Start Up Business Funding UK
How many new companies start up in the UK?
If you are starting up your own business, then you are not alone.
In 2016, 440,000 incorporated companies were set up and upwards to another 200,000 soles traders/partnerships. After the US, the UK is one of the most entrepreneurial counties in the world!
What percentage of UK start-up companies do not survive?
Sadly, a large proportion of start up companies do not survive. The percentage failure rate depends on what report you read. Overall, the consensus is between 50% to 80% of start up companies will not make five years.
There is roughly, over 50% of companies set up in London in 2013 that did not survive three years!
What are the main reasons why start up companies fail?
Lack of finance and underestimating the competition are the two key reasons. The list goes on…
10 quick tips for start up business funding UK
What sources of finance are there for UK start-up companies.
- The bank of “Mum and Dad”. Always a good place to start, cheap money and there is no underwriting involved.
- Friends and your wider family. Do not always believe the myth that you should not go into business with friends and family.
- Suppliers and potential customers. Investing in your business could help theirs.
- Competition. Keep your friends close and your enemies closer!
- The British Business Bank. Click the link for more information – www.british-business-bank.co.uk.
- Bank loans. Easy said than done. You may be offered a small loan, but normally not the quantum of cash that is needed.
- Angel investors. Look on Google for angel investors or angel investment network.
- Crowd Funding platforms. Fund your business project or venture through a large number of people, contributing a small amount. This is typically an accessible online.
- Personal investment. If you are big enough, private equity houses, venture funds or venture capital.
- Leasing and asset finance. YES, the best route, give us a call at WestWon on 01494 611 456.
How does the British Business Bank help UK start-up companies?
The British Business Bank is a Government owned business development bank aimed at helping small businesses set up. Since 2012, the British Business Bank has lent over £300m to 46,000 companies. A small number when you think that there is over 1.5m companies that have been formed since.
Start up business funding UK – WestWon loans and leasing
WestWon have helped hundreds of new start UK companies to raise finance to get their company off the ground. Call us today on 01494 611 456 or enquire online below. We look forward to help fund your new business venture.