After researching The Prince’s Trust Enterprise Programme, I was then aware of the financial advice and help that there was out there for young people who needed a loan to get their businesses started. This is a really good opportunity for young people, as there are plenty of people that have great business ideas and plans yet they have don’t have the money to invest into their idea which is where The Prince’s Trust comes into place to help young people. One programme in particular that I found helpful if I was to set up my own photography freelance business.
The Prince’s Trust Enterprise Programme offers people from the age of 18-30
The programme can offer me –
- training in order to give me practical and one to one help on a four day intensive training course
- it can offer and support me if I wanted to apply for a low interest loan (compared to a high street bank interest rate) of up to £4,000 for a sole trader and up to £5,000 for a partnership
- this enterprise programme also offers mentoring which would help me develop my business or access other opportunities in education, training, work or volunteering
The Prince’s Trust Enterprise programme supports unemployed young people aged 18-30 to work out if their business ideas are viable and whether self-employment is right for them. It is for people who:
- have a business idea they want help to explore
- are aged 18-30
- are unemployed or working less than 16 hours a week
- live in England, Scotland, Wales, or Northern Ireland
The Prince’s trust also offer grants to students of up too £500 to help young people get into education, training or employment baring in mind that you are a UK resident. People as young as 14 can apply for this grant. If I applied for this grant it would help me with costs towards my equipment. For example, he grant could be used for funding tools and equipment which would could cover the cost of a decent camera and other equipment which would be helpful to me as a potential freelance photographer. As when becoming a freelance photographer there is so much up front cost so even if it was the slightest sum of £500 would be a really good help especially for a young person.
I also found helpful advice on the Citizens Advice website.
I looked at the gov.uk website which offers the best advice when thinking about becoming self employed, it offers advice about tax, funding, debt and lots of other subjects that cover everything that I would need to be aware of when starting as a freelance photographer.
I found reading the tax advice very confusing, however once I got my head around the basics it did start to make sense, although it is hard to understand it is good that they give you this advice as it does make you aware of all the issues you could incur when having your own business. My awareness has been raised and it is a very helpful in depth website that explains everything that you would need to know up front about starting your own business/becoming self employed.