WHERE LOCAL BUSINESS GROWS

Getting ready for funding



Overview
 

The most suitable finance option for your business depends on many things, including:
     

  • how much funding you need
  • your current business revenue or if you’re a new business
  • whether or not you’re willing to offer personal assets as security – this can make it easier to get funding but is risky if you’re not able to maintain payments
  • whether or not you own a business property – this can make it easier to get funding
  • whether or not you’re willing to sell shares

    Find out more about business finance options     or search for finance schemes     in your area for your type of business.

    The business finance and support finder has a list of public funding (eg government schemes) available in the UK.
 

 

Key points to consider when seeking funding
 

There are a number of things you should consider before approaching anyone for funding for your business:

Is your business plan up to date? Most investors and lenders will want to see your business plan, to understand your vision and explain how you're going to spend the invested or borrowed money.

  • Why do you need funding? For example, do you need money to start your business, acquire an asset, manage your cashflow or grow your business?
  • How much funding do you need and for how long? Some finance options, such as overdrafts, are useful for day-to-day expenses and improving cashflow for a short period of time, while loans are more suitable for long-term funding.
  • Can you afford the repayments? Remember to consider the cost of interest, fees and other charges associated with loans.
  • Can you provide any necessary security? Security can be any business or personal asset, such as business premises, large items of machinery or stock.
  • Are you prepared to give up a share of your business to an investor? Consider getting equity finance from business angels, venture capitalists or friends and family.

How to make your business attractive to investors
 

Whatever type of funding you're seeking, you'll be expected to have a business plan. It should be one of the most useful tools for helping you to manage your business.

You should also consider:

  • sales, profit and loss, and cashflow forecasting
  • identifying potential risks and how you might overcome them
  • a SWOT analysis to identify strengths, weaknesses, opportunities and threats

When approaching investors, grant providers or lenders you should have a well-rehearsed presentation about your business, where you are clear about your plans and goals, as well as explaining what you need funding for. You should be prepared to answer detailed questions about your business.

In general, potential lenders and investors will be looking for:

  • ambitious but credible financial information
  • a strong management team
  • good market knowledge
  • a clearly-defined exit route
  • evidence you can meet your repayments in respect of any borrowing

Grant providers will also want to ensure your business is a worthwhile investment, that you meet their criteria and can achieve your goals.

Investors will want to ensure they'll be able to recover their investment and take any profits. They'll want to know what your long-term plans are. They may place greater emphasis on your business' level of ambition.

Investors are likely to ask about:

  • the type of products or services that your business provides
  • what distinguishes your business from others in the same market
  • any existing customers

Funding for start-ups
 

To start a new business, you'll need enough money to cover both the start-up and early stages, at least until your business starts providing an income. You should prepare:

  • a detailed business plan, identifying how much money you need and when
  • a realistic profit and loss forecast covering a range of scenarios – many new businesses forecast over-optimistic sales
  • a personal budget, taking account of personal living expenses that you'll need to fund from your business

Most people who start a new business will have to use some of their own money, as well as any funding secured from elsewhere. There are benefits to self-funding your business, including:

  • having more control over your personal and business finances
  • not having to repay money
  • making your business more attractive to potential investors, by showing your own commitment to making the business succeed

Funding for growth
 

If you need extra funds to finance business growth, you should first review your current performance and prepare detailed business plans and cashflow forecasts. Any potential funder will be looking for you to demonstrate that your plans are realistic and achievable, and that you have realistic financial projections.

You may be able to self-finance your growth objectives by releasing money from your business. Improving your cashflow could be one way of achieving this. Read our guide on cashflow management.

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News

4 results found 
Kirklees’ Biggest Business Conference Returns

Tuesday 06 February 2018

Following on from the huge success of the 2017 Conference, the Mid Yorkshire Chamber is delighted to be hosting their 2018 Kirklees Business Conference (KBC) at John Smith’s Stadium, Huddersfield on Wednesday 21st March. The free, one-day conference has become an unmissable event in the local business calendar which is dedicated to helping businesses to connect, learn and grow. Attracting over 600 business people and 50 exhibitors, KBC includes a fantastic programme of engaging seminars, a discussion panel, surgery sessions and open networking throughout the day. This year the Mid Yorkshire Chamber is proud to announce an official partnership with Google bringing a Digital Garage to KBC as part of the seminar programme. Running alongside the four seminar sessions, more surgery sessions will also take place following their success last year. Held by local businesses located in the stadium boxes, the surgeries will provide the opportunity for companies to run their own seminars, workshops or one to ones. Rory Bourke, Events & Sponsorship Co-ordinator at the Chamber said: ”Kirklees Business Conference is definitely shaping up to be a day not to be missed. The conference is a fantastic opportunity to raise your profile, make new contacts and learn from other experienced professionals. There are many opportunities for local businesses to get involved through sponsorship, exhibiting or attending as a delegate.” Confirmed conference sponsors and partners include; AD:VENTURE, The John Smith’s Stadium, The Design Mechanics and Social Progress. Delegate tickets are free but registration is essential, significant interest is anticipated therefore early delegate booking via www.kirkleesbusinessconference.co.uk is advised to avoid disappointment. For further information about the conference follow @MYBizConfs and #KirkleesConf on twitter. To find out more about sponsoring or exhibiting at the event please email events@mycci.co.uk or call 01484 483679.
Posted by Mid Yorkshire Chamber of Commerce
Smith Brothers spins towards a £2.5k festive fundraising total

