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Where to get money...

 
 
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How do you finance your business?
Bank
20%
 20%  [ 1 ]
Personal Finance
40%
 40%  [ 2 ]
Friends / Family
0%
 0%  [ 0 ]
Other
40%
 40%  [ 2 ]
Total Votes : 5

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AdvertisingGuerrilla
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Joined: 25 May 2010
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PostPosted: Fri Jul 16, 2010 6:24 pm    Post subject: Where to get money... Reply with quote

Where do you find the money needed to fund your business.

Is a bank still the only real option?
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sumthing2say
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Joined: 17 Jul 2010
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Location: London
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PostPosted: Wed Jul 21, 2010 3:31 pm    Post subject: Re: Where to get money... Reply with quote

AdvertisingGuerrilla wrote:
Where do you find the money needed to fund your business.

Is a bank still the only real option?


Really it all depends on how much money you want to borrow.

I try to steer clear of borrowing from banks, if you don't have the money yourself then I would suggest maybe borrowing from friends or family (I can't believe I'm saying this!) but to keep things on a professional level, why don't you offer them an incentive to invest? Perhaps suggest offering them some cashback (plus a bit extra) at set periods of time.

I do have my own small business, but on a personal note this method has really worked out well for me, I asked my sister for some money when I wanted to do an extension to my small house, rather than going to the bank I asked my sister. She said she had some money in the bank which wasn't being used (she hadn't planned on using it for 2 years) and with the recession she isn't really getting alot of interest, she thought it would an idea for me to borrow it and return the money after 2 yrs on a monthly basis. I've now started the renovation work on my property! I intend to return the money to my sister with interest which will be higher than what she is currently getting with the banks. This just means I won't need to pay extortionates amount money to the banks!

One word of advice though, get it all down in writing!
I hope this helps.
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Eagle
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PostPosted: Tue Jul 27, 2010 6:28 pm    Post subject: Reply with quote

Where's the option for 'Clients'? Smile
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Kay
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PostPosted: Thu Jul 29, 2010 4:44 pm    Post subject: Reply with quote

I wouldn't borrow, especially for the risk of investing in an unknown return.

Equally, I would never lend again having been lied to and cheated by people I thought I could trust. I do understand business financing but it's not for me. Either I have the money to buy or I don't. Investments or expansions will have to be funded by the exiting business or not happen at all.
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paul
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PostPosted: Fri Jul 30, 2010 9:16 am    Post subject: Reply with quote

I chose "other", thinking along Eagle's tact of 'clients'. For the most part, I prefer to work within my means rather than to borrow.
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KateB
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Joined: 24 Feb 2011
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PostPosted: Tue Mar 01, 2011 9:52 am    Post subject: Reply with quote

I personally believe that bank is the best option but not the safest....safest is always the friends and family but then again professional and personal relations if mixed together create a lot of havoc........
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