate idea will greatly help you. You have to be somewhat specific and yet be realistic. Keep in mind the funding program maximums, minimums and averages. Try to see past success stories of that funding program. If you notice the maximum is $100,000 that you can ask for, and all other success stories over the past years haven’t passed $50,000, maybe it’s a sign you need to ask for less. Your business plan would tell you how much you need and what it’s needed for. Often the less you ask the higher your chances are, however be sure to have your numbers right.

Tip #5: Don’t give up.

Most entrepreneurs that give up do it 50% into the application. It’s sometimes, time, or money or lack of knowledge. Those who continue and still end up failing at their application often fail due to credit, or asking for too much money, or not being qualified by applying to the wrong program…etc So one word of advice is to not give up, and keep trying. A denied application can also often be the result of applying too late, or even too early. New programs are always being introduced for business owners to apply to so be sure to keep applying and don’t give up.