Getting Started With Entrepreneurial Business Finance
Over at AR Cash Flow our core products are dedicated solely to funding SME’s.
Being an entrepreneurial financier ourselves we have a passion for helping start up businesses get their foot in the door and the kick start they require to grow their business.
I was so excited to read in an article posted by SMH that despite the GFC, business start ups in Australia increased by nearly 13 % year on year with around 160 000 new firms launching in 2010. (www.smh.com.au)
This is also in spite of the fact that the banks can be very old-fashioned when it comes to lending to small businesses. Did you know in most cases they usually require up to four times more security for a small business loan than a mortgage? Which seems ludicrous to me considering a growing small business can contribute to our economy much more than another mortgage right?
I was also interested to read that in Australia 96% of businesses are small and more than 5 million people are employed by a small business. (www.dynamicbusiness.com.au)
So how can you get started with your own enterprise?
The first thing I would suggest if considering starting your own business is to research research research! Read up on other entrepreneurs. Read their bios and case studies. Find out what they struggled with in the early years and how they overcame it.
Being new to the finance game I have already learnt so much just by reading up on other peoples experiences. There’s such a big cake out there and everyone has the change to have a slice. I never realised how much opportunity there was for success in Australian business.
Some good websites which not only encourage but share new business tales is www.smartcompany.com.au, and www.dynamicbusiness.com.au. Go and have a read about people like Naomi Simpson from Red Balloon or Samantha Wills from Samantha Wills Jewelry, it’s inspiring and extremely informative.
You see the best thing about starting a business in this day and age is there such a huge community for young businesses where they can receive a wealth of advice and support. People have been there and done that and want to share with other businesses what they went through.
Don’t just go for the obvious approach to starting a small business. Think outside the square and reach out. There is a whole online community ready to help you and give advice.