The world needs more fierce businesswomen with a passion for their craft and determination to succeed! Recent research revealed that just over a third (34 percent) of UK SMEs are now female-run, and, while that is an increase from only 19 percent in 2017, we’d love to see this figure grow even further!
Funding a start-up business is a challenge that many entrepreneurs face – regardless of gender – so much so that it can stop people from even trying… No more! Here are some top tips to help you gather those all-important funds for your start-up business.
Ask friends and family
The old adage “you have to spend money to make money” has never been as true as it is in relation to starting your own business. If your issue is that you don’t currently have the necessary funds to spend, ask your closest friends and family if they can offer financial support.
You might initially feel a little awkward in asking, but it’s actually common for the likes of parents and siblings to contribute funds in the early days of a loved one’s business. Depending on the arrangements you make, this could also be a fantastic investment opportunity for them, too.
While taking out a loan can be a scary concept for many, it’s a perfectly fine option for those who just need to bridge a gap and secure a final push in order to get the business launched. If you’re confident you’ll have the money to make repayments on time, and if you’re absolutely sure you’ve read and understood the small prints, go for it!
Short term loans offer flexibility, so, you don’t have to worry about biting off more than you can chew. What we will say, however, is that you need to be one hundred percent certain that you’ll be ready to make repayments on the day that they’re requested. Failing to do this could result in a negatively impacted credit score or, even worse, debt. Not the best way to start your business!
Set up a GoFundMe
If you’re really passionate about your business plan and truly believe that you have a good idea that could change or better people’s lives, set up a GoFundMe page! Accepting donations from generous members of the public could see you reach your goal a lot faster – and safer – than taking out loans or using credit cards.
It’s really simple to create a campaign, too. In just 3 easy steps (set a goal, tell your story, add a visual) you could be on your way to securing vital funds to get your start-up business off to the best possible start!
Remember, the funds never stop being important
Once you have the funds in place to launch your business, it’s important to remember that the hard work isn’t over! Now, it’s important you keep generating more and more funds. If you don’t continuously make a profit, your business will eventually fail. Looking for professional assistance in start-up business accounting? Forbes Young is a small business accountant with an edge.
So, there you have it! Three solid ways you can secure that all-important funding for your new business venture. From the bottom of our heart, we wish you the very best of luck.