Most new entrepreneurs miss a few steps in business development that is very important in the grant world. I will list the TOP 5 tips you should focus on when getting prepared to submit your business for grants.
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Let's get started on the 5 tips...
Tax ID with the IRS.
You can do this for "FREE." Visit the irs.gov website during normal business hours to apply for your EIN. When you do this, you'll then contact your Security of State to file your business with your state. A small fee will be required to do so and then once a year. If you do not pay your taxes with the state they will revoke your status and you will not be able to get some grants.
2. Business Plan.
Every business needs a plan. 5 year. 10 year. 15 year. You get the point. In your plan you should discuss how you'll make money, what you will spend on marketing, list business competitions, scale your outcome, and much more. You can simply google what you add to your business plan to make it very unique to you.
3. Checking Account - Business ONLY!
Do not make the mistake and use your personal account for your business transactions. This goes for Cash App, Square, PayPal, and the list goes on. Open a business account with a good bank or credit union. All your income, business bills, payroll, and anything business related should be found in your business account.
4. Track Record
Before a company decides to fund any organization or business they always want to see why funding you will be beneficial to their goals. Always keep track of you events, sales, givebacks to the community, and anything that makes your business stand out.
5. The most important...
FILE YOUR BUSINESS TAXES!! To many entrepreneurs do not file taxes or they file a loss for 3-5 years trying to save money or for whatever reason. This is not smart. Always file your taxes to show your business makes money. This is how you get most grants, business loans, and business credit.