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Everything To Know About Small Business Grants and More |
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2021 Small Business Grants For Entrepreneurs
Eligibility varies, and can depend on your location, your income, your ethnicity, your gender, your experience in business, as well as your longevity in business. Some small business grants can even require that you participate in a competition or write an essay to demonstrate your talents or need.
Grant funding is often provided to further the growth and development of small businesses - thus the term "Small Business Grants." Other grant programs are created to assist disadvantaged minority-owned businesses - thus the term "Minority Business Grants."
Grant funding (fully or partially) essentially means that the money that an applying entrepreneur receives is not considered as a part of his or her own risk. In other words, it’s completely risk free. The amount granted does not have to be repaid. This is much different than a business loan, which does require repayment with interest. However, they are typically stipulations that grant recipients have to follow. Grantors usually require that the funding be used as indicated on the grant application, and in some cases (especially for large grant amounts), regular reports have to be made to the grantor to show that the grantee is using the funding appropriately. Some programs, though, have no stipulations at all, and how the funds are used is entirely up to the recipient. Here are some of the top small business grant opportunities for US-based businesses: |
Once you’ve done the leg work acquiring your materials, your space to work, and a concept for your business, you’ll need to promote your new company. As you get your name out there and draw in potential clientele, you will want your company to become known and recognizable. Using ways to make your small business look more professional will help you build your following.
“Shark Tank” isn’t the only way to get a product to the market (although celebrity endorsements never hurt). If you have an idea you want to introduce to the masses, try these tips on making your invention a reality.
When you’re ready to start growing your business at a sustainable level, you need to develop a plan. One of the first items on your list should be to acquire new customers. Enticing new people to shop your products or services is the most solid way to produce growth that lasts. Learn creative ways to get more customers to check out your business.
The way you package your product is a huge part of your brand identity. Packaging has three main purposes: representing the brand, catching the customer's eye, and keeping the product safe. To make sure their packaging is flawless, many businesses will spend a fortune on choosing the right material, perfecting the design, and ensuring that the product will be safe during shipping and arrive at the customer's doorstep unharmed. Eventually, the cost of packaging your products starts to add up. If you're feeling overwhelmed by the sheer amount of money your business is spending on packaging, there's good news. There are plenty of simple ways your business can reduce packaging costs and increase profit.
Is your business currently packing products by hand? This can be a slow and time-consuming process. If you want to save time and, as a result, money, consider streamlining the packing process by automating as much as possible. Automation comes with several advantages, including increased output, a reduced carbon footprint, a reduction in workplace injuries, and fewer instances of fright damage. More importantly, using semi-automated and automated tools such as stretch wrapping machinery can save your business money.
There's no worse feeling for customers than receiving their long-awaited package only to discover the product inside is damaged. The biggest culprit of fright damage is improper packaging. If you're experiencing a lot of damage-related returns, you may need to improve upon your packing process. While using better packing materials might cost you upfront, it will save you money long-term by drastically reducing the amount of product that winds up damaged.
Another simple way your business can reduce packaging costs is by redesigning your product packaging. If your product packaging hasn’t been optimized, it may be unnecessarily costing you money.
Look at your packaging. Is the package much larger than the product itself? The more material you use, the more expensive the packaging cost will be. If some of the material you're using is redundant, cut it out of the design and make your packaging smaller. Your packaging may also include pricey and unnecessary add-ons. Labels are one of these add-ons. Instead of using labels, print any visuals directly onto the packaging. This will also reduce the cost of materials.
Small business grants are financial awards available to entrepreneurs and business owners who typically have fewer than 500 employees. The funding can come from a government agency, a non-profit organization, or another for-profit company. Awards typically range from $500 to up to $100,000.
