If you’re in need of business funding, but don’t know where to start, you’re in the right place.
Growing your business can be difficult if you rely on funding. Especially if you don’t know much about what is available to you.
Whether you are a new business, well established or somewhere in between, there is funding available for you. You just need to know where to look.
You may not think it, but the amount of funding for businesses available is massive. This can be national funding, local enterprise funding, business loans and grants and even private investors.
In this blog, we identify what you need to consider when looking for funding and if it can apply to you.
4 things to consider when looking for funding for your business:
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Business size and stage
There are funding options available depending on the size of your business and how long you have been trading.
A new company or a start-up business, can access new business funding. This can be grants or business loans for growth and development that come with certain provisions. For example, the funder may require a certain turnover threshold or a minimum trading length.
For small to medium-sized businesses, there is separate funding available. If you are an SME, your workforce tends to be between 10-100 employees and it’s still relatively new. Funding is available to you in several ways. There are schemes in place to help with business growth and training. So, if you are looking to grow your business, look at workshops that you can do under government schemes. These kind of grant schemes, can aid in business development and staff training. There are also small business loans that you can apply for. Local areas will have enterprise funds to support in local enhancement and growing small businesses. You can use our free Grant Tracker to see what is available to you in your area.
If you are an established company and a considerable size (250+ employees), consider funding for your specific needs. You may not have access to funding available to smaller businesses, but there are still options for you to consider. This can be business loans, investors and, in some cases, grants for training needs.
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Location
Where you are located can also be a factor when looking for funding. Many local councils have schemes in place to help with community and business improvement for their constituency.
If a business provides something that enhances the community and aids in regional development, then funding can be available. This could be in the form of a grant, an investment scheme or a loan. Start by doing checks to see what is available in your area. This could be your local council, or the region you sit in. If there’s nothing available at the moment, keep checking. The government releases funding throughout the year, this could mean that new opportunities are just around the corner.
There is also relocation funding. This applies to you if you are in the process of relocating your business or intend to do so imminently. By relocating, you are bringing with you new opportunities, new job prospects and new cultural enhancement. All of which benefit the area, therefore local funding from councils can help you.
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Service sector
Another consideration comes down to what your business does. There are funding options available with provisions in place for specific services and products.
For example, if you provide services in construction, then you may be entitled to funding specifically for that reason. Recently, there was funding for businesses who wanted to improve their procedures and make their materials more sustainable.
These types of considerations and business developments should be looked at if they apply to you. Gaining help in business development in relation to your industry can provide new funding opportunities. Some that you may not have even considered before.
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Business type – for profit or non-profit?
Is your business a non-profit or for-profit? Both come with different funding opportunities. There are no limits to what is available in theory. But looking at alternative methods of funding is always a good idea.
- For-profit companies
Most companies fall under this sector. The funding options available can range from grants to investments and business loans. If you are a start-up, then crowdfunding and start-up schemes can provide funding in this sector too.
- Non-profit companies
For the likes of non-profit companies and charities, funding is heavily reliant on grants, crowdfunding, and donations. Companies in this sector also tend to look at private investors who are wanting to make large contributing donations.
How to Improve Your Chances of Securing Funding
To improve your chances of securing funding, here are three tips that are worth considering.
1. Tell the truth – Be honest with the funders will want you to outline exactly how you will spend the grant on your business.
2. Do your research – Increasing your chances by showcasing you have done thorough research about the fund and their background will help. It shows you are prepared, and serious about getting the funding.
3. Give yourself plenty of time – don’t rush the application. You could miss out vital information or answer incorrectly. It will reflect badly with the funders.
4. Pay attention to the details – It is more than likely that funders have little knowledge about your business or services. Pay attention to the details that will make your business stand out but will also help with your case. Use terms that funders will understand, that covers all basis. This will give them better insight into you and your business.
5. Adjust your writing styles – you wouldn’t use the same terminology for a business grant like you would for a charitable grant. Funders will expect to see certain phrases in regard to different funding types. Ensure you research this and use this within your grant application.
To summarise
Getting funding for your business is the first step in your business development. Until you start looking for it, you won’t know what is available to you.
There are a few different options to consider:
- Grants
- Business loans
- Government Schemes
- Investments
Before you apply for a business grant, make sure you have done a thorough search. You need to look at what is available to you and if it is worth it. Funding applications can be extensive, so be prepared for the process beforehand.
Considering the Covid-19 pandemic there is also funding to consider brought about from this. The pandemic hit businesses hard, and because of this, business support grants grew.
Therefore, due to the ever-changing economy, grants can become available following societal or economic changes. Whether this is a pandemic, or something else, there are always new opportunities. Just because you don’t find something available to you on your first search, doesn’t mean you give up. Keep checking what is available to you, locally and nationally.
Remember to also ask for feedback if you are unsuccessful with your grant application. Getting feedback directly from the funders will be constructive in improving your next one. Don’t see a failure as a reason to give up. Keep trying and improve your chances with each new application.
How we can help
However, if you do need help with your grant applications, let us help. We can support you in the writing to improve your chances of success.
Grant Writing
Our Grant Writing Service is for businesses who want to start applying for grants, but don’t know where to begin. We can support you at any stage of the process. We are also on hand to help businesses who have been applying for grants but aren’t seeing success.
Our Grant Writing Consultants have over 60 years of experience in bidding for funding and grants. From start-up business grants to self-employed business grants. They can take care of the whole thing for you – they’ll even submit it on your behalf.
Want to know more? Get in touch today to find out how we can help your business grow!
Our free Grant Tracker
Looking for a grant? Our Business Grant Tracker has thousands of live grants and funding opportunities. Our team have manually tracked 1,500+ data streams searching for business grant opportunities. Each one is then uploaded to one central system, streamlining the process.
All you need to do to gain access is sign up for free.
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