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It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

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Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

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Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

New scheme for young entrepreneurs launches

24 January 2018

New scheme for young entrepreneurs launchesYoung would-be entrepreneurs could win support to get an innovative idea off the ground under a new scheme run by the Prince's Trust and Innovate UK.

The Young Innovators competition is part of the recently launched Ideas Mean Business campaign. The Prince's Trust and Innovate UK are seeking young people aged between 18 and 30 with ideas that could be turned into a successful business.

Business ideas could be based on a solution to a problem or a different way of doing things, such as:

  • Changing something for the better in a local community;
  • A new way of using technology to fix an everyday problem;
  • A new way to tackle an environmental issue.

Support will be available to young innovators who can commit 15 hours a week to developing their idea. The award will include an allowance to cover living expenses while working on the idea. It will also provide coaching and mentoring from an innovation champion and a funding pot to cover costs such as travel, training, equipment, office space and IT.

Applicants must register with The Prince's Trust and sign up to attend a regional event. These events are designed to help young people to develop their ideas and give more information about the application process.

Events are to be held in February and March in the following locations: Cardiff, Ipswich, Birmingham, Brighton, Plymouth, Newcastle, Belfast, York, Manchester, Glasgow and Nottingham.

Applicants must be a UK resident with the right to work in the UK (or currently applying for the right to do so). They must be working less than 35 hours a week if applying through the online programme, or working less than 16 hours a week if applying through the in-person programme. Any students that apply must be studying for no more than 14 hours a week.

People currently receiving support from the Prince's Trust's in-person Enterprise programme are also eligible to apply. The deadline for applying, after attending an event, is 22 March 2018.

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