Not everyone starts a business following a ‘eureka!’ moment – many people decide they want to be their own boss then embark on a search for business ideas.
To do this, of course, you need to ensure you find the right business for you. You also need to make sure you have sufficient funding in place to support both yourself and your start-up until the business becomes sustainable.
With bank lending figures continuing to fall, thousands of entrepreneurs are looking for alternative sources of funding to get their business off the ground.
However, not every business requires a vast amount of investment to get it off the ground.
Here are just a few examples of alternative financing for you to consider:-
Start-up Loan Company; Cash Advances; Crowdfunding; Micro Loans e.g. Frederick’s Foundation; and Community schemes and grants.
Any finance model or provider should be researched thoroughly before you make any commitments, to ensure this is the best solution for your business.
If you want to keep things ultra-simple, a supportive family, with money to spare, can provide a fair, willing and reliable source of loan funding. Relatives and loved ones are more likely to trust you with their money than an outsider, and they will probably demand lower interest and fewer incentives than a commercial organisation.