18-30 starting up a business?

[Jorumian]

If you are aged between 18-30 and would like to start your own business but don't have the financial resources, or are currently unemployed, then I'd recommend getting in touch with the Princes Youth Business Trust. (PYBT).

The trust not only provides finance (in the form of loans, grants or a combination of both) for successful applicants, but also provides free training and advice on how to take your idea and develop it into a workable, profitable business. The point of which is designing your own business plan which will form the basis of your proposal to the PYBT, or local banks for funding (if you apply for it). Furthermore, once you start in business you are given the help of an advisor who will be able to offer their help and experience during the first year of trading.

Your local jobcentre, or business link, will be able to give you any contact details for the PYBT in your area. Or you can read about it and find details out on this link : ??????????????????

The reason I've posted this is simply I know that it works. When I graduated, I had an idea for a business, but being an impoverished ex-student, I didn't have the financial support or business know-how to take things further. It was only from an interview at the local job centre that I was put in touch with the PYBT and after developing a business plan, attending seminars & interviews, I received funding in the form of a grant and loan to help me start up. 14 years later, I'm still in business.

I'm not sure how relevant this may be to site members, but I thought it may come in useful for someone at some time.

If you have any questions about the PYBT process, feel free to ask me, my memory is a little sketchy as it was 14 years ago and I don't know if the process has changed since then, but I will give you any information or advice I can about it.

[Tony]

Thanks for sharing this and your kind offer of guidance. I have nominated your post as post of the month.

[barbarp]

I second that nomination, v. good post and good to hear something hopeful.

[Jorumian]

What is quite refreshing with the PYBT is that they don't really take an awful lot of notice of your "qualifications". It is the viability of the business idea and your skills to run it that are foremost in their thinking, and they give you plenty of support to develop both into a sound business plan. The advice is pretty good and the seminars did prove really useful, especially when starting out.

They also address issues such as tax, national insurance, insurance, advertising in the seminars. When I attended there were people in there who ranged from those wanting to start their own chip shop to a chap who wanted to run his own outdoor adventurous pursuits company.

If anyone has ever wanted to set up a business but not known how, this is the perfect way. If it is viable and workable, you will get all the help you need to start up. If it isn't you will find that out from your business plan and the seminars and so it won't cost you a penny to have at least looked into it, and if it isn't profitable, then you can receive help and advice on how to make it workable.

[katealpha]

Well done on setting up your own business so young and making such a great go of it.

[Tony]

Just out of interest what do you do?

[scotchlass]

Thanks for the advice; I am thinking of starting a proofreading service from home. I write occasionally for people. Do you know if freelance proofing and editing would be something they would consider?
The only reason I ask is that IMO it can be an unsteady income.

[Jorumian]

First of all, thanks for the nominations for post of the month!

Firstly, to answer Tony, my business was originally a play by mail game similar to fantasy football when it started. Now it is based more online, but we still have a few who prefer snail mail to play.

Secondly, as to whether the princes trust would fund a freelancing / proofreading service. To be honest I am not 100% sure but I do doubt it. I remember when we were on the course there was a list of "professions" provided that were not eligible for support from he organisation (such as Taxi Drivers, and anything in the sex industry, for example). I am fairly certain writing would come in this category (not the sex industry!). Another reason they may not support it is that the grant/loan is meant to be a start-up grant, to enable you to have the funds to start a business and buy the equipment you need to get started. They do have strict rules as to how their loans and grants can be used (you can't use it as a salary for example, or just to "have in the bank to fall back on"). What you ask from them in terms of cash, has to be quantified and receipts provided (for example, when we started our business we needed a brand new PC, which at the time cost £2499. I had to get a quote from Currys, take it to the offices of the PYBT to get a cheque for the exact amount made out to Currys). As a writer I am guessing it could be argued that you only need a PC, phoneline and internet access nowadays and if you have these already, I don't think you'd be eligible for the startup grant, even if the profession was on the list that is provided.

I've done a fair bit of Freelance too and I understand how up and down the finance and opportunities can be, and how hard it gets some months. It may be worth giving your local Princes Trust offices a ring and just enquiring. The worst they can do is say "no". And even if they can't help you, maybe they could put you in touch with an agency who could, or who could at least provide you with some contacts to investigate further. I'm happy to try and help you if I can too. Also remember that I did this 14 years ago now, so the rules may well have changed.

Sorry it isn't a more positive response Scotchlass. As a fellow freelancer, I know how uncertain things can be at times.

EDIT : Oh, and thankyou for the kind comments Katealpha!

[GlasgowGirl]

This sounds like an excellent service - sadly I am just outwith the age range, which makes me feel old! I know a few people who have been involved with the Prince's Trust and have heard good things about it.