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Introduction
Barclays has launched a new Business Prosperity Index which tracks trends and data from its 1 million business customers alongside market research which gives a snapshot of the UK’s current business environment health.
Those looking to start a business can get key insights from the index findings in order to identify potential issues they may face when looking to set-up their own operations.
Some Of The Business Prosperity Index Findings Include
i) Skills Shortages
There are currently major workforce challenges across the UK, with 62% of business owners finding difficulty accessing skilled labour. The top 3 areas with major skills shortages reported by businesses are Scotland (92%), Yorkshire and the Humber (90%) and the West Midlands (88%).
ii) Inflation Creating High Production Costs
Despite the UK now being in a post-peak phase where inflation rates have now hit more moderate levels, many businesses are still reporting high production costs as the cost of key items and services for them in their supply chain has not fully stabilised.
iii) Changing Consumer Behaviour Patterns
Consumers and clients are now scrutinising products and services more-so than ever with reported extended purchase decision times, seeking out lower cost alternatives and also studying the overall value proposition that a company can offer. As a direct result 84% of businesses have had to adopt consumer redemption strategies, which include product modifications, supply chain restructuring and 65% of companies have reduced prices, either across their whole range or ran targeted promotions.
UK Still A Good Start-up Environment
With the current challenges in mind, it is still a good time for entrepreneurs to start-up a new business in the UK as a post-Budget confidence has emerged and 46% of businesses who had previously suspended their investment plans due to economic uncertainty are now going to proceed with their growth plans.
Anyone looking to start a new business needs to factor in some of the key challenges and run due diligence to see what opportunities they can create in their area of expertise in their location versus any additional hurdles that they may need to overcome.
The UK Government, local authorities and a large number of enterprise support organisations provide expert advice and support as well as start-up grants in order to help people get their business idea off the ground. This will include assistance with hiring the right staff and training them on the job, keeping down costs by using efficiency measures and setting up a good supply chain, and customer management strategies.
What Are Some Of The Latest UK Starting A Business Grants Available?
i) Rural Business Growth Fund
Babergh District Council is providing a capital fund targeting rural businesses that are seeking funding to support premises upgrades, which include energy efficiency, general refurbishment of premises, machinery, technology, as well as agriculture and farming sector businesses looking to diversify and grow their business through other offers and supplement existing income. Funding up to £30,000 is available.
Application Deadline: 31st December 2024
i) Dudley SME Grants Programme
Dudley Business First is providing funding for start-ups and businesses trading for less than 12 months to support relocation, expansion, and growth of businesses, development of new market opportunities and innovation. Funding up to £7,500 is currently available.
Application Deadline: Applications are invited on an ongoing basis
ii) Finance for Start-ups
Sandwell Enterprise Programme is providing access grants to fund costs for start-ups in the local area, including, business setup, developing new market opportunities, innovation, increasing productive capacity of new and existing premises and new plant, machinery, and equipment. Funding up to £3,000 is currently available.
Application Deadline: Applications are invited on an ongoing basis
iii) Start-up Accelerator
East Midlands Chamber is running a fully funded start-up accelerator that aims to support individuals who are considering self-employment. The accelerator includes two day boot-camps which will cover a comprehensive agenda providing everything needed to kick start self-employment. This includes, but is not limited to, legal considerations, company structures, targeting customers, market research and pricing strategies.
Application Deadline: Applications are invited on an ongoing basis
iv) Enterprise for Success Startup Programme
Birmingham City Council and Solihull Metropolitan Borough Council are running a fully funded programme that aims to support early-stage and start-up businesses with the skills and provision needed to establish their companies and encourage further growth and development through additional mainstream and specialist business support.
Application Deadline: Applications are invited on an ongoing basis
v) Business Start-Up Grant
Gedling Borough Council is providing a scheme that aims to support individuals looking to start a business in Gedling Borough. The grant can be used towards start-up costs, including the purchase of machinery and equipment, shop fittings and refurbishment, business stationery and marketing costs such as advertising and web design. Funding up to £2,500 is available.
Application Deadline: 31st December 2024
vi) Start-up Programme
Berkshire Business Growth Hub is providing fully funded business support to help entrepreneurs in the local area build and grow their start-ups. The support includes access to workshops and coaching sessions to cover setting up a business essentials.
Application Deadline: Applications are invited on an ongoing basis
vii) Chichester District Council – Over £1000 Business Grants
Chichester District Council is providing funding to help viable start-up businesses and existing independent businesses to implement projects that create jobs, help businesses to grow, and benefit the local economy. Funding between £1,000 and £10,000 can be applied for.
Application Deadline: 7th February 2025
viii) SME Start & Grow Business Grants
Angus Council is providing grants for starting a new business and for new businesses in their first 12 months of trading in the local area. If the business is at pre start-up phase they can apply for a maximum of £3,500. However, businesses that are up and running can apply for up to £7,000 based on their specific needs and requirements.
Application Deadline: 31st December 2024
How To Apply For Starting A Business Schemes
Full details about how to apply for schemes and the eligibility criteria is available on each individual scheme page on the relevant website. Any deadlines, who can apply and what eligible costs the grants will cover will also be outlined on these pages. Interested businesses can speak to start-up advisors based at each provider who can guide them through requirements and eligibility criteria to see if the relevant funding is a match with their needs and help them to apply. There are also application forms and other supporting guidance available on scheme pages as well.
Want To Find The Latest UK Starting A Business Funding Opportunities?
If you want to see the full set of UK starting a business funding currently available, please visit https://getbusinessgrants.com/
