OUGD502 ST1 - Taking Care Of Business - Funding

In the setting up of a studio it is important to have all the financial aspects sorted in order to give the company the most chance it can have to succeed and so we decided it was time for us to talk about we would fin the development of the studio. The first thing we decided was that in the creation of our studio we would all put in £1000 so that between the five members we would have created a pot of £5000 we could work with and it was still an affordable amount as more would be a problem when we are fresh out of university with student debt.
The next step was to look at grants that can be awarded to new starting business' to help in their development and discovered that we would be appropriate to apple for a small grant of around £5000 of which could take our capital up to £10,000 and furthermore be appropriate to apple for a small business loan also of £10,000 with a very goof business plan taking our capital total to £20,000 of which we know we would need around £14,000/£15,000 to set up the studio but we would also like some money to use as a safety blanket in the early stages of the studio as we get started.

Screen Print Facilities

Another aspects of a type of funding that could help us int he setting up of our studio is the fact that Ozzie has been in touch with her old Art School that she used to attend of which is shutting down and they have okayed a request to either donate to use or sell to us at a much reduced rate all of their screen printing and mono printing facilities to help us out as a starting studio.
This could be brilliant assets for us to have as this is a massive part of out ethos and workings as a studio and this equipment is very costly to buy and our first set of the equipment for free is the aspect that could propel us to success as for little or no money we could have brilliant facilities.

Princess Trust

Another programme that I discovered when researching was the princess trust of which is an organisation put together to help young adults starting up companies by providing opportunities and mentoring and I believe this would be a brilliant place to start as they future the company from start to finish and is really a great opportunity;

The first service that they offer is a consulting service in which they give you all of the information and mentoring of which you need to write a great business plan of which is the first step in all business ventures...

The next service that they offer is they help the companies with all of their financial aspects and act as almost an accountant to them helping them by mentoring and helping them with working out their start up costs and their running costs of which if not thought about properly can be the demise of a start up company. To help out with this they can also offer all companies a small low interest business loan and even in some circumstances a small business grant of which doesn't have to be paid back.

The second aspect of mentoring that they offer in the way off accounting is that they act as a helping hand with all of the tax aspects of the company, providing all of the help with tax forms and learning packs on Starting A Business and The Related Taxes.

Penultimately they offer new start up companies help with how to discover themselves as a company and define their brand identity and to solidify this so that they can realise exactly what they offer and also help with providing all the information they need on market research so that they can perfectly define their target market and what they are about.

The final aspect that they offer in the way of mentoring is that they provide all the information that is necessary related to creating the digital person that any company needs present and helps them get this up to standard.