Support for entrepreneurs: Here’s where to start

Entrepreneurs know well that running your own business is a double-edged sword. You benefit from the autonomy and rewards of working on your own terms. But simultaneously, you pay the price with high workloads and a greater sense of isolation.

According to the UK Entrepreneur Pressure & Wellbeing Report, 77% of founders believe running a business is lonely. They also believe the competitive and individualistic world they operate in is stressful.

“Entrepreneurs shouldn’t have to manage every aspect of their business alone,” says Graeme Donnelly, CEO and Founder of 1st Formations. “Nobody starts out pre-loaded with all the essential skills to create a successful business. It takes years of learning and a community providing support and guidance to help you get there.”

Fortunately, there are countless resources to help ambitious entrepreneurs navigate their way to success – you just have to know where to look. This post covers where to find essential support for entrepreneurs, whether you’re just getting started or looking to grow your business.

What financial support is available for entrepreneurs?

One of the main things a business needs is funding. Having money in the bank is essential to starting and scaling an enterprise.

Here are four straightforward, reliable sources of financial support entrepreneurs can explore:

Government-backed schemes

The UK government offers grants, low-interest loans, and other financial help. See our list of small business grants available in the UK and refer to the GOV.UK master list of available financial support, which you can filter by location and industry.

You can also apply for a Start Up Loan of between £500 to £25,000 to start or grow your business. These loans are charged at a fixed rate of 6% per year, and you can repay the loan over 1-5 years, making them more affordable than some private options. There’s no application fee and no early repayment fee.

Angel Investment Network

This network connects businesses ready to fundraise with over 300,000 independent investors. You can put together a pitch with their simple-to-use template and gain exposure to investors within one day. If an investor likes your pitch, you will receive an email asking to connect.

You’ll then gain access to their contact details to continue discussions and obtain investment. Angel Investment Network memberships are free for a 14-day listing if you just want to try the platform, £179 per month to boost your UK exposure, or £279 per month to boost your global exposure.

British Business Bank

The British Business Bank is a government-owned economic development bank that supports entrepreneurs by increasing access to finance. It works with over 200 partner lenders, including banks, venture capital firms, and alternative finance providers, to help businesses secure the funding they need to grow. The bank also provides guidance and resources on financial management. Check out its three-step finance finder to understand your different financing options.

Crowdfunding

Crowdfunding is a way to raise capital by gathering small contributions from many individuals. Websites like Kickstarter and GoFundMe allow businesses to pitch their ideas to potential investors and supporters. Crowdfunding also helps you validate your business idea by gauging public interest and demand. There are different types of crowdfunding, including equity crowdfunding, where investors receive shares in the company, and reward-based crowdfunding, where backers receive early access to a product or other incentives.

This funding method can be particularly effective if you have an innovative project and want to gain an engaged community of supporters. Be sure to have a strong pitch to attract investors and customers, and check out our guide to crowdfunding to get the best results.

Where can I find a business mentor? 

One of the most reassuring things you can do as an entrepreneur is seek support and guidance from an expert. An experienced mentor can help you tackle problems and get your priorities in order by offering personalised advice based on their own lived experience in your industry. This can give you a clearer perspective on how your business is doing and what actions you need to take to move in the right direction.

Mentorship also provides emotional support, helping you stay motivated and resilient despite the daily obstacles. By learning from someone who has already experienced the highs and lows of building a business, you can gain confidence and increase your chances of success.  

Additionally, mentors can introduce you to their contacts and provide access to opportunities you may not otherwise have exposure to. Many successful entrepreneurs credit their mentors for opening doors to new clients, investors and partnerships. Here are four free or low-cost places to find a business mentor:

Business mentorship for young people: The King’s Trust 

The King’s Trust (previously known as The Prince’s Trust) helps young people aged 18-30 start and grow businesses through its Enterprise Programme. This includes one-to-one support and opportunities to apply for funding and training on essential business skills. 

Free business mentorship: The British Library Business & IP Centre (BIPC) 

The BIPC, based in London with branches in local libraries across the UK, offers free business one-to-one sessions, workshops, and access to market research databases. It’s an excellent free resource for entrepreneurs needing help with intellectual property and business planning. Go to the BIPC website to find your local centre. 

Tailored mentorship across the UK: Mentorsme 

The government-recommended website Mentorsme helps entrepreneurs find free and paid mentors. You can tailor your search to your local area, your business’s growth stage, and your specific expertise needs, making it easier to find relevant support.  

Paid mentorship and a board of advisors: Be the Business 

Be the Business is a non-profit organisation providing mentoring and leadership development for small businesses with 5-50 employees. For £299 +VAT, The Productivity Programme provides personalised mentoring and promises to “give you the confidence and connections to tackle your biggest business challenges”. Bear in mind that to participate, you will need to provide your registered company name and number. If you are a sole trader who has yet to form a company, we can formally register your business in as little as 24 hours. 

Where can I meet other business owners like me? 

Community is an essential part of getting support for entrepreneurship. By surrounding yourself with supportive people in similar positions, you can learn from each other’s experiences, whether failures or successes. Building business relationships also helps you find recommended suppliers and opens the door to new partnerships.

