Financing a New BusinessThis is one of the main points I want to get across to as many people as possible. Starting with a 'pot' of money, be it a pension or redundancy lump sum, 'windfall' win or inheritance is no guarantee of success. In fact, it probably makes failure more likely. Financing a new business is a risky affair. If you are lucky enough to have ready cash, then please, please, do make sure you do all of your homework thoroughly first. Then take your business plan to several bank managers first. If no one is willing to lend, ask them why and re-evaluate your plans accordingly! For the rest of us, here are a few options...
Often the first choice, but wait for a bit before you sign anything, there are other options....
Only to be considered, in my opinion, as a last resort. You'll surrender control of customer services, and you'll really pay for the 'service'.
Much better - only buy what you have to. Remember the golden rule - you are in business to make money, not spend it!
A bit of lateral thinking here....some ways you can not only save money, but also reach a wider range of future customers
Financing a new business - make the business fund itself My favourite! - Start small, and 'test' as you go. |