Many new entrepreneurs read that grants are a potential way to finance their company. In fact, I can't tell you how many times over the years that I've read in start-up guides and on entrepreneurial sites that grants are something entrepreneurs should pursue.

The good news is this post will save you some time by opting to look to other sources over attempting to gain a grant.

For starters, just about anyone who wants to attempt to secure a grant needs a specific person called a grant writer to pursue one. You can wrap up an extreme expense and waste valuable time to in the process as many grant giving organizations eat up a substantial amount of their designated money on determining who they're going to give grants too.

The next problem with grants is the amount of time that it takes to get them even after you've been notified that you're receiving the money. Once an organization determines that they are going to give you a grant, they will often put you in a pool with others and then either the organization takes money on hand and makes an investment using the interest to fund your grant, or they will sell bonds to secure the money to lend you.

That means that many grants will take a year or more to secure. Most entrepreneurs don't have a year to wait to get the grant. They need the money now and won't be around in a year.

If you're a starting out, and you're looking for start-up capital, or you're at risk of going out of business, you're best bet is to look for other sources of financing.

On the other hand, if you're established and can manage the time to get the grant, then contact the nearest accredited business schools or local incubators and chamber to see what is available. If you find a program that you think fits, and then ask about finding a successful grant writer in your area to put your presentation together.