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Starting Up a New Business?
Many entrepreneurs start their new businesses all on their own unaware of what help the
government is able to give them. Oblivious to important information and help that could increase
their chances of success new enterprises take an unexpectedly colossal leap. This article will
inform you of the ways our government is here for our small businesses through income,
protection, training, interest rates and trade. It is through articles like this that we hope to decrease
the 50% of businesses that fail every year and the 90% that fail within 35 years.
Financial support comes mainly from central government and from the European Union (EU). The
EU offers financial support through funds such as its Regional Development Fund, which helps the
less economically well off regions of the UK. The government also funds Business Link, which
operates in each region. It provides guidance on how to produce a business plan and advice on staff
training. It also offers financial support such as the New Enterprise Allowance where you may be
able to claim capital to start up your business. The Department for Trade and Industry (DTI) supports
UK firms in different ways. Examples include:
help for small businesses through its Small Business Service and
Small Firms Loan Guarantee Scheme
providing information and advice on EU developments
offering free booklets and `best practice' guides
supporting firms wishing to use new computer and communications technologies.
The government also facilitates enterprises through training and employment schemes such as the
National Vocational Qualification (NVQ) and the Entry to Employment (e2e) which are set up in
England and the Scottish Vocational Qualification (SVQ), Get Ready to Work Programme and
Skillseekers in Scotland. Various apprenticeship programmes and the right to time off for study or
training is given and funding has also been arranged for different projects to raise awareness
among underrepresented groups of people. The government funded Learning and Skills Council
(LSC) also provides training for firms/ enterprises.
Governments also consider the effect on business when changing their taxation and interest rate
policies reducing business taxes and trying to establish and maintain a modern and competitive
business tax system.
The governments Office for National Statistics (ONS) publishes a range of important statistical
summaries that organisations use as information sources. These include: Regional Trends, Social
Trends and Economic Trends. Support for exporters comes from British Trade International, which
gives information, advice and assistance and the Export Credit Guarantee Department provides
guarantees and insurance against losses through exporting.
Government legislation helps protect firms against unfair competition. Since individual consumers
are usually in a weak bargaining position with the large organisations they buy from, there are many
UK and EU laws to protect them. Monopolies where one firm dominates a market are
discouraged because the monopoly firm can set its own prices and exploit consumers. The UK
government encourages competition through the Price Mechanism, with its interaction of supply
Starting up your own business is easy once you have a clear and detailed business plan. Without
this, you won't know what you're doing, what results you should expect, what steps to take next or