Whenever you begin a business, you assume the risk of losing money. Not because you are irresponsible, but because you must be your first investor. This is your vision, your dream, your business. No one owes you anything. However, we all know that financial help is greatly appreciated and needed. Your first line of financial support should come from your personal savings and investments. That is determined based on your previous life choices and circumstances.
Next, consider investments from community organizations you may be a part of or connected to. While grants are ideal, they are not easy to obtain. They are often specific and have a limited pool of accepted applications, similar to scholarships. Apply if eligible, but be prepared for hard work. Grants typically require specific information such as target audience, proof of media presence, and projected earnings.
Donations from supporters, family, and friends are valuable but can be challenging to acquire. Not everyone will believe or support your vision in the same way. Accept donations, but do not solely rely on them as a main source of revenue. The primary goal is to create consistency through tuition from enrolled students, which will take time. Be open to starting small, as one student can turn into two, and two into three.
It is important to thoroughly research and explore each funding option and consider the specific needs and goals of your micro school before deciding on the best funding strategy.
Check out VELA for a microgrant opportunity. Many of our microschool builders have already received this grant!