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| 6 Practical Tips for Finding Funding and Support When Starting Your Own Business. (Ilustrasi) |
Whether you're launching a tiny coffee shop, a city service, or a tech startup, starting a business from scratch is no easy feat. From writing a business plan to handling taxes and paperwork, the journey can be overwhelming. To help you get started smoothly, here are six universal tips and youth support programs in collaboration with the national project "Small and Medium-Sized Enterprises."
1. Find a Mentor in Your Field
Behind every creative idea is a lot of hard work. Writing a business plan, registering a legal entity, and dealing with taxes can be exhausting, especially when you're just starting. To make the journey easier, seek a mentor with real experience in your field, not just someone selling success courses online.
You can find a mentor by:
- Reaching out to entrepreneurs in your industry who are actively building their personal brand. They may be open to mentoring as it benefits their own growth.
- Using mentor-finding services, often offered by private companies or universities. For example, if you're under 35, you can apply to the "Business.Mentors" project by Rosmolodezh, which connects young entrepreneurs with mentors.
When working with a mentor, you can agree on bartering services, fixed payments, or even a share in your company—though the latter should be reserved for trusted relationships.
2. Apply for Youth Grants
In Russia, young entrepreneurs can receive grants ranging from 100,000 to 500,000 rubles to start their business. In the Arctic zone, the grant amount can go up to 1 million rubles. These grants can be used for businesses like sports schools, beauty salons, cafes, or bike rental services that benefit the community.
To apply, you need to submit your business plan to a "My Business" center, which are available in all regions. These centers also offer training in business basics and provide support with tasks like creating a website, designing a brand book, and registering a trademark.
3. Seek Help from Entrepreneurial Support Funds
If you're launching a startup, consider approaching the Innovation Promotion Fund, which offers youth competition programs, including grants for students. The largest program, "Start," provides up to 24 million rubles for launching and commercializing projects in fields like digital technology, medicine, biotechnology, and energy conservation.
Socially responsible businesses also support startups. For instance, the "IN Park Vasilyevsky" social business incubator in Oryol offers office spaces, coworking areas, and consultations at reduced rates.
4. Participate in Student Programs
Student programs allow you to dive into entrepreneurship without disrupting your studies. For example, the "Startup as a Diploma" program lets students develop a business project and defend it as their graduation thesis. This program includes training, mentorship, and even funding assistance.
In 2024, the first national "Startup as a Diploma" competition received over 500 applications, with the top 13 teams receiving startup support certificates and opportunities to participate in entrepreneurial events.
5. Consider Crowdfunding
If you don't want to take out a loan, crowdfunding is a great way to fund your business. Whether you’re making concept films, creating upcycled fashion, or restoring vintage radios, crowdfunding can attract supporters. Even well-known people like animator Harry Bardin have used crowdfunding to fund their projects.
To start, choose a legal platform that suits your project's needs. Ensure that you understand the platform’s fees and any taxes you might owe on the funds raised.
6. Join Your City’s Business Club
Business clubs are a great way to immerse yourself in a community of like-minded individuals and receive advice from experienced entrepreneurs. Some clubs are industry-specific, such as those for restaurateurs or beauty salon owners.
For youth, the "Act!" network of business clubs operates nationwide and accepts members up to 25 years old. These clubs offer mentorship, practical workshops, and opportunities to participate in regional and national entrepreneurship competitions.
Starting a business can be challenging, but with the right support and resources, you can overcome the hurdles and build a successful venture.
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