Your bank can help you with the initial funding of your business
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One of the main issues you’ll deal with when setting up a new business is how to fund it.
Your business plan should include financial information such as how much money you’ll need to start up, where it will come from and financial projections going forward.
Businesslink.gov.uk has a comprehensive section on finance and the forms of funding available to start-ups. Essentially your options are: using your own money, getting a business loan from a bank, getting funding from outside investors or “business angels”, or applying for a grant.
Huw Morgan, head of business banking at HSBC Commercial Banking, says to convince your bank to support you it pays to develop a business plan. ‘Just over one in four female led firms has a business plan in place but it’s an essential requirement, especially in today’s climate, if you are looking to get credit, an overdraft or a business loan,’ he says.
Support
There is plenty of support around for new businesses, both to get the operations off the ground and keep them going. Business Link, for example, is a free business advice and support service, available online and through local advisers, and backed by the Government.
Annie Shaw, founder of personal finance website cashquestions.com, got in touch with her local Business Link in Hertfordshire when she set up her business. She says the service has been invaluable. ‘The first thing that attracted me was the courses they run. I have done courses on book-keeping, accounting for tax purposes, and search-engine optimisation for my website. My local Business Link in Hertfordshire also runs course on everything from sales and marketing to management techniques, employment law and even Office programs such as Access and Excel for beginners. These are all half-day or day-long courses that get you started off on often daunting subjects. Many of them are free, and those that aren’t are only a few pounds so everyone can afford them. ‘Business Link also offers a valuable mentoring service, which can help businesses make sure they are on track to meet their objectives and follow their business plan.’
There are less formal support structures. Ms Chitty recommends finding support online, ‘This is invaluable when a tricky issue comes up as you can tap into the advice of experienced businesswomen,’ she says. ‘Some of the forums I find most helpful include everywoman.co.uk/networking, webmums.ning.com and network.auroravoice.com.’
Earlier this year the Government announced an Enterprise Strategy, with measures to increase the number of women’s entrepreneurs, including a £12.5million Women’s Investment Fund with the aim of private sector to match the funding to develop women-led businesses. And according to the latest survey by the Women’s Entrepreneurs Society nine out of ten women who had set up their own company would be likely to do it again, so take a leaf out of their book and turn your business plans into reality.
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