As a cannabusiness – whether you are a grower, an extractor or a manufacturer – you have the opportunity to solve problems. Securing your cannabusiness funding through grants will give you a greater opportunity to address these issues, but you will need to approach the application creatively.
At HYC, we have developed a procurement process to help clients apply for these grants. We always start the process by establishing the client’s “why” as defined in Simon Sinek’s Golden Circle.
If you are considering applying for cannabusiness funding from grants, start with the reason you started your business in the first place. Then ask yourself how you can use the grants to further that goal and solve problems in your community or the world at large.
Read on to learn more about how to apply for and use grants for your cannabusiness funding and the greater good of your community.
Let your “why” guide you
Winning grants for cannabusiness funding is less of a question the stage of the business you are in and more on your “why”. One of our clients, for example, is still in the design stage of his business, but his goal is to focus his business on education and alternative medicine.
Understanding your “why” gives you the opportunity to explore avenues you may not have thought of yet, and also to get creative.
For example, consider a company that wants to strengthen affordable housing and building practices. If they make tiny homes out of shipping containers for the homeless, they could qualify for state and federal grants to help the homeless.
Think about what you have at your disposal and the resources already available, and pay particular attention to social and economic issues. Then figure out what you can do to help resolve these issues.
Creative partnerships open up future possibilities
As you examine the social issues around you, listen to different points of view so that you can form a well-rounded opinion. This way, you will be able to see the different avenues to try to achieve your goals.
For example, water is likely to become a scarce commodity in the future. How can we avoid this and make the process of growing cannabis – which is usually very energy and water intensive – more efficient?
Get creative in answering these types of questions and identifying the people and companies to partner with. Solar panel and battery manufacturers are examples of groups that may not have direct access to cannabis, but are able to effect change from outside the industry in different ways than you. couldn’t do it yourself.
And you never know: in the end, these companies could afford to take 80% of an off-grid cannabis grow facility. With increased market participation, the opportunities for innovation – and funding for cannabusiness – also increase.
How to Apply for Cannabusiness Funding Grants
If you are looking to obtain cannabusiness funding through grants, be aware that the process can take 6-12 months. Remembering your “why” in tough times and questioning yourself will help you keep going when you feel discouraged.
Although the process varies and requires a lot of imagination, there are four basic steps to follow:
- Understand your “why” and your forward-looking social aspect that allows you to give back to the community.
- Be clear about the problem you hope to solve and how you plan to solve it.
- Apply with a bigger mission in mind – grants won’t make you rich, but they will allow you to do good in your community.
- Get help if you need it, as the grants are competitive.
Keep in mind that what you post should also reflect on the inside. If the grants you’re applying for don’t match your “why,” then you need to try something else.
Get off the beaten track
The cannabis industry is not a pie that everyone is trying to get a piece of; it’s a bakery. The pies will keep coming because cannabis isn’t a limited time offer. Because the industry is still in its infancy, the possibilities for cannabusiness funding are endless, especially with the right amount of creativity.
We had an office neighbor, for example, who received a substantial small business development grant. They were brokers working with shipping containers, but they got this grant because their containers could be associated with affordable housing and help solve homelessness.
Winning grants doesn’t depend on who you are – whether it’s a shipping container broker or a canna business. It’s about what you do with your position in the world.
These days, transparency is paramount. If you are looking for grants to fund your cannabusiness, make sure your “why” is at the heart of your business and is reflected in everything you do.
For help designing a successful business plan that expresses your “why”, contact the CHY today.
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