If you were given £6,000, what would you do with it?
Could you turn it into £60,000?
Could you make an impact on the world and have the chance at earning a life-altering sum of money?
Would you have the confidence to leave the stability of a 9-5 for the whirlwind life of an entrepreneur?
If you have a business concept whirring around in your brain that you’d like to get off the ground or a side hustle that you’re ready to make your main source of income, now is your chance. I repeat, now is your chance.
The Department for Enterprise (DfE) are offering £6k grants to help start-ups become profitable businesses. That’s right, they are GIVING you money to turn your business concept into reality. Think of them like a friendly Lord Sugar ready to offer training, funding support and business mentoring without the worry of being told “You’re fired!” if you make a schoolboy error.
It almost sounds too good to be true, right?
Wrong. In the last two years, the Micro Business Grant Scheme (MBGS) has created 150 small businesses and trained 350 people, developing the skills needed to succeed.
Tell me more about this scheme of dreams
MBGS, run by DfE, is open to would-be entrepreneurs to take their business to the next level.
Aside from providing the dosh, the scheme also assigns a business mentor for 18 months and delivers 5 days of training to give you the skills needed to turn that £6k into six figures. Ker-ching.
But how far could you really go with £6k?
Not convinced £6k is enough to build your empire? Here’s some inspiration from successful entrepreneurs who started with the same or even less:
- Sara Blakely, the founder of Spanx, started with just $5,000 and is now worth over $1 billion
- Phil Knight, Nike founder, started with a few thousand pounds and is now worth $33.7 billion
- Sophia Amoruso, started with a single laptop and an eBay account selling vintage finds and used the money from sales to launch Nasty Gal, she is now worth $280 million.
See, it’s possible if you have enough drive, determination, and are willing to put in the hours.
Is my side hustle good enough for funding?
The Enterprise Support team want to help grow your business and represent a ‘what can we make you eligible for’ attitude to enable start-ups to qualify for as much support as possible.
Aside from the standard grant of £6,000, businesses that substantially export can receive up to £15,000. Additional funding may also be available to businesses that help create new jobs on the Island.
If you’ve already established a business and you need funding to support your next growth phase, you can speak to DfE about their ‘Accelerator scheme’ which offers loan and equity investment to businesses requiring up to £250,000.
Phew. Some serious opportunities there.
They are open to hearing about any type of business in absolutely any industry. If you have a start-up that is viable, you’ll most likely be eligible for some level of support. What have you got to lose by finding out?
As us Manxies are entrepreneurial folk (once we get past the Traa-dy-Liooar mindset) many of us have already left the rat race to become our own boss. A huge number of my friends have set up a business through the DfE scheme and I’m in awe with far they’ve come. For my next business venture (watch this space!) I’ll definitely be looking to the DfE to maximise my chance of pulling in a profit.
We entrepreneurs are key to the economic success of the Isle of Man which is why the DfE is willing to help small businesses to flourish. It’s more than just financial aid, the mentoring and training provide the much-needed kick-up the arse to smash the goals you set for yourself so you can #liveyourbestlife and spend your days feeling #blessed.
The DfE are a friendly bunch and always happy to meet with you to discuss your business idea and see what level of support you could receive. Take the leap from wantrepreneur or entrepreneur and enquire about the scheme here.
We can’t wait to see what you will do with £6k…
Check out the DfE website for more info, or call 686400 and tell them Gef sent you.