As a small business owner or a startup entrepreneur in the UK you probably have given thought to getting government funding for your small business. You know, the money that you as a British resident pay into taxes each year, which the government of the UK uses to help support entrepreneurship across the nation?
If you haven’t, maybe it’s time to consider it now. Government funding is available and getting funded should be your top priority!
In this article we will be discussing the following in relation to getting government funding for your small business:
- What is government funding?
- Who is government funding available to?
- How do you get government funding?
- The DIY: Do it yourself method of getting government funding
So let’s get to it.
Getting Government Funding For Your Small Business
All Brits have an equal opportunity for getting government funding for their small business. However it is important to note that when searching and applying to funding schemes offered by the different funding agencies, you keep one thing in mind – each funding scheme has it’s own set of rules, criteria and eligibility requirements.
Before you apply, be sure to know that the scheme is the right one for you and you for the scheme.
But before you start applying to every single government funding schemes let’s get you educated on government funding a bit more.
Government funding is money that is available via the UK government with a purpose of helping small business owners and entrepreneurs successfully startup or expand their business.
The government of the UK takes taxpayers money as we already know and they use this money to build the British economy.
A portion of that money comes from self employed UK residents and those who build the economy through job creation..etc
The money from that point on is provided to various funding agencies at different government levels (local, regional and national) to support entrepreneurship by providing the funds to the needed industries and for the specific funding needs that entrepreneurs within those areas need to have met.
Once the funding is provided, the life cycle of the money funded begins again.
If you are the small business owner benefiting and getting government funding for your small business you will use that money for a pre-set funding need which the government funded; in most cases you will end up creating jobs, paying tax on the revenue at which point the money paid will end up going to another business owner or set of business owners at a later time by the government of the UK.
Getting government funding for your small business would help, wouldn’t it?
Well before you decide that you’re getting your business started just with government money, hold your horses.
While government funding may be available for many it may not be available to all, but before you decided that you’re out – be sure to double check.
Government funding is available, but a number of factors have to be met before you can take a piece of the pie.
- You must be a UK citizen
- Must have a registered business (doesn’t have to be active just yet)
- Have a business plan (which shows your funding needs)
- Know the scheme which to apply to
- You must know how much you want and what you want it for
- And you must meet the eligibility requirements of that scheme
If you’re unsure if getting government funding for your small business is an option for you, ask our experts.
Getting government funding isn’t easy – but it is very possible.
So how do you get government funding?
Well, you probably should be going directly to the source; in this case the specific government funding scheme you want to apply to.
But here is the problem.
That source, surely you don’t know.
So this is where getting government funding for your small business becomes the pain in the ass.
You do have a few options when it comes to locating the funding schemes:
First: Hire an accountant (this may cost a few hundred bucks and maybe a percentage of the funding obtained)
Second: Try to find it on your own (this may work but usually takes 4 to 6 weeks if you know what you’re doing)
Third: Get expert help (somebody like UKStartups with the Funding Database)…More then half the works been done for you.
Whatever option you opt to go with, know that funding does exist and finding the schemes it the first step. Applying is a whole other game – and we help with that too (with option #3).
So you want search, find and apply to get government funding for your small business on your own?
Well, this DIY: do it yourself method may be the perfect option for you.
Before you begin be sure to give yourself plenty of time (approximately a month).
Start with the government website. They have a bunch of government funding schemes there that you can browse.
Be sure to Google a lot of different terms such as “government grants, government loans, government funding schemes “; be sure to interchange the keywords with your city and your region, perhaps even your industry.
Be sure to make note of any funding schemes that you come across that seems interesting and that appears that you could meet the criteria. Once you’ve compiled a list of a few schemes ; and you believe all of your needs from your business plan have been met, be sure to start applying to these schemes.
Find the applications for each of the schemes. Sometimes you have to call them, sometimes email them, sometimes they don’t have the applications anywhere so it may be a bit tough. Be sure to invest some time to make sure you meet the criteria and the eligibility of the scheme. You don’t want to be wasting your time or their time.
Once you’ve filled out the applications be sure that your business plan is perfect! On top of that, ensure that your funding applications are 100% accurate; a lot of times (more then 90%) of the time that individuals apply to government agencies they end up making a mistake on the application process – which costs them the application.
That is the DIY method of getting government funding. Do take the time to research all available options so that you and your small business in the UK can benefit.