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Write Your Proposal like a Business Plan

Knowing how to write a business plan can help your grant proposal stand out and increase your chances of acquiring funding. A business plan is a written document that describes in detail how a new business is going to achieve its goals. Similarly, a grant proposal describes in detail how a project’s goal and objectives will be achieved . Grant proposals include many of the same elements as business plans and serve nearly the same purpose. The success of either depends on the information presented, the way they are written, and the brilliance of their approach or methodology. Above all, deliverables are what they have in common. To demonstrate the results, both plans should be SMART: specific, measurable, attainable, realistic and time bound.

Certain important qualities in a business plan make it far more likely to find financial backing. Here are some of those qualities which are equally important for grant proposals as well.

1. It fits the business need

You have to start with whether or not the plan is going to achieve its business purpose. Some plans will sell an idea and a team, others will sell a research plan, and yet others will sell a service that will be undertaken for constituents. A good business plan fits the business need. Equally, your grant proposal should parallel the institutional mission. It should achieve the objectives or the goal in systematic and measurable increments.

2. It’s realistic and can be implemented  

You do not get points for ideas that cannot be implemented. You may have a brilliantly written and excellently researched business plan for a grant. However, if it does not have a management plan or team to manage implementation, it will not get funded. This proposal will not fare well with the donor, and the lack of feasibility may be the fatal flaw that will get it rejected.

3. It’s specific – you can track results against the plan

Measurable objectives are driven by outcomes and can be tracked against your goal. They will keep you on track to achieve your tasks, deadlines, budgets, and evaluation. Good planning requires specifics about who, what, when, and how much. Your plan of operation will include activities, timelines, personnel, outcomes, evaluation, and budgets. In other words, it will be specific and all the pieces will fit together like a puzzle.

4. It clearly defines responsibilities for implementation

You have to be able to identify a single person who will be responsible for every significant task and function. A task that doesn’t have an owner isn’t likely to be implemented. In a good business plan or a grant proposal, you can distinguish a specific person responsible for implementation at every point.

5. It clearly identifies assumptions

Since a proposal and a business plan are both guessing the future, they must clearly show assumptions and discuss alternative plans. Not thinking about the unexpected may lead to failed plans along the way. You will need to identify assumptions and outline alternative paths, in case the original plan does not unfold as initially envisioned. This demonstrates that you have projected into the future and developed plans that will lead to your ultimate goal, which is the effective completion of the project.

6. It’s kept alive by a regular review and follow-up

The evaluation process must be ongoing and measure the effectiveness of the activities at various stages. It has to bring the planning process with it, meaning regular review and course correction. This demonstrates that accountability will take place during all stages of the proposed plan. A large percentage of your success depends on regular review.

A plan that is simple, easy to read, and reflects the above qualities can sell even the most complex research grant ideas. The common denominator for both grant requests and business plans is that they are specific, measurable, achievable, realistic, and time-bound. At the end of your proposal, you should ask the following questions: Is the plan realistic? Is the budget reasonable? Are the milestone dates feasible? If the answers are yes, then you have created a proposal with a sound and cost effective business plan.

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Mathilda Harris

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Hello Ma’am, Will you be willing to guide and lead me (examine the details) in applying to D~PRIZE for a grant? I do not want to be rejected.

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If You Can Write a Grant, You CAN Write a Nonprofit Business Plan

by Suzanne Smith | May 29, 2024 | Business Planning , Grow , Strategic Planning

It inspired me during and after business school to properly translate (not just transfer) business concepts to the social sector and create DIY tools that anyone could add to their toolbox. One of the first things I tackled was making the business plan (also known as a prospectus or business model canvas ; for ease, we are using the term business plan as an interchangeable concept in this post) more accessible to the social sector. One of the most frequent comments I encounter during training sessions is, “I’ve never written a business plan; how do I start?” In fact, just last week, that question came up. And my response was this:  “Have you written a grant?” The answer was a confident “Yes.” “Then,” I explained, “if you have written a grant, you are halfway to writing a business plan.”  With this statement alone, I could feel the tension dissipate.

As more nonprofits consider starting for-profit  business ventures (also known as social enterprises) or game-changing programs in a community, many are being asked by funders to write  feasibility studies , business plans, prospectuses, social business model canvases or  business pitches . All have the same goal – to build a case for support and force discipline around venture creation.  While business planning may seem foreign and corporate, business plans are not that different from grant proposals. Whether you are writing a grant or business plan, your main objective is to create  clarity  around your vision, build  confidence  in your strategy and showcase your  competency  at execution. 

Grant proposals and business plans (or plans in the same family, such as pitches, prospectuses or feasibility studies) share many similarities. Grant proposals outline a nonprofit organization’s case to funders about why their program and staff best meet the needs (or solve the  problem ) of their clients. Likewise, business plans suggest a product or service that fulfills customer needs and why market conditions and organizational capabilities make the plan viable and attractive. When nonprofit organizations embark on a business plan, there are key similarities that can make the process seem less daunting:

Grant Proposal’s Need Statement vs. Business Plan’s Research & Analysis

In grant proposals, nonprofit organizations typically start with a statement of need that highlights challenges facing clients and/or the community, the extent of barriers and the scope of the issue. Similarly, business plans cover the needs of customers in the  market research  sections, which include an analysis of the customer, industry (also called the environment in the social sector) and  competition . In this phase of business planning, ventures will illustrate the estimated need for their proposed product or service (e.g., market size) and show the industry and competitive conditions that will affect the success (e.g., favorable or unfavorable conditions) of the venture.

Grant Proposal’s Project Description and Outreach and Retention Strategy vs. Business Plan’s Strategy and Venture Description & Goals

In grant proposals, organizations provide an overview of the project’s design and demonstrate how the intervention uniquely meets the client’s needs and reduces barriers to their receipt of assistance. (See our  Lean Startup for Nonprofits  for some tips on how to do this effectively.) Similarly, business plans contain a venture description, guiding principles and strategy that show how the proposed product or service will uniquely fulfill customer needs or desires. However, it’s important to note that there is one big difference between a social sector business plan and a for-profit business plan. While for-profit business plans need only take into account how to generate revenue (also known as a financial bottom line), social sector business plans often include multiple goals (i.e., multiple bottom lines, such as how to generate revenue AND fulfill their mission by hiring hard-to-employ clients and/or providing a service that otherwise would not be available in the marketplace).

Grant Proposal’s Organizational Background and Personnel & Project Plan vs. Business Plan’s Organization & Management and Operations and Risk Mitigation

In addition to showing that your nonprofit organization is implementing a best practice or promising program in a grant proposal, you also must demonstrate to funders that the organization and key staff are qualified and have the right experience to execute the proposed activities, even if the worst-case scenario happens (e.g., buildings get delayed, clients do not come as fast as expected). Organizations typically highlight how long they have been serving their clients and the professional expertise of their staff. Likewise, in a business plan, the organization should highlight the specific qualifications, expertise and previous successes of key staff to demonstrate competency to investors as well as how they plan to mitigate key risks .

Grant Proposal’s Budget vs. Business Plan’s Financials

In a grant proposal, you show various categories in the budget – total cost of project, total request for the specific funder and, if there is a difference, how you plan to raise the rest of the money. This inspires the confidence of the funder that the organization’s financials are well-understood and the project will be sustainable over the long-term (if that is the goal). In a business plan, you show financials differently – it typically includes a three- to five-year budget (or P&L) as well as cash flow. It also often includes a tool called sensitivity analysis to demonstrate the relative impact of various changes on the financials.

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Business Plan vs. Business Proposal

Business Plan Template

• May 15, 2024

When you start a new business or own a young company, you often hear terms like business plan or business proposal. But the question is: do you need a business plan? Or is it a proposal that you need? Or both?

Being new to the game, these terms can seem quite intimidating, and you probably don’t know where to start.

Don’t worry. We’ve created a simple business plan vs. business proposal comparison so you can determine which one to prioritize.

Let’s start by defining them!

What is a business plan?

A business plan documents a company, its business objectives, and how it plans to achieve them. It includes data regarding business goals, marketing strategies, products, services, market research, financial projections, and the dream team.

Pretty much everything a company will use to achieve its intentions.

Okay! And what about the business proposal?

What is a business proposal?

On the other hand, a business proposal is a document that describes your business’s offerings, like a product or service, to help you win potential clients and partners.

It also outlines your business, including its unique value proposition and how your company can help solve customers’ specific problems.

Now that we know the two business documents aren’t the same let’s see how they are different and in what ways.

Business plan vs. business proposal: How are they different?

Even though used interchangeably (and wrongly), a business plan and proposal are poles apart. Here’s how:

Before you ask why you need a business plan , it’s, first and foremost, to legitimize a business idea that you’ve been brewing in your head.

But it’s also to document company strategies, objectives, and operations that help you create a clear idea on how to achieve your company goals. All that data becomes one source of truth that works as a communication tool. That becomes your golden ticket to wooing investors and lenders.

On the other hand, a business proposal’s purpose is entirely about convincing a potential client and partner that your project is worth their time and money.

Unlike a business plan, it only focuses on a specific product, service, or opportunity instead of the entire business.

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2. Components and Structure

When you write your business plan , it will typically follow a specific structure containing the following components:

• Executive summary: This summary summarizes your entire business plan, highlighting the most important aspects, such as your company’s mission, financial projections, and vision statement.
• Company description: It reveals your company’s history, mission, value proposition, detailed description of products and services, achievements, and target market.
• Industry or market analysis: This is an analysis of the industry landscape to gain statistics about market needs, size, trends, competitors, and target demographics.
• Marketing plan: This includes different marketing strategies and approaches your company will take to market its products and services. It can be your pricing strategy, sales and distribution plan, and unique selling proposition.
• Operations plan: This component reveals how a company’s operations would look on a day-to-day basis.
• Organizational structure and management team: This section provides an overview of your company’s structure and how its management teams will execute the operations plan effectively.
• Financial projections and goals: This section contains a company’s financial performance, including income, sales goals, cash flow projections, and balance sheets.

Similarly, when you write a business proposal , you’ll typically encounter a structure as well. It goes like this:

• Cover or title page: To make a first impression. It can contain aesthetic visuals.
• Introduction: To introduce yourself and your company. Also, briefly explain how your product or service will solve a specific problem.
• Statement of the problem or project: To explain your understanding of the customer’s need, its importance in addressing it, and your right-fit, proposed solution.
• Table of contents: To make your data essay accessible.
• Project details: To communicate essential data, including objective, scope, timeline, key stakeholders, disclaimers, cost, and conclusion.
• Agreement with a signature box: To obtain the client’s signature.

3. Audience

A business plan’s target audience is internal stakeholders, investors, and lenders interested in your company’s long-term goals and path to success.

On the flip side, business proposals go to potential clients from established businesses. They target external or new clients, partners, or funding agencies with a specific focus on:

• Addressing customer needs
• Solving customer problems
• Or seizing opportunities

Do you know how many types of businesses exist today? Two words: Too many!

Now, that implies there are many different types of business plans . But here’s a quick list of the most common types:

• Startup business plan: This plan describes the foundation of a new business with room to adjust as the company grows. It’s given to potential investors to ask for startup funding.
• Internal business plan: In this plan, company leaders communicate business goals, strategy, and performance. The aim is to keep the board and the team in sync regarding business objectives.
• Strategic business plan: This plan documents the framework required to keep long-term goals and company vision intact.
• Growth business plan: Also known as an expansion plan, this plan describes how a company is trying to grow and hence requires greater resources like more employees, funds, materials, etc.

Business proposal types can be broadly divided into two categories:

• Solicited business proposals: In this case, a prospective client requests the informational document from you directly or expects to receive it—implicating their interest in your products or services.
• Unsolicited business proposals: Here, no client requests the documents. Instead, you take the cold email approach and send your unsolicited proposals to people you think are prospective clients or partners.

Business Proposal and Planning Best Practices

It’s already challenging to overcome market entry barriers in saturated markets and persuade potential investors. Creating a compelling business proposal and plan shouldn’t be too!

Here’s how to go about it:

• Clearly define your business goals and objectives.
• Make sure you get your audience right. (Business plans and proposals have different audiences, remember?)
• Conduct in depth research and analysis.
• Use pictures along with words, such as visuals and statistics, to support your claims and projections.
• Pay attention to the writing style, structure, and tone depending on your audience and purpose.
• Use software like an AI business plan generator or proposal templates to save time and effort.
• Review and revise regularly.

Start creating effective business plans and proposals using Upmetrics

It’s okay if you were confused about the difference between a business plan and a proposal before today. You now know the distinction between the two lies in their purpose, components, structure, audience, and type.

While a business plan provides a thorough overview of the entire business and targets internal stakeholders, investors, and lenders, a business proposal focuses on specific projects or opportunities and targets external clients, partners, or funding agencies.

When you understand these differences and employ the best practices in creating both documents, your business can effectively communicate its vision, strategy, and value proposition, securing a solid spot in this competitive world.

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Frequently Asked Questions

What is the difference between a business plan and a business idea.

A business idea is a concept’s initial spark for a product, service, or opportunity. However, a business plan is a detailed document outlining how a business idea will be executed and managed.

How many pages is a business proposal?

A good proposal is 10-20 pages long. However, it can be longer based on the industry, buyer requirements, product or service type, the scale of buyer needs, and other aspects unique to the business.

What comes first, a business plan or business proposal?

The business plan comes first since it legitimizes a business idea. Then comes a proposal because it’s specific to a particular project or opportunity and not the business as a whole.

Do I actually need a business plan?

A business plan is a detailed roadmap for your entire venture. It helps you gain investments, beat competition, make sound decisions, communicate with stakeholders, and identify risks. So, yes, you need a business plan.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Reach Your Goals with Accurate Planning

What is a Business Plan? Definition, Tips, and Templates

Published: June 28, 2024

Years ago, I had an idea to launch a line of region-specific board games. I knew there was a market for games that celebrated local culture and heritage. I was so excited about the concept and couldn't wait to get started.

But my idea never took off. Why? Because I didn‘t have a plan. I lacked direction, missed opportunities, and ultimately, the venture never got off the ground.

And that’s exactly why a business plan is important. It cements your vision, gives you clarity, and outlines your next step.

In this post, I‘ll explain what a business plan is, the reasons why you’d need one, identify different types of business plans, and what you should include in yours.

Table of Contents

What is a business plan?

What is a business plan used for.

• Business Plan Template [Download Now]

Purposes of a Business Plan

What does a business plan need to include, types of business plans.

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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies. The plan also includes a financial section that forecasts revenue, expenses, and cash flow, as well as a funding request if the business is seeking investment.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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How to Start a Grant Writing Business

Main Sections In This Post Steps To Starting A Grant Writing Business Points to Consider Knowledge Is Power Featured Video

This post offers a detailed step-by-step guide to kickstart your grant writing business.

It provides insight, examples, and samples to provide a comprehensive understanding.

The “Knowledge Is Power” section ensures access to up-to-date search results. These resources cater to both the startup and established phases of your venture.

Given the wealth of information, consider sharing and bookmarking this post for future reference—a valuable resource for aspiring and existing grant writers.

Let’s get started with the steps.

The Steps to Take To Start Your Grant Writing Business

Below are the steps to starting a grant writing business.

Each step is linked to a specific section, allowing you to jump to your desired section or scroll to follow the steps in order.

• An Overview of What You’re Getting Into
• Grant Writing Business Overview
• Researching Your Grant Writing Business
• Looking at Financials
• Creating Your Mission Statement
• Creating A Unique Selling Proposition (USP)
• Choose a Grant Writing Business Name
• Register Your Company
• Create Your Corporate Identity
• Writing a Business Plan
• Banking Considerations
• Getting the Funds for Your Operation
• Software Setup
• Business Insurance Considerations
• Supplier and Service Provider Considerations
• Setting Your Prices
• Physical Setup
• Creating a Website
• Create an External Support Team
• Hiring Employees
• Getting Customers Through the Door

1. An Overview of What You’re Getting Into

Working in a field you’re passionate about is a true blessing. Passion serves as the driving force behind your success. When you love what you do, challenges become opportunities for solutions rather than exit strategies.

Your level of passion profoundly influences your success, but it’s essential to reflect on a hypothetical scenario. Imagine having abundant wealth, a comfortable life, and no financial concerns. Would you still choose to run a grant writing business without monetary gain?

If your answer is a resounding “yes,” it signifies your unwavering passion for this endeavor. You’re on the right track.

Conversely, if your response is “no,” it raises an important question: What would you prefer to do instead? This introspection might lead you to a different path more aligned with your interests.

In conclusion, passion is the cornerstone of success when owning and operating a grant writing business. It’s the driving factor that fuels your determination and resilience. So, assess your passion and let it guide you toward a fulfilling career path.

For More, See How Passion Affects Your Business . Also, see Considerations Before You Start Your Business to identify key points for a new business owner.

2. Gaining an Overview of Owning a Grant Writing Business

Next, let’s spend some time on key issues to give you an overview of what to expect from owning and running your business.

a.) A Quick Overview of Owning a Grant Writing Business

A grant writing business is a professional service that specializes in assisting organizations, non-profits, businesses, and individuals to secure funding through grants.

These grants can come from various sources, including government agencies, private foundations, and corporations.

The primary goal of a grant writing business is to help clients prepare compelling grant proposals that increase their chances of receiving funding.

