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HeadStart Business Program - Guidance Document
The HeadStart Business Programme supports aspiring young entrepreneurs based in the borough of Gosport. The Programme offers a mix of business skills support and bursary funding towards the costs of starting and growing their business.
This programme is funded by the Abri Housing and the Beacon Foundation and aims to help individuals aged 18-25 wanting to explore enterprise, possibly for the first time. It combines information sessions, workshops, online learning, mentoring, networking and peer support.
To take part, you need to be interested in self-employment and have a business idea that you would like help to test and explore. The programme can then help you to see if your business idea will work and whether self-employment is right for you.
Individuals will receive help to develop a viable plan to develop their business idea, pre-qualify for investment through bursary funding and launch their business. Bursaries of up to £2,000 are available to fit the need, opportunity and risk appetite of the business plan.
Am I eligible for the HeadStart Business Programme?
To qualify for the HeadStart Business Programme, you need to meet the following eligibility criteria:
Be a young person aged 18-25 years based in the Gosport Borough. https://documents.hants.gov.uk/Maps/GosportWardMapA3pdf.pdf
Have a business idea that you would like to develop into a viable business plan.
Complete a business start-up plan with supporting financial projections.
If successful with the bursary award, launch your new business venture within 3 months.
Provide receipts and invoices etc. to evidence spend of this bursary.
Agree to be contacted by the Headstart Programme team within 6 months of starting your business to review the impact of the support and funding.
Commit to mentoring a future HeadStart candidate and sponsor a bursary award.
All expenditure needs to be fully funded in the short term by the applicant prior to the claim of your bursary. Payment will only be made to business bank accounts and is paid in arrears on completion of the approved purchases, in line with the Bursary Offer Letter. To help ensure a positive cashflow, the Bursary payment will be made within 5-7 working days of receipt of a satisfactory claim.
How do I apply?
Step 1 - Read this document in full, as it forms part of our Agreement if you receive a bursary.
Step 2 - Attend the introductory sessions and workshops (Please look at the Next steps section of the website for further details)
Step 3 - Complete your business plan and submit with written quotes of costs.
Step 4 - If invited, be prepared to present your business plan to the Awards Panel.
Step 5 - If we approve your application, we’ll send you a Bursary Offer Letter.
Step 6 – Invest the HeadStart bursary to launch your business.
Step 7 - Send us your evidence of purchase and payment as required.
Step 8 - After we’ve reviewed and approved it, we’ll pay the bursary into your bank account.
What can I use the bursary for?
The bursary can be spent on anything to support your business start-up, including, but not limited to:
Training
Equipment and Tools
Marketing
Digital Improvements (such as website or electronic payment methods)
Sales
Stock (including raw materials and consumables)
The bursary cannot be used to fund repayment of debts, or to fund any retrospective costs that you have already committed to or have paid.
VAT Treatment
Bursary provided by the HeadStart programme are outside the scope of VAT. If you are not VAT registered and VAT paid on purchases is irrecoverable, you may claim the full cost including VAT.
What are the rules on spending my HeadStart bursary?
All purchases must be carried out in a fair and open way and represents good financial practice. Purchases must be supported by a quote from the supplier or screenshot of the product if an online purchase. Please note that it is your responsibility as the grant fund recipient to comply to these procurement requirements.
How to claim
To claim your bursary, you complete a Bursary Claim Form supported by copies of invoices/receipts from suppliers who provided the procured goods or services. These should be on the supplier’s headed paper and include and address and contact details.
Monitoring
Your project will be monitored at the 3 month, 6 month and 1 year stages after your business launch to review progress against your business plan. This may be via visit, telephone interviews or on-line communications. The review will form part of the evaluation of the HeadStart programme.
Next Steps
We can’t guarantee that your business will work or that we will be able to offer you money, but if you are up for a challenge and want our help to explore your business idea, get in touch and come and meet us. To find out more and register your interest, contact HeadStart at headstart@gfmat.org
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