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Having insufficient finance is the biggest cause of business start-ups failing, according to new research from Bloomsbury Professional.
Government initiatives such as the Funding For Lending Scheme (FLS) seem to be doing little to help small business owners invest in their businesses, as businesses are struggling to access business finance facilities through traditional bank routes during the continuing tricky economic climate.
The evermore costly price of overheads and poor market research were other factors hindering businesses, causing some to go under.
Businesses were advised to do their research and plan how they will use finance to help improve their chances of securing a facility. Managing Director of Bloomsbury Professional, Martin Casmir, said: Planning ahead and doing the right kind of research could make the difference for new businesses looking to find crucial start-up finance.”
“To plan effectively and to find the right financing, start-ups need to use the advice that’s on offer to them. They need to take advantage of their networks to find out about the marketplace, and they can use the networks of others too”, he concluded.
Invoice Finance for Start-Ups
Here at Skipton Business Finance, we take a different attitude to funding start-ups businesses than most.
Rather than looking into the past and demanding a thorough credit history, we prefer to look at the people behind the business and its future prospects. We’re interested in what makes a business tick and the product/services it offers.
Why not browse our website to find out more about how invoice finance works, or give our team of experts a call on 0845 602 9354 for a free no-obligation quote.