Tuesday 2nd May 2023
Deciding to stop working for someone else and starting your own business can be a challenge, but a highly rewarding one. In many instances you will also need some financial support to establish the business by taking out a small business loan.
A finance broker is best placed to navigate you through the necessary processes to obtain the finance you may need to get your business up and running.
Debt and equity are the two main types of finance available to businesses. Debt finance is money provided by an external lender, such as a bank. Equity finance provides funding in exchange for part ownership of your business, such as selling shares to investors. Both have pros and cons, so it’s important to choose the right one for your business. A broker can put you on the right pathway.
Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your income grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more.
Many self-starting entrepreneurs say once they’ve sampled the freedom of being their own boss, they’d never want to work for someone else again. If this your dream, talk to a broker to make it become a reality!