Talking Cents

Accountants tell you where you can get money for your small business in Sydney

Business and money – these words come hand in hand. If you want to grow your business, you need financial assistance, but where can you get it?

1) Your own pocket.

This is the lowest cost option from 3-6%, but it can be a little more trick with the property are in joint names. You will need the other party’s consent and they may require legal advice.

2) Friends and family.

This can be a great idea or a serious disaster. It is very important to get everything written down and clarify if they are loaning to you, supporting you or purchasing equity.

3) Government.

Find out if the government is offering loans and grants for your business. This option isn’t available for everyone, it depends on your business and industry.

4) Customers.

If you don’t have a physical product to sell yet, sell the concept and get deposits from your customers. This source of money is often used by new start-ups in their beginning stages, as it is a low risk and a low cost way.

5) Your professional network.

If you have a good business plan, talk to the people in your professional network and make sure you are absolutely clear about how much you need, what are you using the funds for and most importantly, what can they get in return if they invest in your business.

6) Loans.

Compared to personal loan, business loan provides you with better interest rates. To be able to get a business loan, make sure you have a business plan and at least some financial backing so that your lenders have something to access your credibility. To start a business, you need funds. It will be easier to do the accounting work if you are just acquiring funds from your own pocket. But when it involves other sources, it can be really complicated. Therefore, engage MAS to do it for you so as to ensure a smooth start-up and trouble-free operations.