Thinking Money | Free Financial Advice and Tips

How Can I Get Money To Start My Own Business?

Posted on 27. Nov, 2009.

When you are ready to start your own business, you will probably need to get some business financing. Business start up costs can be rather hefty – depending on what kind of business you want to start. Costs may be even higher if you start a franchise business. Here are some places you can go to find the business finances you need to get your new business off the ground.

Get a Good Business Plan

Obtaining a well-written and through business plan is a must if you are to be successful in getting the business funding you want. All lenders will require it – and others will want to see it as well. An easy way to do it is to hire someone with experience to write it for you. Make sure that it is realistic and avoid inflating any numbers – lenders will recognize numbers and projections that are too good to be true.

Apply for Government Grants

The Government of England is willing to help new businesses get off the ground. You certainly do to want to miss this opportunity to get this type of business financing because grant money is free. You should apply early in the process of finding business start up money because it will mean having to borrow less.

In addition, you may also be eligible for business grants from the European Union. They also provide grant money for some new businesses, as well.

Talk to Family, Friends and Relatives

The next step in getting money is to go to your family and relatives and see if they are willing to help you. Even if you do not go further than your relatives, it is still important to have a business plan. By showing them you are looking at this from a professional business perspective – they may be willing to lend or give you even more money.

Approach Bank Lenders

After you get all the free business financing you can get, then it is time to go after other sources – the banks or credit unions. It will take some time to get money from a lender, so be sure to allow plenty of time and be willing to talk to several. Compare the value of loans you are offered in order to find the best terms and interest rates.

Find Angel Investors

Angel investors are individuals or groups who are willing to lend you venture capital to start your own business. They will look for a good percentage of profit over a period of time. The better your business plan looks, in terms of details and realistic overviews, the more they will like it. In addition, many angel investors are experienced business men and women who may be able to provide quality guidance, too.

Credit Cards

The other option is to take out a business credit card. Many different credit card companies will offer several different credit cards ranging from those targeted towards small business credit cards to those that reward users with airmiles or cash back.

There are also other sources of money for you to tap into for your business start-up. Various business associations are always looking for new businesses to invest in, which means you will want to consider local business groups. You can get the business financing you need, but be sure to be professional in everything as you approach people about your new business offering. They will want to hear about it, and don’t forget to take advantage of networking, too.

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Bank of America to test annual fee charges on credit cards

Posted on 22. Oct, 2009.

Bank of America announced plans to pilot an annual fee charge of $29 to $99 on a few of its credit card customers worldwide (about 1 percent) beginning in 2010.

Bank of America is the third-largest credit card company in the US. (more…)

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Will financial crisis happen again and when?

Posted on 07. Oct, 2009.

A year into the financial crisis, a slow recovery process and another financial crisis is being forecasted by no less a figure but a former US Federal Reserve chief. (more…)

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New Credit Card Rewards

Posted on 30. Sep, 2009.

Traditionally, credit card company reward programs have featured airline mileage, gift certificates, and cash back for customers who spend more on their cards to get top ups. However, today card companies are offering new sets of incentives perhaps in response to the implementation of the first set of rules by credit card bill last week. (more…)

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Preventing a future financial crisis: Restraining the banks?

Posted on 28. Sep, 2009.

Signs of a recovering global economy and performing stocks, and the bankers are quick to reward themselves with fat pay checks and bonuses again – to the dismay of the taxpayers whose moneys bailed the banks out of a crisis they caused in the first place due to such wanton living. Hardly any lessons learnt? (more…)

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Credit Card Reform have began with mixed response

Posted on 28. Sep, 2009.

Last Friday, Credit Card companies began adjusting to new ways of doing business. First new rule: they will now have to notify their customers not less than 45 days ahead of any interest rate increases unlike previously when only 25 days advance notice was all that was required. Customers who are not happy with any changes in the interest rate are free to close their accounts and pay their remaining balances based on the old interest rate. (more…)

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America now believes small can be beautiful

Posted on 26. Sep, 2009.

The days of the housing boom when most Americans thought a bigger house was a better investment seems to be drawing to an end. At least the housing bust has thought many that the housing industry was not immune to price falls and therefore owning a huge house is no guarantee for a secure financial future or fail-proof investment. (more…)

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The impact of Tax revenues on the US Economy

Posted on 18. Sep, 2009.

The recession is draining the government of tax income, at a crucial time that the Obama administration needs funds for major reforms such as health care and other programs critical for the recovery of the economy. (more…)

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BOA to open new branches in China

Posted on 18. Sep, 2009.

Plans are far advanced for the Bank of America Corp, to establish its commercial and investment banking business in China – the world’s fastest-growing economy. (more…)

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Confusion over tax credit leaflet

Posted on 18. Sep, 2009.

A new leaflet explaining how tax credits would work was withdrawn by HM Revenue & Customs because of an error.

The HMRC leaflet published in April this year on its website on the causes of overpayments became an issue of confusion and criticism by the British public. (more…)

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