Are you ready to start up – The financial commitment check

Are you ready to start up – The financial commitment check

Securing the right financing for your new business is crucial, as there is no guarantee that your business will make money for you straight away.

You should aim to have sufficient reserves to last you for several months without an income from your business. For tips on how to keep afloat during the early months of your new business, see our guide: how do I survive until my business is off the ground?

You need to be honest about your start-up capital reserves. If there is not enough money to see you through until your business begins to make money, then you are not ready to start up. Being realistic at this stage is likely to save a lot of pain. If you decide to launch your new business without enough funding behind it, keeping it afloat will prove extremely difficult.

There are many different sources of potential start-up funding, including bank loans, overdrafts and private loans.

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