SBT Start Ups & Entrepreneurs

Funding, Finance and Finding a

Start-up Cash Injection

A surprising number of finance options to get your start-up off the ground

How do you really

New get your business Business going when you’re limited by cash? That’s the pivotal question facing so many start-ups coming to the Business & IP Centre (BIPC) Sussex. Some might have savings, some have friends or family who can help, but without real financial support, their business could remain a hobby or just a dream. Which is why it’s so gratifying when our BIPC team can instantly inform people of the many financial options open to both new and existing small businesses, for free! The only real question is, which direction is best for that business.

So where do you start? Step 1

Write a business plan and know your cash flow! Lots of start-ups worry about money, but it often comes from not knowing your numbers. Are you operating online, or on the high street? Are you a sole trader, or do you have a team?

When you sit down with one of the BIPC team to work on your business plan, your costs and revenue will be considered. We recommend using the Business Model Canvas, as it’s very straightforward and clear way to plan your business.

Then use our COBRA database’s Business Information Factsheet on writing a cash flow to really know your numbers. Do you get muddled with the figures? Borrow one of our BIPC textbooks on bookkeeping to get a handle on things.

Step 2

On Universal Credit, benefits, or have financial dependents or extra pressures to take into consideration? Look up your situation on the Money Helper website (previously Money Advice Service) and find out if having two jobs or becoming self-employed might affect your benefits. If you’re on Universal Credit, head to Gov.uk for information on Help with moving from benefits to work, including assistance for the first 12 months.

Step 3

Consider your financial income options carefully. What suits one person will not suit another, and you will need to discuss & agree on your choice(s) with

any partners/co-owners if you’re not the only business owner. We always recommend getting independent advice from a financial advisor too.

What are your finance options?

Startup Loan

The majority of big high street banks offer loans to start-up businesses, as does the Government (British Business Bank). Make a list and scrutinise details of what each offer. Does the amount offered meet your needs? Is the interest rate reasonable, and does it increase? What other services, such as mentoring, are on offer for free with the loan – is there anything you need and would otherwise have paid for?

Investors

Perhaps you don’t mind divvying up portions of your new company/product for the sake of the finances to get it off the ground, and the expertise which investors can bring can often be a bonus. Have you heard of Angel Investors? They are individuals, often successful entrepreneurs themselves, who use their own money to invest in small businesses. In return, the investor will usually take a minority equity stake in the company. Sometimes, business angels invest as part of a group (syndicate).

Crowdfunding

Kickstarter has really brought this option to the forefront in the past 10 years and there are now many different crowdfunding platforms available. Essentially, you list on an online public platform to call to the public to put up some cash to help you get started or fund a part of your business. The end goal has to be specific (i.e. we’re aiming to get £3,000 in six months to fit out our new shop) and you also need to incentivise the public with funding goals, such as a reward for anyone who funds you over £200 etc. Be aware that you must keep all your funding goal promises.

Alternative Loans and Funding

Have you been refused a loan before, or think you’ll be refused a start-up loan because of financial problems in the past? You still have financial options from Community Development Financial Institutions (CDFIs) in your area, who are there to help people refused financial assistance from banks. Head to the Responsible Finance website to see what the options are in your local area.

Local Funding Opportunities

You can guarantee that there will be several funding opportunities – loans or grants in your local area. To discover these, contact BIPC Sussex, your Local Council, or search our COBRA database. For instance, here in Sussex we have the Invest4Grant, RISE Innovation and Green Growth Platform, to name only a few!

Grants

And finally, grants! If you’re not keen on finances with interest, this could be just the ticket. Use our huge GRANTfinder database to scour all available grants across the UK within minutes, and discover which you are eligible for, and what the application requirements are. Each organisation offering a grant will have different criteria for applying, so as ever, read the details carefully – and ensure you read the database’s invaluable help sheets on writing grant applications!

Get in touch with BIPC Sussex for more details on any of these options, to use our free business databases, or book a free one-to-one session with a BIPC Information Specialist.

Visit www.brighton-hove.gov.uk/bipc or email bipc@brighton-hove.gov.uk

The Tigers pounce on the University of Brighton

This January, an exciting new concept arrived at the University of Brighton with a panel of senior businesspeople taking on the role of judges as part of the ‘Tiger’s Pen’.

Organised by Sonny Cutting of the Sussex Business Show, five Tigers judged five student presentations. Each of the students were studying an entrepreneurship unit as part of the University’s School of Business and Law. Dr. Adam Jones from the University capably oversaw proceedings and organised the Tigers – not an easy feat. I was honoured to be part of it as a lone Tigress alongside Sam Thomas, publisher of this wonderful magazine and founder of FirmBalls, as well as Paul Britton, owner of Britton and Time Solicitors, Nick Poyner, Managing Director of Rubix VT, as well as Steve Rackley, Co-Founder & Director of James Chase and Silicon Brighton & Diverse Sussex. That’s quite the line-up. For those of you who might not know, I run an awardwinning PR agency in Brighton called Midnight Communications alongside my business partner Alex Hankinson. The Tigers, therefore, represented public relations, recruitment, tech, law, telecoms and publishing, each with experience in entrepreneurship and/or running businesses. Us Tigers were sat in a row, with the students sat in front, each group coming down in turn to pitch their idea to us. The tension was palpable. The reality of what was about to unfold hit the students who had largely been confined to their dorms of late and therefore hadn’t had much experience of physical presentations. However, when Sonny announced that there could be actual money on the table, the lights went on in a few of the students’ eyes as they realised that their concept could become a reality. The prospect was real. Some were excited. Some looked like they were about to have a full-blown panic attack. I felt for them, I really did, but it’s moments like this that shape you as a person and,

