Setting up a business when you’re young has many advantages. You have more freedom, time, energy, and fresh ideas. However, when you don’t have years of experience or many resources, getting the right support can be even more important.
The good news is that there is plenty of support available for young entrepreneurs in Wales, from business advice and workshops to loans and grant funding. In this article, we take a look at some of the options available from key organisations in Wales.
Big Ideas Wales
Big Ideas Wales is here to inspire the next generation of entrepreneurs in Wales. It offers one-to-one advice, training, and workshops to encourage young people under 25 to develop enterprise skills in whatever they are passionate about. Below is an overview of the support available through Big Ideas Wales.
One-to-one support from a business adviser
Anyone who signs up for Big Ideas Wales support will be offered support from one of their friendly business advisers. These experts can provide advice at any stage of the business journey, whether you’re still figuring out your idea or just need some help with a specific area. Your adviser can also help you access investment, start-up loans, and advisory services.
Since 2016, Big Ideas Wales has supported over 3,000 young people to follow their business dreams. Many of the young entrepreneurs go on to become Young Ambassadors, inspiring young people across Wales to develop their enterprise skills.
Sign up for Big Ideas Wales support here or email enquiries@bigideaswales.com for more information.
Young Person’s Start Up Grant
The Young Person’s Start Up grant is for young people under 25 who are either:
- Not in education, training or employment; or,
- Currently working part time (under 16 hours) and intend to become full time self-employed; or,
- Still in education but intend to be self-employed within 3 months of completing their course.
Successful applicants will receive up to £2,000 to spend on start-up costs including equipment, training, and marketing. They will also get one-to-one support from a dedicated business adviser, as well as webinars to build confidence in business practices.
Interested? Applicants need to download and complete an expression of interest form here. To find out more, you can also join one of the regular webinars where Big Ideas Wales will answer your questions about the grant.
Webinars and workshops
Big Ideas Wales delivers a range of free webinars and workshops for every stage of the business journey. Topics include pitching practice, social media management, and market research. See their upcoming events here.
Enterprise Champions
Many successful entrepreneurs develop their business ideas or meet potential enterprise partners at college or university. Big Ideas Wales Enterprise Champions are staff based at each college or university in Wales who run a range of interactive enterprise activities, including competitions and workshops. The activities are open to anyone studying at the further education college or university and can help the transition from education into self-employment.
To find out the name of your Enterprise Champion and learn more about what they offer, click here.
Want to know more?
If you have any questions about Big Ideas Wales or their support, they would love to hear from you. To get in touch, simply contact them on social media, email enquiries@bigideaswales.com, or call them on 0300 6 03000.
Prince’s Trust
The Prince’s Trust believes that every young person should have the chance to succeed, no matter what their background or the challenges they are facing. It helps those from disadvantaged communities and those facing the greatest adversity by supporting them to build the confidence and skills to live, learn, and earn.
The courses offered by The Trust help young people aged 11-30 to develop essential life skills, get ready for work, and access job opportunities.
Education
Delivered by schools as well as in Prince’s Trust youth centres, Prince’s Trust Education is a flexible learning programme for 11 to 25-year-olds in school or college. It offers young people an inspiring alternative curriculum focused on key skills for life, employment, and enterprise.
Employability
Their employability programmes give young people the vital first-hand training and experience they need to secure entry-level roles across a range of employment sectors.
The programmes are delivered in partnership with employers and training providers. The Prince’s Trust works with different sectors from hospitality and retail to technology, healthcare, security and logistics, and a critical part of their success is ensuring young people have the chance to apply for job outcomes on completing the programme.
Enterprise
The Enterprise programme helps young entrepreneurs to explore whether self-employment could be for them. Enterprise offers training, mentoring, and funding to help young people generate and test business ideas, write business plans, and ultimately start their own business.
Watch their case study video to find out how a young person has built a successful business with the help of The Prince’s Trust.
Finance for young entrepreneurs
Here at the Development Bank of Wales, we’re passionate about working with young people to help them realise their business ambitions. We can provide flexible business loans and equity investment to 18-30 year old entrepreneurs in Wales. Our team is here to help you through every step of the process. Find out more on our young entrepreneurs page.
