Sometimes when you run your own business you need to look for alternative sources of funding whether this is for expansion or moving into new markets or perhaps to develop staff and your products further, regardless of the reasons you need the money there are a number of different ways that you can fund a business. You first course of action should always be to seek the advice of an accountant like https://www.randall-payne.co.uk/ who are Accountants Cheltenham way. Your accountant can help you figure out which of the many funding options is more suitable for you and your business sector. The options available to you include:
Savings – Many people opt to self-fund their businesses perhaps from savings that hey have or a redundancy payment. It is important that if you are choosing this option that you have the funds allocated correctly to your accounts so that once the business is bringing in enough money you can take your money back out again. You also need to ensure that you aren’t going to leave yourself in a situation of financial difficult if your business venture does not work out. Again, it is best to speak to an accountant and perhaps and personal financial adviser before you do this.
Loans – There are loans available from most banks and your first choice should always be the bank that you hold your business account with. You will need to provide information as to why you wish to take out the loan along with financial information to show that you can afford the repayments and that your business is a viable and profitable one. This is where you accountant can help produce any reports that you may need.
Government Fund – this is where your accountant can really help you. There are a number of funds available in various Government pots and you may find that your business qualifies for one of these. These can cover anything from initial set up costs to furthering technology and products. There are usually conditions on these grants including the size of business in terms of employees and finances and also the sector and location that you operate in and almost all of these will require you to go through an application process and then selection.
Investors – You may want to consider looking for investors into your business if you are looking for funding for growth purposes but you need to fully understand the implications of taking on investment as most investors will look to take a certain percentage of shares in your business in return for providing you with the money that you need.