Wales Government Grant Scheme Propels Start-Up Businesses: 3 Reasons To Take Advantage
The Wales government has introduced a number of grant schemes which are designed to propel start-up businesses, giving them a chance to flourish despite the ongoing cost-of-living crisis.
With many developed companies struggling to get a stronghold within the business landscape – as well as pay their bills and expenses – it is becoming more and more difficult for start-up companies to get their foot off the ground.
Not to mention, with consumers watching their pockets more closely, it is far more challenging to market to customers and give them a reason to spend on your own products/services. This is why government grants can be so crucial for staying afloat in those first few years.
If you are just setting out on your business journey in Wales, then there are a number of government grants which can aid in the journey and offer help in crucial areas. To aid in your decision, here are three key areas which they focus on specifically, and why they are so important to your company:
The Blaenau Gwent Kick Start Plus is a grant which can help start-ups that are six months to three years old. It offers up to £1,000 to cover up to 50% of the costs, including costs of marketing and website development. This can be especially useful if you are running a B2B company. Any B2B organisation must look into specific b2b loyalty programs which set that company apart from competitors, as well as maintain healthy relationships. Attaining customer loyalty is necessary – but it can be costly – so it’s important that you have the space and revenue to fund this part of the company in order to prevail further than those first few years.
The BG Effect Business Fund is available in Blaenau Gwent with an amount of £1,000 (covering 80% of expenses). The grant is looking to assist new enterprises in their growth, with a focus on expert advice, support and equipment purchases. For any business, expert advice can be crucial when it comes to succeeding in those first few years. According to recent statistics, 20% of new businesses do not make it past their first year, and a further 60% fail to go beyond their first three years. Expert advice from companies – all of whom have been there and done that – can not only help your business to survive, but reach the goals that you have set out to reach.
Another grant, named the Caerphilly Business Start-Up Grant, can be a great idea for start-ups looking for strong, reliable equipment. It offers as much as £500 – covering 50% – and whilst this is not as much as the other grants mentioned, it is a good choice when it comes to covering the basics. This includes IT equipment, building expenses and web development. If any company is looking to survive in 2023 and beyond, it needs to have technology that is fit for the times and the way competitors do business. This includes an adaption to 5G that will assist key areas of communication and marketing mentioned earlier. No competitor will be falling at the technology hurdle, so expenses must be focused on the proper equipment and tech before you begin.