There are literally billions of dollars that have been earmarked for use as government grant funds actually going unused every year. Many citizens do not realize that they can easily qualify for grants to start up the business that they have been dreaming of over the years – with money that does not have to be repaid. With just a little work on your part, you can become your own boss and own your own business, with help from Uncle Sam.
New Business Stimulates Economy
Whether you want to open a quaint bed and breakfast, an authentic Italian pizza parlor, or purchase a franchise establishment of your favorite retail outlet, there is more than likely a federal government grant that can help you get started. The government issues these federal government grants because they know that new businesses help to stimulate the economy and create new jobs. Believe it or not, even in faltering market conditions now may be the ideal time to start your own business.
To begin your journey toward the financial freedom that comes with owning your own business, you will need to obtain the free publication catalog from the federal government that lists all available grant sources that are offered with various federal agencies. This catalog is called the Catalog of Federal Domestic Assistance, or CFDA. The CFDA will list by category and agency all grants that you might consider applying for. You can also obtain an electronic version of the catalog that is available in PDF format from the federal government.
Researching Your Grant
Once you have identified grants that you might want to apply for, you need to research the grant. Determine that you meet all eligibility requirements. Some grants are needs based, others are just for women, African American individuals, veterans, and some are for seniors. Be certain that you understand and meet the all requirements prior to submitting your application.
An Effective Business Plan
Draw up a business plan that outlines the type of business you plan to open. Outline in detail where you see the business in one, five, and ten years. Note any growth that you anticipate, and what revenue that your business will potentially generate, as well as the number of jobs you think you can create by each milestone of one, five, and ten years.
A Reasonable Budget
Attach a budget to the business plan that details the expenses you will incur to set the business up properly. Take into account whether you wish to purchase or lease the facility that will house your business; determine whether you will need to make renovations or remodel the building. List all fixtures, equipment, furnishings, and computer hardware you will be required to purchase. If you will need to hire anyone to help you run the business, include the estimated salaries of the individual(s) you will be hiring. Publicity and advertising costs should be taken into consideration as well.
Once you have done the legwork for your federal government grant, fill out your paperwork carefully. Be mindful of any deadlines. Include all supporting documentation for the convenience of the agency that will review the application.