Syllabus Version 5.0
(Test 7.2)
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ECDL
/ ICDL Syllabus Version 5.0 (Test 7.2) |
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Starting a Business The blog for those looking to start their new business |
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Starting a Business
This blog intends to give some universal assistance and tips that can help future business owners deal with many factors of their business from drafting a business plan, to looking for suitable partners or talking to banks to get the best business services.
Each blog
entry takes a look at a different element of business start-up and visitors are
welcome to add their comments and suggestions!
The current blog entry can be read below and a blog archive is available to
browse throught previous entries.
October 22nd - Securing Funding:
In the blog entries last month we looked at how to decide on the structure of our new business. Now it is time to look at one of the most important issues, securing funding to help to turn the concept into a reality!
Finding sources of funding can vary depending on
the size of the business, but a few main sources of funding can include personal
savings, support from friends and family or banks. However, to be able to expand
a business it may also be necessary to consider external investors or to check
for any available government initiatives that support business development.
In the case of external investors, it is important to have an attractive offering consisting of a strong product/service, a solid business plan, an organized and committed management team as well as credible sales/profit projections. These criteria are also applicable when seeking to avail of government funding initiatives as many business development grants or subsidies require the completion of a detailed application process before approval is granted.
If you have been dealing with your bank for a few years and have a good credit rating, it is possible to approach them to discuss the possibility of getting a business loan. Before planning to meet with you local bank manager, make sure that you are satisfied with the details of your business plan and financial projections. The bank manager will probably request this information before making a decision of a loan. If you have personal savings that you are willing to invest in the business, this may increase your chances of obtaining the loan as you are displaying your commitment to the business idea.
Finally, always remember that no matter which source of funding you choose, the ability to secure the required funds will largely depend on your documentation (business plan, financial projections...), but a confident and consise presentation of your idea will be a key factor in securing the money your business needs to grow. This topic will be explored in more detail next month!
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Blog Archive - Starting a Business September - Choosing the structure for the business August - Developing the business plan July - Choosing a business model June - Developing the inital concept
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