If you are looking for funding for your small business, you should always consider small business grants. According to Danita Doleman, there are plenty of options available. You need to make sure that your business is compatible with the funding agency. Take a look at several important factors you need to consider before you decide if a grant is worth pursuing.
Compliance: Does the Funding History Align With Your Organization?
First, you need to make sure the funding history aligns with your organization. Is your business in compliance with the organization’s funding history? When you take a look at the grant online, it might look like the perfect fit for your company. According to Danita C. Doleman, the website does not always give a full picture of the current priorities of the organization. You may want to take a look at the 990 Form that they file with the IRS to see if they are actually giving out funding. Then, make sure the organization is currently funding projects that are similar to yours.
Competitiveness: How Hard Is It To Get Funded?
Next, you need to figure out how hard it will be to actually get funded. According to Danita C. Doleman, you might not always be able to figure out the number of organizations applying for a grant compared to the number of grants that actually get funded. Fortunately, the vast majority of organizations are going to be transparent if you reach out to them. Talk to the organization and see how competitive the grant program is. For example, if there are two hundred applicants and 30 of them get funded, then the success rate is 15 percent. The higher the success rate, the better the chance of your organization getting funded as well.
Cost: How Expensive Is It To Prepare for the Application?
Finally, you should always think about the cost of preparing. According to Danita C. Doleman, you need to take several factors into account when figuring out how expensive it is to prepare for the application. You need to think about not only the hourly wage of the people filling out the application but also any benefits to pay them. Make sure the cost of preparing the application is not more than the funding you will receive in return.
Get Ready for the Application Process and Ensure You Are in Compliance and Prepared
These are a few of the most important points you need to keep in mind if you are getting ready to go through the application process. According to Danita C. Doleman, there are a lot of factors you need to take into account as you decide whether a grant is worth pursuing. You need to make sure your goals align with the goals of the organization, and you need to ensure you have a decent chance of getting funded. That way, you can spend your time and energy pursuing grants that you actually have a chance of receiving.