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Engaging with other entrepreneurs fosters accountability to help you stay focused on your goals. It can also spark a friendly rivalry and provide some motivational competition if that’s what you need. Being part of a community can be especially beneficial during challenging times, giving reassurance and advice when facing barriers. So, take the time to meet fellow entrepreneurs and see how those relationships pay off later. Here are three places to network with your entrepreneurial peers:

Networking in London: The Entrepreneur’s Network (TEN) 

TEN offers regular events for London-based entrepreneurs, bringing together founders, business leaders, investors and innovators. Membership is free and includes regular event invites, or you can pay £100 or £1,000 a year for additional perks, such as exposure on their website or dinners with business advisers.

Networking around the UK: Chambers of Commerce 

The British Chambers of Commerce provides networking events nationwide to help entrepreneurs expand their community. Membership can also help you connect with potential new clients and partners. 

Virtual networking: Social media 

You don’t necessarily need to meet in person to create valuable connections. By creating content online and getting your business’s story in front of the right eyes, you will find like-minded business leaders willing to share their experiences and forge new friendships.

LinkedIn is a great place for this, offering a ready-made platform to share opinions and connect with like-minded individuals. You can also engage in relevant discussions to help establish your credibility and increase your business’s visibility overall.  

Where do I go for business training and education? 

Learning formally is a great way to gain new skills in economics, leadership, financial management, or business strategy. However, as a busy entrepreneur, you may not have the time or the money to return to university full-time.

There are other options for people like you wanting to build entrepreneurial skills. As an added bonus, many programmes also offer networking opportunities. Here are some of the most popular business courses for entrepreneurs:

Free online business courses: Google Digital Garage 

Google Digital Garage offers free online courses on digital marketing, coding, business strategy, data analytics, and other valuable skills for entrepreneurs. They are self-guided, so you can take them at a time and pace that suits you. 

Affordable education: The Open University 

The Open University offers many courses on business management for a lower fee than traditional higher education. They also offer a module called ‘Entrepreneurship in Context’, which you can take on a standalone basis without a full undergraduate or postgraduate degree. Their courses are perfect for those who need to balance their studies around their business, as they can be taken remotely. 

In-person short courses: British universities 

Many UK universities have business incubators and accelerator programmes that provide startup training and funding opportunities. Examples include Imperial Enterprise Lab, which helps entrepreneurs test new ideas and launch products. There is also the University of Cambridge’s Judge Business School’s Accelerator, an 11-week programme that combines talks workshops, weekly coaching, and mentoring.

Where can I get affordable legal support for my business? 

The legal side of running a business is often the most complex and intimidating yet necessary aspect of entrepreneurship. Although new business leaders rarely have legal experience, they must deal with contracts, intellectual property rights, employment law, and company law every day.

So, access to legal expertise is essential to protect your interests and avoid costly legal issues. It also provides peace of mind, allowing you to focus on growing your business rather than worrying about the minutia of complex documents.  

Hiring a legal team or solicitor is expensive, so here are the best free and low-cost resources offering legal support for entrepreneurs: 

University legal clinics 

Institutions like Queen Mary University of London’s qLegal service offer free legal advice to entrepreneurs, startups, and non-profits. Their team of postgraduate law students, supervised by qualified lawyers, can assist with various legal matters. This includes intellectual property, confidential information using non-disclosure agreements (NDAs), and help with your website’s data protection, cookies and privacy policies.  

The Intellectual Property Office (IPO) 

For businesses developing new products, branding, or inventions, the IPO offers guidance on trademarks, patents, and copyright protection. For example, they can provide an opinion on whether your patent or supplementary protection certificate is being infringed for a £200 fee. Call them on 0300 300 2000; mobile phone calls cost between 3 and 65p per minute. 

Federation of Small Businesses (FSB) 

A membership to the FSB includes access to a 24-hour legal advice line and other support services. Memberships range from £195 for businesses with 0 employees to £1,195 for larger businesses with over 100 employees, making it an affordable way to receive ongoing legal assistance as your business grows. 

Where can I go to keep my business compliant?

You are already in the right place to learn everything you need about the compliance essentials of starting and growing your business. Millions of UK entrepreneurs trust 1st Formations’ blogs as a resource when looking for guidance on registering your company, annual filing requirements, and director responsibilities.

We also offer a vast range of company services, including: 

• Full Company Secretary Service 
• Filing your confirmation statement 
• Changing your company name 
• Issuing shares 
• Transferring shares 
• Registering for VAT 
• And more! 

These services make it fast and affordable to complete various secretarial duties without engaging a solicitor or accountant. Contact us on 020 3897 2233 or email our Customer Support Team to learn how we can support your business. Our friendly team is available from 8:30am to 5:30pm, Monday to Friday, ready for your call or message.

Remember, you are not alone 

Entrepreneurship may feel lonely, but a wealth of support and guidance is available once you know the right places to look. On top of this, you have an abundance of business materials that can be self-taught through podcasts, books, and conversations with friends. Using these resources can help you take the next step your business needs.

If you’re still considering starting a business, take the time to explore these resources and connect with support networks. The proper guidance can make all the difference in turning your idea into a thriving reality. 

We hope this post has been helpful. Please comment below if you have any suggestions of other resources entrepreneurs may find helpful, or let us know if you have any questions.

If you are ready to form a company, visit 1st Formations’ homepage to get started by checking if your company name is free to use at Companies House.