|
Getting your business finances in order
|
|
Opinion article by David Sullivan, Access to Finance, Business Link for London
Running a business appeals to many of us at some point in our lives, and according to a Business Link for London’s research, half of black- Caribbean business owners started thinking about starting their own business during childhood or their teenage years. In fact, the London Annual Business Survey shows that black entrepreneurs are the most likely of all the ethnic groups to approach banks for finance to develop their business idea (44.1 per cent).
|
However, only half of black business owners who approach banks for finance are successful. The hurdle of raising finance isn’t limited to Black businesses and the keys to success are the same for everyone.
Banks and investors are looking for a good return on their investment. So getting your application right is essential for securing the right finance for your business.
Research all avenues for sourcing finance Businesses don’t have to limit themselves to banks when raising finance. Other types of finance such as grants, loan funds and venture capital are also available.
Visit the grant search tool at www.buinesslink4london.com.
Know how much is needed and for how long Your business plan should include all the information a potential investor will want to know. Include the history and current ownership of your business, details of the products or services and key skills within the management team. Information on your marketplace, plans for growth and financial details should also be included. An executive summary is vital, it should summarise the plan and give an outline of the different areas covered.
Prepare your case fully before meeting with your investor While you may be enthusiastic about your business idea, the investor may have seen others just like it and you will need to convince them of the business’ viability. A good presentation can make all the difference, so prepare well.
Know your business plan thoroughly and be willing to back up all claims, with solid facts. Be realistic about your business proposition and financial requirements.
Getting the right advice at the right time is essential. Access to Finance can help you become finance ready to give you the best opportunity to secure financial assistance.
For further information visit www.businesslink4london.com.
|
