Selecting the best source of funding for your company
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When it comes to finding finance for your business, the number of options can often be debilitating for the development and future growth of your business.
This can be especially problematic within industries where there is a large outlay of money required to start up and in the first couple of years of running, such as manufacturing or production. Often there can be longer periods between orders being made and payments for the goods coming through. Having access to the right type of funding at the right time can therefore often make or break smaller firms, making financial planning a key priority.
There can be multiple reasons why a business might need a cash injection, for example when planning expansion into new markets, sourcing new suppliers or bridging late payments. So it’s key to have a clear idea of what you need the money for before applying for finance.
Here are some key questions to ask yourself:
● What amount of money do you need?
● How long do you need the money for?
● Would you consider giving away equity and a share of your business?
● What are your growth ambitions?
● Do you need a mentor or additional support?
Once you’ve figured out these questions, it’s time for you to consider your choices. Use the flowchart below to help decide which type of funding would be most suitable for you:
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<a href="https://www.sage.com/en-gb/blog/funding-for-manufacturing/"><img src="https://www.sage.com/en-gb/blog/wp-content/uploads/sites/10/2018/10/sage-which-source-finance-should-choose.gif" alt width="438" height="969" alt="Sage guide to funding manufacturing"/></a>
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With plenty of finance options for budding entrepreneurs out there, to contact Bell4Business to see how we and our partners can benefit your company.
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