We know in the SOS Bookkeeping office that the key enabler for success for many startups and small businesses is securing funding. Even with the growing support around the world for investing in entrepreneurs, many businesses still struggle with the preparation required when applying for funding.
Here are our top tips for successfully securing funding for your business from the SOS Bookkeeping team:
- Network – get out there and build your network. This is invaluable not only to building the business but also in getting invaluable support and information from other businesses, including finding out how they went about raising finance.
- Start your funding applications before you spend money – It would be risky to embark on your startup idea and start spending money if you don’t have a very clear understanding of how you will pay for things. It’s particularly important not to take on any leases or contracts if you can’t commit to the full term of these.
- Prove your business idea is viable – work with us to prepare cash flows and forecasts in order to give both parties really crucial insights on how you will manage your growth plans – from how many staff you will need, to how you are going to reach anticipated sales targets.
- Put your money where your mouth is – Funding providers are always looking for the applicant to be taking some of the financial risk themselves and it’s important to have made a contribution to show your belief and commitment to the business.
- Provide in depth detail in your application – make sure you give potential investors all the information they need in order to invest.
If you would like to discuss your business needs. Call SOS Bookkeeping on 01 849 5131 or email shane@sosbookkeeping.ie For the latest business/practice news, taxation/financial resources and our Newsletter, visit https://sosbookkeeping.ie/