Day-to-day tasks involved in running and managing a grant writing business can vary but typically encompass the following:

• Client Consultations : Meet with potential clients to assess their needs, objectives, and funding requirements. This involves discussing project details and understanding their mission and goals.
• Research and Grant Identification : Identifying relevant grant opportunities that align with the client’s objectives. This involves extensive research to find suitable grants and funding sources.
• Proposal Writing : Creating persuasive grant proposals that effectively communicate the client’s project, objectives, and the impact of the proposed funding. This includes developing a compelling narrative, budgeting, and attaching required documents.
• Client Communication : Maintaining clear and regular communication with clients to provide updates on the progress of grant applications, answer questions, and address concerns.
• Networking : Building and maintaining relationships with potential grant providers, funders, and other organizations in the field. This involves attending conferences, workshops, and industry events.
• Administrative Tasks : Managing administrative duties such as invoicing clients, tracking project timelines, and maintaining records of grant applications and outcomes.
• Continuous Learning : Staying up-to-date with industry trends, changes in grant application guidelines, and emerging funding opportunities.
• Marketing and Outreach : Promoting the grant writing business through various marketing channels, including social media, websites, and networking events.
• Quality Control : Ensuring the quality and accuracy of grant proposals, including proofreading and editing, to enhance their competitiveness.
• Financial Management : Overseeing the financial aspects of the business, including budgeting, expenses, and revenue generation.
• Client Retention : Fostering long-term relationships with clients by delivering successful grant applications and providing ongoing support for grant management and reporting.

Running a grant writing business demands writing skills, research acumen, project management, and a deep understanding of the grant funding landscape.

Successful grant writers can translate their clients’ visions into persuasive proposals that secure the funding to advance their missions and initiatives.

b.) Grant Writing Business Models

Grant writing businesses can take various setups and business models depending on their focus and client base. Here are some common types:

• Business Model : Sole proprietorship.
• Description : Independent grant writers offer their services to multiple clients on a freelance basis. They charge per grant proposal or hourly rates.
• Business Model : Consulting firm.
• Description : Consultancies offer a range of grant-related services, including proposal writing, grant research, and program development. They often work with nonprofits, businesses, and government agencies.
• Business Model : Nonprofit organization.
• Description : Nonprofits focused on grant services assist other nonprofits in securing funding. They may charge fees or work on a percentage basis of the grants secured.
• Business Model : Education and training.
• Description : These businesses offer workshops, courses, and training sessions on grant writing. They generate revenue through course fees.
• Business Model : Software as a Service (SaaS).
• Description : Companies in this category develop and sell grant writing software and tools that assist grant writers in the proposal creation process. They charge subscription fees.
• Business Model : Combination.
• Description : Some grant writing businesses combine multiple models. For instance, a consultancy may also offer grant writing workshops or provide software tools to clients.

Choosing the right business model from the beginning is crucial, as switching your model later can be more challenging.

Consider your expertise, target market, competition, and the services you want to provide.

Identify a business model that aligns with your strengths and interests, as this will make the startup phase smoother and more planned.

Remember that flexibility in your business model can also allow adaptation as your grant writing business grows and evolves.

c.) Making Your Grant Writing Business Stand Out

Ideas to Make a Grant Writing Business Stand Out:

• Niche Specialization : Focus on a specific niche or industry, such as education, healthcare, or environmental conservation. Specialization demonstrates expertise and attracts clients seeking tailored solutions.
• Proven Track Record : Showcase a portfolio of successfully secured grants and highlight the impact these grants had on clients’ projects. Social proof is a powerful tool.
• Client Testimonials : Encourage satisfied clients to provide testimonials that highlight your professionalism, reliability, and the results you delivered.
• Partnerships : Collaborate with other businesses or organizations, such as nonprofits or consultants, to offer comprehensive grant solutions. Partnerships can expand your reach and service offerings.
• Transparency : Be transparent about your pricing, processes, and timelines. Clients appreciate honesty and clarity in their interactions.
• Educational Content : Create and share educational content through blogs, webinars, or workshops to position yourself as an industry thought leader and provide value to potential clients.
• Exceptional Communication : Maintain open and consistent communication with clients. Promptly respond to inquiries and keep clients informed about the progress of their grant applications.
• Diverse Funding Sources : Develop expertise in identifying and accessing diverse funding sources, including government grants, private foundations, and corporate giving programs.
• Innovative Technology : Utilize grant management software and tools to streamline processes, enhance organization, and improve collaboration with clients.
• Client-Centric Approach : Tailor your services to meet the unique needs and goals of each client. Demonstrating a client-centric approach fosters trust and satisfaction.

d.) Add-ons for a Grant Writing Business

• Grant Research Services : Offer comprehensive grant research services to identify suitable client funding opportunities. This can include creating a customized grants database.
• Grant Management Software : Develop or partner with software providers to offer grant management platforms that assist clients in tracking deadlines, requirements, and reporting.
• Funding Strategy Consulting : Provide strategic consulting services to help clients develop long-term funding strategies aligned with their mission and goals.
• Grant Review and Editing : Offer grant review and editing services for clients who have already drafted proposals. This ensures submissions are polished and competitive.
• Grant Evaluation Services : Assist clients in evaluating the effectiveness of their grant-funded projects, including impact assessment and reporting.
• Training Workshops : Host grant writing workshops and training sessions for clients and other professionals interested in improving their grant writing skills.
• Grant Compliance Services : Help clients navigate complex grant compliance requirements, ensuring they meet all obligations and reporting standards.
• Grant Marketing Services : Develop marketing and outreach strategies to promote clients’ grant-funded projects to potential donors, stakeholders, and the public.
• Grant Proposal Templates : Create customizable grant proposal templates tailored to specific industries or funding sources, providing clients with a valuable resource.
• Monthly Retainer Packages : Offer monthly retainer packages where clients can access ongoing grant writing support, consulting, and services as needed.
• Grant Writing Certification : Develop and offer a grant writing certification program for individuals looking to enter the field or improve their skills.
• Grant Funding Alerts : Provide clients with real-time grant funding alerts and updates on new opportunities that match their criteria.
• Grant Workshops for Donors : Organize workshops and training sessions for potential grant donors, helping them understand the grant application process and criteria.
• Social Impact Measurement Tools : Develop tools and services that help clients measure and communicate the social impact of their grant-funded projects.
• Diversity and Inclusion Services : Assist clients in addressing diversity and inclusion aspects within their grant applications, aligning with the priorities of many grant providers.

By implementing these add-ons, a grant writing business can expand its service offerings, cater to diverse client needs, and create additional revenue streams while enhancing its reputation and value in the industry.

e.) Pros and Cons of Owning a Business

Starting and running a business comes with both advantages and challenges.

While the benefits are enticing, it’s crucial not to overlook the potential hurdles.

Recognizing these challenges early on allows for better preparation and minimizes unexpected setbacks in your entrepreneurial journey.

For more, see Pros and Cons of Starting a Small Business.

f.) Challenges You Could Face When Starting and Operating a Grant Writing Business

Challenges When Starting a Grant Writing Business:

• Competition : The grant writing industry is competitive, with many experienced professionals and firms. As a newcomer, establishing a reputation and winning clients can be challenging.
• Building a Client Base : Acquiring the first clients can be daunting. Without a track record, potential clients may hesitate to entrust their grant proposals to a new business.
• Legal and Regulatory Requirements : Navigating the legal aspects of business formation, contracts, and compliance with grant guidelines can be complex and time-consuming.
• Financial Uncertainty : In the early stages, cash flow may be inconsistent. Securing steady revenue while covering startup costs can be stressful.
• Learning Curve : Understanding the intricacies of various grants, industries, and effective proposal writing takes time and continuous learning.
• Marketing and Branding : Building a strong online presence, marketing effectively, and establishing a brand identity require concerted effort and expertise.

Challenges When in Full Operation:

• Client Retention : Maintaining long-term client relationships can be challenging, as clients may seek other grant writers or reduce their grant-seeking efforts.
• Proposal Success Rates : Grant approval rates can be unpredictable, impacting the perceived effectiveness of your services.
• Workload Management : Managing multiple clients and grant applications simultaneously demands strong organizational skills and efficient project management.
• Changing Regulations : Grant guidelines and regulations may evolve, requiring ongoing adaptation and keeping up-to-date with compliance requirements.
• Fee Structure : Determining pricing strategies that balance affordability for clients with profitability for the business can be complex.
• Burnout : The workload and deadline pressures in grant writing can lead to burnout if not managed effectively.
• Evolving Industry Trends : Staying updated with industry trends, technology, and best practices is crucial to remain competitive.
• Economic Factors : Economic downturns can impact grant availability and funding priorities, affecting business stability.
• Client Diversity : Serving clients from diverse sectors and industries necessitates versatility and adaptability in grant writing skills.
• Legal Liabilities : Errors or omissions in grant proposals can lead to legal liabilities and reputation damage if not addressed properly.

Understanding these challenges at the startup phase and during full operation is essential for grant writing business owners.

Effective strategies, continuous learning, adaptability, and excellent client relationships are key to overcoming these obstacles and achieving long-term success in the field.

g.) Questions You Need to Consider for Your Grant Writing Business

Before embarking on your grant writing business journey, it’s essential to address crucial questions to ensure preparedness and success:

• Business Model : Determine the grant writing business model that aligns with your goals, whether freelance, consultancy, or a hybrid approach.
• Skills Assessment : Evaluate your grant writing skills and assess if you possess the necessary management and operational expertise.
• Solo or Team : Decide if you’ll handle all aspects alone or hire employees or partners to share responsibilities.
• Management : Consider if you’ll manage the business personally or hire a manager for day-to-day operations.
• Customer Acquisition : Develop a customer acquisition strategy, including marketing, networking, and outreach.
• Customer Retention : Plan how to maintain long-term client relationships and ensure repeat business through exceptional service.
• Partnerships and Investors : Explore potential partnerships or investors who can enhance your business’s capabilities and reach.
• Financing : Evaluate your startup costs and devise a financing strategy, considering loans, investments, or personal savings.
• Profitability Timeline : Determine how long it may take to turn a profit, understanding the financial challenges during the early stages.
• Personal Support : Identify how you’ll sustain yourself financially during the initial phase, which can be financially demanding.
• Service Offerings : Define the range of products and services your business will offer, from grant writing to additional support.
• Market Demand : Research market demand to ensure your offerings meet clients’ needs and preferences.
• Unique Value Proposition : Clearly define what sets your grant writing business apart from competitors and emphasize your unique value.
• Marketing and Branding : Establish a robust marketing and branding strategy to build a strong online presence and industry reputation.
• Legal and Compliance : Address legal requirements, contracts, and compliance with grant guidelines to operate ethically and transparently.
• Continuous Learning : Commit to ongoing learning and staying current with industry trends, regulations, and best practices.

By thoroughly addressing these questions, you’ll be better equipped to navigate the complexities of starting and operating a grant writing business, enhancing your chances of long-term success in this competitive field.

3. Research

Inside information grant writing business research.

Thorough Research is Essential

Before further steps, thorough research is necessary when starting a grant writing business. Quality information is your compass, guiding you through the complexities of this endeavor.

Learn from Experienced Professionals

Experienced grant writers can provide invaluable insights. Their knowledge and years of experience make them reliable sources of information. Spending time with them can be priceless for your business’s success.

Finding the Right Mentors

Discovering the right mentors goes beyond this post. Detailed strategies for identifying and approaching mentors are available in the article “An Inside Look Into the Business You Want To Start.”

Recommendation

I strongly advise reading “An Inside Look Into the Business You Want To Start” for comprehensive guidance on understanding and preparing for your journey into grant writing.  See An Inside Look Into the Business You Want To Start for all the details.

Supply, Demand, and Your Location

Assessing Market Demand for Your Grant Writing Business

Before launching your grant writing business, conducting a comprehensive assessment of market demand in your chosen location is crucial. Here are simple strategies to help you gauge demand effectively:

1. Market Research :

• Online Tools : Utilize online market research tools like Google Trends, Keyword Planner, and industry-specific databases to identify search trends and keyword volume related to grant writing services in your target location.
• Competitor Analysis : Study your competitors in the area. Evaluate their client base, services offered, and customer reviews to understand the demand they’re meeting.

2. Customer Surveys :

• Online Surveys : Create online surveys or questionnaires to gather insights from potential clients. Ask about their grant writing needs, pain points, and preferences.
• Local Networking : Attend local business events, chamber of commerce meetings, or industry-specific gatherings to network with potential clients. Engage in conversations to uncover their grant-related challenges.

3. Focus Groups :

• Organize Workshops : Host workshops or webinars on grant-related topics. This not only establishes your expertise but also allows you to interact with potential clients directly.
• Feedback Sessions : Arrange focus group sessions where you present your grant writing ideas and gather feedback. This can provide valuable insights into demand.

4. Local Partnerships :

• Collaborate with Organizations : Partner with local nonprofit organizations, educational institutions, or businesses. They often require grant writing services and can help you gauge demand.
• Networking Events : Attend local business networking events and build relationships with organizations that might need your services.

5. Online Presence :

• Website Analytics : If you have a website, analyze its traffic using tools like Google Analytics. Monitor the geographical location of visitors to assess interest in your services.
• Social Media Engagement : Use social media platforms to engage with the local community. Observe the response to grant-related posts and inquiries from your target location.

6. Pilot Projects :

• Offer Pilot Services : Consider offering discounted or trial grant writing services initially. This can attract clients and provide real-world data on demand.
• Client Feedback : Collect feedback from pilot clients to refine your offerings and understand the market better.

7. Industry Reports :

• Access Reports : Explore industry-specific reports and publications that highlight grant opportunities and trends in your chosen location.

8. Government Resources :

• Local Government : Check with local government agencies and economic development offices for information on grant programs in the area. This can indicate the level of grant activity.

By employing these strategies, you’ll gain valuable insights into the demand for your grant writing services in your chosen location. This data will inform your business decisions and increase your chances of a successful venture.

For more, see the Demand for Your Products and Services and Choosing The Best Location for Your Business.

Target Audience

Understanding Your Target Audience

Understanding your target audience is paramount for business success . Benefits include:

• Tailored Offerings: Customize products and services to meet customer needs.
• Efficient Marketing: Focus marketing efforts on interested individuals.
• Customer Satisfaction: Provide solutions aligned with customer preferences.

Target Market Ideas:

• Nonprofit Organizations
• Small Businesses
• Educational Institutions
• Healthcare Providers
• Government Agencies
• Arts and Culture Organizations
• Research Institutions
• Community Development Organizations
• Environmental Initiatives

For more, see How To Understand Your Target Market.

4. Looking at Financials:

Startup Cost Considerations

Starting a grant writing business requires meticulous planning, especially regarding startup costs.

Here’s a comprehensive overview:

Accurate Estimation : Precise estimation of startup costs is crucial for a smooth launch. Underestimating can lead to financial shortages while overestimating may deter potential investors.

Factors Influencing Costs :

• Business Size : Costs vary depending on the scale of your operation.
• Location : Your chosen location can significantly impact expenses.
• Employees : Deciding whether to hire employees or work solo affects costs.
• Equipment : Buying new or used equipment and office supplies is a cost consideration.
• Leasing vs. Renting : Deciding between leasing or renting space affects financial planning.

Estimation Process :

• Listing Expenses : Create a detailed list of everything you need to start your business.
• Price Research : Research and gather prices for each item or service.
• Unforeseen Issues : Anticipate unexpected expenses that may arise during the planning phase.

Sales and Profit Outlook :

The success of your grant writing business hinges on several factors:

• Customer Service : Exceptional service fosters customer loyalty.
• Product/Service Popularity : The demand for your offerings and their appeal to clients is vital.
• Effective Marketing : Reaching and engaging your target audience drives sales.

For More, See Estimating Profitability and Revenue.

Profit Simplified :

To assess profitability, consider the following:

• Profit per Sale : Calculate the profit generated from each transaction.
• Sales Volume : Determine the number of sales you can realistically achieve.
• Overhead Expenses : Account for all monthly expenses, including overhead.

Achieving profitability means balancing profit per sale and sales volume and managing monthly expenses.

For more detailed information, refer to my article on Estimating Startup Costs.

This holistic overview will guide your financial planning and set realistic expectations for your grant writing business.

Simple Sample: Financial Lists to Consider As a Starting Point

Note: Focus on the list items more than the numbers. The numbers are samples. Your estimates will differ due to how you set up your business, location, expenses, and revenues.

1. Start-Up Costs for a Mid-Sized Grant Writing Business:

2. Monthly Expenses for a Mid-Sized Grant Writing Business:

Please note that these sample estimates can vary based on location, specific business needs, and other factors.

It’s essential to conduct thorough research and consult with professionals in the field to get accurate figures for your specific situation.

Average Profits For Mid-Sized Grant Writing Business in The USA grant statistics, grant writing, and the grant industry.

• Writing a single federal grant application takes between 80 and 200 hours for a nonprofit. Source
• According to the Bureau of Labor Statistics, the grant writer’s hourly wages range from $20 to $100. Source
• The average salary for a Grant Writer in 2023 is $51,115. Source

To determine the average gross profit for a grant-writing business, one must consider various factors such as the number of grants written in a year, the success rate of obtaining those grants, the hourly or project-based fees charged, and any additional services offered.

Consider revisiting Step 3. Researching your grant writing business , where there is a technique to get inside information, will benefit you in this step.

5. Create Your Mission Statement

The Significance of a Mission Statement

A mission statement serves as a compass for your grant writing business. It crystallizes your business’s purpose and benefits, keeping you on the right path.

Clarity and Focus :

A well-crafted mission statement reminds you of your primary value to customers and the community, ensuring you stay committed to your core mission.

Examples of Mission Statements for a Grant Writing Business :

• “Empowering nonprofit organizations with expert grant writing services to drive positive change in our community.”
• “Dedicated to securing funding for innovative projects that make a lasting impact on society.”
• “Enabling educational institutions to access vital resources through comprehensive grant solutions.”
• “Committed to helping businesses thrive by securing grants that drive growth and sustainability.”
• “Supporting the arts and cultural initiatives by connecting creative minds with grant opportunities.”

These mission statements emphasize the purpose and focus of a grant writing business, guiding its endeavors towards serving its clients and the broader community.

For more, see How To Create a Mission Statement.

6. Creating A Unique Selling Proposition (USP)

The Power of a Unique Selling Proposition (USP)

A Unique Selling Proposition (USP) is a distinct feature or quality that sets your grant writing business apart from the competition.

It’s a crucial tool for identifying what makes your business unique and enticing to customers.

Stand Out from the Crowd : A well-defined USP helps you break through the clutter of similar businesses by showcasing what makes your services unique.

