Starting a new business can be challenging. Entrepreneurs face various challenges while starting or planning to initialize new business. Among the major challenges faced by the entrepreneurs is the inadequacy of funding. Most people are willing to start businesses, they even come up with the business idea, but fail at the implementation point due to lack of financing. Who can help you finance a new business? Is a question many entrepreneurs spend time trying to solve. How well they can answer the question determines the success of their business, if they succeed in setting up one.
The UK government have various forms of assistances for businesses. Grants, to begin with, are offered for specific activities. Such activities include investment and innovation. The amount given for investment may be determined by the location of the business. It may also be defined by the chances the business is likely to create for employment. Grants are aimed at encouraging business setups at specific locations. Innovation grants, the so-called research and development schemes, are aimed at promoting investigations and new ideas generation.
Another form of business assistance availed by the UK government is in the energy and environment schemes. The grant is given to the organizations that use environmentally friendly tools and energy-saving equipment.
Another form of the grant provided by the UK government is the training grant. The grant is tailored to assist in the development of entrepreneurial skills and is provided through apprenticeship schemes. The government also issues growth vouchers to young businesses to allow them to afford the advice of experts.
Tax reliefs, which reduces the tax liabilities of the firms, also aid in funding new ventures. They lower the cost of starting the business since the relieved amounts can be used for other purposes in the business establishment. Also, the UK government has put in place Technology Strategy Board to provide funding in support of innovation, research, and development. Through the British Business Bank, the government avails new business financing to entrepreneurs.
With the availability of the above financing, a new business needs the services of a specialized financial advisor to render advice on how to utilize the funding when received. It is said that an entrepreneur should be a risk taker. However, it is always prudent that the risks take are calculated to increase the possibilities of the business materializing. A specialized financial advisor will be of much significance to new business to ensure that the funding is utilized to achieve the set goals.