Good financial management is critical to the ongoing success of your business. When you're starting out find out how much funding you need, where you can get it and how to manage your financial arrangements.
Your business plan is important when seeking business funding - it sets out your vision and goals, what you'll spend the money on and how it'll benefit the business.
Sources of finance
There are several options for financing your business:
loans from a bank or other type of financial institution
using your personal savings
borrowing money from friends and relatives
venture capital
government funding.
Please note that, in general, the government doesn't provide finance for starting up or buying a small business. However, in some circumstances you may be eligible for a government grant.
Guides
Read these state government guides for help with managing your finances:
- Raising finance - types of finance and applying for a loan.
Business Finance - cash flow planning, bad debt, understanding balance sheets and profit & loss statements.
- Financing your business - financial requirements, types of finance and loan applications.
Finance - budgeting and financial control, credit management and grants.
More information...- If you are thinking of investing in your own business and want to improve your personal finances, download your copy of the Understanding money handbook from the Financial Literacy Foundation's Understanding money website.
- See our Grants and assistance topic for information about government grants, incentives and other funding programs available for businesses.
What to do...- Seek advice from a professional business adviser, accountant or solicitor.
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