I uncovered the advantages of grants fifteen years prior when I was a struggling playwright. Once a promising child chess player, I was earning a living at that time by teaching chess, finding that I could leverage chess tactics for securing funds for my theater company. Additionally, I discovered that I had a knack for grant writing. Nowadays, I run a grant consulting firm. Here’s the information I wish I had when I first embarked on this journey.
1. Strategically time your move
As a small business owner, you’ve pinched pennies, taken out loans, accumulated debt, and possibly irritated friends and that one hedge fund manager at your local watering hole. If you’re still in financial constraints, consider applying for a grant—an avenue of funding that doesn’t require repayment. You may think that free money sounds amazing, but before you pursue it, let’s contemplate your initial steps. Much like any proficient chess player, you’ll need to have a strategy.
Keep in mind that March and October are peak months for grant submissions, so initiating your research early enables you to create a robust funding plan. Alison Erazmus, an independent fundraising expert and my associate at Grant Consulting, advises that she prepares the following year’s grant schedule each November. October marks the budgeting period for nonprofits, and collecting financial returns reveals “where we’ve allocated funds, where there’s a surplus, or where we’re in need… we understand where to target our grant searches,” she notes.
Meredith Noble, co-founder and CEO of Learn Grant Writing based in Alaska, who has successfully raised more than $42 million and authored the acclaimed book How to Write a Grant, emphasizes that new grants are introduced daily. With diligent research, you can identify available grants, prioritize your applications, and ascertain if your business is prepared for funding.
Grants can significantly contribute to your funding strategy, financing everything from renovations to marketing, technology, community engagement, and project expenses. However, Libby Hikind, author of The Queen of Grants and founder of the grant database Grant Watch, reminds us that grants are merely one aspect of your toolkit, not a lifeline or the sole source of funding.
2. The initial setup
While there are numerous variations to the first ten moves in chess, they adhere to common opening principles: Essentially, develop your minor pieces (the bishops and knights) toward the center and castle your king (a distinctive maneuver that moves your king to safety). This sets you up for the strongest position from the outset. Novice players often mistakenly believe that moving the queen right away is the best strategy, but in reality, the opposite is true. Bringing your queen into play too soon exposes her to danger, whereas consistently moving one piece limits your ability to engage multiple pieces that can effectively control the board. Establishing a solid position is paramount.
No matter what you are creating—be it a structure, a chess strategy, or a grant proposal—you must build on a solid foundation; otherwise, your efforts risk collapse. Thus, a strong move in chess may not always involve aggression. A strategically positioned piece can exert subtle control over adjacent squares. For instance, a knight positioned at the edge of the board commands only four squares, while a knight central to the board controls eight. That translates to eight fewer squares the opponent can dominate. When you do choose to engage, your threats will carry greater weight. This is akin to applying a smarter, rather than harder, work ethic.
Before diving into grant research, refer to our resource list below but first establish your own foundational list. What specific needs does your business have? Clearly outline the costs associated with each need. Do you possess a business plan, an organizational budget, a persuasive mission expression, and a thorough market analysis?
If you responded negatively to any of these questions, don’t feel discouraged; instead, view this as a chance for growth. Consider obtaining professional help to ready yourself for funding and participate in Grant Consulting’s Write Like a Winner group for regular guided grant-writing sessions.
If your answer is yes, let’s get started!
Impulsive moves separate less skilled players from proficient ones. Skilled players evaluate the board for all options, seek to understand their opponent’s objectives, and assess the implications of their moves prior to acting. Here are a few considerations to reflect upon before making your move:
- Start local: Identify organizations in proximity to your business that share your values. This may involve discovering local philanthropists.
- Adopt a strengths-focused approach: Chess players are adept problem solvers who evaluate each position for winning possibilities. What need does your project resolve? How does this grant facilitate that resolution?
- Think creatively: For example, I recently collaborated with a client whose educational center, backed by fiscal sponsorship (enabling access to both for-profit and certain nonprofit grants), needed marketing funding for the new academic year. We successfully secured a grant to host a complimentary “Day of Play” for local families, which aligned with both her mission and the funder’s vision while providing excellent marketing.
3. Get ready for your match
Just as chess champions prepare for competitions by studying their adversaries’ gameplay, grant seekers can investigate funders to locate their ideal match. Noble utilizes her Grant Prospecting Funnel system to sift through 100 grants from databases, narrow that down to 20, and ultimately select four. Employ a grant-tracking calendar using tools like Instrumentl, Asana, Google Sheets, or Excel, incorporating all essential details—deadlines, requirements, tasks, and roles—to share with your team.
Assess the grant’s eligibility thoroughly. Read the requirements several times to ensure a match. If you’re uncertain, don’t hesitate to reach out to the funder for clarification!
Do you align with the funder’s objectives? Is your business equipped with a recent audit and a solid business plan? If the grant necessitates an established structure like a limited liability company (LLC), employer identification number (EIN), or SAM number (for government dealings), does your business have these established?
