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Funding Your Business – Where do you start?

           

January 11, 2021 / fbcadmin

Kerrie Sheaves
Foundational Business Consulting

Funding Your Business

Funding Your Business – Where do you start?

If you’re getting started or already growing a small business one of the biggest challenges you’ll face is working out what options you have when it comes to funding your business operations.

Do you get a loan, ask friends and family to invest, seek a partner, or investor?

There’s no one size fits all when it comes to choosing the right and available funding options for your business model.

The best approach is to avoid jumping to quick fixes, and remember that there’s always a price for receiving funding from anyone. That price could mean interest on the money you borrow, giving away control, or shares and equity, or time (eg working another job to pay for the seed funding to start your business).

The exchange is one of risk and reward. If it sounds too good to be true, it probably is.

More funding means quicker growth, but it does mean higher debt to be paid, so you want to be very comfortable with your assumptions and business models and pricing if you are going to take on debt.

When it comes to funding your business – Where should you start?

Education – to know what options you have available and which you don’t, you should get good advice. A starting point can be your business consultant who can suggest the various models that could attract investors and partners.

The next step is to talk to a business finance broker, one that will give you a range of options across a wide spectrum of funding options. You also need them to take you through the pro’s and con’s of each option.

This should happen well before you even need to ask for funding. That way you’ll equipped with that information and when it’s time to actually apply you’ll also know and have prepared all the various documentation you’ll need (like business plans and financial reports from your Bookkeeper or Accountant) to be acceptable as a business that banks, investors and other funding facilities want to fund.

If you’re in business or thinking about being in business – irrespective of whether you’re a property developer, doctor, transport operator, manufacturer, or self employed tradesman – and you need to borrow money now or at some stage in the future.

To help small business owners we’ve partnered with the well regarded Marillion Financial Services to provide small businesses with a detailed and an obligation free Business Funding Strategies Session:

Business Funding Strategies Session

Foundational Business Funding Strategies Session – $250.00 (plus GST)

Unless you’re a financial whiz kid slash playboy billionaire, cashflow and navigating funding for your
business can be a nightmare.

As a business grows there are times when managing cash flow becomes a barrier to growing further.
The time between ordering and customer payments, or increased people, locations, equipment and
vehicles all stretch the funds in the business and then businesses stop growing as they try to get
creative in closing the gap.

Foundational Business Funding Strategies Session is a specialist consulting service to help our clients
plan and strategize their potential finance options for growth in line with their business plans for the
next 1 -2 years.

Foundational Business works with our clients to develop their business plans and often that means
that they need to discuss, explore and consider strategies on financing for assets or managing
cashflow options, before they’re ready to engage a broker or the bank.

Your Strategy Session includes

2 hours of time with the consultant, plus Summary Report, which covers:
A summary of potential finance options as the output of your discussions in the meeting (not
recommendations) including for example:

  • Likely options that will help achieve your goals.
  • Timeframe to begin the process of obtaining funding – understanding how long each option
    takes, and when you’ll be ready to qualify.
  • Key changes/milestones to achieve to be eligible for funding options.
  • Pros/Cons of options.
  • Information/documentation you’ll need to access finance.
  • Structure of company required to access finance.
  • “Fits Me?” – Essential Guide to Business Funding created by Australian Small Business and Family Enterprise Ombudsman.

Enquire Today 1300 SMLBIZ (1300 765 249)

Call us to find out more today!

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