Chapter 8
Finding the Money
In This Chapter
Working out how much outside money you need
Looking at the different types of money available to you
Choosing the best source of money for you
Finding money to work with
Businesses need a continuous flow of customers, products or services to sell, and space to work from or store unsold goods. But they need money to make all these things happen. The more the business actually does, the more money it needs.
Even during the recent world credit crunch small businesses needed and, despite some anecdotal evidence to the contrary, accessed money. The latest British Banking Association (BBA; www.bba.org.uk) statistics published in August 2013 showed more than 100,000 finance applications were approved in the preceding year for small and medium-sized enterprises (SMEs; that is, businesses with up to 250 employees), providing over £6 billion of funds. All in all, banks had lent £50 billion as at August 2013, and they’re the biggest single source of money for small and new businesses in the UK.
Starting a business on the road to success involves ...
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