Starting a business takes courage, vision, and, of course, finances. However, these funds aren’t always available. As a result, aspiring business owners often encounter their first hurdle before even opening their doors.
There are grants and programs available to help small businesses with this crucial step. Dr. Nancy Rubin invites you to explore the following suggestions and tips for getting the funding you need to kickstart your venture.
In order for a business to thrive, it needs to lay a firm financial foundation. An organized record of business finances is important for success.
Organizing your finances will allow you to maintain a set budget, manage your cash flow and track your expenses efficiently. Furthermore, being able to manage smaller amounts of money will put you in good stead for being awarded larger monetary values.
Organizing the finances of a business has several benefits, including;
- Maintaining a clear projection of financial costs
- Mitigating risks
- Planning for investment
- Avoiding unpaid invoices
- Obtaining information to help you make strategic decisions for your business’s growth.
As a small business owner, you may be wearing many hats. Spreading yourself too thin can put pressure on the organization of the business finances. Luckily, there are tools to help streamline various processes.
We all know that updated technology is crucial to small business success. Therefore, one of the most useful tools for a small business’s finances is reliable invoicing software. You can free up your time with batch processing features, which make invoicing a breeze and the management of customers easy. As a financial tool, invoicing software can save you time by creating and duplicating invoices in bulk.
There are plenty of grants and programs available, each with its own stringent requirements. Here are three programs that strive to help small businesses.
The SBIR program offers a seed fund for a diverse portfolio of startups and small businesses. With a focus on technological innovation and commercialization, SBIR programs strive to stimulate technological innovation.
There are certain requirements to be funded by the SBIR program. For example, the business needs to be located in the United States and have no more than 500 employees (including affiliates).
The program is rolled out in three phases, all focused on enhancing business success. Meeting Federal research and development needs is also a priority.
The Cartier Women’s Initiative contributes large amounts of money to the future of women-led businesses. Every year, seven laureates are awarded $100,000 and the title of the top business from each region. In addition, the second and third runner-up businesses from each region (a total of 14 businesses) are awarded $30,000 each.
There are various criteria for entry. For example, the business needs to be early-stage and for-profit, with a stipulated revenue generation, and a woman must fill the main leadership position.
The HUBZone Program is a federal program that contributes to business growth in historically underutilized business zones. The program boosts the success of HUBZone-certified companies by awarding a minimum of three percent of federal contract dollars each year.
The program offers HUBZone-certified companies the chance to compete for the program’s set-aside contracts. In addition, businesses get a 10 percent price evaluation preference in full and open contract competitions.
Hopefully, the above information will help you to get started with securing funding for your new venture. Once you’ve completed this important step, be sure to visit Dr. Nancy Rubin’s blog for more tips and advice for running your small business.