Consider the competitive landscape: Noble recommends applying only for grants with a funding rate of at least 20%. She even suggests directly inquiring with organizations about the number of applicants and how many actually receive funding.
Lastly, evaluate the time commitment: Dedicate three weeks for smaller grants and potentially up to three months for larger ones. A hastily prepared application or an unsuitable match is a drain on everyone’s time—especially yours.
4. Winning techniques
Grandmasters anticipate moves well in advance—consider preparing for your future grants by assembling necessary documentation. Most grants feature a common set of questions. Compile your responses in a single document—we refer to this as your “grant boilerplate”—and keep it handy for ease of access. This can significantly streamline your application process, saving time on repetitive tasks.
Here’s a suggested checklist of what you typically need for a grant application:
- Mission statement: A succinct expression of what you do, your purpose, and your target audience.
- Business overview: Generally a 500-word outline detailing your organization’s history, goals, needs, and major achievements.
- Goals: These are the objectives you are seeking funding for, which should be SMART (specific, measurable, achievable, relevant, and time-bound).
- Objectives: The steps you will undertake to achieve your goals.
- Timeline: A breakdown of your projected milestones for achieving these goals, which should inform your budget by clarifying actions needed, costs involved, and timeline for funding requirements.
- Outcomes: The expected results or ideal impact of your project. Some funders may require a description of your evaluation method. Illustrate what success looks like for you.
- Project description: Clearly describe your initiative. Use a strengths-based approach, such as, “This is my motivation.” “I am the appropriate individual/business for this.” “The timing and context are ideal.”
- Budget: An outline of the total projected cost of your project (including your time and salary). Some funders will also request information on other funding sources.
Don’t be surprised if your project evolves as you refine these answers. No effort is wasted—all of it enriches your knowledge about your business and yourself. One of the greatest chess players, Garry Kasparov, quoted: “Unless you comprehend your identity, identifying the best strategy for yourself will be quite challenging.”
5. Do’s and don’ts in the grant writing field
What I adore about chess is the realm-building aspect. Kingdoms flourish and collapse, plots succeed or fail, and unlike reality, there are established rules both players adhere to.
Yet, just as in life, there are numerous variables we cannot control. Here are several tips from Hikind on managing what you can to enhance your chances of success:
Don’t:
- Overlook eligibility criteria
- Miss deadlines
- Apply where you lack expertise
- Submit incomplete documentation
Do:
- Thoroughly read all relevant literature from organizations
- Examine past funding trends through 990 forms
- Investigate previous grant recipients
- Creatively align your program with the funder’s mission
- Have a professional or a reliable friend review your application
Being at the peak of your organizational game, having clarity about your business’s mission and values, and maintaining up-to-date financials demonstrates to funders that you are a trustworthy candidate for grant funding.
6. To achieve success, collaborate
For-profit entities face fewer and more competitive grant opportunities, as Noble confirms. Typically, grants for for-profits focus on innovative concepts or technological advancements. She recommends collaborating with nonprofits that share similar goals.
Likewise, Hikind advocates formulating a “giving back” wishlist for your business, potentially encompassing areas such as workforce training, tourism, or community development, then partnering with a nonprofit eligible for grants but lacking the capacity to fulfill some project aspects that your organization could handle.
To effectively collaborate with a nonprofit, understand the needs of your community. Innovatively brainstorm how your business can offer solutions. For example, when my fiscally sponsored client aimed to boost enrollment at her early education center, we recognized a demand in the community for prenatal support. By expanding her services to encompass this and providing resources to reduce maternal mortality for her fellow BIPOC community members, we addressed local needs while advancing her goals, thereby making her eligible for funding opportunities both with and without nonprofit partners.
“Successful individuals focus not just on themselves,” states Noble, “but consider how there can be a win-win-win for me, the nonprofit, and the funder.”
7. Achieving checkmate
Your aspirations are attainable—but only if you initiate actions to realize them. In the words of Kasparov: “If you aspire to succeed, you must be willing to risk failure.” So conduct your research, plan your strategic moves, consult with a trusted colleague or professional, then submit your proposal and gear up for victory.
Ready to embark on your journey? Explore these grant databases:
- For nonprofits: CANDID, Grants.gov
- For for-profits: Hello Alice
- For women-owned businesses: Grants for Women-Owned Businesses, IFundWomen
- For BIPOC-owned businesses: Small Business Grants for BIPOC-Owned Businesses, 15 Percent Pledge
- For veteran-owned businesses: Grants for Veteran-Owned Businesses
- For all businesses: Grant Watch
And here are some opportunities worth checking out:
- The Amber Grant: $10,000 and $25,000 for women-owned businesses or business ideas, with monthly submission deadlines.
- DoorDash Restaurant Disaster Relief Fund: $10,000 for established restaurants impacted by natural disasters, covering rent, utilities, supplies, and payroll. Deadline is Dec. 2, 2024.
- NBCUniversal Local Impact Grant: $30,000 unrestricted funding for nonprofit initiatives that educate the next generation of storytellers. Deadline is April 19, 2025.
