If you are starting a business but need some financial support to start or develop your business activities, then this article is for you. We will take you through the many options of raising finance and provide you with a list of the upsides and downsides to each option to that you can make the best decision for you and your business.

Open a new business account today.

At this time you should know what your costs are but if you would like to put your costs into a user friendly cash flow / profit & loss template.

What are my options?

The following options are available to you.

Bank Overdraft:

A bank overdraft provides customers with a short term financial support but will be regularly reviewed by a bank manager and may need to be paid back within a short time scale.

Upsides

-Short term financial support to get started
-Getting money from the bank in this fashion is relatively fast

Downsides

-Can be expensive with high interest charges
-Banks may require personal guarantees
-Interest rates may be variable so can fluctuate over time
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