Business Start Up Schemes: Lack of Awareness Stunts Business Growth

Disclaimer: We may earn a small commission if you click on links on this page. This helps us keep producing free content.

Over the past few years, the UK government has introduced a range of initiatives to aid the development of small businesses, which in turn could help to aid the growth of the economy.

With everything from free workshops and mentoring through to funding schemes for entrepreneurs, the government has found a wide range of business start up schemes which aim to support and back small businesses in the UK.

However, according to a recent report there are many small businesses in Britain that are totally unaware of the various business start up schemes and initiatives that the government has in place to help them.

This is thought to be holding back the growth of some small businesses, as they are oblivious to the help that they could be entitled to in order to keep them afloat. This in turn is having a negative impact not only on some small businesses but also on the economy as a whole.

Current Business Start Up Schemes

Business Start Up Schemes - Funding for Lending

An independent financial broker recently carried out a survey, with 300 small businesses taking part.

The results showed that only 42 percent of the small businesses that participated in the survey were aware of two of the government’s flagship business start up schemes, the Funding for Lending Scheme and the Enterprise Finance Guarantee Scheme.

Main Newsletter - General Opt-in

Enjoying this article?

Get the latest small business advice in your inbox

Get more articles like this when you join our exclusive email newsletter packed with regular updates & business-boosting tips.

You can unsubscribe at any time. See our Privacy Policy.

There were various other business start up schemes where awareness was even lower. This included Supply Chain Finance, which only 2 percent of businesses were aware of. Only 10 percent were aware of the British Business Bank and 19 percent knew about the Regional Growth Fund. Worryingly, a couple of those businesses interviewed believed that the Bank of M&D, which is the name given to the fictional Bank of Mum and Dad, was an actual government initiative.

The Start Up Loans Scheme, which is chaired by former Dragon’s Den star James Caan, received the highest level of recognition from the small business that took part in the survey. The figures showed that around 62 percent of businesses were aware of this government initiative.

One industry official said that while the various government business start up schemes and initiatives could be valuable for small businesses and start ups, too many of them were being promoted very poorly.

He said that no matter how good the schemes and initiatives were, there was little point having them in place if businesses knew nothing about their existence. He added that rather than focusing on launching new schemes, the government needed to focus on promoting the ones that already exist.

Starting a business in London? Here’s what you need to do…

Starting a business can be a very exciting time. However, it can also be very stressful and the road to success can be a rocky one. In London, there are tens of thousands of businesses trying to make a name for themselves, making the market extremely competitive.

If you are going to succeed, you will need to ensure your business can be found.

It is suggested to organize a business plan. You need to decide the business you would like to do and how much money you want to spend. It needs proper business planning. It is necessary to make your business successful.

This article will give you some great business building tips to give your company a competitive edge in the capital.

Use London directory listings

Budget to support SMEs

Many people use directories to search for businesses and services. They provide a great database for individuals or organizations to quickly search and find the companies that can help them.

Although London has many print-based directories, it is more advantageous to use online directory sites. The good news is that there are many online directory sites that only register businesses that operate in and around the London area.

The better news is that you can usually list your business on these sites free, with the option of paying for featured listings and advertising.

A good approach is to find popular directories and pay a small fee to feature your business. This will work wonders in attracting some extra clients.

Main Newsletter - General Opt-in

Enjoying this article?

Get the latest small business advice in your inbox

Get more articles like this when you join our exclusive email newsletter packed with regular updates & business-boosting tips.

You can unsubscribe at any time. See our Privacy Policy.

Make sure you have a website

This is of paramount importance for the simple reason that almost everyone uses the internet nowadays as their first port of call for finding products or services.

The internet is a fast and efficient way for people to find what they need. There are 7.7 million people residing in London and the majority of them will be using the internet to look for what they need.

Put your business into the online reel and you will be targeting a massive market. You will also be ensuring that you are doing all you can to attract those all-important customers.

Use London conference venues

For small businesses that are just starting out, conference centres can be a perfect way to give your company a professional image. Conference rooms in London are dotted across all areas of the capital, from Ealing to Knightsbridge.

London conference centres are ideal for setting up important meetings with clients. You will be able to access all the latest technologies to make an impression and the capital has a handful of conference facilities that are tailored to small businesses.

These centres often offer special pricing structures that help the smaller company and keep costs down.

Taking help from offshore company formation is one of the best ways to establish your business successfully in London. It helps you to start your venture in the city by assisting you to open an office in London, secretary service, nominee service, notary service, offshore bank account and much more.

There are different types of company formation packages offered, among which you have freedom to choose the one that is suitable for your business and fits to your budget.

Photo of author
Business4Beginners has been advising new businesses owners since 2013. The founder, Paul Bryant, has created, grown and sold several successful businesses and remains the editor and fact-checker of all content published on the site.
Share on:
Main Newsletter - Special Report

Why businesses fail eBook


Why 1 In 5 Businesses Fail In Their First Year

Download your FREE copy when you subscribe to our email newsletter with regular updates and business-boosting tips.

You can unsubscribe at any time.
See our Privacy Policy.