There’s no reward more fulfilling to an entrepreneur than seeing something that was once an idea growing into a fully-fledged and flourishing business.
Building up an enterprise from scratch has such an undeniable appeal, that in the 2019 financial year alone, a whopping 672,890 start-ups were established by entrepreneurs in the UK.
But, as every entrepreneur knows, having an amazing idea for a start-up isn’t the only thing it takes to become a successful and thriving business. Many of those entering the corporate world will need a helping hand and dedicate themselves to researching topics like government support options for businesses. Fear not – this doesn’t have to mean paying a tonne for financial advisors, as venture owners can easily consult free government essays written by experts online and find out more about the government systems! Oftentimes, it’s the question of government support that can make or break a start-up’s potential, so it’s highly advisable to check examples of how exactly the governments work.
Let’s take a look at some of the steps savvy entrepreneurs can take from a free government essay sample and use to make avail of government support for businesses!
Research
When it comes to accessing government support for your business, it’s important to note that the kind of government support available to a business will depend on:
- Commerce profile
- Geographic location
Commerce profile
The support options available to start-ups are partially determined by what stage of trading the company is at. The UK government support options are generally divided into three categories of business profile: those not yet trading, those within the first 1-2 years of operation, and established businesses.
Geographic location
In the UK, the nature of the support you can request from the government is also highly dependent on geographic location. Business owners should consult their local government resources to see what particular support their municipality can offer them.
5 types of support available to start-ups
Start up loans
Newly established enterprises may be eligible for a government start-up loan, which are explained in useful essays on government that you can access online.
- Conditions: In order to be eligible for a start-up loan in the UK, a business must be trading for less than two years. These loans can range from £500 to £25,000 and are considered government-backed unsecured personal loans, as opposed to business loans.Online resources can explain the terms of small business loans UK based so that you understand what type of loan your business is eligible for.
Counselling
In addition to providing loans, the UK government also provides of range of resources that are intended to provide guidance to new businesses. The National Business Support Helpline is a key aspect of this governmental assistance. Through the helpline, business owners can access diagnostic support and business guidance from experts. Its call-back service offers even more depth access to guidance, whose team of Business Support Advisors offer up to 60 minutes of free guidance at a time.
Grants
The UK government offers start-ups UK based a range of grants to encourage the growth of small businesses. Prominent examples of these government-issued grants include:
- Retail, Hospitality and Leisure Grant Fund (up to £25,000 and issued by local councils)
- Small Business Grant Fund (a one-off cash grant of £10,000 for small and rural start-ups)
- Discretionary Grants Fund (up to £25,000)
Workshops
There are a number of guidance-based start-up workshops designed for entrepreneurs and administered by the UK government. Start-up owners should check out their local government offices to see what business-based workshops are available, but most workshops will be centred around topics such as accelerating business growth, networking, and financial management.
Tax Relief
For enterprises operating in the manufacturing and technology sectors, there is the possibility of earning Research and Development tax relief. There are various forms of Research and Development (R&D) support, the main two of which are:
- Small and medium-sized enterprises (SME) R&D Relief (for companies with staff numbers under 500)
- Research and Development Expenditure Credit (also available to larger companies)
Of course, up-and-coming start-up owners should use expert government essay samples for diving further into research, but these are just a few of the ways in which entrepreneurs can seek government support and take their start-ups to the next level!
