Kraken Business

Extra help and support available for your start up

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If you run a start-up business as an entrepreneur, there may be extra help available for you if you are a woman, over 50, disabled, from a minority ethnic group, a young entrepreneur, or if you are on a low income.

Much of this help takes the form of mentoring and networking – but you should also be able to access targeted advice, support and even apply for loans and grants.

This guide will explain about sources of funding that might be available to you and where to get help, advice and training.

Table of Contents

Mentoring, networking, finance and training

Mentoring and business networking can allow you to benefit from the knowledge of other industry professionals.

A business mentor is someone who has experience of running a business and can offer guidance, support and advice to a new entrepreneur.

Business networking is an opportunity for you to meet with other business people, make new contacts, get new leads and find ways that you may be able to help each other.

There are many networking events available through several different organisations, including trade associations and Chambers of Commerce.

Find your local Chamber of Commerce on the British Chambers of Commerce website- Opens in a new window.

Search for your local trade association on the Trade Association Forum website- Opens in a new window.

Networking is also increasingly available online, through groups set up on social networking websites or through specialist websites, such as LinkedIn.

Mentorsme.co.uk

Mentorsme.co.uk is the new government-supported national mentoring network. Many of the UK’s major business mentoring organisations are represented here, and there are details of more than 10,000 business mentors for you to search for – many of whom provide their services free of charge.

You can find business mentors on the Mentorsme.co.uk website- Opens in a new window.

Financial support and ongoing training

The government can also provide financial support for your business in a number of ways.

You may be able to obtain finance from Community Development Finance Institutions (CDFIs). These organisations provide loans and support to businesses and individuals who have had trouble getting finance from sources such as banks and building societies. Read about sourcing finance from CDFIs on the Finding Finance website- Opens in a new window.

The Enterprise Finance Guarantee (EFG) aims to help smaller credit-worthy businesses that are unable to obtain a conventional loan because of the current tight lending conditions. Find out about the EFG on the Department for Business, Innovation & Skills (BIS) website- Opens in a new window.

If you need to improve your business skills before or after starting up a business, you can apply for a Professional and Career Development Loan. This is a deferred repayment bank loan aimed at financing the training and qualifications that will help individuals further their career or business.

Find out about Professional and Career Development Loans on the Directgov website- Opens in a new window.

Search our business support finder for grants, loans, expertise and advice for which your business may be eligible- Opens in a new window.

Support for female entrepreneurs

There are lots of business organisations aimed specifically at women – at both local and national levels.

These include:

  • the Women in Business Network
  • everywoman
  • Prowess 2.0
  • Prince’s Trust – offers mentoring services for young women

However, there are many more who may offer face-to-face networking events and the opportunity to network online.

Support for mature entrepreneurs

If you are over 50 and wanting to start up a new business, there could be support available to you.

PRIME is the main non-governmental business support group for over-50s and will be able to advise on any events or networks targeted at mature entrepreneurs in your area.

Support for disabled people

If you are disabled and wanting to set up a new business, there could be extra support available for you.

Action for Blind People (ABP) self-employment advisers offer support to blind and partially sighted entrepreneurs who are looking to establish new businesses. They can also provide support for developing businesses that may be facing specific challenges. Find out about the work and services of ABP on the ABP website- Opens in a new window.

Jobcentre Plus provides help and assistance with training and finding work, such as self-employment. Their advisers can help you with support specifically for disabled people. Find out how Jobcentre Plus can help you on the Directgov website- Opens in a new window.

The Disabled Entrepreneurs Network (DEN) provides information and networking opportunities for self-employed disabled people. You can find out about support available for disabled people on the Directgov website- Opens in a new window.

The DEN has also produced a booklet called ‘Setting up in Business: A Resource guide for disabled people and their advisers’. This includes information about tax, the Access to Work scheme, business planning, courses, grants, finance and working from home. To get a copy, you can apply by email to info@disabled-entrepreneurs.net.

