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Business Funding - Essential Not Optional

Apr 19, 2008
To put it simply without sufficient funding your business will fail. Business funding is needed whether your business is big or small and it is a requirement across all stages of business development, especially within business start-up. Without funding at the start of your business however your business is guaranteed to fail.

You need to ensure that when you start your business that you research into the different types of business finance that are available to fund your business start-up. There are many different forms of business finance that are available that you can use to fund your business start-up such as bank loans, overdrafts, business angels, venture capitalists and credit cards as well as grant funding. Whatever business finance that you decide to use to fund your business start-up you need to make sure that you choose it based on your business needs. If you feel that you may struggle with the monthly repayments of a bank loan that have added interest each month then maybe the help of a business angel would be more suited to your business needs. Or if you aren't comfortable with someone having a share of your business like they would if you enlisted the help of a business angel then maybe a credit card and overdraft would be better suited to your business funding needs.

When you have made the decision of which start-up business funding you will use for your business you should aim to get as much money from it as you can in one go. It is a good idea to aim to get more start-up funding than you think you may need as this way all of your financial issues will be covered. It is easier to get more money than you need than to have to go back to your lender/investor a second time and ask for more money.

It is also important that you keep people informed about your business and inform them of any changes that are going to be made to it. When it comes to informing people about your business you should tell them what you are doing and what you are planning to do as well as airing any problems that you feel you may be facing within your business. You also need to recognise the needs of people who are involved in your business.

You should be constructive and realistic with any business forecasts that you make as it is on this basis that you will raise your start-up business funding. This forecasting does require a certain amount of estimating, which is usually done on a monthly basis.

Once you have secured your business funding you need to ensure that you keep the books of your business up-to-date. You can either do this yourself or hire someone to do it for you. Accounting and bookkeeping is often seen as a tedious job but it is one that is highly important to your business as it is what will keep it on track financially. You need to keep a record of everything such as payments, bank statements and bills.
About the Author
Helen is the web master of Angel Start-ups, home of all your Business Funding needs.
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