Attract and Retain Customers : Your USP can resonate with your target audience, drawing them in and keeping them loyal because they recognize your value.

Examples of USPs for a Grant Writing Business :

• “Guaranteed Grant Success: We promise a 95% success rate in securing funding for your project.”
• “Tailored Solutions: Every grant proposal is customized to match your organization’s unique needs and goals.”
• “Quick Turnaround: Our rapid-response grant writing team delivers results within 30 days, unmatched in the industry.”
• “Affordable Excellence: Access top-tier grant writing expertise without breaking your budget.”
• “Industry Expertise: Our grant writers specialize in healthcare, ensuring your medical facility secures vital funding.”

These USPs highlight the exceptional qualities that distinguish each grant writing business, whether it’s exceptional success rates, speedy service, affordability, or specialized expertise.

7. Choose a Business Name

Choosing the Right Business Name

Selecting a business name is a pivotal decision.

It should be catchy, industry-appropriate, easy to remember, and potentially stand the test of time.

Remember, your business name is a long-term commitment.

Online Presence : In today’s digital age, securing a matching domain name for your website is essential.

Avoid Conflicts : Ensure the name you choose isn’t already registered by another business to prevent legal issues.

Now, here’s a list of 30 ideas for Grant Writing Business names to ignite your creativity:

• GrantCraft Pro
• FundWrite Solutions
• GrantWise Advisors
• PhilanthroPro
• GrantGuru Partners
• FundingFocus Experts
• GrantMasters Inc.
• Purposeful Proposals
• GrantWave Consultants
• StellarGrant Strategies
• FundingFusion LLC
• GrantVista Services
• GrantElevate Solutions
• ProsperityPitch
• GrantHorizon Group
• Visionary Grants
• ElevateFund Pros
• FundForesight Experts
• ImpactWrite Team
• GrantSage Partners
• GrantBoost Advisors
• AscendGrant Solutions
• AccessFunds Pro
• QuestBridge Consultants
• VisionCraft Grant Writers
• SummitGrant Strategies
• GrantLift Pros
• VentureWrite Services
• FundedFutures LLC
• CatalystGrant Consultants

Use these suggestions as a starting point to brainstorm and create a unique and memorable name for your grant writing business.

For more, see the following articles:

• How To Register a Business Name
• Registering a Domain Name For Your Business

8. Register Your Company

Ensuring Legal Compliance for Your Grant Writing Business

Legal compliance is a fundamental aspect of starting and running any business. It’s essential to consult with a professional, such as an attorney or accountant, to ensure your grant writing business adheres to all legal requirements and tax considerations.

Common Types of Registrations :

• Business Structure : Decide on your business structure, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation.
• Business Name : Register your chosen business name if required in your jurisdiction.

Permits and Licenses to Consider :

• Business License : Obtain a general business license, often required by local governments.
• Sales Tax Permit : If you sell services and your state has sales tax, you may need to apply for a sales tax permit.
• Home Occupation Permit : Check for a home occupation permit if you operate from home.
• Professional License : Depending on your location, you may require professional licensing or certifications in grant writing.
• Employer Identification Number (EIN) : If you hire employees or operate as a corporation, you’ll need an EIN from the IRS.
• State Grant Writing Associations : Some states may require membership in grant writing associations for certain activities.
• Contracts and Agreements : Consult a legal professional to draft contracts, agreements, and terms of service.
• Privacy and Data Protection : Ensure compliance with data protection laws when handling client information.
• Insurance : Consider liability insurance to protect your business from legal claims.
• Zoning Compliance : Check zoning regulations, especially if you operate from a commercial location.
• Permit for Seminars/Workshops : If you host training events, workshops, or seminars, check if permits are needed.

Consulting with professionals and researching local regulations will help you navigate the legal aspects of your grant writing business effectively, ensuring compliance and mitigating legal risks.

Registration:

• How to Register Your Business
• How To Register a DBA
• How to Register a Trademark
• How to Get a Business License

Business Structures:

• How to Choose a Business Structure
• Pros & Cons of a Sole Proprietorship
• How To Form an LLC
• How To Register a Business Partnership
• How To Form a Corporation
• How To Choose a Business Registration Service

9. Create Your Corporate Identity

Creating a Professional Corporate Identity

Building a strong corporate identity (ID) is essential for any business. It’s the visual representation of your brand and plays a significant role in how your business is perceived. Here are key components to consider:

Logo Design:

Your logo is the cornerstone of your corporate ID. Invest in a professionally designed logo that reflects your business’s values and personality. It should be simple, memorable, and versatile.

Business Cards:

Design eye-catching and informative business cards. They serve as a direct link between you and potential clients. Ensure they include your logo, contact information, and a clear description of your services.

A well-designed website is essential in today’s digital age. It’s often the first point of contact for potential clients. Make sure your website is user-friendly, informative, and visually appealing.

Business Signage:

If you have a physical location, invest in professional signage. Your business sign should prominently display your logo and business name, making it easy for customers to find you.

Stationery:

Consistency is key. Use your corporate ID on all your stationery, including letterheads, envelopes, and invoices. This reinforces your brand identity.

Promotional Materials:

Whether it’s brochures, flyers , or promotional products , ensure they align with your corporate ID. This consistency helps in brand recognition.

Brand Guidelines:

Create brand guidelines to maintain consistency in how your corporate ID is used. This includes specifying logo usage, color schemes, fonts, and more.

Professionalism Matters:

Invest in professional design services to create and maintain your corporate ID. Amateurish designs can harm your brand’s credibility.

Adaptability:

Your corporate ID should be versatile enough to work across various mediums and platforms, from digital to print.

Evolve Over Time:

Consider refreshing your corporate ID to stay relevant and competitive as your business grows and evolves.

A well-crafted corporate identity enhances your brand’s reputation and makes a positive impression on customers. It’s a valuable investment that sets you apart from the competition.

You can see our page for an overview of your logo , business cards , website , and business sign , or see A Complete Introduction to Corporate Identity Packages.

10. Writing a Business Plan

A business plan is a fundamental document serving multiple purposes.

It becomes invaluable when seeking financing or investors and acts as a guiding beacon throughout your business journey, whether in its infancy or full operation.

Crafting an effective business plan demands time and effort, as it involves envisioning your business’s future in intricate detail.

Despite the effort, the result is well worth it, providing you with a clear startup and operational success roadmap.

When creating your business plan, remember the flexibility in your approach. You can start from scratch, hire a professional, utilize templates, or leverage business plan software.

Regardless of your choice, active participation is crucial to convey your business’s nature and management strategy effectively.

Keep in mind that change is inevitable. Your business plan and operations may evolve as you gain experience or adapt to market shifts.

Regularly reviewing and updating your business plan ensures it remains a relevant and powerful tool in guiding your business toward continued success.

Business Plan Template for a Grant Writing Business

Executive Summary

• Business Name and Overview : Concisely describe your grant writing business, its mission, and goals.
• Key Highlights : Summarize the unique aspects of your business, such as your specialization, target market, and competitive advantages.
• Financial Summary : Include a brief overview of your financial projections, startup costs, and funding requirements.

Business Description

• Business Structure : Detail whether your business is a sole proprietorship, partnership, LLC, or corporation.
• Mission and Vision : Define your business’s long-term mission and vision statements.
• Business Goals : List specific short-term and long-term goals for your grant writing business.

Market Research

• Industry Analysis : Provide an overview of the grant writing industry, including trends, challenges, and growth prospects.
• Target Market : Define your ideal clients, including nonprofits, government agencies, or specific industries.
• Competitive Analysis : Identify key competitors, their strengths and weaknesses, and how you plan to differentiate your services.
• SWOT Analysis : Conduct a SWOT analysis to evaluate your business’s strengths, weaknesses, opportunities, and threats.

Services and Solutions

• Service Offerings : Detail the grant writing services you provide, including proposal writing, research, and consulting.
• Pricing Strategy : Describe your pricing structure, including rates, packages, and discounts.
• Value Proposition : Explain your unique value to clients and how your services address their needs.

Marketing and Sales

• Marketing Strategy : Outline your marketing plan , including online and offline strategies, content marketing, and social media.
• Sales Strategy : Describe your sales approach, lead generation methods, and the sales team’s structure (if applicable).
• Client Acquisition : Explain how you intend to acquire and retain clients, highlighting your unique selling points.

See How to Write a Business Plan for information on creating your business plan.

11. Banking Considerations

Choosing the Right Bank for Your Grant Writing Business

Regarding your grant writing business, the choice of bank matters. Here’s why:

1. Local Focus on Small Businesses

Opt for a nearby bank with a strong commitment to supporting small businesses. They understand your unique needs.

2. Business Account Benefits

Having a dedicated business account offers multiple advantages:

• Expense Tracking : Separating personal and business transactions makes expense tracking a breeze.
• Accurate Reporting : Maintaining a clean ledger ensures accurate financial reporting.
• Simplified Tax Filing : Come tax season, you’ll have everything neatly accounted for.

3. Building a Professional Relationship

Establishing a professional connection with your banker goes a long way:

• Financial Advice : Your banker can provide valuable financial guidance tailored to your business.
• Streamlined Transactions : They can help streamline loan applications and other financial services.

4. Embracing Card Payments

Consider having a merchant account or online service for card payments:

• Increased Sales : Accepting credit and debit cards can boost sales.
• Customer Convenience : It makes transactions more convenient for your clients.

Choosing the right bank and financial services sets a strong foundation for your grant writing business’s financial success.

For more, see How to Open a Business Bank Account. You may also want to look at What Is a Merchant Account and How to Get One.

12. Getting the Funds for Your Operation

Tips for Securing Funding for Your Grant Writing Business

If you need a loan to kickstart your grant writing business, consider these options:

• Traditional Lenders : Banks and credit unions often offer business loans with various terms and interest rates.
• Private Loans : Seek loans from family, friends, or private lenders willing to invest in your venture.
• Investors : Attract potential investors who believe in your business idea and are willing to provide financial support.
• Asset Sales : Sell assets you own to generate capital for your business.

When meeting with a loan officer, consider the following:

• Business Plan : Prepare a detailed business plan outlining your grant writing services, target market, and financial projections.
• Credit History : Ensure your personal and business credit histories are in good standing.
• Collateral : Be ready to discuss any assets you can use as collateral for the loan.
• Financial Statements : Provide financial statements, including income statements and cash flow projections.
• Use of Funds : Clearly define how you intend to use the loan proceeds.
• Repayment Plan : Present a well-thought-out repayment plan, showcasing your ability to meet loan obligations.
• Legal Documentation : Be prepared to provide legal documents such as business licenses and registrations.
• Personal Information : Your loan officer may request personal information, including tax returns and identification.

A sample list of documents needed to apply for a NEW business loan:

• Business Plan
• Credit Report
• Personal and Business Tax Returns
• Financial Statements
• Collateral Information
• Repayment Plan
• Legal Documents
• Personal Identification

Prepare thoroughly and demonstrate your business’s viability to increase your chances of securing the funding needed to launch your grant writing business.

For more, see the following:

• Getting a Small Business Loan
• Search: Grant Writing Business Start-up Loans
• Search: Grants For a Grant Writing Business

13. Software Setup

When selecting software for your grant writing business, thorough research is essential.

Implementing a program from scratch is far easier than switching systems after your data is already in another program.

Look for a company with a solid history, ensuring dependable future support. Take advantage of demos to test the software before committing. Software reviews and forums provide valuable insights from other users.

Additionally, consider software for expense tracking and financial document preparation for tax filing.

Consulting with a bookkeeper or accountant can aid in choosing the right accounting software tailored to your grant writing business.

Software types for grant writing business management and operations may include:

• Grant Writing Software : Specialized tools to streamline the grant application process.
• Project Management Software : Track grant projects, deadlines, and team collaboration.
• Accounting Software : For financial management, expense tracking, and tax preparation.
• Customer Relationship Management (CRM) Software : To manage client relationships and communications.
• Document Management Software : Organizing and securely storing grant proposals and related documents.
• Marketing Software : Tools for online marketing and client outreach.
• Time Tracking Software : For monitoring billable hours and project progress.
• Communication Tools : Email clients, video conferencing, and messaging apps for client interactions.
• Expense Tracking Software : To monitor business expenses and budgets.
• File Backup and Storage Solutions : Cloud-based services to ensure data security and accessibility.

Choose software that aligns with your business needs, streamlines operations, and enhances productivity in your grant writing endeavors.

Check out Google’s latest search results for software packages for a grant writing business.

14. Get The Right Business Insurance

Having the right insurance in place for your grant writing business is non-negotiable.

Unforeseen incidents can occur anytime, and the right insurance safeguards your business, clients, employees, and assets.

• General Liability Insurance : Protecting against accidents or injuries on your premises.
• Professional Liability Insurance : Safeguarding you against lawsuits related to your grant writing services.
• Property Insurance : Covering physical assets like computers, office furniture, and documents.
• Business Interruption Insurance : A lifeline in case of involuntary shutdown due to incidents.
• Home-Based Business Insurance : If you work from home, inform your home insurance agent to prevent nullifying your policy.

Consult a competent insurance broker to ensure you have adequate coverage tailored to your grant writing business’s needs. Being prepared with the right insurance provides peace of mind and financial security in case of unexpected events.

For more, see What to Know About Business Insurance . You can also browse the latest Google search results for grant writing business insurance .

15. Suppliers and Service Providers

Selecting Suppliers and Service Providers for Your Grant Writing Business

Establishing a reliable network of suppliers and service providers is essential when establishing a grant writing business. Here’s a list of items and services you might need from them:

• Office Supplies : Reliable sources for paper, pens, notebooks, and other stationery.
• Computers and Software : Suppliers for computers, laptops, and essential software applications.
• Internet Service Provider : A reliable internet connection is fundamental for an online-based business.
• Website Hosting : Hosting services to keep your website accessible and secure.
• Printers and Scanners : Equipment suppliers for printing and scanning documents.
• Marketing and Advertising Services : Graphic designers, advertising agencies, or freelancers to assist with promotional materials.
• Legal Services : Lawyers for contract review and legal advice.
• Accounting Services : Certified accountants or bookkeepers for financial management.
• Office Furniture Suppliers : Furnishing providers for desks, chairs, and storage solutions.
• Insurance Providers : Insurance companies for business liability and coverage.

Building strong relationships with suppliers and service providers is essential for business success. They can offer competitive prices, ensure a steady supply of necessary items, and contribute to your overall efficiency.

Respecting and benefiting them financially fosters trust and strengthens these crucial partnerships.

For More, See How To Choose a Supplier.

16. Setting Prices

Researching pricing when starting a grant writing business is paramount for several reasons. Firstly, it ensures a competitive edge.

Setting prices too high can deter potential clients, leading to lost sales.

Conversely, overly low prices might attract more customers but hinder profitability, making it challenging to cover expenses. Striking the right balance aligns your rates with the current market while emphasizing the value you offer.

This attracts clients and ensures you can sustain and grow your grant writing business while providing top-notch service. Pricing research guides your business toward a profitable and sustainable path.

See the following for more:

• Setting the Price of Your Products and Services
• Search Results for Pricing Strategies for a Grant Writing Business.

17. Physical Setup

Overview of a Grant Writing Business Setup

When establishing a grant writing business, even in the online realm, the layout and setup play a pivotal role in your operational efficiency and professionalism.

Signage: Making Your Presence Known

• Main Business Sign : Begin with a prominent sign showcasing your business name and logo. This is your virtual storefront, making a memorable first impression.
• Directional Signs : Install signs in relevant locations like parking lots, exits, and special areas. These guide clients smoothly through your digital landscape, ensuring they easily find what they need.

Office Setup: The Heart of Productivity

• Organization : Managing a grant writing business can be time-consuming. An organized office is the cornerstone of productivity. Ensure everything has a designated place, from documents to office supplies.
• Equipment : Invest in essential equipment like a reliable computer, printer, scanner, and comfortable ergonomic furniture . These are your tools of the trade, and their quality directly impacts your work.
• Software : Equip your computer with necessary software, including word processing, project management, and accounting tools. This ensures seamless business operations.
• Storage Solutions : Implement effective storage solutions for both physical and digital documents. Properly labeled files and digital organization systems streamline your workflow.
• Communication : Set up efficient communication channels, including email, phone, and video conferencing tools for client consultations.
• Internet Connection : A high-speed internet connection is paramount for online research and communication.
• Security Measures : Implement robust cybersecurity measures to safeguard sensitive client data and maintain trust.
• Ergonomics : Invest in ergonomic office furniture and accessories to create a comfortable and productive workspace.

In conclusion, setting up a grant writing business, even online, is crucial for conveying professionalism, enhancing productivity, and maintaining client trust.

Well-designed signage and an organized, fully equipped office are essential elements.

See Here are Considerations for The Setup of Your Office for tips and ideas to make your office work for you. Also, have a look at our article About Company Signs.

18. Creating a Website

The Vital Role of a Website

In the realm of grant writing businesses, having a website is non-negotiable. Here’s why it’s a pivotal asset:

1. Central Point of Contact

Your website is the primary hub for potential clients to learn about your services, expertise, and contact details.

2. Ownership and Control

Unlike social media profiles, your website is entirely owned and controlled by you when you register and host a domain name, ensuring independence and stability.

3. Marketing Powerhouse

Your website is a potent marketing tool. Utilize it to your advantage.

4. Blogging for Trust

Maintaining an active blog on your website allows you to share industry insights, tips, and expertise tailored to your audience. This positions you as an authoritative figure and builds trust among potential clients.

In summary, a well-structured website is more than an online presence—it’s the cornerstone of your grant writing business, a platform for client engagement, and a tool for establishing trust and expertise within your industry.

For more, see How to Build a Website for Your Business .

19. Create an External Support Team

Building Your External Support Team

Creating an external support team of professionals is a strategic move for your grant writing business.

These experts provide advice and services without being on your payroll, expanding your business’s capabilities. Here’s how to build your support team:

1. Identify Key Roles

Determine the essential roles required to complement your grant writing business. Consider an accountant, lawyer, financial advisor, marketing specialist, and technical advisor.

