View Full Version : Has anyone been to the Princes Trust?
04-04-2006, 03:03 PM
Has anyone set up a business via the princes trust? May I ask what the process was and how long it took?
Any information is much appreciated.
04-04-2006, 03:05 PM
i'm sure if you go onto the website, you might find quite alot of info there. I'm going to have a look right now.
04-04-2006, 03:07 PM
Hi I am on the website at the moment having a look and can't seem to see that much...
Apart from an online enquiry from.. I hate those things and the telephone number provided is on voicemail.
Also its always good to hear from people with real life experiences
04-04-2006, 03:19 PM
I set up my business recently through the prince's trust. From recieving all the information via the post to getting my business loan through it took about 3 months.
I highly recommend the trust and found their staff very approachable, professsional and more importantly helpful.
The most daunting part is the panel interview where they give their answer to your funding request. But again as long as you beleive in your idea and can show enthusiasm for it to work, I am sure they would be behind you.
Dont forget also that with the trust you get full support in the form of a business mentor to guide you during the early stages. These guys are in no way involved in your business but are knowledgeable individuals for you to lean on.
I thoroughlt recommend the trust, and guess your first step would be to contact your local office and arrange an informal chat.
04-04-2006, 03:24 PM
dont you have to unemployed to get a loan/grant though?
04-04-2006, 03:29 PM
Thank you Rich for your repsponse, thats exactly the kind of info that helps!
Regarding the umemployment thing.. I was questionning that, this is why I am trying to call them, as I am employed, however they give a list of criteria and I am not sure you have to satisfy all of the criteria to be successful
I am between 18-30 which is one the points mentioned..
I don't know.. If anyone can confirm as they are still on voicemail, please advise
04-04-2006, 03:31 PM
Your current employment status is taken into consideration, but if you are working it does not automatically exclude you from the funding.
04-04-2006, 03:32 PM
Oh good news! Thank you, otherwise I would have been excluded straight away.
Do they help you with business plan or do you need all this prepared before you go?
04-04-2006, 03:37 PM
As part of the info they give you will recieve a business plan template for how they like it set out.
It is very concise and easy to fill in, the usual questions are there;
Whats your business?
Who are your customers?
Who are your competitors??
There is also the cash flow forecast which if you need any help the staff at the trust can advise.
Beware though!! They do go through all your figures with a fine tooth comb, as they have to mreport back to their office on each loan agreed. So it is worth having a 3rd party with a financial brain to go over them.
04-04-2006, 03:41 PM
Luckily I have a reasonable brain for figures!
What was your business, do you have a website?
04-04-2006, 03:44 PM
Corporate Events geared solely around the fast paced world of 5-a-side football tournaments.
It's something I was doing for 4 years with a major player in the industry until I was made redundant. So I decided I could do this on my own and here it is.
Luckily just scraped into the age bracket for the trust!!
Website is still under construction, but is still working.
04-04-2006, 03:59 PM
I've just set up with the trust too - in fact I had my panel last week! Just waiting for the loan to come through, I also got a £1000 grant to use on IT.
It took about 3 months start to finish, and the process was very easy and I was helped through all the steps.
I automatically qualified as I was unemployed and in the age bracket. I contacted them through the web site and they sent me a letter through saying they would get a business advisor to call me. He then came round to my house and we talked about how they could help.
If there's anything else I can help with give me a shout,
04-04-2006, 04:06 PM
Well it looks brilliant! I wish you luck. Thanks for all your help.
I have now filled in the Online Enquiry form, its a long way off but at least I've made the 1st step!
I have 2 ideas that I could do both would be profitable however the more creative idea would be more exciting and then theres what I do at the moment which is working in the motortrade, however I have also worked in Recruitment, so could combine both experiences and set up a motor trade recruitment agency.
However think I'll use the more creative side, and hope to set up a shop for hand made jewellery and also clothing!
Thanks Again Zoe
04-04-2006, 04:09 PM
Thank you Emma, I am finding this website/forum very helpful. Good Luck to you also. and thanks for the post.
