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Ways to fund your business.

Small and medium businesses may come to the point where they need extra funding to produce orders or increase their business. As well as Factoring and Invoice Discounting which are incredibly simple and sensible ways to gain funding based on the invoices you need to send out, here at Select Factoring we’ve compiled a list of ways you can help fund your business.

1) The most basic, self funding, if you have some money, you invest it into your business.

2) If you’re lucky enough to get on with family and friends approach them to invest.

3) A personal or business loan from your bank or lending company- obviously you’ll pay rates of interest on this, also they may want to secure it against your home, shop around and find the best deals.

4) Credit Cards, these can be rather helpful esepcially if you have a period of 0% interest. Pay off the balance before your interest starts and you’ll be laughing all the way to the bank.

5) Grants- certain government funded projects support and fund small and medium businesses with grants, and depending on the industry you work in you could receive more.

6) Go on dragons den- yes its a bit of a wild card but if you have a fantastic idea for a business they should theoretically jump at the chance of investing in you.

There are numerous ways to raise the cash to start a new business. With your plan in place you can see what you really need to start trading. It might be a laptop, it might be a van, but shopping around and approaching local companies which want to help small and medium businesses will offer you so much information, such as Businesslink.gov.uk

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