2. Establish Relationships

Start by working with professionals in these fields. Collaborate on project tasks or consult hourly to build trust and rapport.

3. Formalize Agreements

Once you’ve established trust and dependability, formalize your relationships with contracts or retainer agreements. Clearly outline the scope of work and terms.

4. Ongoing Networking

Continuously expand your external support team. Attend industry events, network, and seek recommendations to identify new professionals who align with your business needs.

5. Strategic Engagement

Engage team members strategically for specific projects or tasks where their expertise is required, optimizing cost-effectiveness.

6. Nurturing Relationships

Cultivate professional relationships over time. Regularly communicate, seek advice, and maintain a strong rapport with your support team.

7. Adapt and Grow

As your grant writing business evolves, adjust your support team to meet changing needs. Consider additional roles or specialists when required.

Building an external support team is an ongoing process that enhances your business’s capabilities and resilience. These professionals provide valuable expertise, enabling your grant writing business to thrive.

For more, see Building a Team of Professional Advisors for Your Business.

20. Hiring Employees

The following are job positions or outsourced services you may want to consider as your grant writing business grows:

• Grant Writers : Additional grant writers to handle a higher volume of projects.
• Administrative Assistant : To manage paperwork, emails, and scheduling.
• Marketing Specialist : To enhance your online presence and promote services effectively.
• Accountant/Bookkeeper : To handle financial records, taxes, and payroll.
• Research Analyst : To assist in gathering data and information for grant proposals.
• Customer Service Representative : To handle client inquiries and maintain client relationships.
• Legal Counsel : For contract review, compliance, and legal matters.
• IT Support : Manage technical aspects, including website maintenance and data security.
• Content Writer : To produce blog posts, articles, and marketing materials.
• Social Media Manager : To maintain and expand your social media presence.
• Graphic Designer : For creating visually appealing proposals and marketing materials.
• Public Relations Specialist : To manage your public image and media relations.
• Virtual Assistant : For tasks that can be outsourced, like data entry and research.
• Human Resources Manager : If you have a growing team, HR can handle hiring, onboarding, and employee relations.
• Business Development Manager : To explore new opportunities and partnerships.
• Project Manager : To oversee multiple grant projects and deadlines.

As your grant writing business expands, consider hiring or outsourcing these roles to maintain efficiency, professionalism, and quality of service.

Each position plays a crucial role in the growth and success of your business.

For more, see How and When to Hire a New Employee.

21. Getting Customers Through the Door

When you have reached this step, your business is set up and ready to go, with one more final step, which is important: getting customers through the door.

There are numerous ways to do this, like advertising, having a grand opening , word of mouth, etc.

Let’s dig a little deeper into the following sections.

Marketing Considerations

A grant writing business without customers is essentially just an idea. Success hinges on attracting the right clientele, especially in the early stages when your presence is unknown.

However, building a strong reputation over time and gaining marketing experience will ease this challenge. Marketing is a continuous effort that directly impacts revenue.

While you don’t always need a marketing agency, consider it if the fit is right. Simplify your marketing approach by focusing on raising awareness whenever the opportunity arises.

Simple methods to promote your grant writing business:

• Social Media : Establish a presence on LinkedIn, X, and Facebook platforms. Share valuable content and engage with potential clients.
• Networking : Attend industry events, join local business groups, and network online to build relationships and referrals.
• Content Marketing : Create a blog or resource section on your website. Share informative articles and guides related to grant writing.
• Email Marketing : Build an email list and send your subscribers newsletters with updates, tips, and success stories.
• Online Directories : List your business on relevant online directories and platforms like Yelp and Google My Business.
• Client Testimonials : Showcase satisfied client testimonials on your website and marketing materials.
• Community Involvement : Participate in community events or offer free workshops on grant writing to establish a local presence.
• Partnerships : Collaborate with related businesses, as mentioned earlier, for referrals and mutual promotion.
• Online Ads : Consider pay-per-click advertising on Google or social media platforms to reach a broader audience.
• Optimize Website : Ensure your website is user-friendly, mobile-responsive, and search engine optimized to appear in relevant online searches.
• Webinars and Workshops : Host online webinars or workshops to demonstrate your expertise and attract potential clients.
• Cold Outreach : Reach out to potential clients via email or phone with tailored proposals and offerings.

Remember, the key is consistency and adaptability. Evaluate the effectiveness of each method and adjust your marketing strategy as needed to maximize your reach and impact.

See How To Get Customers Through the Door and our marketing section to provide ideas to help you bring awareness to your business.

Sample Ad Ideas:

1. Sample Ad: “Unlock Funding Opportunities with Expert Grant Writers!”

Tap into grants for your business success. Our seasoned grant writers will guide you through the process. Contact us today!

2. Sample Ad: “Your Grant Writing Partner – Turning Visions into Reality!”

Transform your projects into reality with our grant writing expertise. Let’s secure your funding together. Inquire now!

3. Sample Ad: “Grants Made Easy – Your Path to Financial Support!”

Navigating grants can be challenging. We simplify the process. Get started with us and secure the funding you need.

4. Sample Ad: “Grant Success Guaranteed! Join Our Winning Team!”

Join our portfolio of successful grant recipients. Discover how our experts can elevate your grant proposals to triumph!

5. Sample Ad: “Funding Dreams Starts Here – Your Grant Writing Partner!”

Dream big, fund bigger! Partner with us for grant writing excellence. Let’s make your vision a funded reality.

Creating strategic partnerships with other businesses can be beneficial for growing your grant writing business. Here are some types of businesses you can approach for collaboration:

• Nonprofit Organizations : Nonprofits often require grant writing services to secure funding. Building relationships with local nonprofits can lead to referrals as they encounter grant-related needs.
• Accounting Firms : Accountants and CPAs may have clients needing grant funding for their businesses or nonprofit organizations. A referral fee arrangement can incentivize them to refer clients to your grant writing services.
• Law Firms : Law firms, especially those specializing in business or nonprofit law, often come across clients seeking grants. Establish partnerships with them and offer referrals in return.
• Consulting Firms : Management or strategic consulting firms may have clients seeking grants to support their projects. Collaborate with them and offer to refer clients who require their services.
• Chambers of Commerce : Local business chambers often connect businesses within a community. They can refer startups or small businesses to your grant writing services in exchange for promoting chamber events or services to your clients.
• Marketing Agencies : Marketing agencies seeking to expand their service offerings can partner with you to provide grant writing services to their clients. This can enhance their portfolio and generate referrals.
• Educational Institutions : Colleges and universities can refer faculty, researchers, or students seeking research grants or educational funding opportunities. Consider offering workshops or training programs in return.
• Technology Incubators : Incubators and accelerators nurture startups that may require grants for growth. Collaborate with them and offer referrals to startups that could benefit from their services.
• Social Media Influencers : Partner with influencers in the business or nonprofit sector. They can promote your grant writing services to their followers in exchange for exposure or referral fees.
• Government Agencies : Some government programs require grant applications. Establish connections with relevant agencies, and they may refer individuals or businesses seeking grants.
• Networking Groups : Attend local business networking events and join industry-specific groups. These connections can lead to referrals and partnerships.
• Financial Institutions : Banks or credit unions may have clients seeking grants for business expansion. Explore opportunities to collaborate and cross-refer clients.

When approaching these businesses for partnerships, consider creating a win-win arrangement. Offer referral fees, reciprocal referrals, or promotional opportunities that benefit both parties.

Building strong relationships and providing excellent service will encourage ongoing referrals and mutual success.

Points To Consider

Next, let’s review essential points for more tips, insights, and considerations before starting your grant writing business.

We will cover sections, including skills to consider, points to focus on, and equipment. Then you’ll reach the “Knowledge Is Power,” section, where you will want to use the resources for valuable information.

A List of Equipment and Supplies to Consider for a Grant Writing Business:

A grant writing business requires minimal equipment, mostly standard office supplies and some technology tools. Here’s a detailed list:

• Computer : A reliable desktop or laptop computer for research, writing, and communication.
• High-Speed Internet : A stable internet connection for online research, client interactions, and submitting grant applications.
• Printer : A printer for producing hard copies of documents and grant proposals when necessary.
• Scanner : To digitize documents, especially signatures and other physical materials required for grant applications.
• Telephone : A business phone line or mobile phone for client consultations and communication.
• Headset : A comfortable headset for clear audio during phone or video calls.
• Desk and Chair : Ergonomic office furniture for a comfortable workspace.
• Filing Cabinet : To organize and store essential documents, grant applications, and client records securely.
• Stationery : Basic office supplies such as pens, pencils, notepads, and paper.
• Binders and Folders : For organizing and presenting grant proposals and documents professionally.
• Whiteboard or Corkboard : For project planning, task management, and keeping track of deadlines.
• Shredder : To dispose of confidential or sensitive information securely.
• Backup Storage : External hard drives or cloud storage solutions for data backup.
• Software : Essential software programs include word processing (e.g., Microsoft Word), spreadsheet (e.g., Microsoft Excel), and presentation (e.g., Microsoft PowerPoint) software. Additionally, you may need project management tools, accounting software, and client management software.
• Email Client : A professional email client for efficient communication.
• Projector and Screen : If you plan to host workshops or presentations.
• Security Software : Antivirus and firewall software to protect your computer and data.
• Video Conferencing Tools : Software like Zoom or Microsoft Teams for virtual meetings with clients or team members.
• Digital Camera : For capturing images or documenting events if needed for grant applications.
• Reference Books and Subscriptions : Industry-specific reference materials and subscriptions to grant databases or resources.
• Business Cards : To distribute during networking events and meetings.
• Office Decor : Items like artwork, plants, or decorations to create a pleasant workspace.

Remember that the specific equipment you need may vary depending on the scale and scope of your grant writing business and your personal preferences. This list covers the essentials to ensure a productive and professional workspace.

Key Points To Succeeding in a Grant Writing Business

Operating a successful grant writing business demands strategic focus and attention to various key points:

• Niche Specialization : Concentrate on a specific grant writing niche to establish expertise and attract a targeted client base. This sets you apart in a competitive market.
• Customer Base Building : Gaining clients can be challenging in the startup phase. Invest in marketing, networking, and showcasing your expertise to expand your customer base gradually.
• Relationship Building : Forge strong relationships with customers, suppliers, and employees. Trust and reliability are pillars of long-term success.
• Tailored Offerings : Provide products and services aligned with customer needs. Regularly solicit feedback to refine your offerings and stay relevant.
• Customer Feedback : Act on credible customer feedback to enhance your operations. This valuable input can provide a competitive edge.
• Customer Service Excellence : Prioritize top-notch customer service; your customers are your business’s lifeblood. Satisfied clients become loyal advocates.
• Value-Centric Approach : Continuously focus on delivering value to customers. Ensure that your services meet or exceed their expectations.
• Skilled Team : Hire the right people for each role. A capable team is pivotal to business success, contributing to efficiency and client satisfaction.
• Effective Staff Management : Treat your staff respectfully, foster teamwork, and create a positive work environment. Employee retention is crucial.
• Financial Management : Master cash flow management to maintain financial stability, enabling steady operations and growth.
• Cost Efficiency : Keep costs low without compromising quality or customer service. Efficiency enhances profitability.
• Adaptability : Stay adaptable to industry, process, and technological changes. Adapting promptly is vital for sustainability.
• Revenue Fluctuations : Prepare for revenue fluctuations with a robust financial strategy, including savings and contingency plans.
• Competition Handling : Address new and existing competition through differentiation and continuous improvement.
• Effective Marketing : Implement effective marketing strategies to raise awareness. Marketing, whether in-house or professional, is essential for business growth.

Operating a grant writing business involves a multifaceted approach. You can navigate challenges, build a strong reputation, and succeed in this competitive industry by mastering these key points.

Evaluating your skill set for a grant writing business is vital. Without the necessary skills, success is elusive. If a crucial skill is lacking, consider learning or hiring expertise. Essential skills for a grant writing business owner include:

• Writing Proficiency : Excellent written communication is a must.
• Research Skills : Thoroughly researching grants and requirements.
• Project Management : Organizing and managing multiple grant applications.
• Communication : Effective interaction with clients and organizations.
• Budgeting : Understanding financial aspects of grant proposals.
• Networking : Building relationships in the industry.
• Time Management : Meeting deadlines is critical.
• Adaptability : Navigating changing grant landscapes.
• Technical Skills : Utilizing grant software and tools.
• Analytical Thinking : Assessing project feasibility and impact.
• Ethical Integrity : Upholding ethical standards in grant writing.
• Marketing : Promoting your services effectively.
• Negotiation : Securing the best terms for clients.
• Problem-Solving : Addressing challenges creatively.
• Funding Knowledge : Staying updated on grant sources.
• Attention to Detail : Eliminating errors in proposals.
• Cultural Competency : Understanding diverse grant requirements.
• Strategic Planning : Developing long-term grant strategies.
• Legal Awareness : Knowledge of relevant regulations.
• Self-Motivation : Maintaining drive and enthusiasm.

Assess your proficiency in these areas to ensure a strong foundation for running a successful grant writing business.

Knowledge Is Power if You Use It!

Utilize knowledge as a powerful tool—access valuable industry information through provided links for the startup and operational phases of your business.

Trends and Statistics

Monitoring industry trends and statistics is essential for a grant writing business to adapt, identify opportunities, and make informed decisions.

See the latest search results for trends and statistics related to the grant writing industry.

Grant Writing Associations

Trade associations provide benefits like industry news updates and networking opportunities for professionals.

See the search results related to grant writing associations and the benefits of Joining the Chamber of Commerce.

The Top Grant Writing Businesses

Analyzing an established grant writing business can spark ideas, identify industry gaps for a competitive edge, and reveal overlooked services offered by competitors.

See the latest search results for the top grant writing businesses.

The Future of Grant Writing

Researching the industry’s future is crucial for aspiring grant writing business owners. It helps anticipate trends, challenges, and opportunities, guiding informed decisions.

See the search results for the future of the grant writing industry.

Customer Expectations

Examining search results for customer expectations in grant writing offers valuable insights to meet and exceed their needs. Uncover unaddressed issues and optimize your approach.

See the search results related to customer expectations for grant writing.

Expert Tips

Expert tips benefit both novices and experts in skill enhancement. Experts may discover new approaches, while novices gain valuable knowledge to improve their skills.

See the latest search results for grant writing to gain tips and insights.

Grant Writing Business Insights

Reviewing tips and insights can uncover valuable ideas and pitfalls to avoid, enhancing your grant writing business and industry knowledge.

See the latest search results about insights into running a grant writing business.

Grant Writing Publications

Publications are a vital source for the latest grant writing insights and ideas. Stay updated with valuable information in the field.

See the search results for grant writing publications.

Grant Writing Forums

Engage in grant writing forums to foster connections and gain insights. These platforms facilitate customer perspective understanding for improved business understanding.

See the latest search results related to grant writing forums.

Enroll in online or local courses to effectively enhance grant writing skills and business knowledge.

See the latest courses that could benefit a grant writing business owner . Also, see our management articles for tips and insights for managing your business.

Grant Writing Blogs

Subscribe to leading grant writing blogs for insights and updates. Curate your collection, ensuring value and relevance. Stay informed in the grant writing industry.

Look at the latest search results for top grant writing blogs to follow.

Grant Writing News

Stay updated on grant writing through news outlets. They cover relevant stories, providing valuable insights.

See the latest results for grant writing news.

Watching YouTube videos on grant writing is valuable for improving your knowledge in this area. Explore and learn more here: YouTube videos related to grant writing.

Privacy Overview

Business Plan vs. Business Proposal

The terms “business plan” and “business proposal” are sometimes used interchangeably, however, they are very different. The main difference between a business plan and a business proposal is that a business plan documents your growth strategy while a business proposal is a specific ask for someone to take an action you desire (e.g., buy your product/service, invest in your company, partner with you, etc.).

In this article, we will define a business plan and a business proposal and give you examples of when each is appropriate for you to use.  

What is a Business Plan?

Download our Ultimate Business Plan Template here

Business Plan Structure

Typically, the business plan structure contains the following 10 components:

• Executive Summary
• Business Description & Overview
• Market Research & Analysis
• Customer Analysis
• Competitive Analysis
• Marketing Strategy & Plan
• Operations Plan
• Management Team
• Financial Projections & Plan

It is recommended that a business plan is updated annually to adjust for changes in the industry trends and the business itself.  

What is a Business Proposal?

In terms of what you are asking from them, it can be anything that involves funds and time on their end including cash investment, product development assistance, and even employees if they have applicable skill sets.  

Business Proposal Structure

An invited business proposal is written in response to an RFP. A request for proposal (RFP) is a document that invites potential suppliers to submit business proposals. How to write a business proposal depends on the format requested and the questions included in the RFP.

The following are the components that usually make up a business proposal:

• Brief description of your company’s services/products as the proposed solution to the goals of the RFP
• Reiteration of the scope of the particular project
• Responses to questions asked in the RFP
• Cost of the project, including drafting services, materials, tools, labor, delivery and other expenses

An unsolicited business proposal is essentially the same format, but it will solicit the client’s business while anticipating the clients’ concerns and issues. A business proposal is more of a marketing document than an offer because it attempts to persuade the potential client to do business by demonstrating your value proposition and a call to action.  

So, What’s the Difference Between a Business Proposal vs. a Business Plan?

In a business proposal, company representatives typically work with the customer to tailor a business proposition that is attractive to both parties. This usually comes in the form of a written document detailing the services and cost associated with fulfilling an offer or request but can also include electronic contracts.

In contrast, a business plan is a description of your company on the executive and operational levels aimed at investors for raising financial support or other stakeholders in order to facilitate long-term growth. For example, an investor will want to know about how different departments within your business interact with one another, while somebody who will be implementing your product probably only needs more limited information such as design specs because they are not going into production themselves.

A business proposal may provide you with more details of the project, but it does not include information about your company’s operations or future plans.  

