Working Out Your Finances For Your New Business

December 1, 2015 Hollie Power
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As revealed last week, I thought it might be a nice idea to share again some of the articles I wrote last year for Scratch Magazine, the UK’s leading nail mag.   This week it’s the topic of working out your finances; something hugely important for anyone considering launching any sort of business.

I’ll be sharing one of these posts ‘from the vault’ every Tuesday, so keep an eye out for them.


“Today, I want to discuss the all-important next step after you’ve completed your business plan; your finances.  (If you’ve not read the blog prior to this on your business plan, it’s here).

As much as we all dream of an endless pot of money, for most of us it’s as real as the pot of gold at the end of the rainbow, so we need to find a more reliable source of money to make our dreams happen.

Depending on the size of your business launch, you’ll need a strong investment in order to do the following;

Fund yourself through the first 12 months of operation

– Buy all of your start up equipment

– Fund your premises if you need one

– Pay for insurance and any licences required

– Fund your marketing and advertising

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…


You can read the original post here if you like, along with lots more.

I’ll be back with the next part of this mini series next Tuesday.

If you’ve any question, please leave a comment below!