Tuesday 19 December 2017

Elland-based electrical engineering firm Smith Brothers has completed a week-long festive fundraising venture, raising more than £2,500 for three charities. The main event saw two squads of eleven competing in an indoor ‘bikeathon’ at the company’s HQ last week. With one side representing the British Heart Foundation and the other Diabetes UK, both were tasked with racing the equivalent distance of 206 miles from the Lowfields Business Park boardroom to Big Ben. Although the British Heart Foundation cyclists were first to cross the finish line, both teams far surpassed their initial fundraising targets of £500 each. Donations amounted to £1,283.82 for the winners and £1,193.94 for Diabetes UK. The power engineering contractor also raised £100 for Save the Children through a bake sale and sweepstakes competition, which were held alongside the bikeathon. Elaborating on the successful fundraising activities, managing director Nick Gudgeon said: “It goes without saying that festive spirits were high in the office during last week’s charity cycling challenge – and competitive streaks were revealed too! “Even though my team narrowly lost out on the winning title, it was still brilliant to get involved with the bikeathon and we’re thrilled to have beaten our sponsorship goals for both organisations. It’s always uplifting to see people rallying together in aid of such worthwhile causes, and we’re especially grateful to the volunteer cyclists for taking part, AKTIV Training Coach for lending us the bikes and all those who generously donated.” Earlier in 2017, Smith Brothers also backed a golf day in aid of the Quaggy Development Trust and sponsored a benefit dinner hosted by Frank Bruno for the Nigel Harris Sports Foundation. The company additionally sponsors an under 9s football team as part of its community support.
Posted by Scriba PR Limited
Around Town In the Huddersfield Live Hygge Tipi

Wednesday 15 November 2017

What better time to get together than Christmas? Around Town believe that connecting the business community of Huddersfield in its iconic locations and organisations is a brilliant way to share ideas, hear inspirational stories and have some FUN. Organised by Oli Smith, Michelle Crowther and Chris Buckley Around Town create memorable events every 3 months. 2018 plans are already underway; “as well as meeting at some amazing businesses we are walking Around Town in Spring - a fantastic way to get to know each other whilst experiencing some award winning locations and scenery in Huddersfield “ says Michelle And with Huddersfield Live December promises to be a memorable Around Town event. Hosted in the Hygge Tipi in St Georges Square, hear Sam Watt and Poppy Stahelin tell of the fabulous work the team at Huddersfield Live are doing and some of the stunning events planned for next year. Laura Drury sets the backdrop of how she formed the The Hygge Tipi and how it creates a convivial atmosphere for Huddersfield folk to mingle, drink mulled wine, and keep the winter night out in front of the log fire. All In the heart of Huddersfield. Tickets are limited and can be reserved FREE here. Chamber members old and new are very welcome. Around Town Events for 2018 confirmed. March 1st - Valli Opticians May 17th - Owen Scott Tailors May 25th - (Walk) Around Town - 15miles (approx) Breakfast Sarnies, The Kirklees Way, Finish in a Brewery!
Posted by The Alternative Board
Group supporting crisis-hit asylum seekers wins crowdfunding cash at Huddersfield SOUP

Friday 10 November 2017

A charity that feeds and supports people fleeing war zones and violence gained a boost to its funds after winning the fourth Huddersfield SOUP event at The Media Centre. Destitute Asylum Seekers Huddersfield (DASH) was one of four good causes to pitch for audience members’ £5 entry fees at the packed crowdfunding get-together at Café Ollo and was delighted to win £400. Mike Shaw, who presented a four-minute bid, explained how DASH provides hot meals and help with casework, health and education issues and language. He said: “We will spend this money well, it won’t last long. It will go on food, bus fares and essentials. It is wonderful to be in room full of people who care. Thank you for the generosity of the citizens of Huddersfield.” Huddersfield SOUP, which has been running for a year, is based on an American concept in which four people pitch, four questions can be asked of each presenter and then the audience must vote for their favourite – as well as enjoying a bowl of warming soup, a bar and live music. The Media Centre’s Chief Executive, Brent Woods, said: “This was another great SOUP event with original, emotive pitches. The atmosphere was buzzing and there was plenty of opportunity for participants to meet new people and make connections. Big congratulations to DASH, our worthy winner.” Other people to pitch were: • Rachel Devereux who wants to develop her idea of ‘emergency bears’ for families to keep in their cars so that if there is an accident, paramedics can scan the bear electronically to receive important information about children on board. • Victoria Callum-Ward who is organising a Winter Pride event at Tokyo in Huddersfield to raise money for the Hands Off HRI campaign. • Sam Booth who talked about Crowns For Courage, her initiative to offer confidence-boosting head henna tattoos to women who have undergone chemotherapy and lost their hair. The event was compered by Rebecca Winwood, Zephyr Bar and Kitchen provided delicious pumpkin and pea and ham soups and Clint Junior, booked through Small Seeds acoustic nights, sang and played guitar. Those seeking help from DASH include women fleeing forced marriage and domestic violence, gay men facing persecution and many escaping war zones and conflict. Often they don’t know if they will be allowed to stay in the UK and find it difficult to prove what they have been through. DASH operates from the Salvation Army premises in New Hey Road, Oakes. It has five part-time staff who are paid for through charitable trusts as well as over 50 volunteers. For more information about DASH or to donate, go to www.huddsdash.org.uk
Posted by Scriba PR Limited
4 results found 

Events Posted

2 results found 
Image for
Kirklees Business Conference
Wednesday 21 March 2018 - Wednesday 21 February 2018, 09:00 - 16:00
John Smith's Stadium, Stadium Way, Huddersfield, HD1 6PG
Free Entry
Image for
Business Diversification
Tuesday 17 April 2018, 17:30 - 20:00
3M Buckley Innovation Centre , Firth Street , Huddersfield , West Yorkshire , HD1 3BD
Free Entry - 70 places
2 results found 
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