Looking for funding to set up business

hilton775

I am looking for help to obtain €5000 to set up my promotions company. How do i get funding? my company is for putting on events, showcasing new young talent and entertainment in pubs,clubs and other various venues. Any help or advice will be appreciated.

Suarez

How much are you putting in?
Do you have a business plan?

hilton775

ive got €1500 but no business plan yet have you any suggestions ? thanks

hilton775

ive got €1500 but no business plan yet have you any suggestions ? thanks

Suarez

Yeah, You will need a minimum of 50% before any banks will loan you any money and you will need a really good business plan for this kind of thing.

Maybe you haven't really thought it through properly if you haven't even made a start on a plan?

hilton775

instead of bank isnt there any funding institute out there i.e princess trust etc

heretolearn_2

princes trust, not princess trust, but they don't have grants towards setting up businesses, no.

Occasionally you might find a local grant scheme for businesses - but usually you have to input a fair amount yourself and they are normally for existing businesses. Can you start small - I' sure you could organise a website and a few low key events with what you currently have.

A lot of people starting businesses ask about grants for it but it's wishful thinking; there isn't anywhere with a pot of money to give you to start up. Sorry. You need to build your own finances up and then apply for a loan. And to get any money - loan or grant - you will need a convincing business plan. No one hands out money randomly just on the basis of an idea.

Horace

What experience do you have in the events industry? There is no funding for people to set up their own businesses - some of us in the events industry are having to find jobs that pays money because self employment in the events industry isn't paying - I should know, I am having to look for paid work because self employment is not sustainable. There are a lot in the events industry who are in the same boat.

What experience do you have of the music industry? This is also a relevant question, who are you going to promote? do you have music industry contacts? do you have the relevant insurances? do you have money to buy slots for the acts you represent so that they can get slots as support acts for major artistes performing at venues?

Pubs and clubs tend to book their own acts anyway and very often won't use a promoter - how are you going to get around that?

Do your research and lots of it, talk to people, get some business advice (try a chamber of commerce as they give free advice to people thinking of starting a business) draw up a business plan.

red_devil

contact your local chamber of commerce and council. Funding is hard to get but they are a start.

Chamber of commerce sometimes have mentors too.