So you have done your market research and business plan and now you are excited to get started! Few businesses can get off the ground without some initial funding. Here, Graduate Fashion Week sponsor Barclays Bank provides some ideas to manage your finances when you’re starting out:
• Beware of start-up costs: You’ll need a financial plan to get things moving.
• Make a financial plan with your accountant. This should constrain your budgets and sales forecasts, as well as your personal financial plan.
• Get financial support, in the form of a loan or grant. Barclays offer business loans starting from £1,000 to over £25,000.
• Make savings a priority before you star. That way you’ll always have a cash reserve to call on if the unexpected happens.
• Monitor your cash flow every week. But wait until the end of the year before you calculate your profit.
• Stick to your budget. Staying on top of your bookkeeping will help you achieve this.
For more information on financing your new business or to apply for a business loan visit www.barclays.co.uk
Text courtesy of Barclays Bank