www.boostbusinesslancashire.co.uk
Boost is one of 38 ‘Growth Hubs’ in the UK and is led by Lancashire County Council and the Lancashire Enterprise Partnership (LEP). It helps business owners and leaders navigate the local, regional and national public and private sector business support landscape to find the right assistance. It also delivers funded programmes for start-up, established and fast-growing businesses.
The University of Central Lancashire is committed to providing support for businesses of all sizes and from all sectors, to improve performance, impact and competitiveness. Organisations can utilise the knowledge of Uclan’s internationally-recognised research centres, the expertise of staff, students and graduates, and the outstanding facilities the university has to offer.
Lancashire Skills & Employment Hub support the Lancashire Skills and Employment Advisory Panel which have responsibility for skills and employment priorities in Lancashire, and are part of the Lancashire Enterprise Partnership (LEP).
Their focus is to create the conditions for a balanced, skilled and inclusive labour market to underpin economic well-being, productivity and growth across the LEP area.
Regardless of your size or development stage, every business owner has to comply with many forms of business regulation, ranging from the obvious like taxation and employment law to the less apparent things such as data protection, health & safety and contractual law. The FSB exists to help business owners to be compliant through advice, support, the documentation needed and even protection for when things do go wrong. So instead of having to deal with separate Solicitors, GDPR, HR and Health & Safety professionals, we do it all for you, and at a fraction of the cost because we have economies of scale and are non-profit making.
The voice of business in Lancashire – the North and Western Lancashire Chamber of Commerce (NWLCC) is open to any business, irrespective of size. Members can access a range of practical services, networking and event opportunities, employee development programmes and national business support initiatives.
Supporting ex-forces and their families to start-up businesses
by providing them with Loans, Mentoring and Support. X-Forces have developed a simple yet effective five-step process to assist with the journey to successful business ownership.
If you’re aged 18-30, unemployed or working fewer than 16 hours a week and have a business idea to explore, then The Prince’s Trust can help with the rest. They can help you to transform your idea into a watertight business plan, as well as support you with a fantastic package of training and funding.
Wyre Council has internal departments which perform statutory duties when it comes to your business such as planning, enforcement, health and safety etc.
Click here to be taken to our Coporate website where you can find information on business rates, planning, food hygiene, waste management etc.
For information on sector specific support click here
It wasn’t that long ago that borrowing from your bank, friends, or relatives were the only available options if you need to raise money to start your business. How times have changed!
While some banks are still an option for a robust proposition with match funding or the security of the equity in your home, many start-ups have found that traditional bank overdrafts and loan facilities are no longer a realistic hope.
Thankfully, the world of funding has been going through a dramatic transformation over the past few years and this has resulted in more choice for start-ups. Whereas the banks used to be virtually the only player in town, there are now numerous other options but please do take professional advice before proceeding with any financial commitment.
You need to calculate your set-up costs as well as the money needed for the early days of trading. Once you have started, there will be ongoing costs that you will have to consider. To calculate how much you need:
Add up total start-up costs
PLUS
Amount required to see you through the early stages
LESS
How much money you have already
EQUALS
The total that you need to raise.
The more money that you can put in yourself, the better. Borrowing usually involves paying interest or giving up a share of your business.
Sadly, the personal bills continue to come in after you start a business and you need to make provisions for these. Work out your own personal SURVIVAL BUDGET by adding together all of the items that must be paid to keep you afloat in the early stages – these include living costs but NOT lavish entertaining or expensive holidays. (Well, not at this point!).
Survival Budget Template – This free template, from Start Your Own Business, will calculate how much you need to keep on top of your personal finances.
A cashflow forecast is an essential tool at this stage. This will help you calculate your initial financial requirement as well as the money needed for early days of trading. You will have to think about:
– Actual costs to start – initial purchases.
– Your own personal needs (see survival budget above). – Ongoing cost of running your business.
– Anticipated highs and lows (shortfalls).
Free Cashflow Template – Input your figures to this cashflow template and the spreadsheet will work out all of the calculations.
Most of the major banks’ websites also offer downloadable templates.
In an ideal world, you will have enough of your own money to fund the business without having to rely on any outside sources. The reality for most of us is that is not usually the case. The next best thing is to obtain a grant to plug the gap. Unfortunately, they are very few and far between and are generally for fairly low amounts of money. It is worth spending a bit of time to see if there are any that you can apply for.
If you are in a high-growth sector such as aerospace, clean energy, advanced manufacturing or have an innovative product or services it might well be useful speaking with Boost Lancashire as grants might be on offer.
Failing that, if you still need to raise money, here is a selection of the options that are available to you.
Use your personal assets: Using personal equity, such as savings or remortgaging your house can give you the freedom to run your business your way. However, it is important to be aware of the risk.
Bring in partners: If you’re a sole trader you could consider taking on partners to raise finance. You’ll need to negotiate what share of the profits each person will receive, agree how decisions are going to be made, and decide who is going to take on responsibility for the roles within the new business.
Persuade customers to pay upfront: Larger organisations can sometimes be persuaded to pay upfront to fund a project or product you are developing if they need it for their own business. It may also be worth offering more favourable terms to customers who are prepared to pay a deposit in advance.
