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New graduates encouraged to join new incubator programme

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New graduate who have a good idea for a new business in the creative industry are being encouraged to apply a new incubator scheme.

Under the SEED programme by the University of Lincoln , six prospective entrepreneurs will receive incubator space for year. The programme aims to support new creative businesses through the difficult start-up process of business.

The successful applicants for the program will receive premises for a year but also personal support from a team of experts composed of business advisers as well as various forms of assistance like the analysis of business ideas, access to facilities and networks including meeting rooms .

Company formation and business solutions experts said that these innovative programmes will further encourage the youth to go on business on their own.

DTI research debunks myths about small business (Part 2)

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In a previous blog entry the newly released research of the Department of Trade and Industry on business myths was discussed. The research, entitled Myths Surrounding Starting and Running a Business, debunked a number of myths about starting and operating a small business. Here are some more myths that the research debunked:

* MYTH: It would take years to start a business from the ground.
* FACT: Most businesses are usually formed within six months.

* MYTH: The rejection for business loan applications is so much higher than it is.
* FACT: Only 10 to 20 per cent of applications are actually rejected.

* MYTH: It is hard to make a living from a start-up.
* FACT: People’s income estimate in their first year of trading is just half of the figure that is really achieved by small businesses.

Start-ups firms now have easier access to loans

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Many start-up businesses will now have an easier time getting access to finance as changes to a government loan scheme has resulted in the expansion of the eligibility although the access to young businesses have been limited.

Based on the new rules, applicants to the Department of Trade and Industry’s Small Firms Loan Guarantee may now qualify for a loan with an annual turnover of up to £5.6m.

But the new rules will also limit the funding to businesses under five years old as a way of boosting the growth rate of start-up businesses and young firms.

Company formation and business solutions experts welcome the new rules saying that it will surely boost the number of individuals who might want to go into business on their own.

DTI research debunks myths about small business (Part 1)

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The gravity of the risk that is felt by people thinking of starting and operating their own business is vastly inflated, and this is stopping some people from actually taking the next step. This is based on new research by the Department of Trade and Industry, which found that a myth that is spreading among the public is that most small businesses fail within the first year. Actually, contrary to these beliefs, over 80 per cent of new businesses survive after the first year.

This finding is released in the Myths Surrounding Starting and Running a Business research the Department came out with this week.

Franchise growth being affected by lack of skills

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A deficiency in good franchisees is a big obstacle the British franchising sector must overcome to achieve growth.

Based on a joint survey of franchisors done by the British Franchise Association and NatWest, it was discovered that over a third complain their biggest problem is finding people capable of running their outlets.

Also, 25 per cent said that it is difficult to get new franchisees because too many applicants lack the sufficient skills and funds to start and run the new business.

According to franchisors, self-motivation and marketing experience are what they are looking for in their potential franchisees. But they do concede that more targeted advertising could help them get the skilled people they want.