Charity begins at home and in the UK we’re keen givers to great causes. According to statistics from the UK branch of the National Philanthropic Trust 61% of people donated to charity last year. Online giving increased in 2016 by more than 7% compared to the year before, with a fairly equal split in charitable causes between medical research, animal welfare and children or young people’s charities. How big is the UK charity sector? At the end of 2016, data from the Charity Register indicated that there were around 167,100 charities in England and Wales. In 2015 – 2016 the UK voluntary sector as a whole received £7.6 billion in legacies, gifts and donations. So, in many ways, charities have become big business in the UK. Inevitably that has led to a few situations where money kindly donated has not made it to the right places. The founder of a breast cancer charity the National Hereditary Breast Cancer Helpline – for example, employed her daughter using charitable cash, and in
Solution Loans recently conducted an online study of 1,000 British entrepreneurs in the hopes of learning more about the financial struggles business owners in particular face and which among these are generally considered the most intimidating of the lot. With available options ranging from managing cash flow and maintaining the flow of new business to paying competitive salaries and investing in better processes, we asked participants to share the financial factors they believe cause company owners across the UK the most stress. The results are in, and we’ve recorded them below segmented by business owner gender and geographical location. Topline results: Which of these financial factors do you think cause business owners most stress? Losing existing clients: 64.0% Managing cash flow: 60.0% Continuing to remain profitable: 58.4% Late client payments: 51.9% Maintaining the flow of new business: 48.1% Lack of knowledge of company’s financial situation: 32.0% Managing overheads (e
Britain continues to produce more entrepreneurs than any other country in Europe. Figures from 2015 – the latest year that figures are available – show that close to 600,000 new businesses were registered with Companies House, a rise of almost 10% on the previous year. Most of these businesses were small enterprises launched by just one person. Very few were larger scale businesses led by groups of directors. Millions of us dream of starting our own business but shy away from what can be a hugely liberating experience because of a lack of finance. But not having the money in the bank does not have to spell the end of your dream of going it alone because there are still many forms of financial help on offer. In this article, we look at the different forms of finance available to you if you want to step out on your own. Grants and loans Startup Loans Originally targeted just at younger entrepreneurs, the government’s Startup Loans scheme is now open to anybody from any age. If yo
Tens of thousands of smaller businesses are likely to be hit by higher business rates following the revaluation of the rateable values of their premises. The change – which has sparked howls of protest among business organisations – is likely to see much higher business rates for those based in parts of the South East and London where property prices have risen strongly in recent years. On the flip side, businesses based in other parts of the country where property price rises have not kept pace with those in London are likely to see cuts in business rates. What are business rates and how are they calculated? Every business – apart from those which operate from so-called ‘home offices’ – have to pay business rates on the premises that they use including shops, warehouses and factories. The rate that a business pays is worked out according to the value of the premises as well as the value of any equipment that a business uses there plus the economic sector the business ope
It s no surprise that every business needs funding, whether it s a new startup or a well-established small business looking to grow. Establishing and growing a successful business always needs an injection of hard cash no matter how exciting the idea or how great the business model. But that is often the stumbling block holding back small businesses: how to raise money. It is tempting to think that you can get a loan from your bank, especially if you have a proven track record with them and a proven business model if you have been trading for a few years. Unfortunately, in our current economic climate that is frequently not going to happen. So if your business, like so many others, has been turned down by the mainstream banks what are your alternatives? Fortunately, mainstream banks are not the only lenders out there and the rise of the internet has made alternative funding a very viable option for many – and often a cheaper option than a more traditional route to raising finance fo
We’re entering a phase in our economy now where startups are an increasingly popular option. As the digital world opens up new opportunities for anyone to go into business, startups are launching at record rates. Getting startup funding is probably one of the most crucial elements to its success. Given that half of all UK startups fail within the first five years it’s not something that can be overlooked. But what are your options if you have an idea that you want to sow, germinate and grow? Crowdfunding This is an increasingly popular way to get investment to help boost cashflow and take a business to the next level. There are a number of different crowdfunding options out there and their offerings differ. You can choose a platform that gives your crowdfunders some kind of reward or incentive to invest (e.g. a personalised or exclusive product) or one where individuals buy equity in the business. Equity is essentially a share of the business. Normally, to use an equity model you
he first 12 months is a crucial time for any small business. With funds being limited at best, finding an effective method of generating additional credit can literally be make or break for many small businesses.
The traditional way to borrow money for any business has been to turn to your bank manager for a loan or an overdraft. However due to the increasing reluctance of banks to lend to anyone they feel pose a repayment risk, approximately only 20% of start-ups are funded by bank lending, with a much smaller percentage of these being first timers.