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Business Grants for Women: Step by Step

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Post Business Grants for Women: Step by Step   Sat Aug 13, 2011 12:42 pm

The US government gives away free money to its citizens, in the form of government grants. It's hard to believe, but more than $50 billion is given away every year to individuals and businesses in the form of free government grants. Government grants, in particular business grants for women, can be used by women for many different purposes such as, paying salaries, starting a business, and purchasing or leasing equipment.

Receiving a grant to start a business is not an easy task, regardless of what you may have heard. I know you've seen the commercials, maybe even the one that silly question mark guy telling you how easy it is and how much the government wants to give you this money. The agenda of these folks is simple, they want to sell you a product which is going to show you just how EASY it is to get free government money. It's just not that simple. I'm not trying to dissuade you from attempting to get a government grant for your business, I just like to make it clear that the process is not as easy as has been portrayed.

How Do I Start?

The cold hard facts are, you have to begin with some research in order to see if you qualify for any government grants. Once you found the government grant you believe you qualify for, make absolutely certain you are capable of fulfilling the required terms and conditions. Where exactly do I search for the government grants I'd like to apply for? GRANTS.GOV is your best source to find and apply for federal grants. Once you've found a number of grants that seem applicable to you, compile a list and examine the terms of each more carefully.

Now You Need A Plan

You now need to write a compelling business plan that is related as closely as possible to the grant for which you are applying. You'll need to state your objectives, description of your business, and financial statements with complete clarity. Do not deviate in any way shape or form from the instructions given in the grant application. Constantly revise your business plan as needed throughout the entire process.

In order to increase the chances of receiving a government grant your business should not only prove that it is sustainable, but also that it provides a clear benefit to your local community. You will need to show that you have done a complete market analysis which proves that your business is capable of providing a sustained income. It should also show your businesses likelihood of being successful against your competition. In addition, you must show that your support staff is capable to lead your business and follow a detailed marketing strategy. If all this weren't enough, you also need to provide a financial model that offers estimates for your potential revenues for up to the next three years.

In order to ensure that your business plan and your grant application are as perfect as possible, it is advised that you have an accountant or an attorney (or both) go over your information thoroughly.

In conclusion, it must be said that although applying for a business grant can be an extraordinary challenge it is well worth it for those who qualify.
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