In some cases the turnaround time from submission to notice is 7-8 months. If you are not successful on your first attempt and this is an annual competition, there is another 4 months until the next deadline, then another 7-8 until you are notified again. Don't be intimidated by deadlines. It is never going to seem like enough time. For the majority of people, even with knowing about a deadline a year in advance, the bulk of the work will get done in the last month anyway.
Grants are successful because they are innovative, cutting-edge and exciting.
Don't let the pragmatics take away from the fun and excitement of doing something new. Get to know your resources. The third most useful resource for you to utilize in seeking grant funds is the Internet. Use this Web site, go to the Web sites of funding agencies surf. This is usually how everyone starts.