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Running a small business is tough, the current economic environment isn’t helping a lot of us, with the cost of everything from equipment and tech to training and upskilling can add up. Thankfully, there is financial support available for tradie businesses in the form of small business grants.
Did you know grants can be used to fund new tools or by employing a more mature tradie? You might also get a grant to get your head around social media marketing. Grants differ from state to state (a small business grant in Queensland will be different to that of one in NSW) and trade to trade, but what they have in common is a potential game changer for tradie businesses: support for your hip pocket.
Let’s start with the basics. Put simply, grants give your business money that you can use to support or offset investment.
There are grants for anything from purchasing new equipment to reducing energy consumption, employing seniors and funding to support innovation development, explains Anne Furey, CEO at GrantSmart. “Grant funding can help reduce capital expenditure or operating costs, improve the skills of the business owner or help you expand the business,” she says.
Nicole Cox and Warrick Bidwell, co-founders of business consultancy Tradies in Business, say grants for equipment, technology, training and upskilling, and marketing are some of the most common for tradies.
There are usually specific conditions around what small business grants can be used for and the timeframe in which the money needs to be spent.
“You might need to purchase equipment first and then the money is given back,” Warrick explains. “Or you might make an application, they send you the funds, and you have to spend it within 90 days.”
The Government’s free Grants and Programs Finder search tool lists a whopping 643 grants that are available to Australian businesses. Most grants are provided by the States and Territories, which often have their own databases – like this one from Service NSW.
If you’re confused about which small business grants you might be eligible for, Nicole suggests asking your accountant.
“There are so many different schemes and it’s often a challenge to know what’s out there. Explain to your accountant that you’re looking for the opportunity to apply for a grant so they can point you in the right direction,” she says.
Industry associations, chambers of commerce and your network of tradie mates can also be helpful sources of information about grants.
Applying for grants is often easier than you might imagine. Once you’ve confirmed your business is eligible for the funding, Warrick says application forms are usually straightforward and easy to fill out.
“It’s not like you need to write a 50-page dissertation,” he laughs. “These government departments are fairly reasonable – they've got an allocation of funds and it's really just a screening process to make sure that the applications are legitimate and relevant.”
Anne says it’s important to make sure your small business grant application aligns with the grant program objectives and explains how it will benefit your business. “How much will the grant help your business reduce energy consumption and costs? How many jobs will you create, and what kind of jobs? Will the grant funding help you increase your revenue, and if so, by how much?” she says.
Draft your application in Word so you can easily check spelling, grammar and word counts, then copy and paste it into the online form. “Don’t rush it – give yourself plenty of time so that you have a quality application that can be submitted on time,” Anne advises.
To avoid having to do a rush job with a small business grant application because you’re pushed for time, Warrick recommends keeping your business plan and financial projections up to date in case a fantastic grant pops up on your radar with only a week or two until the application deadline.
“If you have those basic business things in place on an ongoing basis, it can make it easier and quicker for you to pull together an application,” he says.
Crucially, explains Anne, “don’t pay someone to do grant research for you”.
Free information about grants is available online, so be wary of unscrupulous websites that charge fees for grant-related services. Small business grants awarded by the government are based on merit – you can’t pay for special access or consideration.
You can pay someone to help write your grant application, but it pays to watch out for dodgy operators. “There are certainly people out there taking advantage of small business owners who don't necessarily know what these processes could look like,” Nicole says.