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Q: Is there any financial help available to tide me over the period at the start of a business when it’s not possible to pay a salary?

Aug 17 2005

Answered by: Clive Lewis Ask a question

It’s very realistic of you to understand that you may not be able to take a salary when you first set up a business. It might be just a couple of months, it might be a year, it could be longer than a year for the business to get on a sound footing and to be confident of meeting salary commitments for the owner. Any aspiring business owner has to allow for this in assessing how much money is needed to start a business. In my experience, once three years are up, business starts to stabilise and you can be more sure of covering a salary.

There used to be a national scheme to help businesses start up, but this was scrapped some time ago. As you have already started your business and been going for a year, you are likely to find yourself out of luck even if a local scheme exists.

You should think about contacting your bank to discuss a bank loan. The articles below, produced by SmallBusiness.co.uk should help give you some advice.

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