Guide

Choose the right finance when starting a business

Introduction

Every new business needs money when starting up. Even before their first sale, the majority of 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 when starting up 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 start-up business support from your local council. They will organise one-to-one mentoring sessions with your local business adviser and provide tailored guidance to develop your business plan.

Complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.

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