While you might have a fantastic idea for a business, start-ups aren’t very easy to get off the ground. Apart from a lot of hard work, they require a fair amount of capital to get started too, and this is the part which many young minds struggle to find a way around. If this sounds like you, then you’ve come to the right place. Below are just four of the many funding options available for budding entrepreneurs, and hopefully they’ll go some way towards helping you get your business off the ground.
Bank loans may seem like a very traditional and even scary method of securing funding, but once you can get your head around them, they can be that kickstart you need to build your business. A few years ago this also seemed impossible to secure, as the credit crunch left banks dubious about lending to start-ups and other high-risk ventures. Recently though, this has changed for the better, as many banks are now backed by the Funding for Lending Scheme which was launched in 2012.
This large-scale attempt at increasing the lending activity of UK banks was supposed to help re-boost the economy, and it has given a large number of businesses the help they needed to start trading. If you’d like to know more about applying for a bank loan, take a look at this step-by-step guide.
Government grants and loans
If going to the bank isn’t for you, the government has several schemes set up to help young entrepreneurs reach their potential. Start Up Loans is one such example, providing not only loans, but advice and mentoring for small businesses too. You might even be worried that by claiming for benefits you’re restricted in what you can start, but the New Enterprise Allowance scheme has changed this too.
If you claim for Jobseeker’s Allowance, Employment and Support Allowance or Income Support, you could very well qualify for the money and advice that could help to turn your life around and give you that fresh start.
Scholarships for further education
If you have a love of business and some experience of entrepreneurship, you might find that you need to further your education on a subject to better understand how to turn it into a business idea. Whether it’s the need for a broader skill-set, expert tuition, or the chance to network and understand your field better, there are many scholarships available that can help provide this.
Reuben Singh began his business from a young age, and set up his scholarship programme to help the business leaders of tomorrow reach their goals. If you have passion, ambition and have already shown entrepreneurial initiative, then apply for the chance to receive up to £9,000 towards tuition fees. It could set you on the right path towards your global empire.
Did you find this advice useful? Let us know if you have any other funding ideas.