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Raising Finance Add to toolbox

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All businesses need at least some capital to start. Even if you are providing a service based business, which you can provide from your laptop, working from 

your bedroom; you will still need to register your business name, which costs money.

Depending on what your skillset is you will most likely have to find money for the following as well:

  • Creating a website
  • Marketing your business online
  • Cost of buying materials and equipment required to create service/product
  • Legal costs
  • Employee costs (if you need to take on employees straight away)
  • Office/working space
  • Utility bills for office/working space
  • Payment systems

First things first, before you start trading you need to estimate How Much Money Do You Need?

There are tools that can help you calculate your start up costs such as Startup Cost Calculator 

You need to ensure you do thorough research on these costs to ensure they are as accurate as possible. You wouldn’t want spend your time and effort on raising more money than you need when you could be winning more sales. Similarly you wouldn’t want to be short on cash or having cash flow issues in the first few month, as this could result in you going bankrupt before you’ve properly traded.

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