WomensNet News

February 25th 2014

How to Spend Your Amber Grant

You know your business better than we do. And we’re not afraid to admit it.

Still, that doesn’t mean you can’t accept a little assistance. You do believe in the old phrase, “two heads are better than one,” right?

With that in mind, we have a valuable list to share with you. It contains some common start-up costs – plus some ideas from our own business experience. We’ve also included a couple items frequently described in Amber Grant applications. The common theme? An Amber Grant can help fund (or completely fund) each of these purchases.

Of course, this list doesn’t encompass every start-up cost. To make sure that you don’t miss anything, be sure to thoroughly analyze your business needs. And when you do apply for an Amber Grant, don’t forget to disclose just what you’d like to use the money for.

On to the list…

1.) Computer: Computers are perhaps the most commonly referenced expense on Amber Grant applications. You can easily spend over a thousand dollars on a high-end, super-powered machine. Or, you can find a useful starter laptop for just a few hundred dollars. The money you save on a cost-effective computer could be put to better use, maybe for …

2.) Incorporation Fees: There’s a wealth of benefits to incorporating your business. Among them are the protection of your assets, lower taxes, and the ability to establish good credit – even if your personal credit rating is poor. Legalzoom is one of the most popular sites to offer this service.

3.) Web Site Hosting: So you’re looking to build a website … but you need a host. Will you use GoDaddy? HostGator? Another service? Put in the time to find the service that’s right for your business.

4.) Inventory: Understanding demand for your product will go a long way toward allocating the appropriate funds. If you’re just starting out, however, more homework can be done to find where you can purchase materials that fit your budget.

5.) Marketing/Advertising: Will you run a PPC (pay-per-click) campaign on the web? Will you pay for a radio spot? How about Facebook advertising? Business cards? Carefully planning your course of action – and budget – will be critical toward developing a sustainable business.

6.) PayPal: It’s a juggernaut in the online payment industry. But unfortunately, the service isn’t provided 100% free of charge. Be sure to read up on their different options to see which (if any) is right for you.

7.) Employee/Intern: In the past, grant money has been used to hire short-term workers. While many interns join just for experience, a stipend or commission payment structure can be a wonderful motivator. Sometimes, when the right candidate is found, they can become a long-term member of your organization.