Turning an entrepreneurial vision into a reality often needs start-up capital. For young entrepreneurs in the UK, the Prince’s Trust Business Grant provides a valuable opportunity to secure this kind of funding to help people launch a business.
It’s worth noting that since Prince Charles became King Charles following Queen Elizabeth’s death, the Prince’s Trust has become the King’s Trust, but it is still commonly known by its former name – we’ll be using both today, but just know that the Prince’s Trust/King’s Trust is the same charity and new UK businesses can make use of it to help individual’s start their own business.
It’s a prestigious programme that offers grants and support to help those ages 18-30 to overcome financial hurdles and bring innovative ideas to life. If you want to start a business, then you can receive invaluable business funding through the trust, helping you to get your business off the ground.
Read on for more information about the King’s/Prince’s Trust organisation, how to apply for a grant and the other services they offer. We also learn about the benefits of getting a Prince’s Trust business grant compared to other funding type for new business owners.
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What Is The Prince’s Trust?
The Prince’s Trust (now the King’s Trust) is a charity organisation founded in the UK in 1979 by His Majesty King Charles III (formerly His Royal Highness The Prince of Wales). The aim was to assist young people between the ages of 13 to 30 to start work, education or training and set them on the right path for life.
The Prince’s Trust empowers this category of people financially to pursue their dreams and also provides business support. Legal advice and overall assistance to selected applicants are available through grants, loans and mentoring.
With over £100 million in grants, Prince’s Trust has helped over 750,000 young people through the years. The enterprise programme is termed a “lifeline” by the numerous entrepreneurs that the initiative has supported. It is an idea that identifies the potential of young minds and helps them become successful business individuals.
What Is A Business Grant From The Prince’s Trust?
The Prince’s Trust Business Grant is a financial award to small businesses or prospective business owners. The grant offers free support of up to £5,000 for those looking to start a new business and is intended to cover the marketing and advertising costs of interested businesses. That also includes the cost of expansion and hiring more staff if you have an established business that’s less than 3 years old.
We have three types of the Prince’s Trust grant in 2024:
- the Business Idea grant: A grant worth £500 to test the viability of a new business idea.
- the Start-Up Grant: A grant worth up to £5,000 to get the business off the ground.
- the Enterprise Grant: A grant worth up to £5,000 to expand a new business that’s been operating for less than 3 years.
All three grants have a simplified application processes and provide mentorship services in addition to funding.
Both the Prince’s Trust Enterprise Programme and the Start-Up Programme offer both the small business grants listed above (meaning they aren’t repayable) and business loans of up to £25,000, meaning a total of £30,000 in support is on offer here (with £25,000 of it repayable).
It’s also possible to apply for BOTH a Start-Up and an Enterprise grant/loan, meaning you could receive a total of £60,000 in support (with £50,000 repayable).
How To Apply For A Grant
The first step when applying for the King’s/Prince’s Trust business grant is to fill out the online application form. It is a document that requests vital information like business ideas, present financial situation and expansion plans. You can also include supporting documents such as a comprehensive business plan to help the Prince’s Trust assess your eligibility for a grant.
There is a panel of experts to review every submitted application after which they contact the successful applicants for an interview. It is a form of assessment by the Trust to further discuss the ideas presented in your business plan. The panel reserves the right to ask any related question to help them select the most qualified businesses. This means it is a competitive grant to apply for, but if you have the right idea and have done all the right preparation, there’s every chance you could succeed.
Who Can Apply For A Prince’s Trust Business Grant?
The Prince’s Trust business grant is available to organisations in the United Kingdom – including Northern Ireland – but has two categories (not including the Business Idea Grant). The first is the Start-Up Grant for businesses with less than 12 months of trading. We also have the Enterprise Grant eligible for more established businesses with over 12 months of trading experience but less than 3 years.
The qualifications for the Start-Up Grant can be confusing, especially for newly incorporated companies. Your previous business experience does not count against you for this grant provided you prove a good level of commitment to your business.
