Question:
I’m thinking of starting a new business but obviously I will need to raise funding. What are my best options?

Answer:
Your individual circumstances will dictate what will be your best course of action as far as funding is concerned. Obviously, your first option will be the financial institutions and obtaining a business loan.

You can also consider what is known as a “business incubator service” which are private businesses, often set up with government assistance, which foster the development and growth of small business. They typically provide low-rent premises for new businesses as well as free or low cost financial counselling. You can check the Business Entry Point for information on state incubators or your small business advisory service.

In addition, you could apply for government grants through GrantsLink or check the New Enterprise Incentive Scheme which helps job seekers starting their own businesses.

However, before you can apply for any finance, the most important thing you can do for your new business is to create a business plan. A business plan can mean the difference between a successful venture or a failure.

Filed under: Starting a Business, Banking & Finance, Government Assistance, Venture Capital
This page was added on 2 January 2002, last updated on 2 January 2002.