The grant application process can take some time, however, some things can help speed the process up. One of these is having a single document listing all of the common questions you might get on a grant application. Writing these answers out ahead of time can make applying for grants much easier because you can copy and paste your answers into the application. Include the following in your document:
- Your capital plan. Whether you’re a startup or an established company, what other methods will you use to fund your business? Options include crowdfunding, angel rounds, loans, seed rounds, et al.
- Business model. What type of business are you? Examples include e-commerce, subscription model, SaaS and membership.
- Revenue streams. Make a spreadsheet of your products, the cost of goods sold, retail price, the number you must sell to break even and your gross margin.
- Business pitch. This is your 15-second elevator pitch. Consider the problems your company solves, who your audience is and how you will use the proceeds of your grant. Another critical component of your answer is how you, the business owner, are uniquely qualified to solve this problem for your customer.
- Your small business brand. Include your social media accounts, logo and a video about your company. Your social media accounts should reflect your small business’s desired aesthetic.
- Target audience. Who does your small business sell to? What does an ideal client look like?
Some grant applications can be quite lengthy. Getting the above information together can help you put together a business plan which many grant applications require.