insideKENT Magazine Issue 81 - December 2018 | Page 167

WRITE A BUSINESS PLAN
Fail to plan and plan to fail as they say, and
when it comes to business that is absolutely
accurate. Your business plan is a massively
important document that will help you to stay
on the right path when running your business.
This is where you can set out your goals and
ideas, and it is what you will use if you need
additional investment or funding. Your
business plan is what will persuade people to
part with their money. It should be accurate
and realistic (but that doesn’t mean it can’t be
exciting too!).
OBTAIN FUNDING
Although it is possible to start a business with
pretty much no money at all, it’s far easier to
have some funds behind you. One way to
finance your business is to use your own
savings – this works well because you are not
starting your business life in debt, even though
you would technically be loaning your
business the money. Alternatively, you can
ask friends and family to help out. Not
everyone is comfortable doing this, but if it is
your choice, make sure there is a legal contract
drawn up; this way, everyone knows what is
expected of them and what they are going to
get in return for their money. It will save any
possible disputes further down the line.
Other options include borrowing money from
a bank (either through a business loan or a
personal one), crowdfunding, or finding an
investor to help you.
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