Getting ready for funding


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.

Did you know...
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3 results found 
Huddersfield house developer doubles target to raise £22,000 for charity

Friday 26 May 2017

Huddersfield-based house developer SB Homes has more than doubled its charity ball fundraising target, making £22,000 for two local charities. The event was organised to mark the firm’s 20th anniversary and took place at Casa in Brighouse on Saturday evening. Kirkwood Hospice and Forget Me Not Children’s Hospice will receive an equal split of the vital funds raised. A total of 214 friends, family, suppliers, clients and business people from the property industry attended the ball. They were greeted with a drinks reception, followed by a three-course dinner, dancing, casino tables and live music from musician Steven Heath. Stephen Byram, managing director of SB Homes said: “The ball went really well, the atmosphere was great and the singer got everyone up dancing. We wanted to have a fantastic night for our 20th year in business. But more than that, we also set out to support causes that are really important for our town. “Most people within West Yorkshire know someone who has been supported in some way by these hospices. Kirkwood Hospice is particularly close to me and my family — my wife’s nana passed away there five years ago, and my mum attends their weekly support sessions. She has made lots of friends and her confidence has skyrocketed since going there. In fact, she’d rather go to Kirkwood than have a holiday! What they do is genuinely incredible.” Both charities care for local people and children living with life-limiting illnesses and provide support for their families and friends, free of charge. Kate Leadbeater, Partnership Development Manager at Kirkwood Hospice said: “Kirkwood Hospice really is very lucky to have SB Homes as a supporter and we appreciate everything that they have done for us. Their generosity will make a huge difference to those in Kirklees who rely on our services. “It’s also quite poignant that the firm chose to support us in its 20th year, just as we are celebrating our 30th year!” Samantha Loucas, corporate fundraiser at Forget Me Not Children’s Hospice added: “We are so grateful that SB Homes chose to support us — £22,000 is a fantastic achievement and we truly can’t thank them enough!” Huddersfield Interiors was the event’s headline sponsor, with other main associates including Newlay, Easy Bathrooms and Ramsdens Solicitors. The final total of over £22,000 was raised from a combination of ticket sales, sponsorship funds, donations, a live charity auction, a table fundraiser and silent auction organised by See It Now Sports. Lots included a diamond, catered chalet holiday in French Alps, signed Anthony Joshua shorts and a break to New York, to name a few. Early next month, SB Homes will launch phase two of its Empire Works development in Slaithwaite, Huddersfield as well as a show home. The properties include 24 2-bedroom apartments, as well as four 4-bedroom family houses.
Posted by Byram, Amy
Yorkshire businesses get behind £10k fundraising campaign

Tuesday 04 April 2017

As preparations for the charity football initiative ‘The Match 2017’ continue to gain momentum, the latest supporters to get on board are Huddersfield-based businesses Magic Rock Brewing and Lindley Financial Management. The inaugural event, which will take place on Saturday 20th May at The MBI Shay Stadium in Halifax, will bring together footballing amateurs and Huddersfield Town legends, in a game that will help to raise much needed funds for Yorkshire Air Ambulance. Both firms have dug deep for the cause, and have each donated £500 in return for becoming an official shirt sponsor. With a running cost of £12,000 per day for the two yellow helicopters to remain active, the organisation relies entirely on donations to continue saving lives. And now further support is required to keep The Match proceeds growing, and help this initiative reach its £10,000 target. Magic Rock Brewing was founded by brothers Richard and Jonny Burhouse and inspired by brewing traditions and the US craft beer scene in particular. The award-winning and ever-growing company produces an innovative range of idiosyncratic beers in their 4,000sqft Tap Room, close to the town centre. When approached via social media and asked to get behind The Match, Richard says there was never any doubt about getting involved: “We are a community focused business, keen to support local initiatives wherever possible. We are aware of the excellent work the air ambulance does for the region, and wanted to do our bit.” Regular charity supporters Lindley Financial Management also had no qualms about signing up to help the event. The independent financial advisers, based in Brighouse, also support Pilgrim Bandits Charity, aiding soldier amputees injured in Iraq and Afghanistan. Commenting on The Match, director Mark Learmont, said: “I hope as many people as possible attend on May 20th. Nobody knows when they may need the help of the Yorkshire Air Ambulance – supporting them is vital and their services must be applauded.” Organiser, and founder of grassroots football specialists Coaches Club, Dave Learmont, adds: “I am so thankful that two local businesses have gone the extra mile to raise awareness and proceeds for this fantastic charity. 100% of all funds donated will go to Yorkshire Air Ambulance, and these shirt sponsorships put us well on our way to hitting our huge target.” But the search for sponsors isn’t over, with the players themselves now looking for individual support. For only £150, companies will secure their name and details on the official match website, alongside their logo on the programme. The players and Town legends are also appealing for members of the public to get on board and buy tickets. Available at £10 for adults and £5 for children, the aim is to provide a fun, low cost day out for all the family. Pre-match and half-time entertainment – as well as a couple of extra special guests – will be revealed over the coming weeks. All tickets must be purchased before the game, via justgiving.com/teams/coaches-club. Further information and updates about The Match and player sponsorship can be found at The Coaches Club website, and on Twitter @cccmatch.
Posted by Scriba PR Limited
Vizulate becomes Approved Supplier on Digital Enterprise scheme

Friday 10 March 2017

Vizulate Digital is delighted to announce that we have been named as an approved supplier on the Leeds City Region Digital Enterprise scheme, which allows eligible small and medium sized businesses across Yorkshire to ‘Invest in Digital’. Running until March 2019, the Digital Enterprise scheme aims to support the growth and development of SMEs in the region through investment in digital skills and technology. Eligible businesses will be able to apply for 40% funding towards the cost of digital projects including digital marketing, social media, web design and development, e-commerce and more – up to a maximum of £5,000. The Digital Growth Vouchers could also fund part of the cost of technology upgrades such as IT and telecoms and, if approved, the business will then only have to cover the remaining 60% of the cost. The Digital Enterprise scheme is a partnership programme which is partly funded by the European Union (European Regional Development Fund), the West Yorkshire Combined Authority/Leeds city region Local Enterprise Partnership (LEP) and the 9 local authorities which form part of the Leeds city region – Leeds, Calderdale, Kirklees, Bradford, Selby, Craven, Harrogate, York and Wakefield. As approved suppliers on the Digital Enterprise scheme with over 10 years’ experience we are able to offer the full range of digital services including: Website Design & Development E-Commerce Digital Marketing Social Media Search Engine Optimisation (SEO) Online Advertising (Google AdWords, Facebook Ads etc.) Video & Animation Integrated Digital Solutions Web Hosting & Email Through our trusted partners we can also provide IT and telecoms solutions. We believe digital marketing represents the single biggest opportunity for businesses to achieve growth.
Posted by Vizulate Digital
3 results found 
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