Lessons from 3 finance experts on funding for new small businesses
It’s hard to know where to start with funding, especially if you’re just starting out. While there are many channels to help you apply for funding to get your business off the ground, experience is priceless. That’s why we brought together three finance experts in startups and SMEs.
Hosted at the OneUp creative coworking and community space, our panel talked us through their journeys, tips, and tricks for funding and financing new small businesses and startups.
Lessons from funding expert, Paul Grant
Paul is the founder of The Funding Game & a strategic growth advisor
His first piece of advice to those starting to look at funding a new small business is to begin with a quickly drafted 1-page plan. He says, “At this stage, investors do not generally read business plans.” Get it all down on one page. This should include the USP, the problem you want to solve, the market size, your business model, and your marketing approach.
Paul’s guide “From idea to funding in 10 steps” walks you through every step with clear, practical advice that has an immediate timeline. You can read the rest of his guide and access his resources exclusively here. The Funding Game runs a free webinar clinic and series to help you navigate the turbulent times when trying to grow your business. Go ask Paul!
Guidance from creative business mentor, Amy Morse
Business Mentor & Writer at her company Learn to Love your Words
As part of her business mentoring, Amy’s blog guides you to her foolproof resources for funding new small businesses to help you get ahead. Amy has been through the process herself, and now knows every nook and corner to finding funding and resources both locally and nationally. Starting local is imperative.
Her first tip comes from the early days of her own successful start-up. She says that most of your working week will be taken up with marketing activities. Regardless of your background, learning how to market is a huge topic with a “steep learning curve”.
Amy advises you to bear in mind the huge jump you will have to make. Creating and running marketing campaigns for an employer with a budget is different to marketing everything for your own business. Amy is always here to help, so feel free to reach out!
Resources from startup champ, Ollie Collard
Start-Up Guru & Business adviser at Enterprise Orchard
Still wondering where to start and how to fund a new business in the UK? Look no further than the start-up guru –who helps hundreds of startups gain funds– Ollie Collard’s fine-tuned list of resources.
- Firstly, check out what business support grants are being offered by Business West and from nation-wide government support, as soon as possible as events happen. Stay up to date with what you could be offered.
- Utilise UK government innovation competition funds. You can apply to various ones and be in the running for some serious support!
- Enterprise Orchard have a referral scheme with Start-up Loan funding with Virgin. Sign up for a personal loan for entrepreneurs here and funding for new small businesses. You will receive great support from The Funded Club.
Last thoughts + Recap
We know that funding for new small businesses and entrepreneurs is tough on a normal day. So these resources and tips from the pros should help you get ahead even as the world keeps changing.
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