Examples of Business Plans vs. Business Proposals

• When you give a potential investor your business plan which includes all sorts of information about how we will achieve your goals together as well as the amount of money it’s going to take. The business proposal is for them to write you a check in return for interest/principal payments or a percentage of your company.
• You might be getting partners involved in your business who will help with product development and distribution. You are offering them a business proposal to work together. However, they may request to see your business plan to better understand your goals, potential profitability, and how you plan to reach these goals before deciding to work with you.
• Your existing business has been so successful that you decide to outsource the social media marketing efforts to a freelancer to free up more of your time. The freelancer would provide a business proposal stating their terms and conditions along with the agreed-upon pay arrangement for their services. This change in organizational structure may be noted in your business plan to demonstrate expansion and financial stability to continue growth.
• In your business plan , one of your goals is to grow your client base by 5% each month. You identify potential clients in need of your services or products and send an unsolicited business proposal to demonstrate how your products or services can benefit them in order to develop a new prospective client list.

The business plan is a roadmap for your company’s present and future, while the business proposal has to do with what you are asking someone else for money.  Applying this difference into practice can be difficult at times because business plans are often marketed as business proposals. However, it is important to be able to identify the difference between a business plan and business proposal in order to maximize their effectiveness and importance with potential investors or partners.

How to Finish Your Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Other Helpful Business Plan Articles & Templates

How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Business Proposal and Business Plan: What’s the Difference?

Business prop os al and business plan are relatively similar but distinctively different terms, making many use these two words interchangeably.

You’ll see distinguishing features in their content, structure, writing style, purpose, and goals. Even so, there are various similarities between a business proposal and a business plan.

The main distinguishing factor to note is that a business plan documents the growth strategy and presentation of facts, while a business proposal is a specific ask for an individual to take action (buy your service/product, partner with you in business, and invest in a particular business). 

Let’s look at the two terms in detail and highlight a few examples when it’s appropriate to use.

What is a Business Proposal?

A business proposal is a company’s documentation that goes directly to its prospective client. It’s usually written in an attempt to sell a company’s product or service.

While a business proposal is not an estimate, it’ll have certain financial details. An estimate is unofficial and simply a way to skim over the real costs without presenting the real picture.

In a nutshell, a business proposal shows a particular business idea intended to get investors to support this particular endeavor being suggested.

Although a business proposal shows an overview of what the company does (just like a business plan), its main aim is to provide information about the suggested business idea. 

It answers any questions or concerns potential investors may have about the suggested business idea.

Prospero business proposal software can help you easily draft a competitive and compelling proposal to beat other bids. With its user-friendly interface and various proposal templates , you don’t have to create everything from scratch.

Let’s now look at the importance of a business proposal and a business plan.

Reasons for a Business Proposal

The main reason a proposal is written can only be understood based on the type of proposal you want to draft. They’re two types of proposals; invited and non-invited proposals.

Invited proposal

An invited proposal is submitted in response to an advertisement from a potential client. A good example is government agencies inviting contractors to bid on a particular service.

Alternatively, businesses request for proposals from a group of suppliers they’re willing to consider as prospective clients.

Non-invited proposals

Non-invited proposals, on the other hand, are submitted to potential clients even when they haven’t requested one. In both instances, a company must develop a compelling proposal to convince buyers. 

Proposals are limited in the scope of a particular need or project and written to specific audiences.

The main reason why businesses write proposals is to solicit or grow company opportunities. You can think of a proposal as an external document to present or sell the company to external players.

It shows what the business is all about and how it intends to carry out a particular project or use that opportunity to generate revenue for both parties.

What is a Business Plan?

A business plan is a factual description of a company on the operational and executive levels. It’s a written presentation of a company’s grand vision.

The document is typically tactical; it states where and when you want to start a project. Moreover, it will highlight when you’ll want to move on to the next phase of the project and how to accomplish that project.

It makes potential investors interested in a company (especially small startups that haven’t made a name for themselves).

A business plan will also provide an idea of what the business requires from professionals, such as attorneys and potential employees. It indicates whether or not a company’s business goals are realistic, let alone achievable.

Reasons for a Business Plan

Business plans are visions for your company and how you intend to execute all these visions. They outline financial projections of what a business will cost to develop and operate, plus an estimate of the revenues the business will generate.

Its main purpose is to provide a reasonably detailed description of the company for use by potential investors, suppliers, accountants, and prospective employees, among other people. For instance, one of the prerequisites for an SBA loan is an extensive and organized business plan.

Moreover, it’ll provide a quick but comprehensive view of what your company does and its chances for success.

The main reason companies write business plans is to convey and record information.

Structure of a Business Plan and a Business Proposal

Here, the two documents have various components featured on them. Here’s a detailed description of their structure below:

Structure of a Business Proposal

Overall, the structure of a proposal will depend on whether it’s solicited or unsolicited.

A solicited proposal responding to a request for proposal takes the format of an RFP. Here are the components of a business proposal:

• Usually, it takes a quick description of products and services relevant to the RFP goals.
• Outlining the company’s scope of work.
• Answers to questions posed in the RFP.
• Estimate detailing tools, materials, labor, delivery, and other elements that’ll affect the project’s cost.

An unsolicited proposal to create a business opportunity follows the same format. It, however, anticipates questions potential clients might have .

A proposal is a marketing document designed to convince prospects to do business by presenting a value disposition plus a call to action.

Try creating your business proposal here .

Structure of a Business Plan

A business plan has three components; sales tactics, business model description, and financial goals. More elaborately, it consists of the following section of information:

• A summary of the executive
• Product/service description
• Industry analysis
• Operating plan
• Marketing strategies  
• Internal analysis
• Built-out plan
• Structure of leadership 
• Introduction of management 
• Financial goals

The business plan is more like an information document displaying the company’s operation and potential.

Many companies fail to follow this format while writing their business plan or proposal, a reason why most don’t win bids or prospective clients. 

Using Prospero to write a professionally compelling business proposal and integrate your business plan can help you get investors interested in your company so that they want a sit at the table.

What’s the Difference Between a Business Plan and a Proposal?

Business proposals differ from business plans in content, writing style, purpose, goals, and structure.

The sole distinguishing factor between the two terms is that a business plan is a factual presentation of facts, whereas a business proposal is an external market document that highlights a quote and a call to action.

Let’s look at some distinguishing features between the two terms:

Business Proposal vs. Business Plan

A business plan provides a detailed description of how the business was set up, plus its project.

On the other hand, a business proposal is a purposeful sale document illustrating how a business will execute a particular project. Usually, it’s drawn and submitted to another enterprise or organization putting forward a business arrangement.

In addition, the structure of a business plan contains three elements, including a description of the business model , sales tactics, and financial projections.

On the other hand, the structure of a business proposal takes the format of an RFP if it’s solicited.

A business plan shows the scope of a business and, in turn, clarifies your thinking as a business owner and also gives you information that you hadn’t considered before.

Conversely, proposals show a limited scope of a specific project or need for a particular audience.

While trying to craft these two documents, you must seek proficient experts to help you write compelling proposals and plans to convince potential investors and other partners to invest in your business.

Types of Business Plans and Proposals

A business proposal can be divided into solicited and unsolicited proposals. How different are they? Let’s delve right in.

Solicited Proposals

This is presented in response to a request for proposal (RFP) . It’s usually submitted responding to a work statement from sponsors.

These sponsors use the request for proposal to solicit a specific proposal for research, training, or to provide services or goods. The RFP includes standard terms, conditions, and assurance that the company is asked to accept. 

A good example is when an organization or government agency wanting to buy products or services from a particular sector invites contractors to place bids.

In other scenarios, some businesses will ask suppliers to provide RFP to those they’re considering a partnership with.

The business is competing against other businesses that want to secure the same contract. It’s, therefore, in their best interest to provide compelling and competitive business proposals.

Prospero can assist you in such instances; it has the experience and expertise to curate excellent proposals that win contracts. Call it today to generate a proposal with its Prospero business proposal generator.

Unsolicited Business Proposals

This proposal is submitted to potential clients, even when they haven’t asked for one.

In such circumstances, a business wanting to secure a contract will suggest a product or service to a potential organization in return for funds.

A good example is when an organization tends a proposal to develop an application or renders some training services to its staff.

Just like solicited business proposals, a company must curate a well-researched proposal that will convince prospective clients you’re the right candidate for the job.

Types of Business Plans

Business plans are also categorized into four types, including

• short plans,
• presentation plans,
• working plans,
• and what-if plans.

These types require different degrees of labor and are not always proportional to results.

Presentation Plan

Using PowerPoint to outlay information about a business changed the way companies created their business plan. Many businesses lose sleep trying to figure out how you’re going to present a business plan that can affect a company’s future.

Working Plan

This is a plan used to operate your business. The plan can be long in detail but shorter in presentation. There’s no room for informality or candor while preparing it.

If you’re considering presenting this plan to a loan committee, you’ll have to describe a competing rival primarily on a price basis.

A working plan used to create outlines for internal use may have some elements omitted; probably, you’ll not need to add an appendix with a resume of key executives.

Internal policy considerations may guide what to include or exclude in the working plan.

What-If Plan

A business must prepare for unforeseen circumstances. The company may want to have a contingency plan when seeking bank financing.

This plan is usually curated in the worst-case scenario that you can foresee your business surviving. It’s important to shelter yourself from things like loss of market share, the defection of a key member of management, and heavy price competition.

A contingency plan can help cover the fears of bankers and investors by demonstrating that your business has considered more than one rosy circumstance.

Moreover, your business can benefit from a what-if plan in situation acquisition. It can help you outline the worth of the acquisition and how it can affect the core business.

In summary, you can say that a business plan is more of an internal document, whereas a business proposal is an external one that is used to sell the product or service of a company to prospective clients.

In addition, a business plan guides the activities of a company internally in terms of revenue projections and marketing strategies that must be achieved in a particular time frame.

On the other hand, a business proposal will show external parties like a government agency and sponsors what the business is all about to convince them to invest in your business. The proposal should outline how you will carry out a particular project to generate revenue.

Whether trying to curate a business plan or proposal, it has to be compelling and competitive to beat other bidders. 

Why Not Give Prospero A Try?

Working with Prospero to generate professionally written proposals or plans is essentially wise. It has a variety of templates for different industries and comes with a lot of customization options. Some ready-made content are also available so you won’t need to write from scratch every now and then.

You can manage and track the performance of your proposals through its built-in analytics, so your sales team would be more productive and efficient.

It’ll increase your chances of securing contracts and proposals that can take the business to the next level.

Sign up today and create your first proposal!

ABOUT THE AUTHOR

Abbey Claire Dela Cruz

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The Pros and Cons of Business Grants: Benefits & Hidden Costs

As a business owner, you may be considering applying for a grant to help fund your startup or expand your operations . But before you do, it’s important to understand the pros and cons of grants.

On the plus side, grants can provide much-needed financial assistance to help you get your business off the ground or take it to the next level. However, there are also some potential downsides to consider. Grants can come with strings attached, and they may not be as easy to obtain as you think.

So what’s the bottom line? Is a business grant worth pursuing? Read on to learn more about the benefits and hidden costs of business grants so you can make an informed decision for your company.

What Does a Business Grant Entail?

A business grant is a type of financial assistance given to businesses by the government or other organizations. Grants are typically awarded to small businesses, nonprofit organizations, and entrepreneurs who demonstrate a need for funding.

There are two types of business grants: discretionary and non-discretionary. Discretionary grants are awarded at the discretion of the grantor, while non-discretionary grants are awarded based on predetermined criteria.

Who Qualifies for a Business Grant?

Not everyone is eligible for a business grant. Eligibility requirements vary by provider, but typically include being a small business, nonprofit organization, or individual with a sound business plan. Some grants may be specifically for minority-owned businesses or woman-owned businesses.

In addition, you may be required to complete a lengthy application process, which can include a business plan, financial statements, and letters of recommendation.

Grant Advantages and Disadvantages

Grants are a great source of free funding but, as mentioned, they may come with caveats that not all small business owners are prepared for. Here are some of the pros and cons of grants to help you understand how they work and decide if they are right for you.

The Pros of Business Grants

Financial assistance.

One of the main advantages of grants is that they provide businesses with much-needed financial assistance. This can help you cover the costs of starting up or expanding your operations.

No repayment required

Unlike loans, grants do not have to be repaid. This can free up cash flow for your business and allow you to use the money for other purposes.

Tax benefits

Grants may also offer tax benefits. In some cases, grant money can be used as a tax deduction.

Boosts your business profile

Applying for and receiving a grant can also help boost your business’s profile. This can attract more customers and clients, as well as positive media attention.

The Cons of Business Grants

Limited availability.

One of the biggest drawbacks of business grants is their limited availability. Competition for grants is fierce, and only a small percentage of applicants are typically awarded funding.

Requires a lot of paperwork

Applying for a grant can be a time-consuming and complicated process. You may be required to submit extensive paperwork, including a business plan, income presentation, financial statements, bank documentation, and letters of recommendation from suppliers, partners, and institutions that can vouch for your venture’s financial and operational health.

Might come with strings attached

Grants typically come with specific conditions. For example, you may be required to meet certain criteria or abide by rules and regulations, as outlined by the grant provider.

Typically lengthy and tedious application process

Grant money is often awarded based on need. This means that businesses with strong financials might have a difficult time qualifying for funding. One of the biggest drawbacks of business grants is the stringent eligibility requirements. You may be required to meet certain criteria, such as being a minority-owned small business or nonprofit organization.

Not enough money to go around

Another downside of business grants is that there’s often not enough money to go around. This means that you may not be awarded the full amount of funding you’re seeking.

No guarantee of approval

Even if you meet all the eligibility requirements, there’s no guarantee that your grant application will be approved.

So, is a business grant right for you? The pros and cons of business grants outlined above can help you make an informed decision. If you’re interested in applying for a grant, be sure to carefully review the eligibility requirements and application process. Keep in mind that the competition for grants is fierce, and you may not be awarded funding.

Need a Quicker, Easier Alternative To Grants? Try LendThrive

So is a business grant worth pursuing? The answer depends on your individual circumstances. Grants can provide much-needed financial assistance, but they come with pros and cons that you need to consider carefully.

If you’re looking for an easier way to obtain financial assistance for your business, consider fixed rate business loan providers like LendThrive . We offer fast, easy, and affordable financing to small business owners. You can apply for a loan of $25,000 to $150,000 online, and get approved in 24 hours.

Our team understands the struggles and challenges small businesses face and wants to make getting funding accessible.

Contact us today to learn more or directly apply for a loan .

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When shopping for a loan, what are you buying?

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Overview of how SBA loans work and what you’ll need for applying, as well as how to apply and suggestions...

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Check Out Our Brand-New 20 Minute Training on How to Make Money as a Grant Writer

Grant Writing 101: What is it & how do you get started?

Have you been thrown into the deep end working at a nonprofit organization and tasked to apply for grant funding for the first time? Maybe you've heard about the field, catching the buzz from a friend starting a grant writing side hustle . Or you've seen how others have pivoted their careers to launch grant writing consultant businesses.

However you found grant writing, we're glad you're here!

Grant writers are perceived to have superpowers—they know how to get free money!

Well, it's not quite that easy. There is no such thing as free money, and grant writing is a lot of hard work.

However, it is very learnable and an incredible skill set to have in your quiver. Even newcomers succeed with the right guidance and training under their belt.

This crash course in grant writing will cover everything you need to know to start approaching grant writing like a boss!

Grant Writing Essentials: Definitions & FAQs

• Grant Writing vs. Nonprofit Fundraising

The Grant Writing Process for Beginners

Understanding the grant fundraising landscape, why grant writing is such a valuable skill.

Curious about how to get into grant writing without prior experience? Check out this video to learn more.

Let’s start with the essentials: a few grant writing definitions and frequently asked questions.

What is grant writing?

Grant writing is the process of crafting a written proposal to receive grant funding from a grant making institution in order to fund a program or project.

Grant writing involves laying out your case for why the grant will do the most good for you (or your project or organization). A stellar grant proposal will clearly show the funder that your plan is the best possible choice for accomplishing your shared goals.

Think of grant writing like making a pitch to investors or lenders but to receive funding that you won’t need to pay back.

That begs the question…

What are grants?

A grant is a financial award to support a person, organization, project, or program. It is intended to achieve a specific goal or purpose. Nonprofits can use grants to complete projects, run programs, provide services, or continue running a smooth operation.

Great, now where is all of this money coming from?

Who provides grant funding?

Typically, grants are awarded to organizations from grant making institutions (also called grantors ). These include foundations, corporations, and government agencies.

Grantors provide grants to help further their goals in their communities (or around the country or world) and to support other organizations that do on-the-ground work. These goals are typically philanthropic or social in nature, but grants might also be offered for educational, scientific, or any other purpose.

Grants usually come with very specific guidelines for what the money can and can’t be used for, as well as rules for how the “winner” of the grant (or the grantee ) will report on its progress. When a grant has specific guidelines, we call these funds restricted . Restricted funding means they can only be used for the purposes laid out in the proposal and specified by the funder.

So, can anybody and everybody get grant money?

Who is eligible for grant funding?

Many different types of organizations are eligible to write proposals and apply for grant funding. Most notably, 501(c) nonprofit organizations that have IRS Letters of Determination (basically any type of legit nonprofit).

More specifically, these types of organizations are eligible for grants through grant writing:

• Nonprofits/public charities with IRS-recognized status
• Unincorporated community groups with fiscal sponsors
• Tribal organizations (and sometimes housing authorities)
• Faith-based organizations (which sometimes must provide direct social services depending on the grantor’s guidelines)
• Local governments

Exciting, right? Grants can do a lot of good for organizations of all sizes. But who’s doing the work?

Who does the actual grant writing and drafts the proposal?

All different kinds of folks! Each organization finds their sweet spot for getting the work done. Grant proposals can be written by:

• Employees of eligible organizations
• Volunteers lending their time
• Freelance grant writers providing a contract-based service
• Grant writing consultants who provide organizations with ongoing help through retainer contracts

Successful grant writing leads to positive impacts on real people and real communities. Grant writers put in the elbow grease because they care about charitable organizations and their missions. They want to see their communities thrive.

