 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
Business Grants |
|
There is always one key thing that any business needs if it is to succeed and that’s money and investment. Without good investment you may have the best business idea in the world but no way of getting it to market. We have tried to give you some ideas on the better ways on how you can get funding for your business or a business grant using our simple guide. Some of the advice we offer may be easier than trying to get a slot on Dragons Den. Your own Business Bank If you have a good business idea of are currently running your own business and need to look to raise more capital, whey not try talking to your own bank. You will be surprised what help you can get. Some banks offer no charges for the first year if you are a start up business and offer facilities such as bank overdrafts, business loans, and factoring or invoice financing. Factoring or Invoice Financing If you have sales that require invoices to be submitted and you have to wait for these to be paid which restricts your growth due to a short fall in cash flow, as can affect many business then this could be a good short term option for you to help raise capital. Factoring or sometimes called invoice financing, is where you signed over your invoice book of money owed to you to a bank or specialist financial institution. They take the risk of the debt book on and charge you a set up fee and a percentage of each invoice raised. What it does do is allow you to draw down against the invoices you have raised before they have been paid. The sales that you are due to be paid for are then paid to the bank or financial institution and they pay take the money less their fee once the invoice is paid. This is a popular method for business to raise capital in the short term especially if the companies they are invoicing are larger companies with good credit ratings. Try talking to your bank as most do offer this service but also look to Bibby as they may offer a similar service for a cheaper rate. http://www.bibbyfinancialservices.com Business Venture Capitalists A business venture capitalist is a person or company that is looking to invest in to make a good profit. They can be a very good source of raising capital but make sure you get your business plan and accurate financial projections together before approaching them. They can be contacted from a number of sources but a few include groups such as First Tuesday Group http://www.firsttuesday.co.uk and you could try https://www.vcrdirectory.co.uk The Government Believe
it or not the government do have a number of schemes where you can
apply for business grants. The best advice is to look through those
that are on offer and then try and apply but make sure you are well
practiced in jumping through hoops first. Friends and Family Depending
on the amount of money you need to borrow to hep your business then
friends and family are a good low interest way of raise short term
funds. |
|
