Once you decide to make the break and start up your own business, you are likely to need finance. This can be for buying stock or equipment, for insurance and for fitting out your premises. Or if you set up at home, for building outside access to the designated room. This will save your customers having to access your business through your home, something that is not very professional.
So where can you get this finance? Much depends on how much you need. Here are several options.
- Get a loan from the bank. Make sure you negotiate terms you can afford.
- Apply for an angel investor. These are people who risk their own money for a good cause. They may also want to have some say in how you run the business.
- Get a loan from family. This should be set up legally and you should pay interest on the loan, even if it is very low interest.
- If you don’t need much, you may be happy to put it on your credit card. Not a good idea due to the high interest rates.