Friends or relatives: ‘Friends, Family and Fools’ are a good potential source of investment because they know you and believe in your ability. However, they must understand the high-risk nature of the venture and that there is a chance they might not make as much as they anticipated, or might even lose their investments completely.
Start Up Loans – Borrow up to £25,000 12 months of free mentoring Government-backed.
Click here for Access to Finance for Lancashire may have more information on all manner of financial offers
This Government backed Loan fund has been set up specifically to help start-ups and young businesses (up to 24 months). It is a personal loan but not secured on your property and the interest rate is a reasonable fixed rate.
There are lenders who will allow you to borrow the money, with the loan being secured against the value of the item itself. Often used for vehicle finance but the interest rates can be high.
Interest rates vary dramatically depending on the perceived risk profile. You can do this online and get instant decisions.
Available from the main banks and online finance providers. They’ll ask you to provide a business plan and a financial forecast. The interest rate can be anything from 4% (usually only with secured loans) to 20% on unsecured loans.
Interest rates can be high and are charged per day you use it, so it’s best not to rely on this option for long term financial needs.
Again, not a good way to borrow long term, but they may be useful for short term funding. You should get a quick decision.
Often this will mean that you do not have to pay for the item up front, but can delay the outgoing payment. This is great for businesses who are awaiting invoices to be paid.
Invoice Factoring is similar. This allows you to access the value of your invoice before your client has paid it via a third party. This can effectively plug cash flow gaps.
Someone may wish to put money into your business in exchange for shares, profit share or a directorship. You will usually need to produce a business plan or ‘pitch deck’ to attract their attention.
If you have a business idea that needs to grow quickly and has a good chance of making sizeable profits, you may be an attractive proposition for a Business Angel. As well as investing their own money, you will also acquire their expertise and contacts.
This is a growing type of funding. It does involve a bit of effort on your part in writing up a campaign, publishing and sharing it on social media. There are lots of different websites/platforms.
This is an ‘any purpose’ loan where individuals or businesses put surplus funds in a ‘pot’ and applicants can then apply for funding from that ‘pot’. Decisions are quick and interest rates are determined according to risk.
The Rosebud Fund is designed specifically for Lancashire businesses, offering loans from £10,000 – £300,000 with complimentary business support. This is to assist growing businesses in Lancashire County Council’s administration area and is provided by Lancashire County Developments Ltd (LCDL), which is a wholly owned subsidiary of the council and is delivered by GC Business Finance.
Fylde Borough Council has teamed up with Funding Circle to support the growth of local business. Funding Circle enables people to directly lend to creditworthy small businesses, sidestepping the banks. Small businesses can borrow up to £500,000, while investors receive high, stable returns for the long-term.
Access to Finance provide fully-funded (no cost to access) bespoke finance support for eligible businesses with no fees, commission or introduction costs. Our dedicated finance specialists have expert knowledge of public and private sector funding channels, helping local businesses to identify the most relevant sources of funding and assisting in discussions with potential investors.
www.uclan.ac.uk/business/support-for-smes/centre-for-sme-development
The Centre for SME and Enterprise Development responds to the needs of the SME community to stimulate enterprise, innovation and business growth. Recognised in the latest Research Excellence Framework (REF2021) for its support for businesses, we work together with you and your business for a more productive and innovative SME Sector in Lancashire.
FSB’s mission is to help smaller businesses achieve their ambitions. Established over 45 years ago, FSB is the UK’s largest grassroots business campaigning group, which ensures the voice of small businesses is heard at the highest level across the UK, as well as providing business services and products to our members.
Email: Michelle.walker@bitc.org.uk or Laura.James@bitc.org.uk
A coalition of businesses committed to supporting the local community. Created and supported by the Blackpool Pride of Place Partnership its purpose is to inspire and engage businesses to become more responsible and tackle some of the area’s key challenges such as helping schoolchildren prepare for the world of work and assisting the long-term unemployed.
www.lancaster.ac.uk/lums/business/community/
Our long-established Management School is a place of cutting edge knowledge, where academically-leading research is applied in the real world, positively impacting the lives of individuals, businesses and organisations, and society.
As a member of North & Western Lancashire Chamber of Commerce, everyone within your company has access to a wide range of benefits and opportunities that enable you to strengthen your operations, promote your company and generate new business opportunities.
https://www.pinklinkladies.co.uk
The Pink Link network connects women in business across the Fylde coast and the North West. Over the last 10 years it has ensured ladies networking has become a fantastic way to make new contacts, establish relationships, share ideas and success stories and help grow businesses through referrals.
Networking is a proven route to growth – not only for finding new business, but also for increasing your supplier network, and finding like-minded colleagues to ponder daily business challenges. Shout Network is among the leading networking providers across the North West. It offers a relaxed, professional networking environment where members feel sufficiently at ease to represent themselves, and their business, authentically.
Wyre Council
Civic Centre, Breck Road, Poulton-Le-Fylde, Lancashire, FY6 7PU
Email:
regeneration@wyre.gov.uk
