How to set up your own business in 2015; big trends, killer ideas

Small Business IDEAS UK List

Small Business Ideas / December 19, 2020

Every business needs financing. For your small business, getting enough money together can seem daunting, and you may feel like you must take out a bank loan. However, small business grants offer another option that help you avoid taking on added debt.

Grants can lessen your financial risk and burden, and the government has invested millions in grants in order to help women entrepreneurs establish their businesses. After all, research shows that “boosting female entrepreneurship could deliver approximately £60 billion extra to the UK economy.” Unfortunately, only 17% of UK business owners are women. Grants can help you push your business to the next level.

Business grants can be a competitive field, and it’s important to note that “not all of the available small business grants are only for women.” Requirements vary: For example, some grants require your business to be up and running, while others may allow those still in the beginning idea and startup phase to apply. Others may require your business be in a certain industry or in a certain location. For anyone with a UK-based business outside London, including in Northern Ireland and Scotland, you will likely find many grants specific to your locale.

Keep in mind that while most grants are non-repayable, some may be loans or partial loans. Make sure to thoroughly read and understand all information regarding stipulations, terms, fees, and other fine-print details. Sometimes these repayables have lower interest rates or other incentives that might make it worth taking on the debt.

When you're ready to apply for small business grants, you need to have proper documentation and knowledge about your business. They also require a statement of purpose. You want to introduce the woman (or women) who owns your business, then explain its history, what inspired you to start it, and why your small business deserves the grant more than other similar businesses.

If your application is accepted, grant organisations may require further actions in order to make their decisions. You may have to call a local council representative or present your startup idea before a panel. You'll definitely want to refine your elevator pitch.