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If your business has a poor credit rating, is highly leveraged or has recently been turned down for bank finance - you may find non-bank finance easier to obtain, more flexible and possibly cheaper. 

What are examples of non traditional financing?

Alternative financing options refer to all the non-traditional methods businesses can use to secure funding outside of bank loans.

Support from family and friends

Family and friends can offer flexible, long-term, and low-cost (or free) credit. You should make sure that both parties clearly understand the terms of any loan. See financing from friends and family.

Venture capital and angel investments

Aim to attract outside investors for example by selling shares to business angels or venture capitalists. This can provide expertise and short-term finance without needing repayment. However, it usually means giving up shares in your business. Investors may want some say in how it's run. See shares and shareholders and equity finance.

Crowdfunding

Crowdfunding is where a number of people each invest, lend or contribute small amounts of money to your business or idea. If you seek funds this way, you would typically set up a profile for your project on your website. Then, you would use social media and networks of business, family, and friends to raise the money. See crowdfunding.

Grants

It may be worthwhile finding out if you're eligible for a grant. You may need to fill out detailed forms but, if you get the grant, it will be time well spent. You may be able to get grants to help market your business, buy equipment, or renovate premises. See grants and government 91香蕉黄色视频.

Secured financing

You could consider taking out a second mortgage on your home although, if your business fails, you could risk losing it. Credit unions provide cash at reasonable repayment rates or you could approach a micro-finance lender.

Pitch competitions

In a pitch competition, entrepreneurs present their business ideas to a panel to win cash prizes or investment. Each contest has specific rules and participants compete against others. Even without winning, these events offer exposure to venture capital and angel investors. 

Keeping your job

You could also keep your current job. Alternatively, find a part-time job and run the business in your spare time. This can be tiring as you will be working long hours but having a job will guarantee an income while your venture takes shape. See start a part-time business.

Review your financial strategy

The important thing to remember is that if you borrow money, always check the terms well. Don't borrow more than you can realistically repay.

If someone has turned down your request for money, review why you haven't been successful. Perhaps you need to rethink your idea to make it a more attractive option.

For more information see business financing options - an overview.

Every enterprise needs a business plan to control all parts of the business. It also sets how the business will grow. Consider the following:

• A business plan is vital if you want to borrow money. It shows what you plan to do, how you will spend the money, and how you will repay the money - see how to write a business plan: step-by-step.
• You should make a cashflow forecast. It will show how much money is going out of and coming into the business. When you're starting up a business you'll have limited resources of cash, so it's important to keep a close check on the money - see cashflow management.
• Trade within your capabilities - many businesses built with good products and a long list of customers fail because they simply run out of cash. This is called overtrading. Such opportunities, like buying in bulk and saving on delivery costs, can be attractive once your business is thriving. However, in the early stages, don't be tempted to spend large amounts of money in this way - see avoid the problems of overtrading.
• Update your business plan regularly. This means having a clear vision of where you want the business to go. It will help you keep better control of the business and its finances.

One of the most important lessons to learn in business is that 'money saved is money earned'.

It is crucial to the success of your business that your focus is not solely on turnover. Increasing your turnover is not the only way to increase your profits.

How to cut startup costs

Look at your business from every angle to make savings wherever you can. Cut down on expenditure at the same time as driving sales forward and bringing cash into the business.

• Get free advertising by convincing your local newspaper to write an interesting article on your business if you sell an unusual product or service.
• Cut your marketing costs by finding businesses that sell related products. Arrange to introduce each other's products to each other's customers. Collaborative marketing, such as running joint advertising campaigns, is a way to reduce costs.
• Use social media platforms to reach your target audience and build relationships with customers - see social media platforms.
• Engage with social media influencers - online influencers will promote your brand and help you reach your audience in a convincing way. Done well, it can be more persuasive than traditional advertising - see influencer marketing.
• Go to free networking events as this can help you raise your profile, meet new customers and suppliers. You can also share ideas and knowledge and even find finance. Use our to find local networking events near you.

Reducing your business spending reflects on how many sales you need to make in order for your business to survive. If you can save in one area, then it will reflect in the other. For more information on ways to save costs, see creative ways to succeed in business.

However, you do need to be careful where you make your cutbacks. Making drastic cuts in the wrong areas could create problems including reduced service or quality or fewer sales as a result of insufficient marketing.

