Mastering the Art of Fundraising for your Business
When I first started as a business advisor and fundraiser, an incredible lady named Wendy Smithers opened my eyes to something crucial that has stayed with me: fundraising is not just about money; it’s about change.
Grant funders provide resources to create meaningful change, addressing not only social issues like homelessness and health inequity, but also economic objectives such as increasing exports or bringing innovation to the market.
Governments and global companies are recognising their roles as grant providers to foster innovation and restore the economy – by offering grants to innovators. It is therefore essential for entrepreneurs to have a solid understanding and plan to help them access this funding.
Putting Together Your Strategy & Plan
- Be Ready for Funding
One of the frustrations with grants is discovering them just days before the deadline. To overcome this, I advise my clients to be prepared. Ensure that all your company documents and information are filed in an easily accessible location—such as your company registration number, environmental policy, and so on. - Know What You Need Funding For
Grants are designed to support applicants at specific stages of development, such as research, piloting or growth. Funders, also have funding brackets, with some supporting projects between £300 to £5,000 and others from £150,000 to £2.5 million. Knowing what funding you need will help you identify which grants you can apply for. As example, “We are looking to build portable solar-powered shower units for the explorer market. We have created a prototype and are looking for £40,000 in funding to test it in the market.” - Finding and Selecting the Right Funders
Now that you’re ready for funding you can start researching suitable funders. When identifying funders make sure you meet the potential funders’ criteria and deadlines, and that their goals align with yours. There are number of funding databases, that can make the process quicker and easier. Visit our linktr.ee for a list of funding databases - Building a Supportive Network
A strong network of supporters is invaluable. Cultivating relationships with individuals, corporations, and foundations demonstrates to funders that others believe in you and your mission. - Apply for Funding
It’s crucial to set aside dedicated time for writing your applications. This ensures that the process doesn’t become last-minute, reactive, and rushed, and make sure to follow the application guidelines closely.
I hope you find this blog useful. Don’t let the complexities of fundraising hold you back. A clear strategy and plan will make the process more rewarding and significantly increase your chances of a successful application.
At Hatch Ideas we offer workshops and coaching to help you enhance your skills and know-how. Visit this link to book onto our workshops and for more information.
