Funding your business
Draw up a budget based on your business plan to help you decide how much finance you need. Think about what your cash position will be each month, be realistic as your sales may be lower or later than you planned, costs could be higher and getting paid take longer. This will allow you to work out how much financing you require and when you will need it. Don’t forget to allow for some contingency funding to cover the unexpected.
If you need additional funding, depending on your type of business and the amount you need to borrow you can explore grants from the Welsh Government, Local Authority or banks for loans or short term overdrafts. If you have a strong business plan and track record then Business Angel networks may be worth exploring or Crowd funding platforms have allowed groups of interested investors to come together. If you’re looking for smaller amounts of funding family and friends could be an option. Whatever option you take be sure to work out what you will be giving away or paying back as a result.