New hopefully, the students will remember Business the experience for years to come…and hopefully our advice helped them get a better grade at the very least! We were tasked with quizzing the students on their concepts with the aim to decide on two winning groups: best presentation and best concept. Both winning teams took away a nice bottle of wine, but the best concept winner got the biggest prize: the opportunity to pitch at the Sussex Business Show on 5th May 2022 for the chance to win actual investment.

The first group pitched

‘Bambootilicious’. A memorable name, certainly, and the group got points for their sustainable-first approach to the brand which was essentially women’s knickers made from bamboo at £20 a pop. It’s a heavily saturated market though and the Tigers suggested that a bigger

marketing budget would be needed to get cut through against the competition.

How many of you reading this are tired of seeing the same stock imagery used across social media and websites? Well group number two aimed to resolve this with a new app for photographers to sell their photos and get commissions from businesses looking for something unique. Our advice included promoting the app to photography clubs first and targeting specific business sectors that would be most likely to use the service.

Next up we had the latest in smart tech, in the form of a bedside table called ‘Element’ which could charge all your devices at once whilst also delivering a lamp, a portable tray and a range of colour options to suit all style choices - yours for just £150 apiece. Whilst the group suggested this could be sold to individuals, the Tigers thought a better market for this could be hotels and student accommodation developers.

The child safety app ‘Safe Guide’ aimed to answer parents’ fears for their children with an app designed to monitor messaging via social media apps. An engaging and well-thought-out presentation earned the group ‘best pitch’.

And finally… our winners for best concept went to Night Saver. I immediately decided they had a jingle already – I was silently singing ‘night saver’ to the tune of ‘night fever’ in my head. Night Saver delivers all your clubbing needs in one app with multiple revenue streams including subscriptions, ticket sales and advertising, and a focus on making clubbing safer. The Tigers decided this idea took the crown. They had identified their target audience (students), they had considered piloting it in Brighton before launching in other cities (sensible) and they proposed a bigger marketing budget than any of the other groups – asking for £100k to start up, with £50k on developing the app and £50k to promote it. Nice work lads.

I thoroughly enjoyed being a Tiger for the night and hearing the ideas of the future generation of businesspeople. It gave me hope for the future of our great county – I hope the students stay local after graduation and I look forward to seeing some of the concepts become reality. Make sure you pop along to the Sussex Business Show on 5th May, and if you spot a group of students practicing their Night Saver pitch… wish them luck!

Introducing the Profitnet

Pioneers

As the year comes to an end, we reflected on an incredible year for the BRITE project. At the recent BRITE Disruptors celebration, we looked back at some of the brilliant businesses completing BRITE programmes in its first year.

Ahead of the new year, it’s now time to Innovators look ahead and shine a light on some of the exciting businesses that have joined the BRITE Profitnet programme over the past few months. As part of the BRITE Project’s Profitnet programme, some of Greater Brighton’s most innovative entrepreneurs meet monthly to learn from each other through facilitated peer-to-peer sessions. Members develop strategies, solve challenges and hold each other accountable in a confidential and professionally-led setting by expertise from the University of Brighton. Over 1,300 businesses have taken part in the University’s Profitnet programme since 2004, helping them to achieve significant growth on their profit, turnover, and employment. Applications are now open for the next intake of Profitnet businesses. If you’re a CEO or founder wanting to tackle real business challenges, sign up for a free taster session to find out if Profitnet is right for your business.

https://tinyurl.com/

Introducing the December 2021 Profitnet Cohort

WYSA

Blending artificial intelligence with support from mental health professions, the Wysa AI Coach is designed to help people experiencing low mood, stress, or anxiety. Users are helped to improve their emotional resilience using evidencebased cognitive-behavioral techniques (CBT), DBT, meditation, breathing, yoga, motivational interviewing, and micro-actions.

The app is designed for both individuals looking for support, and employers that want to provide their workforce with mental health assistance. Wysa has over 3 million users, and is ranked among the top mental health apps available worldwide.

TabTime

TabTime creates innovative products that make it easier for you and your loved ones to make their medication manageable. Products include automatic pill dispensers, pill boxes, and pill alarms – all designed to provide peace of mind that medication is taken correctly.

Each product is created to be flexible to changing medication needs. Users include those that have Parkinson’s, Alzheimer’s, HIV aids, TB, hypertension and other ailments that require frequent or regular medication. TabTime says, “We constantly scour the world for the very best and latest products to fulfill our customers’ needs and if we cannot find what we want ‘off the peg’, we will develop it ourselves.”

