Have you got what it takes to pitch your business idea in front of the Dragon’s Den?
Does the idea of receiving the hairdryer treatment from Peter Jones in front of a national audience make you squirm in your chair? If it does AND you aren’t ready to give up on your business idea just yet – read on.
If you are, on the other hand, keen to tackle the Den head on, we wish you all the best… we will, however, keep this handy guide around for you, just in case you don’t get the support you had hoped for from those Dragons!
Our guide to ‘Getting Your Business Idea off the Ground’ covers;
- Today’s preferred financing options for businesses
- Up and coming’ financing alternatives for your business
It will give you all the information you need to turn your business idea into a successful reality.
A survey of 300 Small Businesses released today by Simply Business has revealed that top 3 financing options preferred by business owners today were;
1. Personal savings
2. Bank loans (Compare Business Loan Quotes)
3. Friends and family
Government-assisted financing, through the Small Firms Loan Guarantee scheme, was the least popular means of financing by quite a margin, with only one in twenty-five choosing to use it to fund their new venture.
Worse still for the Government, ninety six per cent of all those surveyed believed that the Government could provide a better structure for financial support than currently exists.
There are a number of other financing options becoming increasingly popular in today’s business environment. Like the 3 preferred options listed above, these alternatives will help give your business the initial boost it needs, however, these solutions are widely regarded as being more stable, longer term strategic solutions for building and growing a successful business.
- Factoring - While factoring does not provide seed capital for a venture, it can accelerate cash flows by providing funding against raised invoices - ultimately meaning you don't fund unpaid invoices on your balance sheet.
Compare factoring quotes
- Asset Finance - Generally used to buy equipment needed to start your as long as you can pay a deposit. The underlying value of the asset ensures the lender can make their money back if the venture fails.
Compare asset finance quotes
- Business Angel - Business Angels are usually entrepreneurs themselves and are looking to invest modest sums in multiple new business ventures. They can bring advice and expertise to your venture. If an agreement can be struck it's likely you will have to sell a percentage of your business in return for the cash.
- Venture Capital - If you are comfortable with swapping equity in your business for cash, venture capital may be an option. Venture capital firms usually specialize in specific sectors or operate within specific funding bands. Most venture capitalists shy away from providing 'start-up cash' and look to buy into a business when it requires second stage funding to take the business to the next level.
