Any business owner will tell you that turning your passion into your career is no easy task. Thankfully, if you are someone who is looking to upgrade their part time gig or side hustle into a full-fledged business, there is some financial support in the form of government grants and assistance.
Trending Now: 12 Totally Free Ways To Make Enough Passive Income To Quit Your Job
Check Out: Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy
If you are starting to take your small operation to the next level, make sure you look into these three government grants and resources to turn your side hustle into a full-time business.
Small Business Development Center
If you are in need of some training, advice, or tools to help you scale up your business, your local Small Business Development Center (SBDC) is a great place to start.
“Scaling a side hustle into a full-time business needs capital, but it shouldn’t automatically mean taking on huge amounts of debt,” said Marty Bauer, director of partnerships and e-commerce expert at Omnisend. “In general, your local Small Business Development Center (SBDC) can be a great resource for connecting with state and local grant opportunities for any type of small business.
Discover Next: Here’s How To Use AI To Quickly Start a Side Gig, According To Codie Sanchez
Small Business Innovation Research
There are mom and pop shops that are the traditional brick-and-mortar shops selling goods and offering services. Then there are the innovative startups that try to push industries into the next realm of innovation, which can take money that a Small Business Innovation Research (SBIR) grant can provide.
“[If your small business] is more innovation-focused, try looking into the Small Business Innovation Research (SBIR) program, which is ideal for startups aiming to commercialize new research and development,” Bauer explained.
State Trade Expansion Program
For those with a product ready for a global audience, Bauer recommended looking into your local State Trade Expansion Program (STEP), which he highlighted can be great for helping small businesses enter or expand into international markets.
With STEP, the U.S. Small Business Administration (SBA) awards grants to states with small businesses that are looking to increase exports outside of America. States can apply the funds for usage by small businesses in programs such as foreign trade shows, creating global marketing campaigns and overall reach of U.S. export services.
Having a Strong Application Is Key
“[These grants] can provide a significant boost to get your business off the ground, ranging from a few thousand dollars to much larger amounts, it’s important to understand they are highly competitive,” Bauer said.
“A strong, well-prepared application is key to standing out,” Bauer added. “It’s always good to check out grants.gov for a comprehensive federal database and sba.gov for programs and resources specifically geared toward helping small businesses.”
More From GOBankingRates
- Here's What It Costs To Charge a Tesla Monthly vs. Using Gas for a Nissan Altima
- Why You Should Start Investing Now (Even If You Only Have $10)
- 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years
- 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should)
This article originally appeared on GOBankingRates.com: Turning Your Side Hustle Into a Full-Time Business? Here Are 3 Government Grants
