It’s a common misconception in the world of business that securing funding is notoriously difficult, but it needn’t be. There are a wide range of different of funding options available, designed to help businesses of all shapes and sizes to accelerate their growth and achieve their business goals.
Start-up businesses notoriously rely on funding to help them to kick start their business, move forward, and grow. From requiring funding to purchase new equipment, advertise or pay for premises, through to expansion, purchasing high value items, and even taking on new staff members, there are a whole host of reasons why businesses might need funding.
If you’re looking on for tips on how to get funding successfully, you’ve certainly landed in the right place. We’ve created a helpful guide outlining our top tips on how to secure funding – we hope you find it useful!
Your business plans
When it comes to securing funding, it’s important that you are able to show a detailed business plan, which lenders can review when considering whether to invest in your venture or not. Your business plan should outline how your business runs, as well as an operations plan, market analysis, details about your products and services, sales and marketing details, as well as cash projections.
It should be clear and concise. Every business plan should also provide an in-depth insight into its organisational structure highlighting the roles and responsibilities of all stakeholders.
Crowdfunding
Taking advantage of crowdfunding resources is a great way to find the funds you need to grow your business. There are a whole host of user friendly platforms available to use online, including:
- Crowd Funder
- GoFundMe
- Kickstarter
- Crowd cube
- RocketHub
- Patreon
Investors are readily available online and constantly on the look out for great business ideas that they can invest in. With this in mind, using crowdfunding platforms is a great way to boost awareness of your business idea, inspire action and generate much needed funds.
Small businesses in all corners of the globe have benefited from generating funds this way.
Speak to your bank or alternative lender
Just because you’re a start-up business, doesn’t mean that you won’t be able to secure funds from your bank or an alternative lender that meets your funding requirements.
Speaking to your bank and arranging a meeting to discuss your requirements is a great way to get the ball rolling when it comes to exploring your options, and applying for a loan. You should bring along your business plan and any other documents that will support your funding application. And remember, lenders aren’t there to judge, they just need to be sure that you’re in a good position to pay back the money that you borrow.
It’s not the end of the world if you do not get accepted for a loan through your bank! There are plenty of other lenders specialising in providing funding for businesses of all shapes and sizes.
Do you have savings?
Using your savings to fund your business comes with many benefits. For example, you won’t need to worry about paying back the money and you don’t have to share the profits with anyone else.
Consider a partnership
Although riding solo is commendable in the world of business, you certainly shouldn’t shy away from considering a partnership. This strategy is used by many successful businesses.
Of course, it’s important to remember that, as well as sharing any liabilities, you will also share the profits you make. With this in mind, it’s crucial that you partner with someone you get along with, as you will have to be on the same page when it comes to making important business decisions.
Ask for help from friends and family
If you’re unable to secure funding, it’s always worthwhile asking family and friend to help, especially if you’re a start-up business.
You will be surprised at how forthcoming family and friends are when it comes to helping you to succeed in your business goals, especially if they believe in your business or idea as much as you.
Finally, before weighing up suitable funding options, you should think carefully about how much funding you need, why you need it and how it will benefit your business. Whatever funding option you choose, we wish you the best of luck with your business venture!
