Before starting any business, there are some key decisions to make such as the business form, ownership structure and capitalisation. This short article covers the basics and includes links for further reading.
A business plan is important to know where your business is going and how it’s going to get there. The plan describes the destination (your vision) and also sets out a roadmap for your business, helping you decide which path to take when you come across unexpected obstacles and opportunities.
In 2022, women in the UK started more than 150,000 new businesses – more than twice as many as in 2018*. So you’re in good company!
*Rose Review Progress Report 2023
Financing your business
When it comes to financing your business, you have a number of options. These range from equity, to self-starting, grants and loans. Remember, it isn’t one size fits all.
Explore all the options and find the one that might best fit you as you start your business.
How do start-up businesses raise finance with no sales or track record? While most start-ups are self-funded, there are some options for external finance even at this early stage. As the business establishes a track record, more options open up.
Start Up Loans, from the British Business Bank, aim to help aspiring entrepreneurs realise their ambitions of starting and/or growing their business. Since the start of the programme in 2012, over 100,000 loans have been issued of which 40% have been to women.
Awarded by government, local authorities and private sector bodies, grants ensure you remain in control of your business – in other words the finance provided doesn’t dilute your ownership stake. However, each grant is different and so it is key you check the specific grant for which you are applying is the right fit for your business.
Ready for the next steps?
If you’re ready to begin your funding journey as you start your business, you’re in the right place. Find out more about the steps in the funding journey, and if you’re ready to take the next steps, discover our databases for funding, networks, incubators and accelerators.
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