Which Type Of Funding??

[JAMESJOHN]

Hi shell livewire,
my names james john..

i'd like to recieve help and funding, but i'm not quite sure what to apply for..
i've written up a business plan for my idea, my idea is an entertainment company-(more like a record label)
but i would also like some one who can help me along the way,.. what do u suggest?

[Statler]

Hi James,

The first thing to bear in mind about business funding is that it differs from region to region. For example, if you live in a region that traditionally relied upon heavy industry, then alot of business support initiatives will be available, in order to regenerate the area.

Secondly, you can not receive a grant and use it for just any business purpose, eg working capital. In the vast majority of cases, grants will have very strict criteria about what they can/can not be used for. Also, it is important to realise that grants are not 'free'. This is a common misconception. You will always be asked to meet at least 50% of the costs for which you are applying. For example, say there was a Marketing Grant available in your area, and you wanted to apply for £500. You would be expected to also have £500 of your own money.

A final thing to bear in mind about grants is that they are very rarely available for amounts of over £3,000. This is most important when deciding what kind of funding to pursue. If you need less than a couple of thousand pounds, then you might be able to get a grant; but if you want, say, £10,000, then you'd be better off applying for a business loan. On the other hand, if you needed £50,000, then you might want to consider the option of venture capital.

At this stage, I'd recommend talking over your plans with a business adviser - this may be your local Shell LiveWIRE Co-ordinator, or someone from your local business support organisation.

To receive details of your local Co-ordinator, register online with Shell LiveWIRE at http://www.shell-livewire.org/cgi-bin/register.pl (this is different from registering for the Mentor system). You will be able to download two booklets - 'Market Research for the First Time' and 'Writing your First Business Plan', and be posted a factsheet dealing with your particular business idea (Record Label), plus you will also gain access to all the information within the Be Your Own Boss section of the site.

Lee