Sources of Finance - Part 4
Source of Advice| Strengths| weaknesses| Bank | For my business I will most likely get my loan from the bank because it is affordable and I can be able to get money from a legitimate source - Sources of Finance introduction|| Strengths| weaknesses| Bank | For my business I will most likely get my loan from the bank because it is affordable and I can be able to get money from a legitimate source. This will be a good option because as a business that is starting up, it will be very hard to find capital. You can also get one to one advisers that will help you understand the business more The bank can also help me in starting up a business because they might offer help in giving knowledge on starting a new business and advising me on how to go about starting my own.
The workers there will also have good experiences in dealing with new businesses and they can be able to calculate my expenses and how much I will need to open up the business. | You may need to have an account with the bank to get a loan with them. This can be a problem especially if you already bank elsewhere. They might also tend to add more interest on the loan when you pay back and this might be very hard to pay off as the interest increases over time and sometimes it ends up leaving the business sin debt.
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As a small business it is relatively harder to pay off the loan. And when you don’t pay the loan they might reposes my personal things such as my house or car or whatever I may have put down for collateral| Experienced Entrepreneurs | Advice would be better from them because they have had experience starting up their own businesses and they might have gone through the same challenges might be facing. You also don’t need to spend money to get this kind of advice.
They might even help to set my business sup by giving me the right contacts. For e. g. which bank would be best to get my loan from or which agency I should call to find a good location. | Some of them may not want to help others by sharing their business strategies. Our businesses might be different so their advice might not work for mine. Some of the advice given may also be detrimental to the business so you will need to be careful so it is best to get advice form professionals.
| colleges| They might have free courses. These free courses might help in giving information on how to start up a business properly and how to run the business. You might also meet people who are also trying to start their own businesses or have started their business and you can be able to learn a thing or two from their experience and share your ideas. Because the courses are free, you save more money. | It takes up a lot of your time and you may not have time to spare while starting a
business| websites| The information can be accessed twenty four hours a day and there is a wide variety of options you can look at. There are many websites and articles you can read from real people explaining from knowledge or personal experiences about starting up a business. It is easier and less time consuming and you can search all of this in the comfort of your own home| The information found on websites can be wrong and misleading.
It is also hard to find good websites with genuine sources of information| Local authority grants| The money is not in a form of loan so I don’t have to worry about paying the money back. The council might also give me support and ideas as to go about starting my business. | Most grants are hard to get and you have to run some sort of charity or a business that benefits the community or supports a cause. They are less likely to give grants to people who are running a profitable business. |