Starting a business from scratch is not an easy feat, but thankfully, there are support systems in place for small businesses.
Start-up loans
As a start-up, you could be eligible for a loan to help get your business off the ground. Starting from £25k, start-up loans can give you that much-needed boost so that your visions can quickly become reality.
The finance sector doesn’t want any promising new business to fail, so these schemes are in place to help businesses reach their potential.
Venture capital schemes
Once again, venture capital schemes offering tax-based incentives are here to help small businesses that are up against large corporations. The main venture capital schemes in the UK are EIS or ‘Enterprise Investment Scheme’, SEIS or ‘Seed Enterprise Investment Scheme, and VCT or ‘Venture Capital Trusts’. These encourage investment into small UK businesses, and at times, offer those investors tax breaks as incentives. It’s a win-win for all involved!
On the subject of tax… if you are yet to file your first business tax return, then you may require the help of business accountants Oxford, such as https://www.hazlewoods.co.uk/expertise/business-accountants/oxford. Not only can they take some of the financial pressures off you, but they can usually offer you valuable advice on how to manage your business’ finances and where to seek funding should this be necessary.
Digital skills
The UK Government is committed to helping individuals and businesses acquire new skills, particularly in tech, due to this playing such a big role across all sectors. The Skills Toolkit, for example, on the GOV.UK website, allows people to train in a variety of fields, from wellbeing to computer skills.
Growth hub
Last but not least, Growth Hubs are located across all regions of the United Kingdom and serve the purpose of offering businesses advice, resources, and possibly even funding, to help them start up a business, employ people, and grow their vision. While they are available to businesses of all sizes, they are crucial for those start-ups or small businesses who need support at the critical time of getting started.
