Grants can come with several benefits. They are often an option you don’t have the time to consider, but for the right project it can be a very beneficial investment.
It’s usually far easier to manage a grant through an intermediary than with a fund manager. Grants tend to be a lot cheaper for both, though, and the projects tend to be higher-quality projects.
Sometimes you may find a grant that you haven’t contemplated, but think if a fund manager could make this happen for you.
In general, a grant can be used for:
Getting started on your project
Gain mentorship for a specific project
Creating a team of dedicated individuals to help with your project
Working on a project with the people you’ve chosen (and your chosen team)
Some grants can come with a specific deadline (for example, a project must have an estimated completion date by 30 December 2017), but the grant typically has a range of options you can consider, so the actual date of actual completion may differ from this.
What are some potential drawbacks?
Many projects require funding to carry out. Projects that depend on external funding are more sensitive to external funding, as you have to fund the project if your financial needs are met. Some projects require an upfront investment (in the form of a fixed amount of money). Projects with a deadline can be quite expensive (especially if your project won’t actually get finished), and therefore not recommended if you can afford to do it yourself.
In general, you can expect a project to be a lot more complex than it may initially appear. It can take an enormous amount of time to complete a project, and you are likely to end up with a more involved project.
Projects can take a lot longer if you are a young freelancer. Most freelancers are used to managing their own projects, so getting one handed over to other people can be quite daunting. They can also be a lot more expensive, so be aware that you’re usually better off managing projects yourself (although there is usually a cost involved. A project manager in an environment where you don’t really know your project will generally be lower in price than your projects).
Some projects have deadlines, other projects do not. If you’d like to know what your deadlines are, see the section on deadlines.
What should I know about the Grant?
The Grant is typically an organisation that operates by giving grants to a number of
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