Grants etc for new businesses (Wales)

[Deleted User]

Just starting up a business offering botox beauty treatment. Already paid out for training and shortly, insurance.

Are there any business grants / start up loans available? Specifically in Wales.

brenmcc1

Enter Your details here and it will display anything available and its criteria.

http://www.businesslink.gov.uk/bdotg/action/gsdChoosePurpose?r.lc=en

serbask

Hi, you need to contact the Flexible Support for Business contact centre via the number 03000 6 03000 or visit the website www.business-support-wales.gov.uk


FS4B is the Welsh Assembly Government's one-stop-shop that helps all businesses in Wales, which replaced Business Eye last year.

paulwf

Check with local council business department, enterprise agencies for the region and perhaps chambers of commerce for grants. Grants are hard to come by and can come with lots of restrictions but there is no harm in trying

Start up loans are available from most banks, if you need equipment you could also consider asset financing or leasing.

Focus on keeping start up costs low, a lot of business service suppliers "think of a number"...I'm not saying to cut corners, some things are worth paying good money for but a lot of times you can save money by getting several quotes and a bit of polite haggling. Also don't get too much equipment and stock to begin with, you can always get it fairly quickly after you start up and know exactly what you need.

What will your main costs be?

[Deleted User]

paulwf wrote: »

Check with local council business department, enterprise agencies for the region and perhaps chambers of commerce for grants. Grants are hard to come by and can come with lots of restrictions but there is no harm in trying

Start up loans are available from most banks, if you need equipment you could also consider asset financing or leasing.

Focus on keeping start up costs low, a lot of business service suppliers "think of a number"...I'm not saying to cut corners, some things are worth paying good money for but a lot of times you can save money by getting several quotes and a bit of polite haggling. Also don't get too much equipment and stock to begin with, you can always get it fairly quickly after you start up and know exactly what you need.

What will your main costs be?

Training - already paid for - £700
Web site domain names - £10

Indemnity insurance is going to be £550.

Business is going to be offering cosmetic (botox). Raw materials are not cheap - about £140 a go.

paulwf

[quote=[Deleted User];24317567]Training - already paid for - £700
Web site domain names - £10

Indemnity insurance is going to be £550.

Business is going to be offering cosmetic (botox). Raw materials are not cheap - about £140 a go.[/QUOTE]

Thanks for the info. Do you need premises or a vehicle? Uniform? Advertising? Logo creation? Website? Professional fees (accountant, solicitor, trade organisation? Stationary?

You don't have to give this info...I'm just thinking that if you listed all your start up costs the lovely group here might be able to suggest ways to cut costs.

Definitely get several quotes and haggle on the insurance cost, don't accept their first price.

TBH apart from the training and insurance unless you have lots of other costs it looks like cashflow is the key rather than loans and grants. By that I mean making sure people pay promptly, if you start off buying the materials as and when (even on a credit card) and people pay you straight away there shouldn't be much of a cashflow issue.

I'm guessing your service costs several hundred pounds? (Can you tell I don't know that industry at all?) If so consider getting a personal finance company on board such as Black Horse so customers can spread payments over 6 months but you still get the money within a week (less an admin charge). You'll be amazed what a difference it can make to sales, being able to spread the cost removes a huge barrier for the customer.

brians_daughter

Your local chamber of commerce will assist too, as will business link - they were 1 and the same but have now set up as 2 different entities.

lisa76

We have had funding from RCT regeneration and development (but they've changed their name again recently) - this was for equipment and also helped pay for PL insurance and stationery. We've also been lucky enough to get help from the Welsh Assembly for training courses - I think they are called skills people wales now????
I think it all depends what area you live in - I know that the Vale of Glamorgan don't get any help!!
Good luck

[Deleted User]

paulwf wrote: »

Thanks for the info. Do you need premises or a vehicle? Uniform? Advertising? Logo creation? Website? Professional fees (accountant, solicitor, trade organisation? Stationary?

You don't have to give this info...I'm just thinking that if you listed all your start up costs the lovely group here might be able to suggest ways to cut costs.

Definitely get several quotes and haggle on the insurance cost, don't accept their first price.

TBH apart from the training and insurance unless you have lots of other costs it looks like cashflow is the key rather than loans and grants. By that I mean making sure people pay promptly, if you start off buying the materials as and when (even on a credit card) and people pay you straight away there shouldn't be much of a cashflow issue.

I'm guessing your service costs several hundred pounds? (Can you tell I don't know that industry at all?) If so consider getting a personal finance company on board such as Black Horse so customers can spread payments over 6 months but you still get the money within a week (less an admin charge). You'll be amazed what a difference it can make to sales, being able to spread the cost removes a huge barrier for the customer.

Advertising - maybe. Got customers lined up already but it might be something to think of.

Website - sorted. (I'm an IT person!)

Industry is cosmetic beauty (i.e. botox). Yes, it would be £200 upwards.

Thought you needed a consumer credit licence to offer credit like this?

[Deleted User]

lisa76 wrote: »

We have had funding from RCT regeneration and development (but they've changed their name again recently) - this was for equipment and also helped pay for PL insurance and stationery. We've also been lucky enough to get help from the Welsh Assembly for training courses - I think they are called skills people wales now????
I think it all depends what area you live in - I know that the Vale of Glamorgan don't get any help!!
Good luck

Hi,

RCT as in Rhondda Cynon Taff?

I'm in Newport.

Who did you contact initially?

lisa76

Yeah Rhondda Cynon Taff. I think (and it's months ago) we first contacted them through the Council website and Business Eye (or business link). We were told about the Welsh Assembly through a small business advisor in the Job Centre.
I would suggest contacting Newport City Council and asking if there is anyone who can help you. Also get in touch with the WAG 0845 60 661 60 and speak to the Workforce Development Team (this is for training).
I think Newport is regarded as a 'poorer' area so you may find that you may be entitled to something to help.
Good luck!