Raising funds is one of the most important things to think about, whether you are a startup looking to develop a mobile app or an established business that wants to take it to the next level.
There are plenty of options available to do this these days, from finding investors, creating a crowdfunding campaign or even borrowing money from friends and family to raise funds.
One great way to do this is to apply for a business grant from the Australian Government. Business grants can provide you with funding anywhere from $500 to $2,000,000, depending on the nature of your business. Although it takes a considerable amount of effort to apply to one, it is well worth the time as the business grants are non-repayable, unlike investors who would typically demand partial ownership of your business (equity) or request repayments depending on their contract with you.
1. Access the grants website business.gov.au/Assistance
Depending on the nature of your business, you will want to apply to a different set of business grants available. On the Grants & Assistance page, there is a form that will help you search and list the most appropriate grants for your type of business.
2. Select the reason for your application
This is where you will choose the reason for applying to your business grant.
- If you are a startup / business that has only an idea but is looking for a grant to research and develop your idea into an actual product, then click on “research and develop a novel idea”.
- If you are a startup / business that wants to expand their existing business or to scale, then click on “expand my business”.
- If you are startup / business that has an existing product developed, understands your market and has intellectual property rights to your product, you would want to “commercialise a product”.
- Similarly, if your need for a grant relates to Aboriginal and Torres Strait Islanders, Arts, Disaster Assistance, heritage projects, hiring more employees, training existing employees etc. then select the appropriate categories.
3. Choose your State, Industry, Annual Turnover and Years of Operation
Your selections here will also influence the type of business grants that the website will suggest you apply for.
Not all grants are necessary for you to apply for, especially if your startup / business is within a certain industry. Some grants are only offered to applicants who are within a specific industry or specific lifecycle / stage of their business.
Click on the “Show Assistance” button and the website will list the grants that are most relevant to you.
4. Go through the list of suggested business grants
Click into every business grant that is listed to you and have an in-depth read of the requirements for each grant.
Inside the business grant information, you can click on “Tell Me More”, which will give you information on:
- The overview of the grant
- Who the grant is targeted towards
- Who can apply
- The eligibility criteria
- How to apply.
5. Commence applications on relevant business grants
Once you have read through the list of suggested business grants, decide which ones you may want to apply for. Choose the most relevant grants for your startup / business that you should apply for and don’t waste time on ones that aren’t, as it is time consuming to try apply for every grant and you will need solid detailed research and solid preparation to build your grant application.
Depending on the business grant, you may be able to apply directly on the website or you may have to contact an external government department to start your application.
6. Do enough research and preparation before submitting the application
Make sure you do enough research to back up why the government should provide you with the business grant. Your should:
- Have prepared a professional, but unique application.
- Have outlined a solid business strategy.
- Understand all the necessary requirements and upkeep for the grant.
- Make sure the grant is the right fit for your business.
- Keep an eye on the grant deadlines.
Considering the high number of applications for Australian business grants, half-complete applications or ones that aren’t thoroughly researched enough will most likely be rejected.