How do I fund my business?

5 Nov

The easiest and cheapest way to fund your business is to provide the money yourself from savings.  You may need to start out offering limited services to make some money without too much expenditure, and then put your profits back into the business to buy more stock or equipment.  Try to get a couple of jobs before you do any real marketing so that you can get a bit of money coming in, as well as some feedback!  You don’t want to market too early and have to turn people down because you don’t have the right equipment.

Many people do employment alongside self employment when they’re getting started.  This is a great way to have some regular income to support the more unreliable income of a new business.

Speak to your Job Centre Plus advisor to find out if there is any funding available for your business.  Ask for a benefits calculation, or do one yourself using the Benefits Adviser Service to see if you will qualify for any Tax Credits when you are self employed.

You can also look into getting a bank loan, but this can be expensive, so it’s worth trying to avoid this if possible.  It might be that you start out very small, and look into bank loans when you are confident your business will be a success and you need funding to grow and expand your business.

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