Starting up a new business can be exhilarating, but it does have its challenges. Here are some pointers for taking some of the pain our of getting started.
One of those challenges is cash flow.
During your startup phase, cash truly is king, especially as you need to roll out your plans.
Fortunately, your local Business Enterprise Centre can help you find grants. This is a free service sponsored by the Government to help businesses.
To start, I’ve also listed down six grants I know that are meant for startups.
Six grants for startups
Offers funding up to $2 million for proof of concept and help with early stage commercialisation, skills and management support.
Offers free business reviews for entrepreneurs. The Tailored Advisory Service grants can be used to engage consultants to make improvements to your business
This program is offered by the Victorian Government offering grants for 75 percent of the costs of a group project
Overseas investors partner up with high risk startups, expanding Australian businesses
Helps businesses access overseas markets
Queensland-Government funded iLab scheme for tech startups
Tips to apply
Get ready to complete lots of paperwork during the application process — it is time consuming and there are strict deadlines to adhere to.
You will need up-to-date financials and projections of income, expenses and capital expenditure for your business.
It is important to ensure your business fits the correct grant purpose so it is not rejected, so use my recommended service sites first to determine your eligibility before submitting an application.
The time frame for approval varies from three to 12 weeks. Expect a thorough follow up if you are shortlisted.
Once the grant is issued, you will be required to submit regular performance reports to keep receiving the grant.