Support for new business

When looking for funding I think it’s important to look for expert financial advice, an accountant could help with tax breaks which are available for creative start-ups. There are many firms that specialise in helping start-ups maximise their investments who can also help with other aspects such as bookkeeping, tax planning, managing accounts, tax returns and identifying key performance indicators.

There are many small business options I can consider such as grants, loans from banks or outside investments. It’s important to be confident in your business and make sure you know this is definitely what you want to do. Investors will need to see your passion and dedication to your work.

There are government schemes which help small businesses as well such as  Enterprise Finance Guarantee (EFG) which is a loan guarantee scheme which allows bank to lend to small businesses.

Another option would be start up loans, these are governments funded loans which are available to small business which aren’t able to get funding from a high street bank. Loans are available of up to £25,000, repayable over a five year period and includes the support of a business mentor.

Local councils are another potential source of financial support. Many have funding available for small and medium sized businesses within their area. Many charitable trusts are also keen to support start-ups; the princess trust enterprise programme is a good example and Startup Loan Scheme for Young Entrepreneurs between 18 – 24years old. Here is a link to support for businesses located in Cardiff from Cardiff council .

Other support can come in the form of subsidised advice, specific support or studio space, here are some examples.

 

 

 

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