Is Grant Writing A Good Career For You?

Take the 3 minute personality quiz to find out!

How do you learn grant writing?

Grant writing is a set of specific skills and processes, so it can be taught and learned like any other subject.

There are a few different avenues you can explore to level up your grant writing skills.

• DIY Method: You can binge-watch YouTube content to pick up the bits and pieces of grant writing. This is certainly a cost-effective method! However, factoring in the stress of reinventing the wheel while riding the struggle bus of going it alone, you’re spending more time (and $$) in the long run to learn grant writing skills.
• Higher-Ed Programs: Several universities offer certifications in nonprofit management, but most do not focus solely on grant writing. For a semester or two, the curriculum will teach you the ins and outs of nonprofit organizations, which includes grant writing. These courses include a university certificate for formal education. The downside, however, is that university programs fall short of helping students bridge the gap between learning the material and actually applying it—in other words, getting paid tp use your newly acquired knowledge in the field.
• Online Courses: There’s a wide variety of online courses to help you learn how to become a grant writer. Online education is flexible for those who are looking to add grant writing as a new skill set on top of a full-time schedule (life, work, etc.) or level up their skills. Yes, even if you’re an in-house grant writer working with a nonprofit organization, professional training is applicable. You can check out a roundup of the best grant writing classes here.

Curious about how to break into grant writing without prior experience and with no added debt? The Global Grant Writers Collective is the only program of its kind to show you how to be a world-class grant writer while also building a flexible, fulfilling life you love.

Grant Writing vs. Non Profit Funding

We’ve covered all the basics, but there’s a bit more important context to understand as you launch your grant writing journey.

You know that grants provide funding to organizations to do good work in their communities, but how does this relate to the bigger concept of fundraising?

TL;DR — Grant Writing vs. Fundraising

Fundraising is how you raise money for your organization. Grant writing is one type of fundraising activity. Grant writing includes asking foundations or government entities for support while other fundraising activities usually target individual donors.

What is nonprofit fundraising?

Fundraising is generally defined as the process of soliciting financial support for a cause or project.

Central to the idea of fundraising is the collection of cash donations (although all kinds of assets can be donated). Donations can be collected immediately or over months or years, as is the case for long-term pledges of large donations to capital campaigns.

Fundraising is an essential way for most nonprofits to bring in revenue for their missions. Monies raised through general fundraising activities are often referred to as unrestricted funds and can be used for any expenses, such as staff salaries or rent. Donors can also require that their money be used in a specific (or restricted) way.

Who fundraises, and what do you need to do it?

Nonprofits are the most common group to fundraise. However, other groups like those adorable Girl Scouts selling their highly addictive cookies (our greatest weakness 😋) and people raising funds for mission trips are eligible for fundraising, too.

The only thing you technically need to fundraise is trust from your donors. But when you represent an organization, establishing trust means getting official with a 501(c)(3) designation and publishing an annual report.

Remember that fundraising isn’t so much about asking for money as it is about inviting others who have a passion for what you do to join you in your mission. Once you find them, you can do that work together—the beauty of fundraising!

How is grant writing different from fundraising?

As you can already tell, fundraising has a much broader definition than grant writing.

Fundraising can take many forms, and grant writing falls under that umbrella.

Fundraising usually refers to generating cash donations by:

• Building relationships with individual donors
• Holding fundraising events
• Making public appeals for donations and marketing your organization to the community

When you submit a proposal for a grant, it’s a one-on-one targeted pitch to a funder. You understand their past giving history. You’ve vetted them for mission alignment, and your project meets their goals for impact. The relationship between you and the funder is more formalized (though there is room for personal relationships over time).

With fundraising through individual donors, not through a grant, your approach is less formal. You likely don’t need a lengthy proposal, but that doesn’t mean you don’t have a plan. To fundraise from individual donors, you may be soliciting funds from individuals whose circumstances and philanthropic interests are largely unknown to you. Your approach can usually be applied to a wider audience, whereas grant writing targets one organization with specific guidelines.

In either case, relationship-building and strategies like prospect research are very important for nonprofits.

Then what do grant writing and fundraising have in common? In both cases, you need to do research, pursue leads, prepare talking points, evaluate opportunities, and cultivate relationships. The essence of both practices is the same. What is different is the target and approach.

With all the context out of the way, let’s get to the meat and potatoes. How do you actually write a grant proposal? What are the key steps to follow?

Here it is: our signature 7-step process for writing a winning grant. We’ll summarize the key points to understand for each step, but please check out our longer grant writing process explainer for a deep dive into the nitty gritty.

• Follow your North Star (the funding guidelines). A funder will provide guidelines for their grant that all applicants need to follow to be considered. Think of these as instructions. Guidelines can vary a lot from one grant to another, so it’s important to never take them for granted (see what we did there?). Download, print, read, and reread the guidelines.
• Prepare your narrative skeleton. Every grant should tell a story, but sitting down to write a prizewinning story on a blank page is a lot easier said than done. Give yourself an easier start by outlining your proposal based on the funding guidelines themselves. These are the questions you’ll have to answer, so bake them into your story from the very start. Simple bullet points will do here—no need to lock down full sentences just yet.
• Host a kick-off meeting. Gather everyone involved in the project to get on the same page. These are all the people who’ll provide you with the information you need for the grant as well as those who’ll be involved in running the project that it funds. Remember, everyone loves an organized meeting—send an agenda and your narrative skeleton in advance, then a summary of action items after, plus an invite to a progress check-in meeting.
• Finalize your grant budget. Next, you need to know how much the project you’re proposing will cost to complete—this budget will impact all other parts of your application. For example, funders often ask for a “budget narrative” that explains how you determined your final numbers. Some grants are structured to provide a percentage of your total costs rather than a flat sum. Grab a copy of our free grant budget template when you’re ready!
• Write your narrative fast and furiously. With your budget in hand, now’s the time to start putting pen to paper (or fingers to keys). Review your grant guidelines again, and start filling in your narrative skeleton with the details it needs to paint a compelling picture. We could go on and on with all the tips and hacks we’ve learned—check them out in Step 5 of our grant writing process guide.
• Prep your key attachments. Funders usually want more than just your perfectly written document. They often ask for additional attachments like separate budget documents, a resolution, and letters of support. Some attachments, like resolutions, can take a long time to get finalized, which is why understanding your guidelines early is so important so that you can get the ball rolling quickly.
• Review and submit your grant! Phew—you made it! But you’re not done yet. Reviewing and double-checking your proposal is a must, and it should be done by an independent reviewer who hasn’t been knee-deep in the process like you. Collect and discuss their feedback, make changes, review one last time, and then hit submit (ideally a day or two before the deadline). After the adrenaline wears off, take the afternoon off.

There’s no magic formula for writing a winning grant—your proposal should always be tailored to that unique grant and funder—but there are best practices and principles that give you a reliable roadmap to follow each time. Our 7-step grant writing process condenses a ton of them into one digestible process, but for an even closer look, join our free grant writing class!

Free Grant Writing Trainings

These how-to videos offer a smattering of webinar replays from our online grant writing training and feature topics such as working remotely, project management, fundraising, and how to utilize the Freedom of Information Act for federal funding.

Essential Grant Writing Tips for Newcomers

Once you’ve mastered the steps above, you’re probably wondering how to actually put rubber to the road and get started. Here are our top 5 recommendations:

• Find a real project to work on! Try identifying a real grant opportunity and approaching a nonprofit in your community. Or if that idea terrifies you—we get it—you can start slower with sample projects and training courses.
• Commit to excellence in project management. Grant writing is complicated, no way around it. Familiarize yourself with project management best practices and you can stay organized and energized.
• Fake it until you make it. Imposter syndrome is very real, and even experienced grant writers deal with it. But don’t let it hold you back. When you invest in your grant writing skills and get real-world practice, you have something worth sharing. Build some momentum and see how far you can go!
• Have a process mindset. When you pull the mask off the big hairy grant writing monster, you’ll find it’s really just a big stack of steps and processes—learnable steps and processes. Master these, and you’ll have a reliable framework for success.
• Don’t be stubborn (said with love). Trying to go it alone when learning grant writing leads to more mistakes and wasted time and money. Grant writing is a craft, after all, and there’s a lot to be gained from connecting with fellow grant writers.

P.S. Want more grant writing videos like this one? There’s more where that came from.

Check out our YouTube channel and give us a follow!

If you’re new to grant writing (or even considering turning it into a side hustle), it’s important to understand the big picture. Why do grants matter?

Grants make up a considerable chunk of nonprofits’ operating revenue.

According to Nonprofit Impact Matters , the nonprofit sector generates roughly 31.8% of its revenue from government sources (including both grants and paid contracts) and 2.9% from foundations in the form of grants.

It’s generally recommended that grant funding should provide 10-20% of a nonprofit’s total annual budget.

Funding from foundations is growing.

Total giving from foundations reached $105.21 billion in 2022, a 2.5% increase from the year before, and it’s part of a continued upward trend. Put another way, foundations provided 21% of total giving to nonprofits , or $1 of every $5 given to charity.

This is one of only a few areas that saw growth when adjusted for inflation. Family foundations (founded by families as a way to better manage their philanthropic activities) and corporate foundations have led the charge.

Grants are an important part of a safe revenue mix.

Nonprofits need to have diversified revenue streams so that they can rely on other ways to generate money when one shrinks or dries up.

Grants are an essential part of this equation, especially as a turbulent economy causes individual donors to rein in their spending. Case in point—the 2023 Giving USA Report found that giving from individuals declined 6.4% in 2022 (or 13.4%, when adjusted for inflation), a finding that sent shockwaves through the nonprofit world.

But when a nonprofit has a sturdy fundraising program, grant writing process, and an active grant opportunity pipeline, it becomes much easier to weather the storms and keep on doing the good work their communities need.

This leads us to a logical conclusion (which you might have already caught onto)...

Grant writing is an incredibly valuable skill because:

• It’s always in demand.
• It helps nonprofits secure the diverse funding they need to thrive.
• It drives on-the-ground good by funding projects and programs.

Competition for grants will only get tougher as giving from foundations grows and donor habits keep changing in the coming years.

The right unicorn of a grant writer can make a world of difference for nonprofit missions of all sizes and build the fulfilling career they want: a win-win!

Study up on grant writing best practices. Stretch your grant writing muscles by taking a free class or investing in more lessons, coaching, and community (like through the Global Grant Writers Collective ).

Whether you’re looking to win more funding for your nonprofit or break out into a new freelance field, anyone can succeed with grant writing with the right preparation and practice.

Want to learn more? We know you do. We recommend these additional resources:

• Can I Make Money as a Grant Writer?
• Three Possible Career Paths Through Grant Writing Training
• Why Start a Side Hustle Grant Writing?
• Grant Writing for Nonprofits: Our Top 10 Tips
• Tips for Writing Your First Draft of a Grant Narrative
• Top Mistakes Grant Applicants Make (And How to Avoid Them)
• A Review of the Top 10 Grant Databases

Free Grant Writing Class

Learn the 7-steps to write a winning grant application and amplify the impact you have on your community.

About the author...

Alexis Swenson serves as Unicorn Coach and Content Director for Learn Grant Writing. The product of small-town northwestern Minnesota, she is a self-declared “old soul” and grounded free spirit. She has secured over $2.7 million in grant funding in her career. Alexis writes to help people learn, laugh, and not be so hard on themselves.

Want To Learn More?

We made this video to answer your questions about how to build a career in grant writing without the fear of where you will find clients or the fear of failure. We cover the top three mistakes that keep people from making the leap from a soul-sucking job to something more meaningful.

Watch Video

Customized Training For You

Listen to the audiobook, take free grant writing class, free grant writing resources, take our career fit quiz, take our business diagnostic audit quiz.

