For budding entrepreneurs, it is often difficult to set up a new business that will survive and be fruitful even when the market conditions are favourable. It is even harder during adversarial periods when demand for goods and services and income levels for many people are low. We have had difficult periods in the past, but the uncertainty of Brexit 2019 and the restrictions to contain the coronavirus in 2020 and partly 2021, have had huge financial implications for the new businesses in Hampshire. Recent economic data speaks for itself and paints a rather insightful picture. In 2019 for instance, more than 15,000 new companies were set up in the country, which was a 6.5% increase from the previous year. In 2020, 15,534 more new companies were registered, which was an increase of 2.4% from the previous year. A further breakdown of the data shows Southampton had the highest number of new business registration at 2,180, followed by Portsmouth and East Hampshire at 1,845 and 1,814 respectively. If anything, the data shows that the economy of our country is tremendously resilient and strong. Hampshire business is an integral part of our country’s economy, contributing to an output of £50 billion, making it the largest sub-regional economy in the South East. We are here to provide you with resourceful knowledge on how to set up a new business in Hampshire. We will also provide you with linkages to business networking groups, where you can draw additional support and mentorship for your business. Below is our selection for the best: The Hampshire Chamber of Commerce is a non-profit organization of about 2,000 businesses operating locally. The organization is owned and run by members drawn from the private sector, and has been remarkably useful to new business and reputable companies alike. It provides great benefits to new businesses in focus areas like human resource, legal support and tax structure guidance. Members of the Hampshire Chamber of Commerce can also access offers and discounts on service delivery and training events. More importantly, as a member of the organization, you will gain immeasurable opportunities for business networking to grow your business from level to level. Enterprise Business South The main goal of the Enterprise Business South is to grow and strengthen the economic output of the entire region as a whole. The organization is an amalgamation of like-minded leaders and professionals from different fields such as business, education and public bodies, who connect, mentor and influence positive policy change. It is an independent body that also provides support to businesses in all growth phases, with a special focus on new businesses. The body’s resourceful knowledge is shared through start-up courses e.g. ‘Create’, showing how new business can secure funds, and other coaching and mentorship goals. On their website, you will find free resources like ‘Business Survival Guide’ and document templates for business plans, press release and cash flow spreadsheets. Government Start-Up Loan One thing that is always required when setting up a new company is a proper investment and financial planning. The Government provides loan financing to start-ups and growing businesses, with amounts of between £500 and £25,000. This loan is unsecured. For eligibility, the borrower will have to meet the criteria below: Must have attained an age of 18 years. Must be a resident in the United Kingdom. Be an owner of a business registered in the United Kingdom with a trading history of at least 24 months, or plan to start a UK-based business. Apart from funding, successful applicants are helped to write business plans and they also qualify for a 12-month mentorship program. If you are looking for digital design services then look no further than Abstract Creative Studio they are the best in the business!
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