04-04-2006, 04:10 PM
I make jewellery 2! I'm selling on ebay at the moment and suppling a couple of stores, but looking to expand as soon as I get the money in place.
If there's anything I can help with on the jewellery side let me know!
04-04-2006, 04:13 PM
I would be looking at setting up a little shop, however jewellery for me would just be an additional side of business, I would mainly look at the clothing side of things!
Ebay - I'm addicted.. whats your shopname..
04-04-2006, 04:16 PM
Me too! Its http://stores.ebay.co.uk/KITSCH-TIQUE
What kind of clothing would it be? And whereabouts would you be looking at locating?
04-04-2006, 04:28 PM
do you ever get to speak to Ivan Massow when you are successful with the Princes Trust?
04-04-2006, 04:32 PM
All types of clothing, possibly more ladies!
I will check out the ebay shop.
I'll give you a shout, If I need anything, appreciate it.
Its only its the early stages though so a while to go yet.
Thanks Zoe x
04-04-2006, 04:55 PM
Kinster - No I didn't get to speak to him, to be honest I've never heard of him - should I have done?!?!
Zoe - Sounds fab - good luck with it!
04-04-2006, 04:58 PM
Kinster is this Ivan, someone I need to worry about? or someone I should try and meet?
Thanks Emma, sure we'll talk again
04-04-2006, 06:27 PM
Ivan Massow is someone who has actually achieved it at the age of 21. He started off providing insurance for the gay community. I would rather listen and take advice from people like him than from some so-called expert who just works for a living giving 'advice'
04-04-2006, 08:16 PM
Wow, he's got a fantastic attitude. Thanks for that Kinster.
I've been assigned a mentor today, only to be told that I know more about business than she does and I'll have to teach her.......not sure that is the point of a mentor......anyway
04-04-2006, 08:25 PM
Emma can I ask is your business all run from ebay? or do you have a shop also?
04-04-2006, 08:30 PM
Mainly through eBay right now, but I've got 2 retailers who are stocking my jewellery. I'm also selling through craft fairs, setting up my own website and targeting more retailers.
04-04-2006, 08:34 PM
Sounds great, how do you find ebay? there is alot of competition at the moment
04-04-2006, 08:36 PM
There is but as my jewellery is one offs mainly, as long as what you make is different to others people will buy it. I'm not going to be a millionaire just yet......but I'm working on it! I think the customer service part of ebay is important, sending the products out quickly and packaged nicely.
Do you think you'll sell through ebay or just concentrate on the shop/
04-04-2006, 08:38 PM
Good Luck Missyven with the Prince's Trust and also with your ideas!!
04-04-2006, 08:40 PM
I think I'll just concentrate on the shop, I sell on ebay just personal items, and to be honest I find it a hassle having to post everything, mind you I work at the moment so its very hectic. I think I'll probably just sell stuff on ebay if I can't sell in the shop, so as like a back up! :-)
04-04-2006, 08:42 PM
Good idea, thats what I'll hopefully do when I've got the site up and running and a few more retailers on board. Out of interest, what did you think of my ebay shop and the jewellery?
04-04-2006, 08:45 PM
Its all very exciting and hectic when first getting going, but once you get that bit of clarity you will know what will work best for your company.
Dont mean to sound patronising if I come across that way?? I started off with a grand plan which I will eventually achieve, but for the time being I am happy building my business another way.
04-04-2006, 08:58 PM
Rich - Patronising, not at all? Why do you say that
Emma - You have a good positive feedback from your customers, and some great items, very different which is good. Its nice to talk to you, as it gives me hope, its great that retailers are taking your items and putting them up for sale, its a great sign.
Its nice to be creative, I guess thats why I want to get out of what I do in the office and use my creative side.
Luckily the outlay is not that great, however I know it can add up, so If I don't have luck with the PT I will still continue to pursue it all
04-04-2006, 09:02 PM
I was the same, I've spent 4 years at uni so it was nice to be creative!
Thanks for your comments, I'm sure we'll be able to help each other out being in a similar boat!
I'm sure the princes trust will help you out, even if they can't help you they should be able to point you in the right direction.
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