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5 UK Organisations That Offer Funding For Start-Ups And SMEs

May 29th, 2020 Posted in Business, Entrepreneurship
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Starting your own business is both exhilarating and challenging. One of the main reasons that startups can’t get off the ground is due to lack of finance. If you’ve got a winning business plan, it’s a shame to be held back by money. Luckily there are a number of schemes available in the UK which can help budding entrepreneurs, and existing small businesses, to access the funding they need.

5 UK Organisations That Offer Funding For StartUps And SMEs - successful business meeting image
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1 . Princes Trust 

The Prince’s Trust started providing grants to entrepreneurs back in 1976. As well as funding, they provide an enterprise program, mentoring young people who want to set up their own companies. Grant applicants must be aged between 18-30, and applicants can start the process by filling in the form on the website. The Prince’s Trust believes that all young people should have access to career building tools. On the site you’ll also find links to free professional courses, and other career based content. 

2 . CRACK IT Challenges

CRACK IT is a challenge-based competition which funds collaborations between SMEs and academics. The goal is to solve science or business based challenges in society. Previous challenges have seen winners secure three year contracts and £1 million in funding. Current challenges in process include a handheld device for monitoring rheumatoid arthritis, and developing a method for tracking gene therapies. 

3. Tradeshow Access Programme 

The tradeshow access programme helps companies with promotion by offering grants to visit overseas trade shows. TAP offers businesses support with market knowledge, foreign export, and funding. To apply for the grant, you should be a UK small business who has been exploring a few export opportunities already. You should also attend one of TAP’s events. Many entrepreneurs forget all about trade shows, due to all new digital marketing techniques. Marketing yourself in person is more authentic and suited to expressing brand story.

4. New Enterprise Allowance

This grant is specifically for those who are currently unemployed, and would like to set up their own business. Successful candidates on the scheme receive weekly payments over 26 weeks, in the past these payments have been around £120 a week. The New Enterprise Allowance scheme also offers mentoring and help to set up your business.

5. Innovation Programme 

The Innovation Programme was made for small businesses who are creating innovative products or services. As far as criteria goes, past companies have worked in areas of assistive technologies, IT connectivity, data or energy. To apply for the program, your company should have under 250 staff members. Applicants should be made through Coventry City Council. 

When you’re starting out as an entrepreneur, should you take all the personal finance tips you can get! These are just a few of the funding options for small businesses and aspiring entrepreneurs. Be sure to apply for everything that you are eligible for, you never know what big opportunities your applications could lead to.  As a small business or startup it’s important to take care of your financial health. To help you do this, MNE Accounting offers some great outsourced accounting services, which can be accessed on their website here.

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Legal Issues That Courier Businesses Are Likely To Face

May 21st, 2020 Posted in Business, Entrepreneurship
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Starting a courier business is a great opportunity for entrepreneurs because there is a huge demand for delivery services. We spend more than ever on online shopping, and delivery services are becoming the norm for most goods that we buy. Although the big courier services already deal with the biggest retailers, and many retailers handle their own deliveries, there are still plenty of companies out there that are in need of a courier. 

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However, when you start any business, you need to manage the legal issues, and that is especially true with a courier company. If you are planning to start your own courier company, these are some of the big legal issues that you need to manage. 

Licensing 

Licensing is a big issue for courier companies. If you are operating heavy vehicles, all of your drivers will need specific licenses. As a business owner, it’s up to you to make sure that all of your drivers have the correct licenses and they do not have any driving bans in place. If you do not check the paperwork when you are hiring people, you may be held liable for allowing people to drive your vehicles without the correct licensing. 

Driving Infractions 

If your drivers commit an infraction of some kind while behind the wheel of one of your vehicles, that can be a serious problem for you. Not only does it have a negative impact on your image, but you may also be held responsible. In some cases, if the infraction is a serious one, like drink driving, you may need to look into criminal law assistance for your employee. You can avoid issues like this if you pay attention to your hiring process and make sure that you are carrying out thorough background checks. You should also consider installing a telematics system in your vehicles so you can monitor speed and make sure that your drivers are following the rules of the road. 

