Here's how the Prince's Trust supports young entrepreneurs to start a business

But all’s not lost – you’ll have youthful optimism and possibly more willingness to take a risk on your side, especially if you don’t have dependents and other responsibilities to consider.

There are some great sources of funding and other support out there, too, like the Prince’s Trust, helping you take your first steps to your first million.

What is the Prince’s Trust?

Founded by HRH, The Prince of Wales, the Prince’s Trust was set up to improve the lives of disadvantaged young people in the UK. It’s come a long way since it was started back in 1976.

The Trust now offers a wide range of resources and support, including business grants, courses and qualifications to help young people get into work or get a business idea off the ground.

Its current 10-year strategy is focused on giving one million more young people the confidence and skills to learn and earn, giving them an increasing stake in our economy and society.

What support does the Prince’s Trust offer?

The Prince’s Trust website offers a range of tools and resources for young people, including business tools for young entrepreneurs looking to start a business. You’ll also find sections on support to:

• find a job
• build your confidence
• manage your money

Business tools and resources

You can get your ideas down on paper to get a clear picture of how it could all come together, using the Prince’s Trust business plan template.

You’ll also find helpful information on funding for your small business, including the business loans available, budgeting, tax and business insurance.

Funding for young entrepreneurs and their self-employed startup

It’s free to join the Prince’s Trust’s Enterprise programme, which gives people with small business ideas the skills, training and mentoring they need to succeed. It also gives you the opportunity to apply for a low-interest loan of up to £5,000 to get your business going.

Provided by the Start Up Loans Company, these loans offer a relatively supportive way of borrowing money for a business – they let you speak to someone about a payment schedule that works for you.

In some circumstances, grants for self-employed startups may also be available.

How to get Prince’s Trust funding

You need to be aged between 18 and 30 to apply for funding through the Prince’s Trust, and the first step is to sign up to their Enterprise programme. There are four stages to setting up your business, with lots of support along the way.

The Prince’s Trust Enterprise programme

The Enterprise programme is available both face to face and online, and gives you the chance to see if running a business would work for you.

• Step 1: Info session – find out about the support available and receive an invite to a four-day interactive workshop
• Step 2: Workshop – meet other young entrepreneurs and speak to a business adviser about business planning, marketing, sales, budgeting, tax and more
• Step 3: Build your business – work with a mentor to plan and test your ideas, and apply for funding
• Step 4: Launch – present your business plan to the Prince’s Trust’s Business Launch Group, who’ll help you make sure your idea is viable and sustainable

Other funding for self-employed startups

If you don’t meet the criteria for Prince’s Trust funding, there are a number of other sources of funding for young entrepreneurs. Self-employed startup grants include:

New Enterprise Allowance

Available for anyone aged 18 or over, this type of startup funding may be available if you or your partner get Universal Credit, Jobseeker’s Allowance or Employment and Support Allowance, or if you get Income Support and you’re a lone parent, sick or disabled.

Crowdfunding

Get the public to fund your new business idea by asking them to pre-order your product, buy equity in your company or contribute towards a low-cost loan.

Regional funds

Find finance and support for your business on gov.uk. You may find some types of funding specific to your area of the country or your area of expertise.

Gigabit Broadband Voucher Scheme

As a small business, you can use the vouchers, along with your local community, to contribute to the installation cost of a gigabit-capable connection. The scheme lets you claim up to £2,500 against the cost of connection, either individually or as part of a group project.

Let us know about your experience of applying for new business funding in the comments below.