7 tips to save money on small business bills
Here are a few tips to help you along with the process and get you saving cash on your bills…
Setting up your small business can be tricky without the right tools. That’s why we’ve put together some of the best grants and funds that are easily accessible for those who are looking to set up on their own!
There are business grants and small business loans available exclusively to young entrepreneurs. The Prince’s Trust Enterprise Charity Programme is a network of the UK’s leading entrepreneurs who are committed to supporting and inspiring the next generation of leaders. It has distributed more than £5 million in funding since 2010.
Crowdfunding has rapidly grown in popularity over recent years. It’s the practice of funding a project or venture by raising money from a large number of people who contribute a relatively small amount via the internet. There are a few places you can source crowdfunding, such as:
Geared towards speeding up the growth and success of startup and early-stage companies, business incubators provide a good path to gaining some capital. With incubators, your business gets access to a variety of capital choices and a host of add-on benefits which can include networking opportunities, expertise, access to office space and meeting rooms and invaluable mentorship. Check out Seedcamp for more information.
Angel investors are private individuals who are willing to invest in your business, accepting their investment comes with some risk but in expectation that they will see a return if your venture is successful. They usually fall into one of four different groups:
SEIS is a tax relief designed to encourage investors to invest in UK companies. The relief allows investors to claim back up to 78% of their investment through tax in the first year. Many professional investors now require SEIS at Angel Stage before they even look at a company. You can apply for SEIS status with HMRC here.
The Smart Grants scheme provides grants for start-ups with significant technological or scientific intellectual property grant funding. You can find out more information about innovation grants for start-ups here.
Innovation vouchers provide a small but useful Government grant to develop an innovative idea or new product by providing you with expert know-how. Innovate UK will help source expertise for your business from one of the following:
Find out more here.
Remember, any loan or grant you’re interested in should be researched thoroughly before you make any commitments to ensure it’s the best possible solution for your small business. It’s also useful to network with other entrepreneurs and see what kind of routes they’ve gone down to fund their businesses.