Businesses that are yet to get registered can also apply since the Prince’s Trust does not focus on only the big enterprises. Their mission includes empowering young and passionate individuals interested in starting a business. Successful applicants receive financial incentives and legal assistance as they get their business off the ground.
Examples Of Business Grants Received Over The Years
The Prince’s Trust has built a solid reputation over the years with many businesses. Some of these companies include:
- A luxury skincare company that received a £25,000 grant to help with marketing and expansion
- A social media agency that received a £15,000 grant to help with hiring staff
- A mobile app development company that received a £12,500 grant to help with market research
As you can see, the panel of experts will determine exactly how much grant/loan support you need to achieve your goals, and you might not receive the full amount.
What Are The Benefits Of Working With The Prince’s Trust?
The King’s/Prince’s Trust business grant and loan programmes are some of the most highly respected, trusted, and competitive out there – and for good reason.
Financial Assistance
Successful businesses receive funding through the grants and loan initiatives of Prince’s Trust. The financial assistance is to help achieve their business plan and expansion objectives stated during the application process. That includes marketing and advertising to get more employees and upscale.
Business Support
Overall business support is another benefit of winning a Prince’s Trust grant. Beyond getting financial assistance, your company enjoys mentorship, training and advice from seasoned professionals. It is an invaluable opportunity for young entrepreneurs with little experience in a competitive industry to learn how to make their business a lasting success.
Legal Advice
You qualify for free legal advice when you win some Prince’s Trust business grants. The format of the legal assistance is through workshops, online forums and one-to-one sessions. Start-ups and young entrepreneurs can take advantage of this benefit especially if they struggle to understand the legal compliance aspect of running a business.
The Advantages Of A Prince’s Trust Grant
Is the Prince’s Trust grant better than other funding methods? This section explains the importance of the grant over alternative finance sources like bank loans and crowdfunding.
| You Don’t Need To Pay Back The Grant | The Prince’s Trust is a charity meaning you do not need to repay the funding received (unless it’s a business loan specifically). Money from the trust goes to improving your business without interest or a repayment plan. It is an exciting opportunity to get free money to start a business idea. |
| The Grant Won’t Affect Your Credit Rating | The Prince’s Trust Business grant is funding that does not affect your credit score. You can choose to apply for another eligible grant since your previous financial award proves your responsibility. |
| The Grant Can Be Used For Any Purpose | You can use the business grant from Prince’s Trust for other needs aside from funding a business idea or expansion strategies. The terms and conditions of the grant’s statement usually offer such flexibility to successful businesses. It allows organisations to sort out personal bills that may have been used to initially start up the business in addition to the development of the company. |
| You Don’t Need To Have Any Business Experience | Banks and other financial institutions would normally request previous business experience before granting loans. However, Prince’s Trust funding has a start-up category for young entrepreneurs. You can apply for the scheme between 16 and 30 years. |
What Is The Enterprise Programme?
The Enterprise Programme is a 12-month course focused on supporting young people to own businesses. The curriculum includes professional training in all business aspects from market research and marketing to funding. Every participant of the programme is entitled to free mentorship from more experienced entrepreneurs. There is also a potential start-up grant worth about £5000.
Objectives of this programme include assisting entrepreneurial minds to actualise business ideas. It is a learning experience designed to teach the basics of market research, marketing and expansion. Residents of the United Kingdom between the ages of 18 – 30 are eligible to apply. Prior business knowledge or significant experience is not compulsory.
It is a free programme and attendance guarantees access to:
- A four-week residential training course at one of the trust’s business centres
- Business mentorship for 12 months under an experienced entrepreneur
- The trust’s online business portal
- A library of resources containing the fundamentals of starting and running a business
- The latest news, advice, and events for entrepreneurs
- A directory of contacts for funding, marketing, legal advice, and other business services
What Will You Learn From The Enterprise Programme?
Attending the Enterprise Programme teaches you how to start and run a successful business. The learning plan focuses on teaching you how to:
- Market your business: Understand how the use of certain marketing software and strategies can boost your market reach. The Enterprise Programme also explains how to identify your target market.
