Princes Trust

David_Brent

I was wondering for any advice really and if the princes trust are really worthwhile? As im meeting a guy from there tommorow to go through my business idea, any tips or adice would be much appreciated. I haven't got a full business plan drawn up fully yet will this matter this early on?

MORPH3US

If its just an initial consultation he'll probably just want to chat about your idea.

If you do have a business idea, I would recommend getting in contact with your local university or at least have a look on their website and see what they offer.

I work for a Uni helping people start businesses and we run a scheme that gives £6000 grants for office space, mentoring, support, buying of assets etc etc.

If they do something similar down your way it would be well worth it!!

Where are you based?

M

David_Brent

MORPH3US wrote:

If its just an initial consultation he'll probably just want to chat about your idea.

If you do have a business idea, I would recommend getting in contact with your local university or at least have a look on their website and see what they offer.

I work for a Uni helping people start businesses and we run a scheme that gives £6000 grants for office space, mentoring, support, buying of assets etc etc.

If they do something similar down your way it would be well worth it!!

Where are you based?

M

I'm based near Newcastle! Well hopefully things will going according to plan tommorow, and hope my idea is good enough!

lday77

I was taken on by the Princes Trust, I'm 28 and have set up a Graphic Design for Print agency after 10 years in the field. I have found them pretty useless on the whole. My mentor has never run a business and knows nothing about Graphic Design and on the one occassion when I didn't get paid for a job and wanted advice they weren't very informative. I have found my local business advice centre much more helpful and I have met other people in other business too, which is really important.

I didn't get a grant but I did get £1200 to buy a new apple mac and I pay this back at £20 a month for the first six months and the at 3% interest until it's paid (two years in my case although it can be 3 if you want)

I did find putting together my business plan a use experience, it made me look at the pitfalls and how I would avoid/overcome them, I have also found out that there are lots of little pots of money that you can apply for and once you have done your business plan you can basically duplicate it to apply from other agencies. I recently got a Creative Connections grant of £500 to spend on a new printer.

I suppose any back up or help you can get is great especially if you're a sole trader but don't expect wonders from the Prince's Trust, but saying that it might be because I know what I am doing and they have just left me to get on with it.

GOOD LUCK and if you need any help with your business plan give m a shout!

Incidentally MORP3US I am in the midlands I am eligible - northants

prettypennies

My OH set up his removals business with the help of the Prince's Trust10 years ago. He found them really helpful. He was awarded a £2500 loan and £500 grant. As I can recall the first meeting with them was to discuss his idea and inform him what he would need to do to qualify.
He was required to put together a business plan detailing cash flow forecast, market research (checking out competition and approaching potential customers), relevant business experience etc.
He was required to take this to a meeting with three representatives from the Prince's Trust (one marketing professional, a banker and something else!)

He was also required to open a business bank account and attempt to arrange an overdraft facility. (Barclay's were pretty unco-operative on this front)

Once the loan/grant was agreed he was assigned a mento who he had to meet with regularly to discuss his plans/progress. His mentor was very helpful.

His business is still going strong 10 years later.