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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

How to fund a new business start-up

Cold hard cash - the one thing that stands in the way of millions of would-be entrepreneurs worldwide.

It's often said that it takes money to make money, and that's a pretty accurate statement. If you don't have the money on-hand to get your new business off the ground, it just isn't going to happen.

The good news being that there are countless avenues to explore for funding a new business start-up. On the downside, it's up to you to determine which is the best option for you. Independent expert advice at the earliest possible stage comes highly recommended.

One important note - if any of your applications for funding come to nothing, it's not necessarily game-over of your business. Tenacity is the key to success for any entrepreneur, and this begins with stopping at nothing to secure the funds you need.

As for the options available, the chances are that you'll find at least one of the following sources of external finance both accessible and suitable.

Conventional bank loans

Depending on how much you need, you may be able to fund your new business start-up with a conventional bank loan. You'll need a solid credit history and proof of income to qualify, but personal loan rates (for the time being at least) are at historically low rates.

Mortgage extensions

A mortgage extension – or a re-mortgage - effectively means tapping into the equity tied up in your property. Speak to your mortgage adviser and see if they're willing to lend you the money you need, using your home as collateral for the loan.

Start Up Loan

The government offers a Start Up Loan for viable businesses. If you qualify, you'll be able to borrow up to £25,000 with an interest rate in the region of 7%, together with free help with your business plan.

Loans from friends and family

Of course, there's always the option of seeking investment from those closest to you. If you can fund your new business start-up through combined loans from friends and family, it can be a great way of minimising borrowing costs. But you need to carefully consider your capacity to pay them back - particularly if things don't go to plan.

Bridging loans

If you're 100% confident you'll be able to repay the loan in full within a matter of months, a bridging loan may be an option. If this is the case, you'll be able to borrow as much as you need (limited by the collateral you provide as security) and you repay the balance in one lump sum.

Crowdfunding

Some of the most successful entrepreneurship ideas of recent years have been brought to life through crowdfunding. You set up your crowdfunding page online, convince investors to back your idea, and invite them to contribute to the funding needed to get your business off the ground.

Peer-to-peer lending

Last but not least, peer-to-peer lending - sometimes referred to as social lending - is a form of private investment outside typical lending channels. P2P lending sites help link investors with potentially profitable business opportunities, allowing mutually agreeable terms to be discussed directly and openly.

Copyright 2019. Featured post made possible by iConquer Ltd

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