Re-evaluate your financesO The first thing you need to do before you look for alternative finance options, have a look at your own finances.O Go over your in-goings and out-goings to make sure you are not over spending in any area.O Evaluate if you can run your business more efficiently to cost save.
Invoice FinancingO Invoice Financing is an option where banks supports small businesses in the issuing and collection of your invoicesO Invoice Discounting: Where the bank will give you up to 85% of your invoice within 24 hours of you sending it without your customer knowing.O Invoice Factoring: Where the bank acts as credit service and manages the issuing of statement and collection of debts.O Click here for more on invoice discounting
Government GrantsO If you are interested in getting a Government Grant try this tool from the Government.O There are a number of different options from skills and training, access to advice and knowledge and financial.O There are also country specific grants to look at both the UK site as well as the Scottish/Welsh/Irish/ English support options.
Private InvestmentO You could get a individual or ‘business angel’ to invest in your business and buy shares in your company.O This could have two benefits both financially and in advice and support.O You could always be really adventurous and try Dragons Den or The Apprentice!
Additional Finance options O There are additional finance options such as… O Family investment- do one of your family members have finances available to give you in exchange for shares in the company? O Bank loan- speak to your bank and ask if it is possible to get a loan or an extension to your overdraft O Savings- Do you have personal savings or business savings set aside for these occasions?