FINANCE CAN BE THE FUEL THAT ENABLES YOUR BUSINESS TO ROCKET
You have the idea, you have the motivation, you’ve made concrete plans, you’re 99% there – now just the small detail of money. Raising capital to kickstart your project or realise a growth opportunity may seem daunting. However, there are many different avenues open to you, it just takes a little consideration to find the best option for you.
We’ll briefly outline some common finance options open to businesses of all sizes, whether you’re just starting out or looking for that injection of cash to take you to the next level.
• Personal Investment – when you take the leap to become self-employed this may be the easiest source to tap. Always set a budget and never invest more than you’re willing to lose.
• Friends & Family – we can all use a little help from our friends, just remember to discuss the deal fully so both parties are on the same page and get an agreement in writing.
• Business Loans – in recent years many online banks have opened with services tailored specifically for small business owners so be sure to shop around.
• Start Up Loans – if you’re having issues obtaining finance from your bank there are government backed organisations that will be able to help you potentially gain access to these alternative sources of funding.
• Business Grants – can provide a useful contribution when investing in your business and it’s worth searching online and contacting your local entrepreneur and small business hub for more information.
• Crowdfunding – this is a great way to leverage your community to help you grow or attract investors with your concept. This process is quite involved though so be prepared to answer a lot of questions and if you don’t reach your goal you will have to return all the money on most platforms.
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