What are the available UK government-supported resources for entrepreneurs to grow their businesses?
It takes a big courage and motivation to go into entrepreneurship nowadays. The fact is that entrepreneurship is a daunting task that requires a lot of efforts.
This is why they say entrepreneurship is not as easy as eating cake. You have to be ready for the challenges before you make the decision to say goodbye to your boss and start your own business.
Raising capital to finance a startup
Obviously, raising capital to finance a startup is one of the major problems for young entrepreneurs to battle with when trying to launch a startup. However, there are several ways to go about this too. You can raise money through the bank, family members and friends.
SEE ALSO: How To Start A Business When You’re In Financial Difficulty
Luckily, there are other reliable ways to raise capital to finance a new startup. You can raise fund through crowdfunding websites as well as Angel Investment Networks. You can also try this alternative crowdfunding platforms for entrepreneurs to raise capital for your startup.
Government-supported resources to grow your business
Having established your startup, growing and expanding it is the next natural step to take. As a business owner, you identify the areas where you need help and then search available resources for assistance.
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[A]. General business growth support
The UK Government supports young entrepreneurs in so many ways. The government offers all kind of support to entrepreneurs in the country to grow their businesses. These Government schemes and services can help entrepreneurs scale up their businesses. Below are business resources available for entrepreneurs and startups in the UK…
#1]. Business and self-employed resources @ Growing a Business
This is a UK Government website that offers valuable resources for entrepreneurs and small business owners.
Available resources include a plan for growth, how to get extra funding and how to increase sales to existing customers. You can also learn how to attract new customers, improve your products and services etc.
#2]. Government policy paper @ Small Business, Great Ambition
This Government portal provides guidance for entrepreneurs on how to set up and successfully run a small business. It also offers valuable resources to make it easier for entrepreneurs to finance business growth.
This government policy paper offers an overall step by step guide on how to start growing your business.
#3]. Extensive advice and publications @ British Chambers of Commerce
British Chambers of Commerce offers you extensive advice and publications about export services, documentation, training, and trade missions.
They have concise Market Snapshots where entrepreneurs can get valuable information and learn more about export opportunities in key markets around the world.
#4]. Get expert business advisers @ Manufacturing Advisory Service
This portal provides excellent support for the manufacturing industry in the UK. It has an exclusive team of expert Manufacturing Advisors in the field working with management teams to formulate long-term strategies.
It also advises on streamline processes and the introduction of new products to the public, helping to improve activity and capacity in supply chain operations.
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[B]. Financial support
Having a clear grasp over finance is one of the cornerstones of a successful business. The resources below will help you understand the range of financial support available to you.
#1]. Business finance and support @ Business Support Helpline
Don’t know what kind of finance is available to fund your business? This guide explains the range of financing options that are available to entrepreneurs and their businesses.
Here, your business can get advice and financial help from government-backed schemes. Enter your details and select the type of support you need.
#2]. Get business loan @ StartUpLoans.co.uk
Start Up Loans is a government-backed scheme set up to help individuals start or grow a business in the UK. Successful applicants can access free mentoring from experienced advisors plus low-interest loan.
It has offered supported over 46,000 business ideas with more than £300 million worth of loans.
#3]. Business finance and support @ Private sector finance
Better Business Finance provides impartial information and support to businesses and entrepreneurs looking to develop and grow. So, whether you are seeking finance, or starting out or exporting abroad, BBF is there to help.
It’s set up by a coalition of the largest UK Financial institutions and it takes you through the possibilities for private funding.
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[C]. Business mentorship and advice
At times, it takes more than courage to transform an idea into a reality. Startup success is all about knowing where to start and having the right tools. There are government-supported schemes and initiatives out there that can help you make things work.
#1]. Get access to expertise @ Future Fifty
Future Fifty is an excellent scheme for entrepreneurs that offers select startups access to expertise within both the Government and across the private sector.
Each year a number of companies graduate from the programme and join an illustrious alumni network consisting of Skyscanner, Zoopla, Farfetch and Just Eat.
#2]. Join the best tech startups @ Upscale UK
Upscale is a 6-month programme which provides some of the fastest growing UK tech companies with world-class advice from scale coaches, entrepreneurs and operators who have built and sold businesses.
The is another Tech City UK programme that powers some of the fastest growing UK tech companies on their scaling journey.
#3]. Gain key business skills @ Digital Business Academy
Digital Business Academy is a highly resourceful platform that gives young entrepreneurs the opportunity to gain the business skills they need for a digital world.
Here you learn online for free at your own pace and from your own place. It’s another Tech City UK programme for anyone with a digital business idea.
#4]. Get valuable support @ Tech City UK
Tech City UK is a government-supported initiative and it’s popular amongst tech startup owners. It delivers programmes that focus on accelerating the growth of digital businesses across the UK.
Tech City UK focuses on areas like digital skills and smart capital investment. It also offers infrastructure, international development and leadership support. A good place to be for anyone interested in setting up a tech startup.
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