There is no denying that it is difficult to secure funding, especially public sector funding. However, there is help available, and you definitely shouldn’t disregard the possibility without exploring the options in further detail. Read on to discover some ways you can give your business the best chance of securing a grant from the government.
There is only one place to begin, and this is with the fact that you should get a professional on board. Hiring a top quality chartered accountant in London is highly advised while you may want to take advantage of the services offered by a lawyer. This will ensure that you have all of the details you require and that you put together a plan that is going to satisfy government requirements. Don’t rush this process. Take your time to search for a lawyer and an accountant in London with a good reputation and a history of dealing with funding issues.
A big mistake a lot of people make is simply thinking they can leave everything in the hands of their accountant. You still need to understand the ins and outs of public sector funding, which is why it is so important to do your homework. You will struggle to find a realm as competitive as this. You need to have a fully completed and targeted grant application, a robust financial model and a convincing business plan, and sometimes even this is not enough, as your application needs to stand out from the crowd.
In many instances, you may find that you are offered a government grant, but it may not be the full amount you initially requested. This is why it is vital to make sure your figures stack up. Your application is going to be much more credible if you are able to make it clear how you will fund the gap. For instance, you may have savings to draw upon or you may get assistance from a friend or family member who would be willing to act as a guarantor so you could take advantage of one of the types of guarantor loans . You need to prove this to be the case to make your application convincing.
Aside from this, when making your application you need to show the effectiveness of public funding support. Demonstrate how this is going to help your project to take place, or perhaps it will ensure it takes place on a large scale or it will happen quicker. You also need to see the bigger picture and demonstrate this when you are pitching your concept. It’s not just about your business and your needs; you need to show that the funding they provide will work towards your project, which will in turn have a significant, positive impact on the economy. You should also show that you have a unique and robust selling point that will safeguard against displacement.
To conclude, there is no denying that getting public funding is difficult, but it is not impossible. Liaise with an accountant in London to discover whether there are any options available, and if he or she believes it is worthwhile, you can put together an effective application taking into account the points that have been mentioned in this article.