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New business start up grant help

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hello.

im in the process of starting a payroll and book keeping business and im trying to find some start up funding.

does anyone know of start up grants or loans available for 26 year old based in north wales. i have a meeting with business adviser next week but wanted to do a bit more research first.

finance required for capital and revenue expenditure.

Comments

  • Pennywise
    Pennywise Posts: 13,468 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    finance required for capital and revenue expenditure.

    If your unemployed, have a chat with the JobCentre - there may be some kind of "bridging" benefits to substitute your JSA for a short while as the business starts up. Unfortunately, being over 25, you aren't eligible for a grant from the Princes Trust. There may be something local to you, i.e. via the local council.

    BUT, can't you find the money via your credit card or hire/lease purchase? Book-keeping/payroll is a business with a very low entry requirement as regards upfront costs. If your computer and printer aren't adequate, you can buy new via finance. You can buy software on your credit card, pay the minimum balance for a month or two, until you having paying clients when you can pay off the remaining balance. Stationery & office supplies are minimal and you already have a mobile phone and broadband connection. So all that leaves are your registrations with HMRC (re money laundering registration) and your Data Protection registration - probably £100-£150 all in. You can get a website domain for £25-£50 and can get free hosting and free DIY website software. So, do you really need a grant/loan to set it up?

    I started my accountancy practice on a shoe-string, basically using what I already had. Having a clunky old PC, printer and using free or HMRC software was slow, but that didn't matter because I had few clients, so had the time to mess around with inefficient systems for the first few months. Then as the money came in, I spent it on advertising, software, etc, as and when money was available.

    Even now, years later, still a very cheap operation. You don't need a top spec computer - I use a Samsung £300 laptop. You don't need expensive Sage software - I use Moneysoft for payroll and VT for book-keeping/accounts - both cost just £250 p.a. You can use HMRC direct website for tax returns (though proper software is better if you have a lot of clients and are busy!). My only luxury is a £500 colour, double sided laser printer.
  • Suarez
    Suarez Posts: 970 Forumite
    Are you qualified with any associations? AAT? ICB?

    You will be covered if you pay for a membership with them for money laundering and you will get discount on indemnity insurance.

    Also the support you can get from them may be worth the membership fee for someone starting out.
  • Mistral001
    Mistral001 Posts: 5,428 Forumite
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    edited 31 January 2013 at 2:12PM
    Unless you are unemployed or seeking to take on employees it is doubtful.

    However, I definitely see a need for good book-keeping and payroll service for many small businesses. I took on an employee a few years ago when I was very busy and found it a big extra burden to organise the payroll on top of training him and dealing with all the other admin. work. I just had no time to go on the free PAYE courses offered by HMRC and struggeled.

    I eventually rang up my accountant and asked for a hand with the end of year PAYE submission. He said yes they had someone who did that all the time. They sorted it all out in about an hour. I was charged chartered accountancy fees (it was a largish chartered accountants firm) but it was worth it. The big help I found was that it was all second-nature to them and they knew the system back-to-front.
  • Mark7799
    Mark7799 Posts: 4,806 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Prince's Trust will offer you low cost loans, very rarely grants. Look them up on the web. If you are on jobseekers, New Enterprise Allowance worth looking at - ask your JCP advisor. You will need to put together a good business plan for both of these.
    Gwlad heb iaith, gwlad heb galon
  • The Start Up loans scheme by the government has been extended to age 30 in the last couple of weeks, they are on facebook, and have their own website, definitely worth looking into.
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