We recently asked 1000 would-be business owners about the additional help they would like to see from the Government when it comes to starting a business. The results came back with almost a third of respondents (28.02%) suggesting the government could and should do more to help to encourage the growth of new businesses in the UK.
Currently, the government is known to help small businesses on areas such as:
- Funding grants
- Reducing the cost of green energy initiatives
- Supplying training through the national apprenticeship service
Our survey revealed that many would-be business owners feel this isn’t enough.
What the government can offer for small businesses often goes unnoticed and as a result, would-be business owners could be at a disadvantage. To help clear this up we have collected a comprehensive list of all the governmental factors which can help to aid the growth of a new business.
Government Grants To Help New Businesses
First and foremost, all would-be business owners should reserve some time to enquire about grants from the government. These grants are often based on the location of your business and will often rely on a number of factors for qualification; all of which are unique to the grant on offer.
New businesses in the following locations are seeing the highest amount of grant money available:
- The Isles of Scilly
- The Scottish Highlands
- West Wales
This could be due to higher unemployment levels in these areas, meaning the government and the European Union want to encourage business growth and as a result encourage employment.
There are also a wide range of grants available for businesses that are looking to encourage research and development across the U.K especially in tech industries.
Gov.uk have developed a really useful business finance finder tool, click here to try it out and discover what you could be eligible for as a would-be business owner.
The Government also provide a great selection of grants for companies who are keen to invest in energy efficient practices. Companies who are looking to develop energy and environmental products are likely to see a high level funding from the government.
The Carbon Trust has more information on energy grants. Click here for help finding energy grants and improving your business energy efficiency.
Training & Apprenticeships To Help Aid New Businesses
The best way new businesses can save on labour costs is to look to develop skills and employment through the government’s national apprenticeship service schemes which enables employees to begin an apprenticeship scheme within the business.
The perks of this are an improved and educated workforce with recruitment costs covered upto £1,000 and an additional £1.500 costs covered towards training if employing a candidate who has been unemployed for a while.
Business Growth Vouchers
Another government initiative worth taking advantage of is the Growth Vouchers Research programme. This initiative funds expert business advice for smaller businesses in order to help them grow. The Growth Vouchers will provide expertise in areas such as;
- Finance and cash flow management
- Recruitment and development
- Improving management and leadership of people.
- All forms of marketing
- Retaining customers
- Maximising your digital potential.
Applying for a Business Bank Account
Most new business owners will apply for a business account with one of the main high street banks. However some external factors may mean that some business owners may not be able to apply for a traditional business bank account.
Unfortunately, the government does not do enough to help support those in this position. Luckily our business account offers a low-cost alternative to high street banking with a one off payment of just £69 pounds a year.