Step 4 - Write a Business Plan and Get Funding

Equity - Money contributed by the owners of the business that is fully at risk, and which shares in the rewards if any of success, as well as the risks of loss.

Grants - Money that neither shares in the risks and rewards of ownership, nor requires repayment, but nonetheless is subject to conditions.

Loans - Money contributed that must be repaid, usually with interest. 

It is important to establish a good working relationship with your bank manager. Present your business goals as clearly as possible in your business plan and be prepared for detailed questions on how you could guarantee a loan. 

Other options at your local bank could include:

Overdrafts - short term finance that is used in conjunction with a current account

Leasing and Hire Purchase – real assets acquired without tying up working capital

Commerical Cards – competitive rates on credit cards

Invoice Finance – borrowing the value of projected future sales

Offers - Most banks offer a range of supports to start-ups, including: free banking services on certain account types; waiving account transaction fees; and access to professional advice