Guest blogger Leigh Williams is the founder of Marketing & Business Coaching company Truesilver. She offers one-to-one, telephone or online coaching and is a specialist at helping small business owners tap into Government funding schemes. In this post Leigh guides you through the process of accessing funds and putting them to good use.
When I mention government funding to people, I tend to get one of two reactions: either disbelief or amazement. I’ve learnt over the last year or so that sometimes you really can’t give money away. Some people firmly believe that nothing comes for free and if they can’t find a catch they distrust it. Personally I feel that we all pay taxes, so technically it’s not ‘free money’ but if it costs you nothing to find out why not give it a chance?
And yet most people are truly amazed that they are eligible for any kind of grants or funding and open to getting all the help they can.
Show me the money!
Though it would be nice, and we could all do with one, there is rarely a big pot of gold available to pay for your business set up and running costs. If you take into account that there are over 4 million businesses in the UK and 99% of those are small or medium size businesses, it’s just not viable for the government to pay thousands (or millions) of pounds to everyone who is starting up a business. There are, however, government guaranteed loans available rather than grants if you need money for assets such as equipment, stock etc.
If you’re looking for help with growing your business, then there are a couple of pockets of money (normally between £200 and £1000) available to most businesses. So how do you tap into them?
Which Grant?
Part of the challenge is keeping up with what’s available. We’ve helped lots of businesses in the past year get marketing, business coaching and training paid for by the various funding bodies. Business Link offer a lot of help and the Learning Skills Council are another main one. The key is knowing who to ask, what to say and how to apply for it. There are a lot of companies that will advise you and some will charge for the service. We give our funding advice for free as part of our initial free coaching session, the theory being that if people like our service and use the funding to pay for help from us, then everyone wins. You win because you’ve got some free help to grow your business, the funding body wins because they need to use up the money they’re allocated and we win because we get paid.
The main criteria for the various grants we help people with is that your business is less than 3 years old or you have 5 or more people in your business. We can often help companies who don’t fit that criteria as well, but if either of those sounds like you then you really need to talk to someone about getting the help that’s available.
Applying yourself
If you’re planning on applying for the grants and funding yourself, make sure you know exactly what the criteria is and how the application process works. Be wary of applying to funding bodies that aren’t completely clear on what you need to do to qualify. We focus on the grants where the application is as straightforward as possible, because we can generally get an answer within a couple of days if not a couple of hours. Charities have full time trained staff who’s sole job it is to contact funding bodies and fill out applications in the hope that some of them will be accepted. Most of us are too busy running our businesses to spend that kind of time, which is why we keep it simple and will only advise you to apply where you’re likely to be accepted.
Make the money count
Once you’ve been given a grant, the next stage is to use it wisely. There are some great marketing companies and business advisors out there but I’ve dealt with quite a few clients who haven’t got the best out of their funding. Either the company they spent it with didn’t give them the service they were expecting, or they were more expensive than the industry standard so couldn’t get the level of help they really needed. Always ask what the results will be from the program or service you sign up to. You need to make sure that whoever helps you is going to give you something long term. The reason these grants are there is to help Britain become “better skilled and more competitive.” It really is a case of teach a woman to fish…
If you’re looking for help in your business, you really aren’t the only one. Use someone like us who specifically helps small and micro businesses as generally they won’t charge you the earth and make sure you know exactly what you’re getting for your money. Ok, so it’s the government’s money, but hopefully if you think of it like your own then you’ll spend it cleverly and it can really help you get to the next stage in your business.
To find out how Leigh can help you access funding, or how she can help with your marketing plan or business coaching contact her at info@truesilver.co.uk or visit www.truesilver.co.uk
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