If you want to access funding to set up a business or expand your existing operation, we've pulled together an overview of finance organisations aimed specifically at helping small businesses.
You can also find guidance on taking card payments and information on what charges you can pass on to your customers, as well as your legal obligations.
If you need help on setting your prices, read our tips on what you should consider and learn how other operators price their offer during major events. If you're a charitable attraction operator, download our guide to rules on Gift Aid (PDF, 144KB) to ensure you maximise its potential for your business.
If you're unable to gain funding from your bank or building society, there are other organisations that may be willing to help your business.
Finance your Growth
Finance your Growth, managed by the British Business Bank, features a quick six-step tool to help you to find business finance options specific to your business and location. The information hub also provides guidance on the different finance options available to you, becoming ‘investor ready’ and lists finance experts who can help you to grow.
LEADER grants for rural businesses
Rural businesses can apply for LEADER funding for projects that help their businesses to grow.
Applications are made to Local Action Groups (LAG), who determine which projects to fund in their area. These projects must support at least one of six LEADER priorities, including boosting rural tourism and providing cultural and heritage activities. More information on LEADER funding.
The Business Finance Guide
This Government guide for SMEs sets out the full range of debt and equity finance options for start-ups and businesses looking to grow. GREAT Business also offers further guidance, including start-up loans and how to find private sector support.
Better Business Finance
Better Business Finance provides impartial information and support to businesses and entrepreneurs looking to develop and grow. Its website contains a wealth of information and support, including an appeals process if you've been turned down by your bank, tips for a successful finance application and advice on writing a business plan.
Supported by funding from the Department of Business, Innovation and Skills, Funding Circle is an online lending community where you can borrow from individuals and access loans of between £5,000 and £1 million to help grow your business. Once you've applied for funding, investors compete to lend you money in an online auction style system and the lowest bids win, so you receive the lowest rates possible for your loan. To be eligible for funding, your business must have at least two years’ trading history, a good credit rating and a minimum turnover of £100,000.
Community Development Finance Institutions (CDFIs)
Supported by trade body Community Development Finance Association (CDFA), CDFIs are local, community-based lenders who provide both finance and mentoring to new and existing businesses. There are currently about 60 CDFIs around the country.
The benefits of accepting card payments
Customers are increasingly paying by card and many consumers automatically expect a card payment facility when they stay at a hotel or visit an attraction.
Other benefits of accepting card payments include:
- Reducing the risk of ‘no shows’ and late cancellations
- Money in your bank account typically within four days of the transaction
- Improved cash flow
- Quick and easy payment options for your customers, particularly from overseas visitors
- Potential to up-sell additional services and products – customers may not have enough cash on them to pay for a room upgrade or merchandise
Setting up card facilities may be easier than you think – the UK Cards Association has advice on its website for businesses on how to get started.
Charging a guest's card for damage
Your legal rights if a guest causes damage to your property.
Your statutory obligations under the Data Protection Act 1998.
Deposits and cancellations
Your – and your customers’ – rights in the event of a cancellation.