Been thinking about getting some outside help for your business? The time is now!
You may be eligible for matched funding of up to 50% of your total costs (up to $5,000) through the Small Business Entrepreneur Grants Program.
Of course, there are a few rules and eligibility requirements, as can be expected. We’ve written this blog to help you understand what is involved, what is in it for you, and what you can expect if successful as best we can. We’d also like you to know that we can absolutely offer some of the services covered by the grant!
Please understand the information provided is to be used as a guide only and is the information we have collected through research and phone calls with the relevant Government Departments. For a full run down, please ensure you follow any of the links provided in the article or phone 13 74 68 to speak to department representatives.
The grant is in place to support new small businesses access professional advice and support in the critical early stages of business.
What do I need to have in place as a business?
The criteria for you as a business is pretty straight forward:
- have a business name registered within the last 4 years
- have fewer than 20 employees at the time of applying for the grant
- have an Australian Business Number (ABN) and be registered for GST
- be based in Queensland
- declare if any owners or directors of the business are an undischarged bankrupt or insolvent.
So, what’s covered? What can I access for myself and my business that may be covered under the grant?
The advice must fall under 1 or more of the following areas:
- professional business, tax, computing, legal or financial (accounting) advice
- business and strategic planning
- market research and marketing strategies, including branding strategies and social media/digital strategies
Is there anything I can’t have funded?
Yes. You can find a full list of what they won’t cover by clicking here.
I’m convinced it is time to stop putting off my personal and professional development. What is the process to request access to funds?
Cool. The process is surprisingly “easy” (when we say easy, we mean the dot points are pretty straight forward. You may be eligible, but it is up to the Government if you are approved and of course, we don’t have any bearing on that decision).
Here’s how it (is likely) to go down*
- Decide what it is that you need to further your business (we’ve provided a little list below detailing where we can help…If that’s what you’re into)
- Approach the relevant trainer, coach, mentor, agency etc and discuss your needs. Cover everything. Remember you may be eligible to have 50% of the costs reimbursed – so explore those nitty-gritty details you may usually leave out
- Obtain a written quote – Anyone worth their salt will provide you with a tailored plan and quotation, in a briefly-detailed document in order to support your application
- Head to this Advancing Small Business Queensland link and commence your application
- Once submitted, you will be advised how long the potential wait is to hear back
- if you are advised your application has been approved, let the provider who quoted you know
- Proceed with life-changing, business-propelling coaching, training and support
- Pay the amount to the provider in full
- Submit payment advice to Advancing Small Business Queensland and receive 50% of the total costs up to $5,000 value reimbursed
*That little asterisk is there to point out that this is a Government Grant, and is not guaranteed to go exactly how we have outlaid here. Individual timelines and experiences may vary, however, in an ideal world, this is theoretically how the process is intended to flow.
And what can Enriches Business do to help me?
OK, so we actually offer a variety of different services you may need, which may be considered viable activities to be covered by the funding.
These include (but are not limited to):
- General business consulting and planning – not limited to business plan consultation and support, timeline mapping and growth strategies
- Scheduled consultations following brainstorming and planning sessions to keep you on track and support you through the process (ideal for new small business)
- Business reviews, website and online presence assessments and planning
- Digital strategy consultation, mapping and planning
- Social Media Training – not limited to one on one sessions, tailored manuals, initial consultation, follow up and ongoing support
- Marketing support – how, where, why and who you are marketing to
- Tailored plans with a combination to cover everything you need from planning to strategy and finally, with practical support
For an application to be considered, you will also need to provide a 12-month plan, which we will supply as part of your quotation.
What is involved in the application itself?
Here are a couple of the questions you can expect to see in your application:
- Proposal title
- Short description
- The advice or services funded must fall under at least one of four identified areas. Which of the following best describes your project? (you will need to select)
- How will this project support the establishment and development of the business? (Your application will be assessed on this question so be very clear – 200 words recommended)
- What are the planned activities?
- Briefly list (bullet points) the specific activities that will take place (200 words recommended)
- What are the expected outcomes of this project? What improvements will the advice and support make to the business; for example to the owners business skills and abilities? (Your application will be assessed on this question so be very clear – 200 words recommended)
Here is the link for the application guidelines. Funding stops when the pool of available funds has been used, so there’s no time like the present!
While we cannot help you apply for the funding, at Enriches Business we can most certainly meet with you to discuss your needs, develop a tailored quotation and 12-month plan for services covered by the grant. We will work to ensure you get the most out of the opportunity and support you all the way through the plan. Whether you simply need some hands-on training or complex planning, we would love to help.