Small Business Finance
How to get small business finance when starting a business through secured or unsecured business loans from banks or other credit funding options for financing capital projects or getting a start-up business set up.
Business Finance Options
Here are some finance options available to most businesses
- small business loans
How to obtain small business loans from banks or other lending institutions
- invoice financing
Invoice finance may help your cashflow. Here's how to get it and what to look out for.
- best small business accounting software
What is the best small business accounting software on the market to account for your cash flow ?
- VAT flat rate scheme
Information about HMRC's vat flat rate scheme for small businesses.
- Unsecured Business Loans
What is an unsecured business loan and how do you get one ?
Whatever your requirements for small business finance just ensure you have a business plan developed as no lender will be able to assess the risk of lending without financial projections or an understanding of how your business will meet its financial and business objectives.
Managing Cash Flow
Creating profits are generated by two way - either produce more sales and revenues from your company or reduce costs. When attempting to create additional cash flow then receiving your monies from sales faster is a practice that every business owner needs to have front of mind.
That's why invoice discounters (essential debt collectors for business) are so popular now. Governments have promised to pay within 10 days of receiving an invoice but that is only an aim and not a law. So it's best to avoid all late paying organisations or get factoring companies involved in your business. Additionally you can structure the payment of invoices in a manner where you receive a deposit up front and staged payments during the contract so the risk of not receiving payment is reduced.
Other Methods of Financing
Apart from getting a loan from a bank there are several other options available to get finance.
There are many central and local government grants available and other business ventures (such as the Prince's Trust for younger entrepreneurs) may offer grant funding - you should search online for those that may be provided for your business.
Friends and family may be able to help your start a business with finance but ensure your idea is viable first and get solictors involved to draw up appropriate contracts just in case something goes wrong later.