Finding the Right Start-up Funding

Finding the Right Funding for Your UK Start-up

So you’ve decided to take the plunge and launch a new business in the UK- congratulations! Now, you’re almost certainly in need of some funding to get your venture off the ground. Don’t worry – you’re not alone in this! Funding sources for UK start-ups are plentiful, and there are several available options to consider. Here, at Business Growth Coaching, we provide advice and mentorship on start-up funding for entrepreneurs – read on for an introduction to possible funding sources so you can make the best choice for you and your business!

Grants for Start-ups in the UK

Grants are financial awards provided by the government and other organisations that don’t need to be paid back, so they are an attractive option for many entrepreneurs. In the UK, grants for start-ups tend to be small – sometimes only covering essentials such as travel and training costs – but they can still be valuable when combined with other forms of funding.

The UK Government website is a great place to start your search for grants. You should also contact your local authority and business support organisations to see if they have any grants available. Alternatively, you could try searching for grant-making organisations relevant to your sector or research what initiatives are being offered by the European Union.

Competitions for Start-ups in the UK

Competitions are another option for UK start-ups looking for funds. These can take various forms, but all involve demonstrating the potential of your business idea through written or oral applications in order to win a prize. Prizes typically involve cash awards, mentoring or access to other forms of invaluable networking opportunities.

The UK boasts a wealth of competitions specifically for start-ups, with many more regional events that may also be open to your business. Pitch competitions are particularly popular, with TechCrunch’s Start-up Battlefield being one of the most prominent. Searching for ‘start-up competitions UK’ should yield some great results, however you should always be sure to read through the terms and conditions of each competition carefully before applying.

Investment for Start-Ups in the UK

Angel and venture capitalist investment – one of the most common sources of funds for UK start-ups – may also be an option for you. These are more difficult to acquire than grants or competition awards, however they can provide much larger amounts of money. Investment also often brings invaluable mentorship to help you develop and grow your business.

Investment can be sourced from Government initiatives such as the Start-up Funding Club, which helps pair start-ups with high net-worth investors. Crowdfunding and alternative funding also exist – things such as Initial Coin Offerings (ICOs) or peer-to-peer lending.

Other Funding Options

It’s not all just about grants, competitions and investments! There are also other options that can help to support your UK start-up. Government loans such as Start Up Loans, or schemes such as R&D Tax Credits can help to get you off to a good start. Banks may also be an option if you can provide a robust business plan and demonstrate success potential, while friends and family can be a great source of supportive kick-starters.

So, there you have it – a few popular start-up funding options for the UK. Always research thoroughly before applying for any funding, as the requirements and processes to acquire the money can vary. Remember, you don’t need to go to this alone – here at Business Growth Coaching, our experienced mentors are always happy to help guide you!