Not yet registered? Create a OverBlog!

Create my blog

How to find a business loan in the UK

In this guide we'll show you how to find a business loan for your new company in the United Kingdom. If you plan on starting a new business, read on to find out how to prepare your paper work and get everything in order for making an application for a start-up loan.

Preparing yourself and your paperwork

Before you make the commitment to become self employed and obtain your start up loan, there is a lot you can do to help yourself. Research
Research your business idea thoroughly. Doing your homework on your competitors and the services they offer will not only help you find a gap in the market, but it will also help you to identify a pricing point for your product or services.
Requirement list
Audit what equipment and premises you will need to get started and make an accurate and realistic list of financial requirements. Next, appraise your personal finances. What can you afford to buy without taking a loan? If you are still working, start saving as much as you can to secure your business and personal life in the first few months of operation. It is very rare that business will start turning over large profits in the early days of its operation. Business plan
The next stage is to formalise this information in a business plan. This is an essential document which you will be using when you are approaching sources of financing. Search the internet for templates or ask at the local branch of your bank for a free business starter kit.

Obtaining a loan

Regardless of whether you need to obtain a loan, it is an excellent idea to start a business bank account. This will help you keep your personal and business funding separate. When this is set up, approach your account manager with your business plan. You will need to arrange an appointment with this person to get small business funding. Preparation is key
Be sure you can answer questions about your company's accounts, expected trading volumes and your target market. Sell your business with enthusiasm and provided that your business plan is sound, then you should have no problem in obtaining moderate loans from your bank. If you do get a business loan, be sure to show how you intend to pay it back. If you are aged between 18 and 30, are based in the UK and are a first time small business operator, then you may qualify for help and assistance from the Princes Trust. This charity helps young business owners with interest free loans, grants and pairing with a business adviser.

Same category articles Business development

A guide to setting up your own business

A guide to setting up your own business

Setting up a business is relatively easy, regardless of your business idea, so long as you have researched your idea thoroughly, looked into how to finance a business, and explored possible marketing strategies, there is no reason why it shouldn't be a success. This article will provide a guide to setting up your own business.
How to start up the best business

How to start up the best business

Are you thinking about starting up a business but you are not sure about what would work and what would not? Choosing to start the best small business will depend on your personal skills and preferences, and to a lesser degree to the amount of capital available. Take a look at what you can do and what you enjoy doing as well as the resources available to you when choosing the business.
Where to buy magnetic van signs

Where to buy magnetic van signs

If putting permanent graphics on a car is not the plan, then magnetic signs can be the second best option. The advantage of magnetic signs is that they can be used on more than one vehicle depending on which vehicle is available. Since they are detachable, you can use the car with a variety of signs for different purposes. This article provide information on where to buy magnetic van signs.
A guide to negotiation tactics

A guide to negotiation tactics

Negotiation is simply the process of discussion between two parties, with different wants or needs, in order to see if a possible deal can be reached. We probably aren't even aware of how much we make use of negotiation in our day to day lives. Most of us make use of negotiation regularly in our day-to-day lives, but when it comes to business negotiations, sometimes, we lack confidence.