Insurance Issues 

When you are starting a courier company, insurance is one of the most important things to consider. If you are delivering goods for clients and they are damaged, you are liable for that damage, so you need to make sure that you have the right insurance coverage in place to pay for it. If you don’t, you will end up paying out of your own pocket and you will soon end up in financial trouble. 

You also need to consider what will happen if one of your drivers is involved in an accident. In some cases, the other driver involved with the crash may attempt to sue the company, and if your employee was at fault, you may be forced to pay a large settlement. If you have the right insurance coverage to protect your business, that’s not too much of an issue. But if you have to pay it yourself, it could spell disaster for your business. 

If your new courier business is going to be a success, it’s important that you are able to deal with these potential legal issues. 

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5 Crucial Expenses Founders Need to Budget for

October 28th, 2019 Posted in Business, Entrepreneurship
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It’s easy to underestimate how expensive starting your own business can be. Building an industry-leading company requires more than just a great idea or plenty of industry passion, you also need the right finances in place to guide your organization towards success. 

While some entrepreneurs assume that they can simply jump in and tackle each expense as and when it arises, the truth is that planning your costs ahead of time is a far better alternative. Not only will your budget give you the guidance you need to make the right decisions on behalf of your business, but it will also make it easier to apply for a loan or seek out funding from investors too. Everyone who might consider giving your business money will want proof that you’ve thought about the future. 

Here are a few of the crucial business expenses that you will have to consider when you’re building your startup budgeting plan. 

5 Crucial Expenses Founders Need to Budget for - startup founder business image
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  • Equipment Costs

Depending on the nature of your business, your equipment costs may be one of the biggest monthly expenses you have to think about. If you’re running a conventional business, like a brick-and-mortar retail store, or a restaurant, your equipment could include everything from point of sale systems to ovens, refrigerators, storage rooms, and more. 

Even if you’re just running a basic online business from the comfort of your own home, there are still equipment expenses to consider. For instance, you might need a computer that you can use to complete your work each day, a printer for your invoices, and a phone that you can use to make long-distance calls. Remember, you can always save some extra cash on equipment by checking out second-hand options.

  • Supplies and Inventory

Next, you’ll need to pay for the materials required to create the products that you’re going to sell. It will be up to you to figure out how much inventory you need to have on-hand at any given moment. However, remember that an absence of inventory could mean that your customers go elsewhere if you can’t deliver what they need straight away. 

Do your research before you begin building your products, so you can determine exactly what kind of products and materials you need. Don’t be afraid to shop around until you find the supplier that gives you the best deal too! If you need somewhere to store your products, take that warehousing cost into account too. 

  • Human Resources

Although it’s becoming a lot easier for entrepreneurs to launch businesses without any outside assistance today, there are companies that you won’t be able to run on your own. You may need the help of a team of dedicated sales assistants to ensure that you can properly serve your target audience. On the other hand, you might just need a few dedicated specialists to help you out at a few times of the year-  such as an accountant or marketing professional. 

Don’t forget that you can reduce some of your HR costs by considering things like remote working today. Working with contractors over the internet means that you don’t have to pay for physical office space where your team members can work. 

  • Legal Fees

There’s more to keeping your business’s head above water legally than paying for an attorney when someone tries to take you to court. You’ll also have fees to consider when it comes to things like incorporating your company or setting up retainers. Make sure that you know exactly how much it’s going to cost to get your business off the ground, then keep it up and running. 

To protect yourself from overly excessive legal fees, don’t forget to invest in the right business insurance too. You might need to take to a business advisor for insights into the kind of insurance that you need for your type of company. Not every kind of coverage will be relevant to you. 

  • Marketing

Finally, if you want your business to grow, then you’re going to need to set some extra money aside for capturing your audience’s attention. Startup founders need to budget at least some of their cash aside for things like social media marketing, email marketing, website development, and so on. 

The good news is that marketing doesn’t have to cost a fortune. Even some basic investment into social media can be enough to start generating real engagement from your target audience. You can always invest more cash into marketing as your business grows. 

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