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Four ways entrepreneurs can improve their chances of accessing $56 billion in grant funding
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Drew Smith
Share 18 March 2021
Cash is the lifeblood of small business, and today in Australia there is more than $56B on offer through 1,782 funding programs [1] to help entrepreneurs and start-ups achieve their business goals.
While the amount of government support offered to start-ups and entrepreneurs across Australia through initiatives such as the Entrepreneurs’ Programme is the envy of the world, these grants can be a tough nut to crack. Lengthy applications, process times and a high chance of rejection are enough to put most off, but for those who win, it can be a game changer for their venture.
Taking some time to prepare for the effort involved with grant applications will mean you’re better prepared to respond quickly when you find one that meets your criteria. Here are four ways to improve your chances of being successful with grant funding.
1. Education
Understand how grants operate. Once you have a full understanding of the complexities involved, measure the effort required for you to submit and manage a grant application versus the benefits you will receive from the grant. Don’t forget to assess alignment with the program aims and your ability to deliver your proposed project.
2. Grant strategy
Build a sustainable and tailored approach to finding, qualifying and applying for grants as part of your strategic planning.
3. Grant writing
It’s not rocket science, but a certain amount of skill and experience helps. You need to describe your business and activities in a clear, comprehensive and consistent manner and make a convincing case about why you should receive funding.
4. Grant management
If you are successful in receiving grant funding, there is more work to do. Consider your capacity to record, report, measure and acquit grant funds. You don’t get funded for free – you will need to justify your grant.
Remember, it’s not about you!
To give your start-up its best chance of success to receive grant funding, you need to be able to step into the shoes of the funder. Be clinical in your self-assessment and consider – do you meet the criteria and are you the right fit for them? This checklist can help you with your preparation.
As much as you need the funding, as desperate or worthy as you may be – the funder is providing funding for a reason. If, and only if, you meet their criteria and the policy behind their program, will you be eligible.
Findex Grants services
Findex Grants services helps your business connect quickly with thousands of grants nationally, assessing your eligibility and chance of success based on your individualised requirements.
By exploring grants available by location, industry, project and activity type, our experienced team can provide up-to-date, easy-to-understand reports that help you quickly identify suitable grants and assess your eligibility and chance of success.
Once you’ve identified suitable grants for your business, our team can work with you to write and structure your application to help maximise your chances of success, guiding you from application to fulfilment.
Request your complimentary report
Submit a request to our specialist Grants team and we will send you a complimentary report of the grants and funding options available to your business based on your business activity today!
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