Smith & Co

Since 2019, Smith & Co has helped interior design professionals elevate their portfolio by supplying highquality framed artwork. Smith & Co listens to clients’ requirements, then delivers a presentation of artwork from their extensive collections – including abstract, photography, triptychs, and groupings. They can also source bespoke artwork or commissions for clients.

The ready-to-hang artworks are designed for residential and commercial projects, as well as stocking dealers. Led by owner Solomon Smith, the company is dedicated to helping support the planet. For every piece of art sold, 12 trees are planted in association with The Ecologi Project.

Solomon Smith, founder of Smith & Co Galleries, said: “The BRITE Project’s Profitnet has allowed me to take a look into other companies that are running at a similar level to us. It’s a fantastic forum to get creative and experienced ideas to the everyday problems that we’re facing as a business. That experience that you can tap into is absolutely invaluable.”

Sal Jefferies

As well as helping keep Plus X Brighton members happy and relaxed in weekly breathwork and yoga workshops, Sal Jefferies provides coaching, group training, and yoga classes focused on helping those who are stressed, uncertain about their future, and in need of support.

Through mindset, mood, and movement training, Sal helps people feel calm, confident and strong, and able to create innovative solutions to tackle changes in both work and life.

With coaching, he helps overcome challenges including imposter syndrome and confidence in pricing. He also provides leadership training to help business owners and senior teams lead during stressful and uncertain times.

Search Seven

Digital marketing agency Search Seven specialises in paid media, SEO, and conversion rate optimisation. They provide services for sectors including education, charity, food and drink, e-commerce, and travel. The awardwinning agency is regularly recognised as a leading company in Brighton and Sussex business awards.

Search Seven aims to ‘make a difference’ with everything they do – from the measurable work they do with clients, through to extensive fundraising each year. Each year the company pledges 7% of profits to local charities and community projects. The team recently celebrated their 10-year anniversary, and set themselves the ambitious target of raising £77,000 over their 10th year.

Plug-In Media

Plug-In Media is a multi-BAFTAwinning digital production studio. Led by Managing Directory Juliet Tzabar, the studio creates entertainment for young audiences. They create both interactive entertainment and linear TV content, knowing that today’s young audiences access content across multiple screens and formats – including games, apps, websites, VR, AR, video, and broadcast animation.

Their blended business model combines original IP development and production with a digital agency providing interactive development and animation services. Clients include the BBC, Channel 4, Nickelodeon, The British Museum, and CBeebies.

Major Digital

Major is a Brighton-based branding, design and digital creative agency. They focus on creating customised solutions for seamless customer experiences that transform into longlasting results for clients.

Services include UX research and insights, creative branding and design, and technical web development. They have a dedicated team of coders, technologists, designers and project managers eager to help clients develop a strategy with impact.

Diamond Dental

Dental recruitment specialists, Diamond Dental Staff, provides professional

services to the dental world. They recruit for the full dental team, from receptions up to specialist dentists.

As well as recruitment, they provide consultancy services that help principal dentists and business owners with marketing, branding and content, business development, recruitment, HR and staff training, and more. They have also created the DDDS Academy, a tailored set of training courses for dental practices to use to level up their staff’s knowledge.

Founded in 2018 by Emma Anastasi, Diamond Dental Staff has a growing community of nearly 4,000 members. The team’s passions include sustainability, personal and professional development, and long-term solutions.

Cast Iron CAD

With over 20 years’ experience helping companies with design and product development, Cast Iron CAD design, engineer, and manufacture products to solve the business problems of SMEs.

They take a flexible and innovative approach to create breakthrough products and intellectual property. Innovation is at the heart of everything they do, including providing innovation consulting to transform clients’ ideas into welldefined design challenges.

Cast Iron CAD prides itself on being able to find a solution to almost any kind of problem – big or small. They work with all industrial manufacturing techniques, including polymer engineering, metalwork, ceramics, and woodworking.

Arc Fab Sussex

Arc Fab Sussex is a leading structural steel fabricator that operates throughout Sussex, Surrey, and Kent. They work with construction companies, builders, and domestic private clients from design and fabrication through to delivery and installation.

Previous projects include reconstructing the hull of a 1926 Thames fireboat; creating shade structures; and supporting the creations of artist and sculptor Will Nash. Their skilled and experienced team is praised for their attention to detail and high-quality creations.

Acies

Acies provides cleaning and support services to businesses across Brighton and Hove. They provide cleaning services for offices, retail spaces, and hospitality businesses. They believe that a messy workplace can put off customers, impact productivity, and affect employee morale. Each of their dedicated supervisors (or, ninjas!) works through a personalised checklist of tasks for each business, and provide GPS tracking to keep working hours transparent.

Managing Director George Buko has built the business on forward-thinking values – leadership, teamwork, efficiency, growth, relationships, and flow. Through the power of positivity, they aim to freshen up an old industry – making them a perfect candidate for Profitnet!

To apply and find out more about the fully funded BRITE business innovation and growth programmes available at Plus X Brighton, visit briteinnovation.co.uk.

The BRITE project is receiving up to £5m of funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/ european-growth-funding.