Students Guide: How to Write a Business Plan to Win a Grant?
Quite many students of colleges and universities around the globe come up with a different idea for a business. However, only a few put them into practice. For most students, it does not go beyond the concept.
In most cases, this happens due to a lack of funding for launching a startup. Not every student has enough savings to invest while studying at university. However, there are quite many grants for startups that most young people miss out. Here are just a few opportunities to consider for college students:
- Women’s Net
- Street Shares Foundation
- Small Business Innovation Research (SBIR)
- Small Business Technology Transfer (STTR)
- National Association for the Self-Employed (NASE)
- Minority Business Development Agency (MBDA)
- Idea Cafe
Winning one of the popular grants and starting your own business may not be easy. However, it is possible, and many success stories prove this. A bright example is Marina Mogilko, who won a grant of $100,000 while still obtaining a higher education in the Saint Petersburg State University. Today, Marina is a successful entrepreneur and an owner of a multimillion business.
Many students usually underestimate the importance and real perspectives of their business ideas. It is vital to hear from an expert some encourageable words, to find someone who can cheer you up and say that your idea will win for sure. On the other hand, there are other ways to get inspired on your own. For example, you can ask professionals from EssayPro or customessaymeister to combine a concept based on your idea, as there are lots of experienced essay writers at your service who are ready to help you with any task.
Once you have read a good plan of your startup idea written by the expert author you will understand what a brilliant chance you have. Since your success depends only on you, being inspired is a crucial part, that’s why we recommend ordering not only professional proofreading and editing from experts but also asking for help on the very beginning of your business plan creation. Be sure to consider this opportunity!
Winning Business Plan: A Complete Guide for Writing
Finding relevant grants that provide students with financial help for their ideas is pretty simple. However, when it comes to winning, that’s when it gets a bit more tricky.
It all starts with an idea, but then it requires writing a top-notch business plan that will bring you the needed funding. How to do this? Below, we have prepared a step-by-step guide to help you out!
This part aims at revealing the essence of your business. It explains what are you looking for from the readers. Thus, it should be tailored to potential investors. An excellent summary should focus on the problems that your business can solve, and the value sponsors can get by funding it. Also, it should give brief information on the potential target market and competitors.
Members of the particular commission usually want to know something about the applicant as well, it would be good to provide them with the information about your current college or university, some taken courses and even recommendations from the college professors.
This part of the plan focuses solely on the applicant’s idea and the reasons why it is worth investment. In this part, students want to be very specific about the services or products they have in mind, potential customers, and reasons that make their ideas stand out. It is vital to support your statements with real facts and data to prove that the concept is worth funding.
Income and Expense Projections
Since you are writing a plan to get funding, it makes sense to focus on the financial matters the most. Since you are just at the idea stage and don’t have any real stats to share, be sure to shape detailed projections of expected expenses and income. The more informative this part will be, the higher the chances of winning a grant.
In some cases, applicants may be requested to provide comprehensive information on their financial requests. This should include the approximate amount of money that you may need for launching a business. Some grant’s commissions ask college students to provide them with the information on the general monthly income, to stay sure that all money will be used as an investment. Also, you may need to prepare a brief description of how those funds will be used.
Proofreading and Editing
Even when you have already written your plan, the work doesn’t stop. At this stage, most students make a big mistake and submit their projects right after they’ve finished composing it. This approach may work for some. However, such a case would be an exception from the general rule because just like any paper, your plan requires careful proofreading and editing if you want to win.
A lot of students order editing services for their essay, why not to do the same with your business plan? Finally, you will get a well-polished application and more chances to win the grant.
When your plan is finished and polished, be sure to double-check once more if it answers every question mentioned in the grant application.
As soon as you are 100% sure that your application is error-free, written well, and covers all crucial points, you can mail it to the grant organization. From this point, all you need is a bit of patience.
If you have followed all the steps from the guide, the plan is polished and thoroughly proofread – stop worrying and wait for the results. Be prepared for radical and exciting changes in your life!