Seven questions to ask yourself about getting business finance

Before you go knocking on doors, there are a few steps you can work through to help you pick the right type and quantity of business financing singapore:

business financing singapore


What are you funding?

Is it a startup? Are you buying a business? Or expanding an existing one? Are you looking to solve a cash flow problem? Some types of small business funding are better suited to different needs.

How much do you need and what will you spend it on?

Knowing how much you need, when, and what you’ll spend it on will narrow down the best option for funding. Check out the next chapter on how much to borrow.

Are your finance needs short or long-term, or both?

You may need short-term finance to get up and running, with longer-term finance to keep you afloat through the first couple of years. You can go to different places for each.

How risky is your business?

A proven business idea might make attracting some types of funding easier. But there are options out there for innovative business concepts. Can you find out where your competitors get funding from?

What’s your history with business (or even personal) finance?

An existing personal or business relationship with a lender or investor might make it easier to get money – as will a good track record in business and of paying back debts.

What will it cost?

You can’t get finance without it costing you or giving something up. You’ll either pay interest to a lender, or turn over a share of profits to an investor. How will those costs add up over time?

Is it worth it?

Once you’ve figured out the cost of the finance, make sure it’s worthwhile. Will the extra cash bring enough of an uplift in earnings or quality of life? In other words, what’s the return on investment (ROI)?

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