Try to be more imaginative than rushing to your bank for a loan.These are some alternative ways to fund your venture:
◆ A redundancy payment can provide the basis for your business.
◆ With most deposit accounts offering less than 1% interest, offer the ‘bank of Mum and Dad’ a better return on their money and you could be paying a lower rate of interest than your High Street bank would demand.
◆ Reduce your personal outgoings to a minimum; after all, you won’t have time to use that gym membership with a new business to nurture.
If you do need to borrow, make sure it is for essential costs but do not under-estimate your needs and pay off the debt as quickly as possible.
