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Your EnterQuest Bulletin - Issue 342
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| Thought for the week: "It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something." Franklin D Roosevelt |
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In this week's issue:
Last week EnterQuest sent out its latest subscriber survey about marketing methods and techniques used by small and medium-sized businesses. The Survey has so far received an excellent response, so thanks to all who have taken part.
If you haven't taken part in the Survey yet, you can do so here. It will only take a couple of minutes to complete. The results will be published in a future issue of the Bulletin.
The lowdown on grants and funding
Each year we maintain and update the information we hold about business support schemes and initiatives, including grants, soft loans and other forms of subsidy.
Here are some major facts we'd like to highlight, plus a couple of tips that every small business owner and budding entrepreneur should know about when considering applying for grants and soft loans.
1) Most small firms are not eligible for grants
The fact that business grants and loans are aimed at most small firms is not the same thing as most small firms being eligible. In fact, certain small business sectors and activities are specifically excluded. Eligibility can be a particularly fluid and often a very subjective thing. So check out eligibility criteria very carefully first before you start applying for any specific fund or scheme.
2) There's no such thing as free money
Do you still think it grows on trees? If you apply for a grant or small business loan from somewhere that is dubbed a 'non-commercial' source, you'll still have to pay it back with interest if it's a loan, and you'll almost certainly have to match the amount of a grant with money from your own pocket or your existing business reserves.
3) Writing a business plan won't necessarily get you a grant or loan
A lot of people believe, or are led to believe, that the main or only reason to write a business plan is to secure a grant or loan finance. While a business plan may be helpful or possibly even a requirement of a grant application, you will also need to be able to articulate a genuine need for the grant to the awarding body, and show how you will deploy the funds in your business.
4) Applying for grants can be tricky and time-consuming
This shouldn't be a reason for not applying if you find a scheme for which you're eligible, but make sure you understand how long it might take you to fill out the forms, to research the requirements of the awarding body and to get a response. Will your project or business opportunity still be there as the weeks slip by?
5) Do you genuinely have a project that would benefit from a grant?
Essentially it's business projects that are operationally feasible and stack up financially that will ultimately be what a grant awarding body will be looking for, not just a waffle-riddled business plan with finger-in-the-air projections. What is your project? How much additional finance do you need? Do your figures really add up?
6) Will a grant or loan give you specific measurable outcomes and benefits?
If you just apply for extra cash for your project or business idea, you'll likely get a very quick and unfavourable response. But if you can genuinely describe in your proposal or application the specific outcomes you can achieve as a result of the extra finance awarded, you will dramatically increase your chances of having your application approved.
7) What will you do if you don't get awarded any funding?
Seriously, this is something you should also describe in your proposal, but in any event if you have a genuine project you should be planning for how you will pursue it on a more limited basis without the extra funding you are hoping to secure.
8) Is the fund you want to apply for still available?
Grants, loans and other business support schemes come and go very quickly. Some new schemes are over-subscribed in a matter of a few weeks following their launch. To avoid disappointment, and a lot of time wasted filling out forms, make sure you contact the awarding body to ensure the fund is still available, and also to check the deadlines before you start your application.
Getting some local or professional advice to help you before you start applying for grants and loans is our best recommendation. This sort of advice is generally free and available from your local enterprise agency, independent business adviser or Business Link.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Auction house for the super-rich. This site is a bit like eBay - but it's for the super-rich. BillionaireXchange is a members-only online auction site, and has a sellers' directory listing everything from boats and chalets to exclusive nightclubs and diamond jewellers.
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Customisable lip balms. LipBalmLabz is a Canadian business that allows customers to create their own lip balms from a range of flavours, and pick their own colours for the label on the product. It's priced at $2 a tube and has a Facebook page to promote giveaways, competitions and roadshows.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'redress'?
a) remedy or compensation
b) relief or intermission
c) altercation or disagreement
d) excess or surplus
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) A report from HSBC bank claims that there is lack of demand by small businesses for which of the following?
a) overdrafts
b) customer service
c) finance for business growth
d) online banking facilities
2) The Government has been asked by the Professional Contractors Group to introduce a ministerial post for which of the following business types?
a) freelancing
b) start ups
c) growing businesses
d) family businesses
3) A survey by the Federation of Small Businesses (FSB) has revealed that a quarter of its members have seen their profitability do which of the following this year?
a) increase
b) stay the same
c) decrease
d) decrease dramatically
Answers at the end of the Bulletin.
Quick guide to clearing Internet cache
If the Internet is running slowly on your PC or laptop, it could be a sign you need to de-clutter your computer of cached files. Each time you visit a web page, your hard drive stores a copy of it onto your hard drive. This article provides a quick summary of how to clear the cached pages from your hard drive, which may result in faster Internet performance.
No-nonsense data protection guide for businesses
The Information Commissioner's Office (ICO) has produced a no-nonsense, Plain English guide to data protection. It's written with businesses and organisations in mind, to help them better understand their legal obligations under the Data Protection Act.
Tool helps you find out where your website is mentioned
Quarkbase is a tool that you can use to discover where on the Internet your website is mentioned. It lists similar sites, blogs mentioning your site, and gives other details including a site's Alexa ranking and social popularity.
Free online booking and payments tool
The BookingBug is an online booking and reservation tool that also enables business owners to take payments through sites such as PayPal. The free version is suitable for very small, one-man-band businesses, while businesses larger than this will pay a monthly fee.
You can get access to hundreds more online business tools, how-to articles, checklists, standard forms and business development resources by subscribing to the Better Business Adviser.
Win a Bluetooth mobile printer worth £199
The PrintStik from mobile working solutions firm PlanOn is the world's smallest full-page printer that makes it possible for users to print documents anywhere, any time, while on the road.
PrintStik offers full-feature printing capabilities on a self-contained, 20-page roll of A4 paper. It is extremely user-friendly and syncs easily with a variety of devices including laptops, PDAs and smart phones, transferring images and documents clearly with no smudging or bleeding.
EnterQuest has teamed up with PlanOn to offer readers the chance to win this really useful device, worth £199.
To be in with a chance of winning this great prize, just answer the following question:
Q: Which body has asked the Government to introduce a Minister for Freelancing?
a) Professional Contractors Group
b) Freelancing Federation
E-mail your answer, together with your name, address and daytime phone number, using 'PlanOn PrintStik competition' in the subject line, to enterquest@cobwebinfo.com.
All entries must be received by 31 January. Full competition rules are available on request.
This book explains the power of word-of-mouth and pass-it-on concepts, and highlights the businesses that make money from using them. It looks at viral businesses, viral marketing and viral networks. Check out:
Just one word answer
The answer is a).
Redress means remedy or compensation.
The business owner's proposal for redress was met with approval from the customer, who had complained about a fault in the goods they had bought. |
How's your business radar? The answers
1) The answer is c) - HSBC claims there is a lack of demand from small firms for finance. It reported that only 15% of users it surveyed said they were looking for finance to fund their growth. Some 80% of firms said they were not looking for money because they did not need it.
2) The answer is a) - The Professional Contractors Group wants the Government to introduce a Minister for Freelancing, to oversee issues such as IR35 and safeguard freelancer status and jobs.
3) The answer is a) - Survey results from the FSB have revealed that around a quarter of firms (27% to be exact) increased their profitability in 2009. The FSB reckons this means small firms are "leading the way out of recession and back into growth". |
Visit www.enterprisequest.com to access all back issues of the EnterQuest bulletin. If you have any feedback or suggestions for us to make this service more relevant please e-mail your comments to enterquest@cobwebinfo.com.
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
