1. Don’t assume you’re not eligible for a grant – this is a common mistake that deters many companies from even looking into what’s available. Never pre-reject your own case.
2. Do assess your market properly – a niche or particular context can secure funding in otherwise saturated or established sectors.
3. Do demonstrate that there is growth in your market – your business plan must show long-term thinking and relevant areas of growth.
4. Do show how the area or industry will benefit from your success – grants aren’t just about personal prosperity and being able to justify a broader economic importance will help to clinch the funding deal.
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5. Don’t expect a grant to cover all your costs – funding should boost rather than replace your business plan and grants will only cover up to a maximum 50 per cent of a project cost.
6. Do make sure your project is attractive to the grant-funders – common reasons for grants are location-specific criteria such as a deprived area or doing something new such as moving to e-commerce, exporting, research, innovation, however manufacturing continues to be the main focus.
7. Do not think of it as “free money” – there will be strings attached, and while grant clawback is unlikely, you should be prepared to meet certain criteria to begin with and also justify how it will help your company grow.
8. Do be prepared to dedicate time to the application process – applying for a grant can be a lengthy process, even if it’s for a relatively small sum. Be ready to put aside time to do some research and fill out the forms.
9. Do ask for help – there are hundreds of schemes available, from local and national government funding to European Union grants, the national lottery and smaller individual schemes. Geographically it’s very uneven, so some areas have more schemes on offer than others. Professional help from accountants, solicitors, the DTI or government web sites is crucial to make sure you pick the most relevant grant for your business.
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10. Do network for ideas – a bit of initiative goes a long way. Asking friends, former colleagues and networking contacts for tips on how they got their grants can pay dividends. Inspiration and support from others is also a morale booster.