18-30 starting up a business?

Jorumian

Facilitator
Sep 1, 2008
348
3
0
Birkenhead
#1
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.
 

Jorumian

Facilitator
Sep 1, 2008
348
3
0
Birkenhead
#4
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.
 

scotchlass

Facilitator
Sep 5, 2008
112
2
0
#7
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

Facilitator
Sep 1, 2008
348
3
0
Birkenhead
#8
Replies...

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!
 
Last edited:
Jul 22, 2008
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#9
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.
 

mlewis09

New Member
Aug 15, 2009
334
0
0
Scunthorpe
www.facebook.com
#11
If anyone wants advice on setting up a new business or going self employed, I'd be happy to offer any guidance, having been self employed for nearly eight years and having run a business that I closed in 2008, and am now in the process of opening a new business, I hope I have lots to offer people.
 

Jostar

New Member
Sep 20, 2010
28
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0
www.postgoldforcash.com
#16
I think its so great when young people start up their own businesses. Sometimes it seems that when you go for these things when you're in your 20s there is less fear of failure.. always a useful thing to have when going out on your own!
Obviously planning is essential, but you also need that drive and ability to try again when things don't go to plan.
 

Ribeye

New Member
Feb 19, 2012
6
0
0
UK
#17
I started my business at 27 and I can honestly say it was the best thing I ever did, its not just the freedom or sense of achievement but the fact that you can stand on your own 2 feet and make a real difference to those clients you deal with. Its also made my future far more prosperous than it could ever have been in employment.
 
May 5, 2014
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#18
Well done Ribeye for taking control of your financial future and good luck! I also started a business, it's a digitial marketing agency. Started it when I was 22, I'm 24 now and the agency grows itself. Don't even have to go in to work any more and it earns a residual income for me!
 

SammW

New Member
Jan 26, 2016
12
0
0
#19
Thanks for sharing and I might just look into this a little more. I have started one business already, would they be able to help me do you think?