Business owners seeking to start or expand operations are being advised to focus on grants and knowledge as part of their strategy. This guidance was shared in the latest edition of “Growing Your Business Series with L.O.”, which highlights practical steps for small and medium-sized enterprises.
The session explained that grants are funds provided to support business growth without the requirement of repayment. Unlike loans, which often come with interest and strict terms, grants offer financial relief and reduce pressure on early-stage businesses. These funds may come from family, friends, or structured programmes run by organisations and institutions.
According to the series, sectors such as education, social services, and recycling are among those with access to grant opportunities. Entrepreneurs are encouraged to carry out proper research to identify organisations that align with their business focus. The session stressed that understanding eligibility criteria and application processes increases the chances of success.
Read also: How to get grants for your start-up
“Find out the companies or organisations that give grants that you can have access to,” the programme noted, adding that access to such funding can reduce the burden of raising capital.
Beyond funding, the series placed emphasis on gaining knowledge before starting a business. It warned that a lack of understanding of operations, supply chains, and customer needs can lead to setbacks. Using the example of a fashion business, the session explained that knowledge of sourcing materials, identifying customers, and marketing products is essential.
Entrepreneurs were advised to learn from individuals already operating in their chosen field. This includes observing processes, asking questions, and building networks. Marketing and customer engagement were also identified as key areas that require attention.
The session concluded that knowledge provides a foundation for decision-making and reduces reliance on employees for core operations. It added that business owners who understand their processes are better prepared to respond to challenges.
The “Growing Your Business Series with L.O.” continues to provide guidance aimed at helping entrepreneurs make informed decisions as they build and sustain their ventures.
