PDA

View Full Version : Under 18s funding


Ibren
27-04-2008, 08:12 PM
Hi there, I'm 16 and I need around 1000 - 2000 in funding for my latest business.

Does any body know of any possible investors/investment sources for me? Thank you!

bill mccallum
27-04-2008, 08:17 PM
You need to give a little more information.

where are you located
what type of business
what is the money for

There are a number of funding opportunities around, but the above information is required to work out which is best for you.

Bill

Ibren
27-04-2008, 08:22 PM
Originally posted by bill mccallum
You need to give a little more information.

where are you located
what type of business
what is the money for

There are a number of funding opportunities around, but the above information is required to work out which is best for you.

Bill

Hi, I'm located in the midlands, I am starting a website design, search engine optimization, graphic design business. I will use the money for a few programs that I require and for advertisments and marketing.
Thanks for posting!

m8internet
27-04-2008, 09:44 PM
Your parents would be your first port of call
If they decline, ask them why, although it may be for personal reasons

Prepare a business plan and spend a day making appointmens with at least three banks
Don't sign anything until you have visited all three, see what they have to offer, then compare
Due to your age they probably won't be able to offer you an overdraft, but ask if they would provide on in principle when you are 18
If they say no, then you know where you stand with them!

As for the hardware, software, and materials for website design
You should be able to get at least a 50% grant for any hardware
Most software can be found for free, or similar versions that compare to others
Furthermore, how is your knowedge and understanding of programming langauge, etc

bill mccallum
27-04-2008, 11:08 PM
Contact your local council, most offer small grants for small business, plus speak to your local Princes Trust office..

your biggest problem is your age, you may need to look for a partner who is a little older.

Ibren
28-04-2008, 04:56 PM
Hey thanks everyone, I'm going to try contacting my counsil and see if I can get a grant.

Thank you! :)

James Smith
28-04-2008, 05:09 PM
My challenge to you is that if you are blessed with graphic design, web design AND SEO skills surely you can market yourself for very little?

I would get the software as freeware to start and get the proper kit once you have proven the business model myself as suggested above.

If you really need the money, there is always my normal "bucket and sponge" response. 1k = 200 shiny cars. Take a while but if you lose the money you have already earned it and it feels a lot better doing poor jobs to save for something than to pay off a debt.

NB its a complete waste of time approaching banks, they cannot legally lend to you aged under 18. You might get a grant but the amount of effort involved might as well be spent with the bucket and sponge.......they are often only available to over 18's too.....

anyhow, good luck

Regards

m8internet
28-04-2008, 05:51 PM
Originally posted by James Smith
NB its a complete waste of time approaching banks, they cannot legally lend to you aged under 18. You might get a grant but the amount of effort involved might as well be spent with the bucket and sponge.......they are often only available to over 18's too.....
Although the loans and overdrafts are normally only available to those aged 18 and over, there are some banks that will open a business account for those between the ages of 15 and 18
I would say it is almost essential as well if the person is starting off as a sole trader with a business name, otherwise how else do they lodge cheques made out to them in their business name?
Furthermore, if a grant application is successful they will need bank details
I had my first business account with the Clydesdale Bank at the age of 15, although they did take some convincing, but they weren't the only ones to offer me a "basic deposit business" account

mfjazzy
28-04-2008, 07:21 PM
Im 17 and was looking for grants too. Managed to get a business bank account with the Royal Bank of Scotland.

Anyone know where I can get grants in and around Glasgow, mainly for marketing for my internet based application?

James Smith
28-04-2008, 07:40 PM
The original post was about loans which you cant do under 18 as you cant actually sign a binding contract. You would need parental guarantees etc by which point you may as well do in the parents name in the first place....

M8 seems to have gone off on a tangent about general banking I would agree simple bank accounts are no problem.

Back in the real word, for small sums of money - get out there and earn it! I know no-one likes to be told that, but the reality is most small businesses start from owner generated funds.

Ibren
30-04-2008, 08:01 PM
Originally posted by James Smith
The original post was about loans which you cant do under 18 as you cant actually sign a binding contract. You would need parental guarantees etc by which point you may as well do in the parents name in the first place....

M8 seems to have gone off on a tangent about general banking I would agree simple bank accounts are no problem.

Back in the real word, for small sums of money - get out there and earn it! I know no-one likes to be told that, but the reality is most small businesses start from owner generated funds.

Yeah that is true, I have contacted business link anyway and am awaiting a responce. It just seems ideal to start from nothing!

Thanks!

m8internet
01-05-2008, 06:29 PM
Originally posted by mfjazzy
Anyone know where I can get grants in and around Glasgow, mainly for marketing for my internet based application?
There aren't many grants in the Glasgow area for such businesses
I would suggest you visit the SBGateway on Buchanan Street (I work there a few days a month) and ask for a listing of currently available grants and other funding options

BGPerthshire currently have a 50% / 25% grant package, up to 1000, for exhibitions and marketing