- Research your market: The next stage after identifying your target market is to study their behavioural patterns or expected benefits from a product or service. The resulting knowledge helps to create a unique selling proposition.
- Create a business plan: Learn how to carefully write actionable steps on how to achieve your business goals.
- Fund your business: The programme helps your understanding of the available funding types for small businesses. You will also learn how to apply for them.
- Start and grow your business: Get advice on how to start a business, and the requirements to successfully expand and grow.
- Manage your finances: This includes training on how to effectively manage finances for the smooth running of the business.
- Protect your intellectual property: The Enterprise Programme enlightens you on the meaning of intellectual property and how to protect your business ideas, products and brand from being used without due permission.
- Resolve legal issues: Understand the legal aspects of starting a business and important regulations guiding the company or employees.
Tips For Starting A Small Business
Are you thinking about how to start a small business? The following are helpful tips to get started:
Conduct Thorough Market Research
Do not start a business without properly studying the market for potential opportunities and an entry point. You need to observe the trends in demand for the product or service you want to sell. Comprehensive market research must identify the target audience and know what benefits they expect from a business.
Write A Detailed Business Plan
A business plan is a proposal of your effective strategies to achieve set targets. It can include details like how to secure funding and actionable metrics to track business performance. Other details of a business plan are alternative marketing strategies with their varying financial projections.
Devise And Implement An Effective Marketing Strategy
Devising a marketing strategy is the next step after picking a target market and drafting a detailed business plan. You can use various marketing software or strategies like SEO and social media marketing. There are numerous advertising methods and you must carefully research the best choice for your business.
Start Small And Grow Slowly
One common mistake of small business owners is attempting to handle more than they’re capable of right away. Slow and steady growth is better than hastily making mistakes that distort the overall business plan and builds a negative experience for your customers. We recommend minimising business risks and expanding slowly with more products and services as the business grows.
Make Sure You Are Financially Prepared
Ensure there is enough capital to start your business except for cases where you have secured external funding through a grant or loan. Setting up a business and the continuous running costs is expensive. Hence, to be financially prepared is to have an exact plan to fund the business in the long term, and whilst the Prince’s Trust’s grants and loans are excellent resources, they shouldn’t be your only plan.
Get Advice And Support
Starting a business is challenging, especially in the absence of mentorship or expert assistance. You need to learn from more successful business managers to avoid repeating similar mistakes. Available learning channels include websites, books and applying for mentorship and grants with charitable organisations like Prince’s Trust.
Manage Your Finances Properly
As a small business, hiring an accountant might not be viable based on your limited budget. Therefore, it is important to understand the financial aspects of business management and how to effectively spend. Learn how to monitor the inflow and outflow of cash to prevent running at a loss.
Be Prepared For Challenges
The most successful business managers will say that every industry has its challenges which emphasises the need to prepare. Some common problems include cash flow issues, thriving in a competitive marketplace and hiring and managing employees. You can only successfully navigate these challenges with a proper business plan.
Plan An Effective Expansion
Expansion plans become essential as your business develops to a point where there is consistency with the quality of products and services. Planning an effective expansion involves reaching new customers through unique marketing and advertising.
Understand The Tax Implications
Compliance with tax regulations is very important for small businesses to avoid penalties. Consider consulting an advisor or accountant to explain the taxes your business is eligible to pay and the correct strategy to file those taxes. You must also be aware of the deadlines for tax returns or completing a self-assessment.
Final Thoughts
The Prince’s Trust Business Grants (now the King’s Trust) presents a brilliant opportunity for young entrepreneurs aged 18-30 in the UK to access vital funding and support that can turn a business dream into a reality. The start-up grant and Enterprise grant caters for those new to business, or those looking to expand within the first 3 years of trading.
Money doesn’t need to be repaid to the charity and it can be used flexibly. Combined with the excellent advice program and business skills courses that cover finance, legal compliance and business planning, recipients of the grant are putting themselves into a great position to succeed in business.
If your still new to business, we at Real Business also believe in supporting new business owners on their road to success. You can find all the latest SME and business news and opinion pieces by signing up to our FREE newsletter.
