Top tips on how the government can help your start-up
Although the online revolution has meant that it’s now relatively easy for anyone to start their own homegrown business, it can still be a difficult task to transform a great idea into a legitimate money-making enterprise.
The dot-com bubble illustrated just how quickly things can change for many start-ups, and so there has been the gradual introduction of government initiatives that seek to provide a degree of stability and support for any fledgling business endeavours.
Such initiatives can range from special small business grants, to tax-breaks for investors. And these innovations have already helped develop a new and dynamic UK business environment where companies as far-ranging as online betting sites to construction services can benefit from government-led assistance.
Tax breaks for investors
Key amongst these initiatives is the Seed Enterprise Investment Scheme (SEIS) that was introduced in 2013. This provided tax relief for investors who placed their money into any fledgling company at the very start of their operations. By granting such tax relief, it was hoped that the SEIS scheme would enable start-ups to raise equity finance in order to compete on a national level.
Already there have been a few notable examples of companies that have benefitted from this action with the likes of FMC Building Services attracting investment thanks to the tax-relief solutions offered by the government.
One of the key things about any start-up’s success is the degree that it is able to adapt to technological changes. And the boom in tech companies has lead to the government introducing the Innovate UK operation that can provide grants to start-ups that specialise in the rapidly-growing digital domain.
By providing funds for the nation’s tech companies, the government is helping to increase the quality and breadth of these services. Such funds are essential for assisting companies create 3D cameras and also aid an environment where brands such as Betway are able to use the digital infrastructure to reveal how political betting will be huge in 2016 with their site that enables anyone to speculate on the nation’s political future.
Another big problem that faces many start-ups is simply getting a skilled workforce in order to carry out the day-to-day operations. The government has recently introduced many apprentice scheme initiatives to provide a helping hand to small businesses, and also increase the skill levels of many school leavers.
And with such schemes comes a wealth of experience thanks to a range of consultancy services that can be found on the official government business services website.