Disability charity Leonard Cheshire and easyGroup chairman Sir Stelios Haji-Ioannou run an annual award of £50,000 for exceptional disabled entrepreneurs – the Stelios Disabled Entrepreneurs Award. Find out about the Disabled Entrepreneur Award on the Leonard Cheshire Disability website- Opens in a new window.

If you have a disability and usually work 16 hours or more a week, you may also be able to get extra tax credits. The disability must be one that makes it hard for you to get a job and you must be receiving, or have recently received, a qualifying sickness or disability-related benefit. Find out how to get extra tax credits on the Directgov website- Opens in a new window.

The Shaw Trust is a national charity that provides training and work opportunities for people who are disadvantaged in the labour market due to disability, ill health or other social circumstances. Find out how the Shaw Trust can help you on the Shaw Trust website- Opens in a new window.

The Association of Disabled Professionals (ADP) provides a forum for disabled people to share problems and experiences. It also offers employment advice and information and support for disabled people, including advice on issues relating to benefits, networking opportunities and schemes such as Access to Work. You can find disabled employment advice on the ADP website.

Support for black, Asian and minority ethnic start ups

There are several established business support networks specifically for black, Asian and minority ethnic businesses that provide information about starting a business, how to get finance and advice and other help once the business is up and running. This support includes:

Support for entrepreneurs on low incomes

If you receive benefits and want to set up a new business, it is worth discussing your business plans with a Jobcentre Plus adviser. They will be able to tell you how starting a business will affect your benefits and point you in the direction of practical support. You can also ask your adviser about the self-employed support package provided by Jobcentre Plus. This package is aimed at people who have been unemployed and claiming Jobseeker’s Allowance for 13 weeks or longer.

You may also be entitled to Working Tax Credits. These are payments to top up the earnings of working people on low incomes, including the self-employed. You can find out about Working Tax Credits by calling the HMRC Tax Credits Helpline on Tel 0845 300 3900.

You can also get business support from many charitable organisations, including the Fredericks Foundation. Find information on loans available for new start-ups on the Fredericks Foundation website- Opens in a new window.

You can also find out about the Jobcentre Plus self-employed support package on the Directgov website- Opens in a new window.

Sources of support for young entrepreneurs

There are a number of schemes that offer advice and support if you are a young entrepreneur. Many of them can also help if you are finding it difficult to raise finance.

The Prince’s Trust

The Prince’s Trust can help you test your idea, write a business plan, access mentoring and may even offer you financial support if you are struggling to raise money for your business.

The Prince’s Trust offers:

  • employment advice
  • business skills training
  • business planning support
  • start up funding
  • ongoing support from a mentor

You can register your interest on the Prince’s Trust website- Opens in a new window.

Shell LiveWIRE

The Shell LiveWIRE website offers discussion forums where young entrepreneurs can share their experiences, and offer solutions to business problems.

Shell LiveWIRE is aimed specifically at young entrepreneurs aged between 16 and 30. It allows you to utilise a pool of experts with specialised knowledge. Find help and advice from the Shell LiveWIRE community on the Shell LiveWIRE website (registration required)- Opens in a new window.

Shell LiveWIRE Grand Ideas Awards offer up to five £1,000 prizes a month to the most innovative and unusual ideas submitted by young entrepreneurs aged 16-30 with new businesses in their first 12 months of trading.

Find out about criteria and how to apply for the Grand Idea Awards on the Shell LiveWIRE website- Opens in a new window.

Young Enterprise

Young Enterprise has several programmes aimed at giving young people an understanding of how business works through running their own businesses. Find details of Young Enterprise programmes on the Young Enterprise website- Opens in a new window.

Working tax credits

If you are not earning very much in the first months of your business, you may also be entitled to Working Tax Credits. These are payments to top up the earnings of working people on low incomes, including the self-employed. For more information, see the page in this guide on support for entrepreneurs on low incomes.

Find out about Tax Credits on the HM Revenue & Customs (HMRC) website- Opens in a new window.

You can also find out about Working Tax Credits by calling the HMRC Tax Credits Helpline on Tel 0845 300 3900.

Graduate entrepreneurs

If you’re a graduate or student, you can access advice and support on the National Council for Entrepreneurship in Education (NCEE) website.

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