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Start-up to win £5000 funding in March - could it be you?
Failure to find funding is the single biggest reason for not taking the plunge of starting a new business. It’s also a big reason that new businesses don’t survive. Considering that poor cashflow is the number one start-up killer in the UK, having a well-funded business from the beginning can be the key to survival.
Though there are plenty of options out there, knowing where to start is difficult, especially as it is harder to find a good deal today than it has been in recent years. There are a bewildering range of options; crowdfunding, venture capital, personal savings, angel investors, family and friends, bank loans, small business support. Here’s the lowdown on 5 of the most popular ways to fund your new business.
There are pros and cons to each funding type, depending on your personal situation and your plan for the new business. No matter which type you use you need to consider the type of deal you’d be willing to take in order to get funded, and the terms of that deal. If you’re considering an investor, remember that they should offer far more than just money and don’t make a decision before understanding the 5 crucial steps to choosing an investor.
One simple way you could raise £5000 for your business idea is by entering The £5K Pitch in March at Manchester Central. It’s held as part of the Northern Business Expo, is free to enter, and is open to anyone with a great idea and the drive and determination to follow it through.
The concept is simple: entries for the competition are taken online, and those judged to be the best or most innovative will be put through to the live rounds at the business expo on 17th & 18th March. These enthusiastic entrepreneurs will each give a dynamic 5-minute elevator pitch in front of the judges and live audience for their chance to get to the exciting final.
Not got your pitch ready? Or have you got one but want to make it more compelling? Discover the complete guide on how to create a killer pitch to make sure you give yourself the best shot.
Five incredible finalists will come back for the final in the afternoon of the 18th March, pitching their business once more to the panel of expert judges and the audience. After deliberation, the judges will crown the lucky winner of The £5K Pitch 2020 and hand them a cheque for the cash!
Not just the cash, the winning entrepreneur will also receive an exclusive prize package from the exhibiting companies, including free services, products and support that they’ll need. The 2019 winner walked away with:
- £5000 cash
- A brand-new website
- A card payment machine and services
- An industry-leading CRM system
- Membership to the FSB
- Advert & editorial in GM Business Connect Magazine
- A BBX booster Account
- Pages of press coverage
The competition is open to all entrepreneurs, without strict entry criteria or complicated procedures, and there is no charge to take part.
Whatever your business idea is, every start-up needs to read The Ultimate Checklist for Starting a Business to get off to the best possible start.
Think your business idea deserves to win the £5k? Here’s how to enter:
- Submit your competition entry online here.
- Find out at the end of February if you got through to the live rounds
- Get your free ticket to the event and invite your friends & family to watch and support you.
- Pitch your heart out to the judges!
Good luck with finding funding, whichever direction you go in, and especially if you enter The £5K Pitch! Remember, your biggest asset currently is you. Your belief in your product and yourself is the number one reason you can succeed, so go out there and build your business dreams!