Essay
Financial Services to Support Business level 3 P1 UNIT 3
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Explain the advice and guidance available for pre-business start up for a potential business.
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By: huzzisaid • 5 year ago
By: sidrit1998 • 6 year ago
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I will be explaining the advice and guidance available for pre business start-up for a potential business.In terms of the guidance available for finance; for a potential business start up the entrepreneur could
use their own savings which they have saved over years, they could make bank loans and overdrafts from
the bank, the government also gives free grants for business startups and they also offer loans and family
and friends can borrow or give the entrepreneur money to the start the business. In terms of grants this
could come from local council, nation or European governments. Also the entrepreneur could go into
partnership with someone and this would save them money as both partners will need to invest money
into the business.
Banks also offer support and advice, they offer free business account banking for two years for someone
starting their first business and the banks team will offer support and advice in terms of how to manage
the business and make it grow. The bank will offer loans between £1,000- £1,000,000 and this money
can be used to grow and set up the business and also when the loan is needed the bank will also offer
the entrepreneur the chance to speak with an adviser who can speak with them about the starting of
their business. Some banks will also create and offer a business startup guide which will contain all the
information needed to know when running and starting a business such as probability. Also when a loan
is taken out or overdraft, the bank will offer free consultations with an accountant who will advice the
entrepreneur on how to manage money and deal with tax etc.
Also there are business support websites who give advice such as “Business link” who will give the
entrepreneur advice on how to start, run and maintain the business. They also offer help with writing a
business plan or they can send a template. Business link also offer agencies for different business needs
such as finding location and products. Any other support needed for the business can be accessed by
business link. Also local councils offer support and advice for example Barnet council help train and
advice new and already established business owners. Local chamber of commerce is an Organisation
which offers advice for businesses, they offer advice on different aspects such as legal and finance advice
and it is free, they also help with skills improvement.
It is good for businesses to have their own solicitors and accountants or have access to them when
needed because solicitors will give legal advice which will avoid the business getting closed down or the
entrepreneur taken to court, the solicitor will give advice on taxes that need to be paid and the laws that
apply to the specific business as paying taxes is a law. Also solicitors are helpful when signing contracts
because they understand every aspect of it and they know the consequences and benefits of the
contract. The accountant is helpful for giving advice which bank to save profits in, so high interest can be
gained on it and they can give advice on what and where to invest money in.
There are online websites that will give businesses advice on starting a business and there are different
articles available that can help an entrepreneur such as advice on the legal aspects that can affect
businesses and how to start a business with a low start up fund. As grants and start up finance are not
easy to find these websites will direct future business owners to grants which are available.
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