Funding

There are three main sources of cash to get your business idea up and running:

Borrowing money is one of the key sources of funds for a new business and there is a way to get tax relief against the cost of borrowing, for example if it is to purchase an asset.
Equity finance may offer a cheap way to access funds for your business but you must relinquish a certain share of the ownership or a share in profits to the investors.
Grants are given for planned specific projects or purposes – and must usually be ‘matched’ with some funds from the entrepreneur. As well as the government, the European Union, regional development agencies and some charities also offer financial assistance to fledgling businesses. Grants can be targeted to help specific locations and sectors that are in need of financial assistance.

 

Pitch preparation tips

How do you convince an investor that your idea is going to make them, as well as you, rich? Here are our top tips for pitching your business idea to an investor:

Forget email, letters or phone calls, pitch in person.
Research as much as you can about your potential investor.
Use it as an opportunity to set out what else you are looking for from an investor.
Be clear about how much money you are after.
Rehearse everything in advance.
Consider a presentation or negotiation skills course if you need help.
Make last minute checks.
Check out the venue of the pitch beforehand.