Starting a small scale business is a wonderful opportunity for earning extra income and could open doors for you to make the business grow enough to allow you to do it full-time.
Of course, starting a small scale business means starting from scratch, and this means having the capital to bring that business idea off the ground. Usually, the capital will come from your own pocket (like money you have saved). But if you do not have enough savings then finding money from external sources is what you’ll need to do. Grant money for setting up a business is one of the ways to realize a small scale business. If you want to start a new business using grant money, follow these steps:
Step 1: Write a business plan
You need to put that business idea on paper so that people will know what your ideas are. A business plan is what you’ll need as an instrument in presenting your business idea to people. This is a crucial step because institutions or organizations that give out grants will always look for your business plan. Make sure that your business plan is professional looking and incorporate the information that you know they will ask for – your business objectives, your target clientele, the resources you’ll need, marketing plans, among others. Go online and look for resources on how to write a business plan and follow the templates they provide.
Step 2: Write a business proposal
Having written and prepared your business plan, you will now need to make a business proposal. This will serve as the opener to the grant institutions you want to get your grant from. The proposal will basically be a short summary of your business plan that will entice the organization to look or study your business plan further.
Step 3: Identify the institutions
Research on the different organizations, institutions and groups that provide grants for small scale business. The internet is quick and obvious way to get this kind of information. There are directories available online that you can print and use. You can also ask your friends if they know of any such organizations. After you have compiled a list of institutions that grant money for small scale business send a copy of your proposal and business plan to all of the organizations on your list. You should also add any other requirements that these institutions require.
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