Finding Grants for Your Business Startup

Photo by Taylor Grote/Unsplash

By Derek Goodman

If you are an entrepreneur just starting out, you’ll soon come to intimately understand the phrase, “it takes money to make money.” Even in a digital era that makes it easier than ever to start a professional business in your home – perhaps moving it elsewhere as you grow – you’ll need to invest in adequate equipment and supplies, and perhaps an independent contractor or two to help you with the launch. That takes financial resources and let’s face it: Entrepreneurs are soon plagued with balancing the role of rainmaker to keep the business growing with servicing the clients and customers they have.

The good news is that there are grants and programs to help you get your business off the ground, if you know where to look for them and how to appeal to the entities that distribute this “free” money. One tip: You are more likely to be taken seriously if your digital footprint is serious. That means building your brand identity and presenting its digital face to the public and decision makers. 

At Curt Doty Co. that’s all we do, and we can do it for you.

The best uncle (Sam) ever

While some entrepreneurs may look to relatives for small business loans, the appeal of that tactic can quickly be erased by some of the inherent pitfalls. And even if it’s an easy and painless process, in most cases it involves a loan that you need to repay, not a grant. So where should you start? In most cases for U.S. businesses, the natural starting point is a different kind of “relative” – Uncle Sam.

At Grants.gov, you’ll have access to available grants, grant writing tips, and answers to your basic questions on how grants work. They even have a downloadable mobile app so you can quickly check for updates when you’re on the go (as entrepreneurs usually are), as well as a Twitter handle so you can get the latest news and information. You’ll find niche grants for collaborative research and technological innovation, as well as grants for minority-owned businesses.

The Small Business Administration, or SBA, is another essential resource for budding entrepreneurs. While you can expect some overlap on grant information with the grants.gov site, its array of small business advice, such as business plan writing and information on geo-localized assistance, makes it a valuable go-to resource.

Private organizations

Many private companies and organizations also offer new business grants. They may be designed to encourage entrepreneurship in traditionally under-served areas, or to stimulate diversity in business ownership, such as with minorities, women, and veterans. Still others want to encourage growth in a particular industry or field. In fact, if you belong to any of those groups or parameters, you can start with a narrow search for those organizations that target those individuals and industries.

An important consideration as you are searching for your startup money to fund your operations is your legal operating structure. Your intentions may be taken more seriously if you are operating as a corporation versus a self-employed individual or sole proprietor. You may also find it easier to make large capital purchases or open a business bank account if you operate as a legal corporate entity.

This is where the limited liability, or LLC, structure comes in handy. In addition to offering you limited liability, you’ll obtain some tax advantages but still retain more flexibility than with a standard corporate structure – all with less paperwork. And, while each state’s governing laws on forming an LLC is different, most entrepreneurs can file the paperwork themselves versus hiring an attorney. Another option is to use an online corporate formation service that serves your state here.

Investing in yourself and in your community

Grant providers understand that encouraging business startups and growth is good for the economy, so they look for entrepreneurs who take that commitment seriously. You have already invested your own time and resources into your business planning, so investing it into your brand identity is a visible testament that you do, in fact, take this as a solemn and important endeavor. At Curt Doty Co., we salute those dedicated entrepreneurs committed to investing in their communities, and would love to help you demonstrate your seriousness by helping you build your brand – and go get those grants!