TALK MONEY FUNDING
application requirements for funding. It sounds obvious, but keep asking questions until you’re clear on what you need to provide. Even go so far as to ask for the contact details of a successful applicant. GET EDUCATED ON ALTERNATIVES Almost a third of those surveyed (32%), indicated they are interested in better understanding the alternatives than seeing bank funding improved. Angel investment and peer-to-peer lending schemes such as CrowdCube and Seedrs are great places to start.
Acc Qu ordin are ocirca g to a usi , les naly ng fin s than st firm anc ing a thir for d IT
ASK THE BANK FOR ADVICE Speaking at a think tank, Santander’s John Baldwin recommended small businesses don’t go for an overdraft right away. He recommends having a discussion with the bank about a business’s needs in exchange for advice on the best route with the best rates. TAP INTO BUSINESS NETWORKS During the same think tank on small business finance, Ariadne Capital founder, Julie Meyer, said ‘Entrepreneurs are generous people.’ And she’s right – there is no greater
resource than your peers. Entrepreneurs will often jump at the opportunity to help other business owners, since they have experienced first hand the value of this support. DON’T UNDERESTIMATE TECHNOLOGY Technology is at the heart of most businesses today. Whether you’re a high street shop with an online presence, or an exciting new app developer, you need secure tech solutions backing your business. IT can also make the all-important difference between you and the competition. The first recipient of the Dell Innovators
Credit Fund in the US, Current Motors, for example, was able to get to market six months faster than planned, ahead of its competition, thanks to technology funding. There’s no better time to be an entrepreneur in the UK. The nation is behind local businesses and that support is only set to strengthen. Businesses will continue to require funding in line with their growth ambitions, but it’s reassuring to know the money is out there. The challenge now is on making it easier for entrepreneurs to reach those all-important funds – at all stages of their growth to meet their evolving needs.
Survey distributed via email to Entrepreneur Country’s database of 35,000 members, with 204 surveys received within the timeframe of September 24 and October 11, 2013. Of the 43% who needed funding, 21.3% turned to family and friends, while 56% of the 57 who did not apply for bank funding, self-funded. Of the 43% who applied for funding, 41.4% used the funding for growth and 37% used the funding for set-up costs.
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