Starting a business for young people and entrepreneurs

You may have had enough of working for someone else or think that you have a great idea for a new business. Whatever your reasons, deciding to go it alone is a big step. You will need business funding. Fortunately, there are a number of organisations offering financial help for young people and entrepreneurs.

The articles linked to below will help you:

get started
get funding
understand tax and accounts
understand business banking

Quick intro

Getting started
Clearly a great business idea is key; but there are lots of other decisions to be made before you can get started. You will need to decide what legal structure your business will take and you'll have to draw up a business plan. This will be essential when it comes to getting business funding.

Funding
Various organisations provide financial help to young business people and entrepreneurs, usually through business grants or low-interest business loans. Knowing what funds are available and how to apply for them will be critical to getting your business off the ground. You may find helpful information on funding for your business in Ways to borrow money for young people.

Understanding tax and accounts
Self-employed people pay tax in a different way from employees. It's important to understand what tax you need to pay and what accounts you need to keep. This will enable you to meet your obligations and get any tax benefits that you may be entitled to. For example, once your business reaches a turnover above a certain level you will need to register for and pay VAT.

Business banking and funding
Most banks offer business accounts; however, the services provided and the fees vary. It is important to shop around and compare what is on offer before you decide where to take your business. As your business grows or changes, so may your banking needs. It's important to understand the terms and conditions of your account and make sure you continue to get the best deal.

Find out more

We've put together a short list of resources you may find useful. This is a cross-section to start you off, but you may want to do some more research. Some of these resources are on other websites, so you need to be aware that that CFEB is not responsible for content you find on these websites.

Users can rate articles with between one and five stars; this is not a CFEB rating. But we have marked the articles 1-3, based on how detailed they are. If you are looking for a very quick introduction, look for level 1; if you are ready to find out more, go for a 3.

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