The banks are just not lending anymore, at least not in the vast numbers we hope they would.
They’re especially reluctant to lend to those who are looking to start their own businesses, or grow their current business to another level.
So, what can we do (or not do) to get our new business off the ground?
Let’s take a look at some of the alternatives available to you.
1) Friends and Family
Your closest friends and family usually want to see you succeed and could help get you up and running.
They may be able to loan you a certain amount of money to help you grow or start your dream.
They can also be a good sounding board. Offering guidance to help you reach your purpose.
2) Local Government Funding
Each and every Council in the UK should have a benefit through an LEP (Local Enterprise Partnership).
They may be able to steer you in the right direction in terms of what you can do to get your fledgling business idea out there.
Each LEP comes with their own list of notes and ideas and what you can do to get onto the next stage of your business.
3) Local Libraries
I once attended an event at Aylesbury library, a valuable source of information.
Their recourses can help you whittle down the information to exactly what you’re after.
Provided you live and work in the surrounding area, they can assist you in obtaining the exact information you need to start your business off.
4) Start-Up Loan Companies
There are hundreds of them, all vying for your attention.
Where Banks say “no”, they go through your business plan, and assist you in getting your business off to a great start.
Two for one; a mentor and a loan.
There are also some who specialise in the delivery of your business goals – enabling you to take it to the next level.
These are people who can tackle your weak points.
Being an entrepreneur doesn’t necessarily mean you have to know it all, and do it all in one go.
There are thousands of experts out there who can, and will, assist you through their costs (sometimes very minimal).
When you start a company, you’re building the blocks on which you will build your future business.
There are a number of crowd funding companies out there that can help take your business idea, whether it’s new or expanding, and give it a boost.
Using the Internet to attract registered bidders (usually those who want to make a better return on investment) made available by their local high street bank, it effectively becomes funded by a crowd.
After a period of time, they’re likely to make a return on their investment through the sales made on your product or service.
There are many different mediums and experts out there who may be able to help.
You can find some through a range of free marketing and networking events on offer on Eventbrite and Meet Up.
Whatever your cause, or goal in life, remember to document everything so that you can become better at what you do.
Most importantly, to all who read this – Good Luck!!