You have an idea for a fantastic business. Perhaps it’s a company similar to the one you work for now; maybe it’s a completely new and fresh idea in the market and sure to be a winner. The one dilemma that you’re faced with now is how to get the capital you need to start funding your dream.

At a minimum, you will likely need an office, a chair, a desk, a phone and a computer if it’s just you. But what about staffing? Will you need a loan to be able to invest in your business right away? What other financial concerns do you have?

Starting a business is a delicate balancing act: Access to financial options and an injection of cash at the right moment can send you soaring towards success. You’ve spent all of your time planning your products and services or considering what type of office space you will need but the time has come to turn your dreams into reality.

Figuring Out Your Minimum Expenses

Start by creating a spreadsheet and list your expenditures. Factor in costs such as research, advertising, any salary you plan to pay, consultancy fees, accountancy costs and office rent, as well as one-off costs like office furniture, tech, and other property.

Take a look at any savings you have. Does the list match up? Start by allocating funds to each part of your plan, being realistic about what you can afford and what needs to be prioritized. For example, could you get your furniture second hand to save money? Perhaps a smaller office would do for now? Look into ways to make your company leaner to save money.

If you are still struggling financially after making all the cuts and savings you think you can; you now need to look at other ways to fund your startup.

Researching Grants and Loans

In order to make up any shortfalls, you will need to look into other ways to finance your business. This could be a business loan, a commercial loan or even a grant. A business loan is usually where many business owners begin, however, and you can visit smallbusinessloans.co to see all the different types and sources of funding that you can consider to raise capital for your business venture.

The reason that many small businesses fail is that they underestimate the amount of money they will need and don’t make enough to cover their costs within the first few months. This is why it is imperative that before you do anything, you have a fully costed business plan with detailed projections. Though it is tempting to project the best case scenario, stay realistic and even be cautious so that you are fully prepared to deal with less than satisfactory outcomes.

Preparing your business finances can be a headache, but moving on from dreaming about your business plan to funding it will give you a more thorough understanding of how your business will fare, and just how thrilling it really is to take the plunge and dive into this exciting new part of your life.

*Collaborative post