Amara, barely out of university and buzzing with the energy of a thousand unwritten lines of code, scrolled through the tech startup grant requirements.
Her app, designed to connect local farmers directly with consumers in Lagos, felt revolutionary in her mind. But the application asked for things she was not sure was put in place yet.
Was her brilliant idea, truly ready to face the scrutiny of a grant committee, or should she just, like Nigerians say, TRY HER LUCK?
In this blog post, we would show you key elements to determine if you are truly ready to apply for a grant for your business, and how to know you are ready for a grant.
Key Takeaways
- Being ready does not refer only to having a surety in you heart that it’s time to take your business to the next level but having the necessary requirements needed to win a grant and sustain your business after funding.
- Writing a grant application without readiness will only lead to wasted time and efforts which is frustrating.
Are You Truly Grant Ready?
Dear friend, there is no LUCK in grant winning. Opportunities they say, meets preparedness. Writing a grant application without readiness will only lead to wasted time and efforts which is frustrating.
So, to avoid getting frustrated over receiving rejection from every single grant you apply for, take a step back and ask your self, “what have I been doing wrong”?
Could it be you were not truly ready for that grant and your unreadiness reflected in you application?
Now, being ready does not refer only to having a surety in you heart that it’s time to take your business to the next level.
In the context of applying for a grant, readiness means having the necessary foundations, information, and capabilities in place to create a strong and competitive application and, more importantly, to successfully manage and execute the project if funded.
Check Out Our Grant Readiness Checklist
9 Elements of Grant readiness: What Makes you Prepared to Win?
Here are 9 elements that makes your ready for a grant. When you have put these in place, you can be sure that you stand a chance to win that grant of your dreams.
- Have an organization mission statement
- Come up with a strategic plan
- Have a community needs assessment
- Analyse service provider
- Have an existing diversified operating budget
- Carefully outline your policies and procedures
- Assess your grant management capacity
- Discover potential partners and engage
- Outline a strategic plan for your project
#1. Craft a compelling organization statement
This is your organization’s “elevator pitch.” It clearly and concisely explains who you are, what you do, and why it matters. A strong statement grabs attention, highlights your mission and values, and quickly communicates the core of your work to potential funders. It should be easy to understand and leave a lasting positive impression.
#2. Come up with a strategic plan
This is your organization’s roadmap for the future. It outlines your long-term goals, the strategies you’ll use to achieve them, and how you’ll measure your progress. A solid strategic plan shows funders that you have a clear vision, are thinking ahead, and have a thoughtful approach to making a lasting impact. It provides context for your grant proposal and demonstrates sustainability.
#3. Have a community needs assessment
This is a documented effort to understand the specific problems, gaps, or needs within the community you aim to serve. It involves gathering data and insights directly from the community to identify what’s truly needed and where your organization can make the most difference. Having a strong needs assessment demonstrates that your project is relevant, addresses real issues, and is informed by the people you intend to help.
#4. Analyse service provider
This involves understanding the existing landscape of organizations and individuals already working in the area your project addresses. By identifying who else is providing similar services, you can understand potential collaborations, avoid duplication of effort, and clearly articulate how your approach is unique, fills a gap, or offers a better solution. This shows funders you’ve done your homework.
#5. Have an existing diversified operating budget
A diversified budget demonstrates financial stability and reduces your vulnerability if one funding stream dries up, assuring funders that your organization is resilient and likely to be around for the long term. This could include individual donations, earned income, corporate sponsorships, or other grants.
Others also read: 10 Essential Components of a Compelling Pig Farming Business Plan in Nigeria
#6. Outline policies and procedures
These are the documented rules, guidelines, and steps your organization follows to ensure consistent, ethical, and effective operations. This includes everything from financial management and data privacy to staff conduct and program delivery.
Having clear policies and procedures in place demonstrates professionalism, accountability, and a commitment to sound governance, assuring funders that your organization is well-managed and trustworthy.
#7. Assess your grant management capacity
You need to honestly evaluate your organization’s ability to effectively manage grant funds and meet all the associated requirements. This includes having the staff, systems, and expertise to track spending, report on progress accurately and on time, comply with grant terms, and potentially manage audits. Demonstrating strong grant management capacity assures funders that you can handle their investment responsibly and deliver on your proposed project.
#8. Discover potential partners and engage
This involves identifying other organizations, community groups, or even individuals in Lagos whose mission, expertise, or reach aligns with your project’s goals. Once identified, it’s crucial to actively engage with them, build relationships, and explore opportunities for collaboration on your grant proposal.
Read also: 13 Types of Funding for Agricultural Startups in Africa
#9. Outline a strategic plan for your project
This is a focused plan specifically for the project you’re seeking grant funding for. It clearly defines the specific, measurable, achievable, relevant, and time-bound (SMART) goals you aim to accomplish with the grant. It also details how you will strategically allocate the grant funds to different activities and priorities within the project to ensure efficient and effective use of resources.
Do you need a resource to help you discover grants for your business?
Check out our winning business grant book made just for you!
Conclusion
Assessing your readiness for a grant is not about perfection, but about honest evaluation and proactive preparation. When you apply for a grant with full readiness, you set yourself up for success and increase your chances of getting the resources you need to actualize your project.
Take the time to build a solid foundation; your readiness will not only benefit your grant seeking efforts but also strengthen your organization for long-term success in Nigeria.