In fact, your business plan will likely help your chances of getting a grant. Many funders want to see a business plan, even poorly developed ones. (That is not to say you should hand in a poorly developed business plan—funders want to know that you've thought through the project from a sustainability point of view.) Your business plan shows a funder that Think of a business plan as a proactive way to approach a foundation, instead of waiting to respond to a request for proposal. A group I worked with actually received grant funding that helped them write a business plan. They took the business plan back to the funder and shared the five-year budget, indicating how much money they would need to pay for fixed costs, especially personnel, as they developed their plan. The funder immediately asked them for a proposal. I expect that they will wind up with the money they need to get them to a sustainable program after five years. A deciding factor for the foundation was matching funds: the program would generate revenues that at least matched the amount the foundation would commit. Grant Proposals (or Give me the money!) What this handout is about. This handout will help you write and revise grant proposals for research funding in all academic disciplines (sciences, social sciences, humanities, and the arts). It’s targeted primarily to graduate students and faculty, although it will also be helpful to undergraduate students who are seeking funding for research (e.g. for a senior thesis). The grant writing process A grant proposal or application is a document or set of documents that is submitted to an organization with the explicit intent of securing funding for a research project. Grant writing varies widely across the disciplines, and research intended for epistemological purposes (philosophy or the arts) rests on very different assumptions than research intended for practical applications (medicine or social policy research). Nonetheless, this handout attempts to provide a general introduction to grant writing across the disciplines. Before you begin writing your proposal, you need to know what kind of research you will be doing and why. You may have a topic or experiment in mind, but taking the time to define what your ultimate purpose is can be essential to convincing others to fund that project. Although some scholars in the humanities and arts may not have thought about their projects in terms of research design, hypotheses, research questions, or results, reviewers and funding agencies expect you to frame your project in these terms. You may also find that thinking about your project in these terms reveals new aspects of it to you. Writing successful grant applications is a long process that begins with an idea. Although many people think of grant writing as a linear process (from idea to proposal to award), it is a circular process. Many people start by defining their research question or questions. What knowledge or information will be gained as a direct result of your project? Why is undertaking your research important in a broader sense? You will need to explicitly communicate this purpose to the committee reviewing your application. This is easier when you know what you plan to achieve before you begin the writing process. Diagram 1 below provides an overview of the grant writing process and may help you plan your proposal development. Applicants must write grant proposals, submit them, receive notice of acceptance or rejection, and then revise their proposals. Unsuccessful grant applicants must revise and resubmit their proposals during the next funding cycle. Successful grant applications and the resulting research lead to ideas for further research and new grant proposals. Cultivating an ongoing, positive relationship with funding agencies may lead to additional grants down the road. Thus, make sure you file progress reports and final reports in a timely and professional manner. Although some successful grant applicants may fear that funding agencies will reject future proposals because they’ve already received “enough” funding, the truth is that money follows money. Individuals or projects awarded grants in the past are more competitive and thus more likely to receive funding in the future. Some general tips Begin early. Apply early and often. Don’t forget to include a cover letter with your application. Answer all questions. (Pre-empt all unstated questions.) If rejected, revise your proposal and apply again. Give them what they want. Follow the application guidelines exactly. Be explicit and specific. Be realistic in designing the project. Make explicit the connections between your research questions and objectives, your objectives and methods, your methods and results, and your results and dissemination plan. Follow the application guidelines exactly. (We have repeated this tip because it is very, very important.) Before you start writing Identify your needs and focus. First, identify your needs. Answering the following questions may help you: Are you undertaking preliminary or pilot research in order to develop a full-blown research agenda? Are you seeking funding for dissertation research? Pre-dissertation research? Postdoctoral research? Archival research? Experimental research? Fieldwork? Are you seeking a stipend so that you can write a dissertation or book? Polish a manuscript? Do you want a fellowship in residence at an institution that will offer some programmatic support or other resources to enhance your project? Do you want funding for a large research project that will last for several years and involve multiple staff members? Next, think about the focus of your research/project. Answering the following questions may help you narrow it down: What is the topic? Why is this topic important? What are the research questions that you’re trying to answer? What relevance do your research questions have? What are your hypotheses? What are your research methods? Why is your research/project important? What is its significance? Do you plan on using quantitative methods? Qualitative methods? Both? Will you be undertaking experimental research? Clinical research? Once you have identified your needs and focus, you can begin looking for prospective grants and funding agencies. Finding prospective grants and funding agencies Whether your proposal receives funding will rely in large part on whether your purpose and goals closely match the priorities of granting agencies. Locating possible grantors is a time consuming task, but in the long run it will yield the greatest benefits. Even if you have the most appealing research proposal in the world, if you don’t send it to the right institutions, then you’re unlikely to receive funding. There are many sources of information about granting agencies and grant programs. Most universities and many schools within universities have Offices of Research, whose primary purpose is to support faculty and students in grant-seeking endeavors. These offices usually have libraries or resource centers to help people find prospective grants. At UNC, the Research at Carolina office coordinates research support. The Funding Information Portal offers a collection of databases and proposal development guidance. The UNC School of Medicine and School of Public Health each have their own Office of Research. Writing your proposal The majority of grant programs recruit academic reviewers with knowledge of the disciplines and/or program areas of the grant. Thus, when writing your grant proposals, assume that you are addressing a colleague who is knowledgeable in the general area, but who does not necessarily know the details about your research questions. Remember that most readers are lazy and will not respond well to a poorly organized, poorly written, or confusing proposal. Be sure to give readers what they want. Follow all the guidelines for the particular grant you are applying for. This may require you to reframe your project in a different light or language. Reframing your project to fit a specific grant’s requirements is a legitimate and necessary part of the process unless it will fundamentally change your project’s goals or outcomes. Final decisions about which proposals are funded often come down to whether the proposal convinces the reviewer that the research project is well planned and feasible and whether the investigators are well qualified to execute it. Throughout the proposal, be as explicit as possible. Predict the questions that the reviewer may have and answer them. Przeworski and Salomon (1995) note that reviewers read with three questions in mind: What are we going to learn as a result of the proposed project that we do not know now? (goals, aims, and outcomes) Why is it worth knowing? (significance) How will we know that the conclusions are valid? (criteria for success) (2) Be sure to answer these questions in your proposal. Keep in mind that reviewers may not read every word of your proposal. Your reviewer may only read the abstract, the sections on research design and methodology, the vitae, and the budget. Make these sections as clear and straightforward as possible. The way you write your grant will tell the reviewers a lot about you (Reif-Lehrer 82). From reading your proposal, the reviewers will form an idea of who you are as a scholar, a researcher, and a person. They will decide whether you are creative, logical, analytical, up-to-date in the relevant literature of the field, and, most importantly, capable of executing the proposed project. Allow your discipline and its conventions to determine the general style of your writing, but allow your own voice and personality to come through. Be sure to clarify your project’s theoretical orientation. Develop a general proposal and budget Because most proposal writers seek funding from several different agencies or granting programs, it is a good idea to begin by developing a general grant proposal and budget. This general proposal is sometimes called a “white paper.” Your general proposal should explain your project to a general academic audience. Before you submit proposals to different grant programs, you will tailor a specific proposal to their guidelines and priorities. Organizing your proposal Although each funding agency will have its own (usually very specific) requirements, there are several elements of a proposal that are fairly standard, and they often come in the following order: Introduction (statement of the problem, purpose of research or goals, and significance of research) Literature review Project narrative (methods, procedures, objectives, outcomes or deliverables, evaluation, and dissemination) Budget and budget justification Format the proposal so that it is easy to read. Use headings to break the proposal up into sections. If it is long, include a table of contents with page numbers. The title page usually includes a brief yet explicit title for the research project, the names of the principal investigator(s), the institutional affiliation of the applicants (the department and university), name and address of the granting agency, project dates, amount of funding requested, and signatures of university personnel authorizing the proposal (when necessary). Most funding agencies have specific requirements for the title page; make sure to follow them. The abstract provides readers with their first impression of your project. To remind themselves of your proposal, readers may glance at your abstract when making their final recommendations, so it may also serve as their last impression of your project. The abstract should explain the key elements of your research project in the future tense. Most abstracts state: (1) the general purpose, (2) specific goals, (3) research design, (4) methods, and (5) significance (contribution and rationale). Be as explicit as possible in your abstract. Use statements such as, “The objective of this study is to …” Introduction The introduction should cover the key elements of your proposal, including a statement of the problem, the purpose of research, research goals or objectives, and significance of the research. The statement of problem should provide a background and rationale for the project and establish the need and relevance of the research. How is your project different from previous research on the same topic? Will you be using new methodologies or covering new theoretical territory? The research goals or objectives should identify the anticipated outcomes of the research and should match up to the needs identified in the statement of problem. List only the principle goal(s) or objective(s) of your research and save sub-objectives for the project narrative. Many proposals require a literature review. Reviewers want to know whether you’ve done the necessary preliminary research to undertake your project. Literature reviews should be selective and critical, not exhaustive. Reviewers want to see your evaluation of pertinent works. For more information, see our handout on literature reviews . Project narrative The project narrative provides the meat of your proposal and may require several subsections. The project narrative should supply all the details of the project, including a detailed statement of problem, research objectives or goals, hypotheses, methods, procedures, outcomes or deliverables, and evaluation and dissemination of the research. For the project narrative, pre-empt and/or answer all of the reviewers’ questions. Don’t leave them wondering about anything. For example, if you propose to conduct unstructured interviews with open-ended questions, be sure you’ve explained why this methodology is best suited to the specific research questions in your proposal. Or, if you’re using item response theory rather than classical test theory to verify the validity of your survey instrument, explain the advantages of this innovative methodology. Or, if you need to travel to Valdez, Alaska to access historical archives at the Valdez Museum, make it clear what documents you hope to find and why they are relevant to your historical novel on the ’98ers in the Alaskan Gold Rush. Clearly and explicitly state the connections between your research objectives, research questions, hypotheses, methodologies, and outcomes. As the requirements for a strong project narrative vary widely by discipline, consult a discipline-specific guide to grant writing for some additional advice. Explain staffing requirements in detail and make sure that staffing makes sense. Be very explicit about the skill sets of the personnel already in place (you will probably include their Curriculum Vitae as part of the proposal). Explain the necessary skill sets and functions of personnel you will recruit. To minimize expenses, phase out personnel who are not relevant to later phases of a project. The budget spells out project costs and usually consists of a spreadsheet or table with the budget detailed as line items and a budget narrative (also known as a budget justification) that explains the various expenses. Even when proposal guidelines do not specifically mention a narrative, be sure to include a one or two page explanation of the budget. To see a sample budget, turn to Example #1 at the end of this handout. Consider including an exhaustive budget for your project, even if it exceeds the normal grant size of a particular funding organization. Simply make it clear that you are seeking additional funding from other sources. This technique will make it easier for you to combine awards down the road should you have the good fortune of receiving multiple grants. Make sure that all budget items meet the funding agency’s requirements. For example, all U.S. government agencies have strict requirements for airline travel. Be sure the cost of the airline travel in your budget meets their requirements. If a line item falls outside an agency’s requirements (e.g. some organizations will not cover equipment purchases or other capital expenses), explain in the budget justification that other grant sources will pay for the item. Many universities require that indirect costs (overhead) be added to grants that they administer. Check with the appropriate offices to find out what the standard (or required) rates are for overhead. Pass a draft budget by the university officer in charge of grant administration for assistance with indirect costs and costs not directly associated with research (e.g. facilities use charges). Furthermore, make sure you factor in the estimated taxes applicable for your case. Depending on the categories of expenses and your particular circumstances (whether you are a foreign national, for example), estimated tax rates may differ. You can consult respective departmental staff or university services, as well as professional tax assistants. For information on taxes on scholarships and fellowships, see https://cashier.unc.edu/student-tax-information/scholarships-fellowships/ . Explain the timeframe for the research project in some detail. When will you begin and complete each step? It may be helpful to reviewers if you present a visual version of your timeline. For less complicated research, a table summarizing the timeline for the project will help reviewers understand and evaluate the planning and feasibility. See Example #2 at the end of this handout. For multi-year research proposals with numerous procedures and a large staff, a time line diagram can help clarify the feasibility and planning of the study. See Example #3 at the end of this handout. Revising your proposal Strong grant proposals take a long time to develop. Start the process early and leave time to get feedback from several readers on different drafts. Seek out a variety of readers, both specialists in your research area and non-specialist colleagues. You may also want to request assistance from knowledgeable readers on specific areas of your proposal. For example, you may want to schedule a meeting with a statistician to help revise your methodology section. Don’t hesitate to seek out specialized assistance from the relevant research offices on your campus. At UNC, the Odum Institute provides a variety of services to graduate students and faculty in the social sciences. In your revision and editing, ask your readers to give careful consideration to whether you’ve made explicit the connections between your research objectives and methodology. Here are some example questions: Have you presented a compelling case? Have you made your hypotheses explicit? Does your project seem feasible? Is it overly ambitious? Does it have other weaknesses? Have you stated the means that grantors can use to evaluate the success of your project after you’ve executed it? If a granting agency lists particular criteria used for rating and evaluating proposals, be sure to share these with your own reviewers. Example #1. Sample Budget Jet Travel RDU-Kigali (roundtrip) 1 $6,100 $6,100 Maintenance Allowance Rwanda 12 months $1,899 $22,788 $22,788 Project Allowance Research Assistant/Translator 12 months $400 $4800 Transportation within country –Phase 1 4 months $300 $1,200 –Phase 2 8 months $1,500 $12,000 Email 12 months $60 $720 Audio cassette tapes 200 $2 $400 Photographic and slide film 20 $5 $100 Laptop Computer 1 $2,895 NUD*IST 4.0 Software $373 Etc. Total Project Allowance $35,238 Administrative Fee $100 Total $65,690 Sought from other sources ($15,000) Total Grant Request $50,690 Jet travel $6,100 This estimate is based on the commercial high season rate for jet economy travel on Sabena Belgian Airlines. No U.S. carriers fly to Kigali, Rwanda. Sabena has student fare tickets available which will be significantly less expensive (approximately $2,000). Maintenance allowance $22,788 Based on the Fulbright-Hays Maintenance Allowances published in the grant application guide. Research assistant/translator $4,800 The research assistant/translator will be a native (and primary) speaker of Kinya-rwanda with at least a four-year university degree. They will accompany the primary investigator during life history interviews to provide assistance in comprehension. In addition, they will provide commentary, explanations, and observations to facilitate the primary investigator’s participant observation. During the first phase of the project in Kigali, the research assistant will work forty hours a week and occasional overtime as needed. During phases two and three in rural Rwanda, the assistant will stay with the investigator overnight in the field when necessary. The salary of $400 per month is based on the average pay rate for individuals with similar qualifications working for international NGO’s in Rwanda. Transportation within country, phase one $1,200 The primary investigator and research assistant will need regular transportation within Kigali by bus and taxi. The average taxi fare in Kigali is $6-8 and bus fare is $.15. This figure is based on an average of $10 per day in transportation costs during the first project phase. Transportation within country, phases two and three $12,000 Project personnel will also require regular transportation between rural field sites. If it is not possible to remain overnight, daily trips will be necessary. The average rental rate for a 4×4 vehicle in Rwanda is $130 per day. This estimate is based on an average of $50 per day in transportation costs for the second and third project phases. These costs could be reduced if an arrangement could be made with either a government ministry or international aid agency for transportation assistance. Email $720 The rate for email service from RwandaTel (the only service provider in Rwanda) is $60 per month. Email access is vital for receiving news reports on Rwanda and the region as well as for staying in contact with dissertation committee members and advisors in the United States. Audiocassette tapes $400 Audiocassette tapes will be necessary for recording life history interviews, musical performances, community events, story telling, and other pertinent data. Photographic & slide film $100 Photographic and slide film will be necessary to document visual data such as landscape, environment, marriages, funerals, community events, etc. Laptop computer $2,895 A laptop computer will be necessary for recording observations, thoughts, and analysis during research project. Price listed is a special offer to UNC students through the Carolina Computing Initiative. NUD*IST 4.0 software $373.00 NUD*IST, “Nonnumerical, Unstructured Data, Indexing, Searching, and Theorizing,” is necessary for cataloging, indexing, and managing field notes both during and following the field research phase. The program will assist in cataloging themes that emerge during the life history interviews. Administrative fee $100 Fee set by Fulbright-Hays for the sponsoring institution. Example #2: Project Timeline in Table Format Exploratory Research Completed Proposal Development Completed Ph.D. qualifying exams Completed Research Proposal Defense Completed Fieldwork in Rwanda Oct. 1999-Dec. 2000 Data Analysis and Transcription Jan. 2001-March 2001 Writing of Draft Chapters March 2001 – Sept. 2001 Revision Oct. 2001-Feb. 2002 Dissertation Defense April 2002 Final Approval and Completion May 2002 Example #3: Project Timeline in Chart Format Some closing advice Some of us may feel ashamed or embarrassed about asking for money or promoting ourselves. Often, these feelings have more to do with our own insecurities than with problems in the tone or style of our writing. If you’re having trouble because of these types of hang-ups, the most important thing to keep in mind is that it never hurts to ask. If you never ask for the money, they’ll never give you the money. Besides, the worst thing they can do is say no. UNC resources for proposal writing Research at Carolina http://research.unc.edu The Odum Institute for Research in the Social Sciences https://odum.unc.edu/ UNC Medical School Office of Research https://www.med.unc.edu/oor UNC School of Public Health Office of Research http://www.sph.unc.edu/research/ Works consulted We consulted these works while writing this handout. This is not a comprehensive list of resources on the handout’s topic, and we encourage you to do your own research to find additional publications. Please do not use this list as a model for the format of your own reference list, as it may not match the citation style you are using. For guidance on formatting citations, please see the UNC Libraries citation tutorial . We revise these tips periodically and welcome feedback. Holloway, Brian R. 2003. Proposal Writing Across the Disciplines. Upper Saddle River, New Jersey: Prentice Hall. Levine, S. Joseph. “Guide for Writing a Funding Proposal.” http://www.learnerassociates.net/proposal/ . Locke, Lawrence F., Waneen Wyrick Spirduso, and Stephen J. Silverman. 2014. Proposals That Work . Thousand Oaks, CA: Sage. Przeworski, Adam, and Frank Salomon. 2012. “Some Candid Suggestions on the Art of Writing Proposals.” Social Science Research Council. https://s3.amazonaws.com/ssrc-cdn2/art-of-writing-proposals-dsd-e-56b50ef814f12.pdf . Reif-Lehrer, Liane. 1989. Writing a Successful Grant Application . Boston: Jones and Bartlett Publishers. Wiggins, Beverly. 2002. “Funding and Proposal Writing for Social Science Faculty and Graduate Student Research.” Chapel Hill: Howard W. Odum Institute for Research in Social Science. 2 Feb. 2004. http://www2.irss.unc.edu/irss/shortcourses/wigginshandouts/granthandout.pdf. You may reproduce it for non-commercial use if you use the entire handout and attribute the source: The Writing Center, University of North Carolina at Chapel Hill Make a Gift Difference Between a Business Plan & a Business Proposal Small Business Business Planning & Strategy Business Plans ')" data-event="social share" data-info="Pinterest" aria-label="Share on Pinterest"> ')" data-event="social share" data-info="Reddit" aria-label="Share on Reddit"> ')" data-event="social share" data-info="Flipboard" aria-label="Share on Flipboard"> Why Create a Business Plan? How to rescind a business letter, 6 types of business plans. How to Create a New Business Plan How to Conclude a Business Plan A business plan and a business proposal are very different documents, with different purposes and goals. A business plan is a factual broad description of a company on the executive and operational level. A business proposal is a focused sales document intended to describe how a company will approach a project, state the value of the project to the client and solicit the client's business. A business plan is a written presentation of fact. A business proposal is a quote and call to action. Reasons for a Business Plan A business plan documents your vision for your business and how you intend to achieve that vision. It contains financial projections of what the business will cost to develop and operate plus an estimation of the revenues to be generated. Its purpose is to provide a reasonably detailed explanation of your business for use by potential investors, suppliers, prospective employees, accountants, attorneys and other people who need a quick but comprehensive understanding of what your company does and its potential for success. The primary reason for a business plan is to record and convey information. Reasons for a Business Proposal Proposals may be unsolicited business ideas presented to a potential customer or partner, or they may be answers to requests for proposal submitted to your company by a potential client. They are limited in scope to a particular project or need. A business proposal also generally has a specific audience. The primary reason for a business proposal is to solicit or develop a business opportunity. Business Plan Structure A business plan has three elements: description of the business model, the marketing model and financial projections. It consists of informative sections, including the executive summary, business description, marketing model, analysis of industry competition, build-out plan, operations plan, introduction of management, and a discussion of financial issues and projection of results. It is introduced by an executive summary, which can be a dense abstract or a longer marketing tool to attract interest in the business plan. The business plan is an informational document designed to factually display your company's operations and potential. Business Proposal Structure A business proposal written in response to a Request for Proposal (RFP) should follow the format requested in the RFP. Generally, this involves a quick description of your company's services and products that are relevant to the goals of the RFP, a reiteration of the scope of work, answers to specific questions posed in the RFP and a quote detailing materials, tools, labor, delivery and other elements of the cost of the project. An unsolicited business proposal intended to create and develop a business opportunity follows essentially the same format but anticipates questions the potential client might have. A proposal is more of a marketing document, designed to convince the audience to do business by presenting a value proposition and a call to action. Entrepreneur: An Introduction to Business Plans Forbes: The Difference Between a Business Plan and Planning Victoria Duff specializes in entrepreneurial subjects, drawing on her experience as an acclaimed start-up facilitator, venture catalyst and investor relations manager. Since 1995 she has written many articles for e-zines and was a regular columnist for "Digital Coast Reporter" and "Developments Magazine." She holds a Bachelor of Arts in public administration from the University of California at Berkeley. Related Articles 5 types of business documents, what does a business plan consist of, the importance of a business plan, what is the relationship between the business plan, marketing plan & sales plan, examples of business feasibility reports, the differences between a business plan & business model, reasons to convert a pdf to microsoft word, what are the six elements of a business plan, mission statement vs. executive summary, most popular. 