Managing your cashflow is vital for business survival and growth. To run your business effectively, you need to balance the timing and amount of your expenses with your income. See the following tips to help you manage money more effectively:

• keep your cashflow forecast up to date, adjusting it on a regular basis so you know exactly how much cash is coming into and going out of your business - see financial and management accounts
• ask your customers to pay sooner - see invoicing and payment terms
• chase debts promptly and firmly - see ensure customers pay you on time
• use factoring - see factoring and invoice discounting
• ask for extended credit terms from suppliers - see negotiate the right deal with suppliers
• order less stock but more often - see stock control and inventory and innovation in manufacturing
• increase your sales and profitability - see strategies to improve sales and profitability

For further information see cashflow management.

If you are using your own finance to fund the start-up of your business, controlling your personal and business cashflow is key. Proper cashflow management allows you to invest more funds into your fledgling business.

Rethink personal spending

Work out how much you spend on going out in the evenings and eating out. This may be an area where you could cut back and save cash to be reinvested into your business.

Buy second-hand office supplies

Buy good quality second-hand goods like an office desk or telephone system. This will save money rather than buying them from new. However, if you intend to have clients in your office, the furniture you buy shouldn't look too old and worn.

Use home office space

Consider using a space at home to work. There are considerable savings to be made by working from home. You can save on rent, business rates, and office utility bills.

Optimise business running costs

Think about the costs of running your business. You might be able to arrange an inclusive price for your phone and internet connection. It may be cheaper to send an email rather than phone a supplier

Use open source or free software

Many business software applications are available as free or open source options. Instead of buying expensive CRM or project management tools, use free alternatives. They offer the essential functions you need to grow your business, without the unnecessary extra features. See office resource efficiency.

Thinking beyond the obvious methods of raising money, there are many other tactics you can use to help your business thrive. Most of all, have a positive attitude. Show partners and clients that you are dedicated and offer an excellent service or product.

Seven top tips

Instead of just using traditional funding methods, explore our seven top tips to help your business succeed.

1. Keep your business image professional

Ensure that you run an efficient, professional business. If you work from home, meet your clients at their business or meet them at a restaurant as meeting at your own home may give them the wrong impression.

2. Use free PR opportunities

Instead of paying for advertising in a newspaper or magazine, try to get some free PR. Find an interesting angle about your business and provide feature editors with editorial and a picture or offer to do an interview. 
You could also hold a competition which offers one reader a free product or demonstration with details of the competition on the same page as the feature about your business. See Public Relations.

3. Leverage social media

As well as traditional marketing, you should also consider using social media for your business. Customers increasingly look to engage with businesses or brands online, so social media can be a great tool to help you engage with existing and potential customers, with relative ease and little cost. See social media best practice for business.

4. Experiment with free trials

If you can use equipment on a free trial which will save you cash for a few months, give it a go. If it's possible to exchange goods or services with another business without exchanging cash, but with a mutual benefit, then that too will help you save money.

5. Offer unique promotions

Create unique and engaging promotions, such as limited time offers or exclusive deals for loyal customers. These strategies can attract attention and boost sales. See sales promotion examples | nibusinessinfo.co.uk

6. Learn from other entrepreneurs

Watch other entrepreneurs and pick up on their expertise and tips. There's no guarantee that someone else's ideas will work in your business, but you may be able to tweak an idea to work perfectly for your business or it might trigger off a creative idea of your own. See Northern Ireland business networks and benefits of business mentoring.

7. Practice your selling skills

Continuously improve your selling techniques. Being adept at selling is crucial for convincing potential clients and closing deals, which directly impacts your business growth.

Every business is different and every entrepreneur will have their own individual approach to dealing with business finances.

There is a wealth of information that could help you learn more about managing money effectively in your business.

• Speak to a financial adviser at your bank or to your accountant about drawing up a cashflow forecast and a business plan - see how to choose an accountant for your business.
• Ask your local Chamber of Commerce or business 91香蕉黄色视频 agency for advice on sources of finance and networking opportunities - see .
• Search on the internet for business advice websites.
• There are many books available on starting up and running a business. Your library will be a good starting point if you don't have enough cash to buy new books. Ask anyone you know if they have any business advice books you could borrow.
• Investigate if there are any local business networks where you live or work. Ask existing entrepreneurs about their experiences. Having a good working relationship with them can be a vital source of information - see Northern Ireland business networks.

For further guidance on managing money see:

• cashflow management
• identify potential cashflow problems
• set up a profit and loss account for your business
• avoid the problems of overtrading