Starting Your Own Business
Deciding to start up your own business can be very exciting and with the right planning and dedication it can also be rewarding. Even so, this is a very big step and the amount of commitment and hard work that is going to be needed should never be underestimated if your business is to be a success.
Take a look around at different options available to you. When you have decided that you are ready to start up your business, there is no rush.
There are many different options available to help with your start-up costs and Business funding and grants may be worth looking into.
The Prince's Trust
The Prince's Trust helps people ages between 18-30 who have long-term unemployment or a disadvantaged background with starting their own business. They offer help in the form of financial and practical support. The Prince's Trust Business Start-Up Programme offers:
Assistance with putting together a business plan
Volunteer Business Mentor for 2 years
Start-up support for 3 years
Self-help kits, seminars, free advice lines and other marketing support
Test Marketing grants up to £250
Start-up grants of up to £1,500 in special circumstances
Start-up loans of up to £4,000 for a sole trader or up to £5,000 for a partnership (average between £2,000 and £3,000 but varies regionally)
Low 3% interest rate
Loan length between 1-3 years
Monthly loan repayments
A grant is a sum of money given to an individual or business for a specific project or purpose. A grant usually covers only part of the total costs involved. However, as long as you keep to any conditions attached to the grant, you will not have to repay it or give up shares in your business.
Grants to help with business development are available from a variety of sources, such as the government, European Union, Regional Development Agencies, Business Link, Local Authorities and some charitable organisations.