FINANCIAL & LEGAL Crowdfunding has been one of the major


success stories for start-ups. Massie-Taylor describes it as ‘an amazing resource’ but cautions this type of fundraising may not be as easy as it looks. Securing funding – even small amounts


– from large groups of people is a skill. And not all crowds are the same; there is some considerable divergence between crowdfunding organisations. This means start-ups need to know their crowd. Chief investment offi cer, Tom Davies, at


crowdfunder Seedrs, says many entrepreneurs may have a spectacular business but it may not be able to capture a crowd’s imagination. He advises seeking out crowdfunders that specialise in certain sectors – there are dedicated sites, from Fintech to food – since what appeals to one crowd won’t to another. But he cautions some businesses are not


suited to crowdfunding of any kind. They may be too technical or complex to appeal to a wider investment base, for example. Davies says: “Entrepreneurs may have a


good business idea and they may be ready for fundraising, but if they are off ering something investors can’t understand, then it is unlikely to be successful.”


GovGrant GovGrant helps innovative businesses maximise funding from government sources. When any company wants to improve their business, they may qualify for valuable tax credits. GovGrant are one of the UK’s leading specialists in truly understanding your business and help identify the qualifying expenditure. govgrant.co.uk


Again entrepreneurs need to do their


research. Davies says that the most successful start-ups identify a solution to a problem the market has, rather than inventing a product they think the market needs.


Government funding Despite ongoing austerity measures, the UK government is funding new enterprises. There is a wide variety of government grants available, ranging from help with buying premises and equipment, to funding enterprises that aim to regenerate whole regions. Not having to pay the money back is, clearly,


the main incentive in pursuing a grant, but there is no such thing as a free lunch. Securing a government grant is – according to the British Business Bank, which delivers


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Be Your Own Boss distributed with 31


government start up loans – ‘complex with lots of processes and stages’. The government typically off ers two types of


fi nancing. First is a direct grant which provides new businesses with the necessities to get up and running. Grants of as much as £500,000


The government grant machine is time consuming


are available but borrowers usually need to match 50%. Businesses can also apply for a soft loan,


which off ers lower interest rates – typically 6% – and generous lending terms not available elsewhere. Maximum limits are £25,000, but


borrowers may be able to access free mentoring and support services as part of the deal. The borrowing criteria is also strict and the


standards high. As you would expect, securing government


finance requires applicants


demonstrate a solid business plan, but the business needs to align with the grant objectives and you may also need to have signifi cant cash reserves to match what is on off er. The other critical factor is time. Going through the government grant machine is time consuming. Any enterprise that needs funding quickly will most likely need to look elsewhere. The days of begging a bank manager for a


loan have gone. Entrepreneurs now have access to a vast world of funding opportunities just clicks away, but that doesn’t mean it’s easy. Only the best ideas will attract investors.


B.


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annual accounts and tax returns submitted. They set you up on QuickBooks Online then do all your bookkeeping for you, so you can focus instead on growing your company.


You will be sent management accounts that tell


you how your company is doing,which is so crucial for a new company. What's more, all the HMRC and Companies House work will be done for you as well. Right now, as part of the ‘Be Your Own Boss’


promotion, Nimble Accounting are off ering you a free month on any of their packages. They will also register your company for free, then help you turn your idea into a reality. For more information, visit them online at


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There is a wide


variety of government grants available, ranging from help with buying premises and equipment, to funding regeneration projects


Images: istock.com *This feature is not intended to constitute financial advice.


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