Choose the right finance when starting a business
Introduction
Every new business needs money when starting up. Understanding the cost of starting a small business is crucial. Even before their first sale, most businesses will need to:
- buy equipment
- establish the workplace
- meet marketing costs
Once you're trading, you'll need cash to pay the bills and keep the business going.
There are a range of financing options for new businesses and choosing the right ones for your business needs is essential. Options include:
- using your own money
- sourcing money from the bank, an investor or family and friends
- applying for government grants and support
This guide will help you to work out your financial requirements when starting up, consider the different finance options for new businesses and outline the advantages and disadvantages of using your own money to start a business.
Free business start-up support
Access free business start-up support from your local council. If you have a great idea but you're not sure how to turn it into a business, or you have already started out in business and require mentorship on your next steps, Go Succeed Start experts will help you to create a business plan, seek funding and put all the foundations in place to get your business up and running.
Complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.