I now want to look at sources of funding -if through your planning, you have realized that you need more funds to get started, or you think that you may experience problems of cash flow. (More about accounting and cash flow in the next guiding principle).
I highly recommend that you build a strong relationship with your bank manager so that if you ever need to borrow money you will have a sympathetic ear. One way to do this is to put them on your mailing list and send them your flyers and brochures. If you have a special event, invite them! (Yes they do come!)
There are many business plan templates that you can use, each of the banks will have one and it makes sense to use the one from the bank you are going to for funding.
You can use all the data and suggestions from this Therapists Business passport to complete and augment the plan.
Overdrafts and bank loans are the most common sources of additional finance for small businesses. However, if you are a sole trader you make have to put up some guarantee against the loan (such as your home).
Alternatively you might find a business Angel or investor. These are business people who have a lot of spare cash who are willing to invest but who will want to own a part of the business. Sometimes you will also benefit from their knowledge and contacts, so if you are considering this route, then do think about selecting someone who knows your industry. They could potentially open doors that you didn’t even know existed.
Family and friends are often willing to give you a helping hand, but I would suggest you considering you doing this on an official footing, so that resentment does not develop if you struggle to pay them back when they want the money. Have an agreed time frame and also offer to pay them whatever interest they would have received had they invested the money.
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