1 5 Types of Business Documents 2 What Does a Business Plan Consist Of? 3 The Importance of a Business Plan 4 What Is the Relationship Between the Business Plan, Marketing Plan & Sales Plan? You are using an outdated browser. Please upgrade your browser to improve your experience. For business For advisors For brokers What is a government grant and how do they work? Page written by Chris Godfrey . Last reviewed on July 16, 2024 . Next review due October 1, 2025. Website web_asset Across the US, local, state and federal government bodies provide grants for small businesses and non-profits. Collectively, these authorities are the nation’s biggest source of grant money and services. Getting a government grant can take your business, initiative or special project to the next level and beyond. Read on to find out all you need to know about this important source of funding.  How do government grants work? Government business grants can be used to support business opportunities, or initiatives in the arts, education, research and more. However, entrepreneurs seeking a government grant should expect a lengthy application process, typically needing to meet strict guidelines, timelines and other qualifying criteria. Competition for this type of funding is often fierce and even if you qualify, the award sum may be small, requiring you to seek additional finance .  Be aware that many government grants are tied to specific goals and selection committees have full control of the award process and the sums distributed. To succeed, you will usually need a strong business plan that includes a feasibility study and an indication of how you intend to keep the venture going in the post-grant period.  Lastly, if you receive an award, the money may come to you all at once, but more usually, it will come in stages – either based on a set calendar or on your venture achieving fixed objectives. Unlike business loans , grants do not need to be repaid, making them a crucial financial resource for ventures that cannot sustain a large financial burden. Advantages and disadvantages of government grants You do not have to repay the money if you use the funds properly. Grants are not debt. This may make it easier to get business loans as well as a grant. You do not have to provide collateral to get a government grant. Compared to obtaining a loan, getting a government grants is less reliant on your credit score. Government grants are available for start-ups and businesses with very little trade. Government grants are available for non-profit and for-profit organizations Disadvantages It can take a long time to obtain a government grant.  Grant awards are often competitive so you may not get the funds you want even if your presentation is excellent. You may receive an award that is smaller than amount of cash you need. Government grants usually have short application windows. If you miss the slot, you will have to wait for the funding cycle to come around again – which could be a year or more. Unlike business loans, few government grants provide ‘top up’ funds. Whatever you receive at first is usually all you’ll ever get. Grant applicants usually have to meet strict qualifying criteria, or you must be based in a certain location or operate in a narrow business area.  Awards are usually given for a specific purpose. You may not be able to use the cash as general working capital. Most government grants will require you to provide a detailed report on your use of the funds and the impact they have had on your business or project. If the Grantor deems that you have misused the award, you may have to pay back the cash. Is applying for a government funded grant right for your nonprofit? For many non-profits, government grants are often the only source of funding they can obtain. But how do you know if a government grant is right for your non-profit? Here’s a checklist to help you to decide: If you accept the grant will it negatively impact the work your non-profit does? (For example, will you no longer be able to help certain groups of people?). If your answer is no, then a government grant could work for you. Will you still be able to receive funds from other sources if you accept a government grant? If yes, then a grant may be a good option to choose. Does taking a government grant affect the way you operate – for example, you must provide complex reports every month or quarter instead of once a year? If not, then once again, a government grant could work for your organization. Do you meet the grant criteria? Check the rules of application for the grant you are applying for. If you pass the test, then the grant may be suitable for your non-profit. Ultimately, deciding if a government grant is right for your organization will come down to a mix of the points raised above and more. If your overall answers come out in favor of taking a government grant, then you should apply. How to apply for a government grant Small business owners and entrepreneurs can improve their chances of winning a government business grant by preparing in advance. Key tasks to take care of include: Identify your need for the grant. Why do you need the money? What will you use it for? You must present a strong case for funding to secure a government grant. No matter if you want to start a business, grow an existing company, conduct research or undertake a creative project, having a clear vision of what you wish to achieve with the grant money is crucial .  Search for suitable grants. Once your goals are set, you can search for grants that fit your mission objectives. Identify the qualification rules, time limits and any restrictions that may apply.  Prepare your application. Few grant programs are the same. As well as the application forms, grantors may also ask you to provide a presentation deck, submit endorsements, create a financial plan, or write a detailed grant proposal. Make sure your ambitions are clear. Point out the benefits that receiving an award will deliver for your business, your community and everyone your venture will engage with.  Be positive but maintain feasibility. This is your opportunity to present your case for funding in the best possible light. Submit your application. Check the submission guidelines – online, hard copy, or both, and submit your grant application well in advance of the posted deadline in case there are last minute issues with receipt. Wait for a decision. Be patient. Grantors are often inundated with applications and the review process of all submissions can take time. However, you should at least follow up with the grantor to ensure your application was received and is being processed. You could also use this time to search for other funding options in case your application is not successful. Where can I find government grant funding opportunities? There are literally thousands of government grants available in the US. They are offered by federal, state and local government departments and they can cover everything from launching a new business or gaining funds for environmental projects, to refurbishing your business premises or creating advanced technologies. Here are a few of the best places to start your funding search:  Federal government grants Let’s face it, nobody has deeper pockets than Uncle Sam. Although a lot of federal funding is given to state and local authorities to disperse, there are still many small business grants available direct from the guys in DC – see below:  If you can’t find the grant you want here, you may not find it anywhere. Grants.gov is an online goldmine for grants and federal business support initiatives. Provided by the US Office of Management and Budget, the Grants.gov website gives grant seekers access to more than 1,000 grant programs and vets grant applications for  federal grant-making agencies .  US Grants is another one-stop portal to find and apply for government grants, stimulus packages and funding opportunities from local, state and federal government agencies. Available small business grants include funding initiatives for organizations that operate in the fields of tech, health, research, sciences, agriculture, the environment, etc.  SAM.gov’s assistance listings Assistance Listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards. Browse assistance listings across all federal government agencies to learn about potential funding sources. SBIR and STTR programs The SBIR and STTR programs are competitive grant programs that expand funding opportunities for federal research and development. Both initiatives encourage research partnerships, but STTR requires each applicant to collaborate with a non-profit research institution during the first two phases of the program. To qualify, you must operate a for-profit business with less than 500 employees and fulfill all eligibility requirements. State government grants Every state in the US offers grants to small businesses and non-profits, although you may have to do your homework to find the grant that’s right for you. Usually, you can obtain state government grants from departments such as: The Office of Economic Development Small Business Development Centers State Business Incentives Database You can also find a wide array of government, private and corporate grants in Swoop’s grants database .  Local government grants Awarded by local entities such as county and city management, these grants take a local view and are usually limited to projects and activities within the city or county boundaries. Most local grants focus on job creation, education, community improvement or supporting specific groups of people or entities.  Government grants for minorities, immigrants, Native Americans and more. Some government grants are provided specifically to support marginalized, disadvantaged or underserved communities. See our lists of specialist grants below: Grants for women Grants for Black women Grants for minorities Grants for disabled business owners Grants for veterans Grants for felons Grants for farmers Grants for immigrants Grants for Native Americans What are the alternatives to government grants? Business loans may provide an alternative source of funding for entrepreneurs wishing to grow their business or start a new venture. Online lenders will typically be the best option for this type of financing, although you may pay higher interest rates and fees than you would with traditional banks. Credit checks are standard with most commercial financing, but depending on the type of loan you choose, you may not need to provide collateral: You receive a single, lump-sum cash injection and then pay it back in regular instalments over a fixed period of up to 25 years. Collateral may be required. Business line of credit Withdraw as much as you want when you want from a loan facility up to the limit of your borrowing. You only pay interest on the sums you withdraw, not the whole credit line. Collateral may be required. Invoice financing Borrow against the value of your unpaid invoices. The lender usually provides up to 95% of the invoice value within a few days or even hours of the bill being raised.  Your invoices act as security for the loan, no added collateral required. Equipment financing Use your new equipment as you pay for it, while the lender maintains a lien on the machinery. Once you pay the loan back, the lender releases the lien, and you own the equipment outright. No added collateral required. Merchant cash advance For businesses that accept customer payments by credit and debit card. Borrow against the value of your card sales. As your card sales increase, your borrowing limit goes up. Your sales act as security for the loan, no added collateral is required. Revenue financing Similar to a merchant cash advance but with higher borrowing limits. Based on the size and regularity of their total revenues, (not just their credit card sales), businesses may receive a lump sum and pay it back over a short-term schedule, typically by small deductions from their daily sales. This type of loan can usually be secured quickly as qualification rules are less intensive and credit scores are not so critical. No added collateral is required. SBA Microloans Available up to $50,000, SBA microloans come with relaxed qualifying rules and can usually be secured with FICO scores as low as 500, or even with no credit score at all. Get started with Swoop Working with business finance experts can make all the difference when applying for grant funding. Contact Swoop to discuss your borrowing needs, get help with your application and to compare top quality small business grants and business loans from a choice of providers. Give your business the chance it deserves. Register with Swoop today . Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Wells Fargo Bank, Visa, Experian, Ebay, Flywire, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of US consumer and business finance. Swoop promise At Swoop we want to make it easy for SMEs to understand the sometimes overwhelming world of business finance and insurance. Our goal is simple – to distill complex topics, unravel jargon, offer transparent and impartial information, and empower businesses to make smart financial decisions with confidence. Find out more about Swoop’s editorial principles by reading our editorial policy . Talk to an expert in business grants today Apply in minutes FREE no obligation, personalised quote Prefer to talk? 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This device is too small If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience. Small Business 3 Little-Known Grants and Loans for Small Businesses Updated July 2, 2024 - First published on June 30, 2024 By: Jordi Lippe-McGraw Explore federal innovation grants designed for high-impact tech and research projects. Access specialized microloans and grants tailored for minority and underrepresented entrepreneurs. Utilize local grants to address specific community needs and boost your business growth. In the vast ocean of funding opportunities, small businesses might find themselves adrift. However, some specific grants and loans cater to various niches and needs, often overlooked but potentially game-changing for the right business. Here, we explore three categories of such financial aids, providing examples and guidance on how to identify the best fit for your business. 1. Federal innovation grants for technology and research Blueprint Medtech Small Business Translator Grant : This grant supports small businesses creating medical devices to treat nervous system disorders, covering activities from prototype development to FDA approval processes. National Institute of Health Grants : Tailored for small businesses involved in biomedical technology, especially those addressing challenges like COVID-19. Small Business Innovation Research Program (SBIR) & Small Business Technology Transfer Program (STTR) : These programs encourage small businesses to engage in federal research/R&D with the potential for commercialization. STTR sets itself apart by requiring small businesses to collaborate with research institutions. To find the right federal innovation grant, start at Grants.gov, which provides a comprehensive database of available funds. It's crucial to match your project's focus with the grant's objectives and ensure your application details how the project aligns with the federal goals. Read more: Looking for a business loan? Here's a short list of our top recommendations 2. Microloans and grants for minority and underrepresented entrepreneurs Microloans and grants tailored for minority and underrepresented entrepreneurs aim to level the playing field by providing necessary financial assistance and support to those who may face barriers entering the mainstream economic landscape. These funding opportunities are crucial for promoting diversity and inclusivity within the small business community. Here are some examples: Amber Grant Foundation : Established by WomensNet in 1998, this foundation offers grants to women entrepreneurs. It includes monthly grants of $10,000, two annual grants of $25,000, quarterly startup grants of $10,000, and quarterly nonprofit grants of $10,000. Plus, there are 12 Business Category Grants of $10,000 each month, providing a wide range of opportunities for women in various industries. Accion Opportunity Fund : This fund provides loans and resources to underserved entrepreneurs, including minorities, women, and those from low-income communities. The fund focuses on microloans that can help purchase inventory, fund operational expenses, or expand the business. Kiva U.S. : Kiva offers crowdfunded microloans to entrepreneurs who lack access to traditional banking systems. Loans on Kiva have zero interest, which is a significant advantage for startups and small businesses trying to minimize costs. Entrepreneurs seeking microloans should connect with local nonprofit lenders and community development financial institutions (CDFIs) that administer these programs. These organizations often provide additional business development services, helping borrowers grow and manage their businesses effectively. 3. Specialized local grants for targeted community needs Business credit card comparison. Consider these business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting. Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run. Offer Our Rating Welcome Offer Rewards Program APR On Chase's Secure Website. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Earn $750 bonus cash back Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. 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Earn 1 point per $1 on all other purchases-with no limit to the amount you can earn. N/A Purchases: N/A Balance Transfers: N/A 21.24%-26.24% Variable San Francisco Accessibility Grant : This grant offers financial assistance for businesses to improve facility accessibility and meet ADA compliance needs. Texas Enterprise Fund (TEF) : Aims to attract new business projects to Texas, offering grants based on job creation and capital investment that benefit the state's economic landscape. Small business owners should start by checking with their local chamber of commerce, city or county government, and economic development corporations to explore localized grant opportunities. These entities often have information on grants tailored to specific local challenges or objectives. When searching for the right grants or SBA loans , it's essential to understand the specific requirements and objectives of each funding source. Tailor your application to highlight how your business aligns with these goals. Keep an eye on the deadlines and prepare your applications well in advance. By carefully selecting and applying for these funding opportunities, small businesses can secure the crucial support needed to propel their growth and achieve their strategic objectives. Alert: our top-rated cash back card now has 0% intro APR until 2025 This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes. Our Research Expert Jordi Lippe-McGraw is a freelance personal finance writer who has appeared in publications such as Forbes, The Wall Street Journal, TODAY, and Saving for College. In addition to personal finance, Jordi has a passion for travel. She's visited all 7 continents and over 55 countries, writing for outlets such as Travel + Leisure and Conde Nast Traveler. Share this page We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Related Articles By: Cole Tretheway | Published on June 7, 2024 By: Lyle Daly | Published on June 5, 2024 By: Christy Bieber | Published on June 5, 2024 By: Lyle Daly | Published on June 4, 2024 The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Copyright © 2018 - 2024 The Ascent. 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Grant Writing Business Plan Template & Guidebook How to write a grant writing business plan in 7 steps:, 1. describe the purpose of your grant writing business., 2. products & services offered by your grant writing business., 3. build a creative marketing stratgey., target market, customer base , product or service description, competitive analysis, marketing channels, form an llc in your state, 4. write your operational plan., what equipment, supplies, or permits are needed to run a grant writing business, 5. management & organization of your grant writing business., 6. grant writing business startup expenses & captial needed., 7. financial plan & projections, frequently asked questions about grant writing business plans:, why do you need a business plan for a grant writing business, who should you ask for help with your grant writing business plan, can you write a grant writing business plan yourself, related business plans, home inventory business plan template & guidebook, home inspection business plan template & guidebook, home decor business plan template & guidebook, health and wellness business plan template & guidebook, hauling business plan template & guidebook, hardware business plan template & guidebook, handyman business plan template & guidebook, hair extension business plan template & guidebook, handbag business plan template & guidebook. I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality. BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips. To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words. To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”. 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Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews. Student loan refinancing involves restructuring your current loan and getting a new one.  You can refinance a student loan as long as you meet a lender's eligibility requirements.  Make sure you consider the drawbacks, like the loss of protections, before you refinance a loan.  Student loan refinancing is the process of reworking and replacing the terms of your loan with new terms. This may involve switching your loan servicer. There are several things to consider before deciding to refinance your student loans.  Application and pre-approval Be sure you fully understand all the terms of your current loans before you consider refinancing. This way, you'll be able to effectively compare your rates and term length with other options from competing lenders. Research different companies and check your personalized terms with each lender. From there, gathering all relevant documents, prepare for credit checks, and choose a lender.  You'll complete applications with companies you're interested in and probably need to hand over documents that prove your financial situation and identity. You may be familiar with this part of the the process of how to refinance your student loans from when you first applied for a loan.  Loan disbursement   You'll will have a new loan servicer when you refinance your student loan, unless you choose to refinance a private loan with the same private lender, and your new lender will pay off your old loans. This new servicer will have a different portal for payments, distinctive customer service, and potentially unique perks.  Depending on what you negotiated when you refinanced your loan, you'll also have new loan terms. This could include a different interest rate or repayment term length, or possibly lower fees. You also may switch from a fixed-rate loan to a variable-rate loan, or vice versa. Make sure you understand how your new loan works so you can stay on top of your financial obligations. New terms take effect After the lender you prefer gives you its final offer, you'll have to officially accept the terms and sign a binding document promising to repay the loan. Then your new lender will pay off your existing lender and your new term will begin.   Lower interest rates   Whether you're going for a variable or fixed-rate loan, you can sometimes get a better interest rate than your current one. Advertised rates on lenders' websites are often only available to those with exceptional credit, though. So make sure you see your personalized rates before you commit to taking out a loan from a company.  Simplified repayment When you took out your student loans, you may have ended up with several different federal or private loan servicers. That can make it difficult to keep track of your debt. You can refinance and consolidate these loans into one payment and may be able to get a lower rate or a different repayment term length. If you prefer a different process that allows you to keep a federal loan servicer, you can lump your federal loans into a singular payment with a Direct Consolidation Loan, but you can't include any private loans.  Lower monthly payments You can pay less per month when you refinance by choosing a longer term length, but you'll pay more over the life of the loan because you'll be paying interest for longer. If you'd like to pay less overall, you can choose a shorter term length.  Loss of federal loan benefits The biggest downside of refinancing a federal loan is losing the protections that accompany them. This includes federal student loan relief programs like Public Service Loan Forgiveness , which forgives the debts of graduates working in the public sector after a minimum of 10 years of service and eligible payments. You won't be able to take advantage of repayment options like Income-Driven Repayment plans , which use your income and family size to figure out your monthly payments. Depending on those factors, you pay back 10% to 20% of your income for 20 to 25 years — and you may pay as little as $0 per month. Income-Driven Repayment plans offer a safeguard if you happen to lose your job because your payments would scale down as a result.  Interest rates may rise Variable rates might seem like a more attractive option than fixed rates, as they often start lower. However, variable rate loans fluctuate based on various factors, and you may end up with a rate that's higher than the one you had with your previous loan.  Not for everyone You might not be a suitable refinancing candidate if you have a shaky income or are close to forgiveness under a federal program. To get a loan with a private lender, you may have to meet lofty qualifications, like a great credit score — especially to get a loan with a top-notch rate. If you don't meet these requirements, your lender choices may be limited. With a federal loan, you can alter your repayment plan. For example, you can switch from a standard repayment plan to an Income-Driven Repayment plan. With a private loan, unless you refinance your loans a second time, you don't have that option. The best time to refinance student loans is when you have strong credit and when interest rates are low compared to your existing loans. Yes, you can often refinance both federal and private loans into a single new loan. Initially, yes, refinancing your student loans will affect your credit score due to the credit inquiry. However, responsible repayment can improve your score over time. Main content Renewing Hawkesbury's Roads Media Releases Public Library Infrastructure Grant for New Technology Hub Share this on Facebook Share this page on Twitter Share this page on Linkedin Print this page 18 July 2024 Hawkesbury Central Library in Windsor will receive $200,000 for a New Technology Hub to be created in its existing computer room. The Mayor of Hawkesbury, Councillor Sarah McMahon congratulated Library staff on receiving the grant “Our community will benefit in many ways from this substantial upgrade,” Mayor McMahon said. “These improvements will make it easier for more people to access the high-quality collections, enhance connectivity and make available contemporary library functions such as podcast creation. “Congratulations to the staff who worked on this competitive application to make our Library an even better space for our community!” Proudly funded by the NSW Government under the Public Library Infrastructure Grant program. Page ID: 264634 Acknowledgement of Country Council acknowledges the Dharug and Darkinjung people as the Traditional Custodians of the Hawkesbury and pays respect to Elders past, present and emerging. 366 George Street, Windsor NSW 2756 PO Box 146,Windsor NSW 2756 Contact customer service team on: (02) 4560 4444 [email protected] 54 659 038 834 Connect with us on Hawkesbury Facebook Page Hawkesbury City Council Youtube Channel Hawkesbury City Council LinkedIn Page Accessibility -->