This part of a business start up can be one of the most stressful parts, but with the following tips, you’ll find this stage easier to combat:
1. Your business plan
In my last piece we talked about the importance of a business plan and this is the stage where a strong plan will really benefit you. Whoever you are approaching for money – family or financial institutions – the business plan is key to helping them understand your business goals.
2. Understand your finances
You’ll need to know where your money is going. Clearly break down what your finances will do moving forward for the next 12 months, and allocate your funds correctly once you have secured them.
3. Finance options
There a number of places that you can look at sourcing your finance, including:
– Banks
– Funding Circles
– Government Loans
– Government Grants
– Family
4. Choose what’s best for you
Don’t be distracted by ££ signs. Keep your requirements essential and ensure you can manage your repayments easily or you will cause yourself more stress than necessary.
5. Explore all options
Each funding option will offer different repayment terms, interest and flexibility. Look at all of your options and realistically assess what is best of you and what you need.
And now your finance is in place – it’s time for the fun to begin!
Next week, I’ll be covering how to find your premises and set up shop…
Hollie”