The aim of most when starting their own business is work doing something they love but ultimately the business needs to make money and when you have no money to begin with, that can be difficult. You’ve heard the phrase “you’ve got to spend money to make money” right? Here are a few alternative options for you to start a business in the North East of England.

Government Schemes

Throughout the North East, there are several Government Schemes that subsidised for you to access. You have schemes like; NEA(New Enterprise Allowance) and ERDF (European Regional Development Fund.

NEA

New Enterprise Allowance can provide money and support to help you start or grow your own business if you’re getting certain benefits. While you are on the NEA scheme, one of our business advisors will assess your idea. If it has potential you’ll be signed up to the scheme and get a business mentor. You can learn more about NEA scheme here.

ERDF

European Regional Development Fund can provide support and training to help you start and grow your own business. While you are on the ERDF scheme, you will attend a business planning workshop and you will receive one to one support for starting your business including assistance when writing your own business plan.

Crowdfunding

Many entrepreneurs are turning to crowdfunding to source some extra cash and customers to get their business ideas off the ground. If you have good presentation skills and a solid business plan and can communicate how strong your idea is, then you are off to a flying start with crowdfunding. You generally pitch your idea online and people from all over the world can help fund it in exchange for something you offer, for example, a free/discounted price of the product or exclusive access to your future products. Lot’s of successful entrepreneurs started this way.

Loans

Alternatively to crowdfunding, there are some great deals for business loans. Transmit Start-Up loans can offer a low interest, unsecured loans to start and grow your business. To be eligible you need to:

• have a new business idea or an existing business less than 2 years old
• Live in England, Scotland or Northern Ireland
• be aged 18 or over

Click here to learn more about taking out a loan for your business.