It takes a lot of cash to run a start-up. Hence, so many start-up founders are always on the lookout for potential investors.
There is, however, another source of cash. I’m talking about government grants. If you’re a start-up founder based in Australia, there’s a lot to choose from.
Still, not every applicant is given a grant. A lot of them even fall short during the application process.
So, what can you do to ensure that yours won’t? For starters, you can try to avoid the following mistakes that many founders tend to make when applying for government grants:
1.) Last-minute submissions.
Grant applications aren’t like those term papers you can wing by pulling all-nighters on the eve of the deadline. While it’s tempting to de-prioritise grant applications, it’s always advisable to prepare in advance. If you can submit at the first opportunity, that’s even better.
Leaving it till the last minute could cause you to overlook some key elements and thus miss out on opportunities to maximise them.
2.) Lack of supporting documents.
Applying for grants requires a great deal of paperwork. But guess what? You still need to provide the necessary documents to back up whatever you write on those forms.
Applications with insufficient supporting documents tend to get denied. Make sure yours can stand up to a thorough review or audit by double-checking your documentary support.
3.) Neglecting to do due diligence.
Fun fact: The Australian government has close to 400 federal grants for start-ups. Yep, 400. This means you’re probably eligible for more than one of those.
Thus, research on the grants available to the start-ups in your industry to find out which ones would suit your needs more. This way, you don’t waste precious time pouring all your efforts into applying for one particular grant when there might be better ones out there.
4.) Failing to capitalise on the government’s buy-in when they do receive a grant.
You’ve done it. The AU government reviewed your application and has awarded you a grant. Congratulations. Now, what?
For starters, don’t let this go to waste. Government backing sets you apart from other start-ups that failed to get grants. It automatically validates your business and lends it instant legitimacy.
Thus, remember to incorporate that whenever you pitch to an investor. If the government was willing to buy into your business, investors will see that as a green flag and will likely do the same.
5.) Not delegating the nitty-gritties of the application process.
Start-up founders wear so many hats throughout the day as it is. But you know what, you don’t have to do everything yourself.
Applying for government grants can be incredibly tedious. There are so many compliance requirements and long lists of eligibility criteria to contend with. All these require hours upon hours to complete and assemble. Hours that you could put to better use growing your business or seeking other grants.
So, why not just delegate the administrative work to someone more qualified? These days, you can outsource just about anything. Besides, the Internet makes it possible to hire someone from the other side of the world, somewhere where Australian dollars go much further so you can pay someone a decent wage while still generating significant cost savings.
Speaking of delegating, virtual assistants (VA’s) are perfect for the job. The best ones are skilled at juggling multiple tasks yet still ensuring that they get done properly, all while making sure that your schedule (and your life) is organised. Many Filipino virtual assistants have and continue to carry out these functions for various AU entrepreneurs, allowing them to take their businesses to new heights.
Remote Staff has been scouting and recruiting top Filipino talent for more than a decade. Our diverse talent pool has served the needs of SME businesses Down Under, and our VA’s are always in demand among discerning clients who are familiar with the Filipino standard of excellence.