FUNDING ISSUES
If you do not have your own resources, funding can be a problem. However, there are funds available if you know where to look.
The amount you are looking for will determine what sort of institution you need to approach.
Where do I start?
The first essential is a sound business plan. Without one of these, it will be difficult to secure investment for your project. Your accountant or other business adviser may be able to help draw one up. You will need to have a clear plan backed up with estimated costs and likely returns.
Where do I get the funds?
Your local bank may be prepared to loan against a good business plan, if the amount is not too great. The disadvantage is that you will have to pay it back with interest!
A business angel will invest modest amounts, and will not need to be paid back if the venture does not succeed, however, he/she will want a stake in your company.
For larger sums, a Venture Capitalist may be interested. Other sources include grants from government bodies and trusts.
To find out more, please visit the websites below (external links).
UK FINANCE
Represents leading firms providing finance, banking, markets and payments-related services in the UK.
BUSINESS IS GREAT
Support, advice and inspiration for growing your business. Includes advice on funding and new innovative ideas.
DEPARTMENT FOR BUSINESS, ENERGY & INDUSTRIAL STRAGETY
Brings together responsibilities for business, industrial strategy, science, innovation, energy, and climate change.
BRITISH VENTURE CAPITAL ASSOCIATION (BVCA)
The home of private equity and venture capital. The British Private Equity & Venture Capital Association (BVCA).