Would you LOVE to take better care of your finances?

Sign up for the Self Care For Your Biz Finances Retreat. 

It's completely free and includes a once or twice a year online retreat.   Join over 300 women like you who said yes.

Surprising Government Support For Start Ups

At The Money Haven, I give you a safe space and the support you need to sort out the money side of your business.

I combine hand holding for the emotional overwhelm and practical actions to support you doing what you need to do for yourself or help you understand and feel in control about what your accountant does. 

If you’re reading this and investing in support isn’t right for you right now, this contributed post is here to help.

If you want to invest in support but you also could really do with some money from the government coffers to start you off, this contributed post is here to help (I have clients who’ve had government or (and!) council paid grants so why not you too?)

You can find out more about me and how I can help at the end of the post or contact me.

Remember government help and phone numbers can change.

 

Surprising Government Support for Business Startups

 

Setting up a new business can be an enormous challenge and it may seem that the higher you climb, the bigger the mountain. When it comes to financial support, many entrepreneurs don’t actually have the first clue where to look, as the UK Government has various support schemes and initiatives to explore. It’s not uncommon to find yourself lost in a maze of confusion, and with so many other things to think about, you might feel like giving up on the idea.

 

Thankfully, there are ways of making the most of what support is out there. Government help is available, it’s just a matter of knowing what is right for your business and what steps to take in order to get what you need.

 

Here are a few things that can help you at the beginning of your journey…

 

Call the National Business Support Helpline

 

The national helpline was set up for financial help, but also for solid advice for anyone looking to set up a new business. It’s aimed at existing businesses as well as start-ups, so regardless of where you are in your business journey, you should be able to get something out of calling the helpline. This line is also very helpful in the sense that you can can get help with writing a business plan and even help with your taxes. [Rosie: the government giving you money isn’t the same as financial advice which is a protected legally defined service so ask them about the difference/what they’re offering if you’re not sure].

 

Important: There is a different contact number depending on where in the UK you live. Below are the different numbers depending on where you are. The rates may differ so it’s worth checking them out before you call.

 

  • England: 0300 456 3565
  • Scotland: 0300 013 4753
  • Wales: 0300 0232071
  • Northern Ireland: 0800 181 4422

 

 

More information about the government support helplines can be found here.

 

Discover the ‘Start Up Loans Company’

 

Yes, it exists, and yes it is exactly what it says on the tin. This is actually a subsidiary of the British Business Bank, and all you need to fit within the requirements is a startup business which has been trading less than two years (as well as being a resident of the UK, of course). It’s worth checking out what you are eligible for, as the Start Up Loans Company can give out loans around £20,000 or more. This scheme has helped thousands of startups nationwide and it could well be the boost you need to really get things rolling.

 

Find more info about the Start-up Loans Company here.

 

The New Enterprise Allowance (NEA)

 

This is a scheme especially for brand new ideas and startups. It’s worth talking to your local Jobcentre Plus first, as the staff are clued up on the details and can point you in the right direction. The New Enterprise Allowance has been known to help budding business people make the transition from unemployed to running their own company.

 

 

See more about the New Enterprise Allowance here.

 

Get a Volunteer Business Mentor

 

Essentially this is a search tool which gives you access to experienced and quality assured mentors all over the UK. You can narrow down your search depending on your type of business and how long you’ve been running for (or if you are still in the process of setting up). There are approximately 15,000 business mentors available who can help you get set up or manage your new business plan.

 

Find out how you can get involved here.

[Rosie: I offer mentoring for starting your business and I charge for it. If you’re not ready to invest in support, hallelujah this link is for you.]

 

Family Business Help

 

As well as the various forms of financial help available through the government, there are also training schemes available, where you can sharpen up your skills and increase your chances of success. This is especially worth checking out if you are setting up as a family business, because there is advice available on managing things such as accounts and relationships on a professional level.

 

It’s absolutely worth exploring these, as although there are many to choose from, you will really be able to reap the benefits once you’ve found one ideal for you and your business. Finally, it’s highly recommended that you explore family business accountants and their services, who can give you a hand on managing your finances. There can be a few grey areas when mixing professional and personal relationships, and it’s always better to leave it in the hands of the professionals.

[Rosie: whether you have a family biz or not, I completely support having outside support for the money side of your business. It’s not worth risking your valuable family and friend relationships.]

 

Good luck with your business venture!


This is a contributed post.

 

How I Can Help

I give you a safe space and the support and mentoring you need to start out and sort out the money side of your business.

I combine hand holding for the emotional overwhelm and practical actions to support you doing what you need to do for yourself or help you understand and feel in control about what your accountant does. 

Book an explore call (it’s free) or contact me.

To your financial self care,

Rosie x

 

 

Leave a Comment: