If you are looking to grow your small business then the chances are you may need funding to help you achieve those ambitions. Navigating the various options to you, however, is not a straightforward task.
It often helps to first establish what sort of funding is right for your business. There is no one size fits all form of finance and all of them will have advantages and disadvantages depending on the nature of your business needs.
If for example your business is lacking the equipment needed to grow such as needing to invest in machinery but not having sufficient funds to do so, then asset finance is likely to be the better option.
In other cases invoice finance may be the better option if cashflow is an issue and you need faster access to working capital.
Some business owners who are not aware of the above may opt for a loan from a bank or other lender which is then paid back over a fixed term.
Less commonly a business angel may be a source of funding but this could come with the drawback of having to give away a percentage of your business in return for the money.
Whichever funding option you go for, it is important to make sure you read the small print and understand what you are agreeing to. Where possible seek expert advice before deciding on which option is best.