Starting a Business - Help and Support

Question 1

What help does gov give?

Answer 1

• Business Link - regional & offers help & support, & guidance on things like business plans & staff training
• Leaflets & advise, Dept for Business, Innovation & skills.
• Apply for bank loan underwritten by gov, so gov will pay money back if bus fails - easier to borrow money

Question 2

Why would gov help?

Answer 2

Reduces state benefit paid to unemployed.

Gov get tax revenue from firms that make a profit

Question 3

How can a bank help?

Answer 3

• Financial support - loan, overdraft, advice, help with contacts like suppliers etc

Question 4

Why do bank help?

Answer 4

• Get firms to open an account

- Help to make firm successful so they get their money & profit

Question 5

What do management services companies do?

Answer 5

Charge for help but may offer free advice & then hope firms will pay for help when they can.

Question 6

Why do some charities help?

Answer 6

These charities believe it’s good for society to have lots of new firms starting up
EG Princes Trust,

Question 7

What is the Princes Trust?

Answer 7

Charity set-up when the Prince of Wales realised there were limited opportunities for young people in inner city areas, it gives advice, grants & low interest loans to young entrepreneurs

Question 8

What is the Chamber of Commerce?

Answer 8

Groups of business people that work together to look after the local interests of local businesses, provide info, support & are a link between local bus & local & central gov