The spirit of entrepreneurship is now becoming a norm among Australians. Many are already choosing to quit their jobs and start their own business. The rise of small businesses has become a driving force in our nation’s economy.
Small business firms compose almost of all employer firms, but yet statistics show that not all of new businesses typically survive two years and only about half of those survive only five years. As well, by now we’ve all heard that lack of finances is the number one reasons these companies close.
Many individuals are also unable to start their own business even if they already have great ideas and strong will because they do not have enough money to finance their startup.
In business, money is your lifeboat. Without it, you obviously will sink and die. If you don’t have the money to keep your business alive, the odds are stacked against you. But despite this fact, you don’t have to panic. Obtaining the capital needed to stay afloat is out there, even in today’s economic climate, but you have to be savvy enough to find it!
The first thing you can do, of course, is go talk to your bank and see what it is going to take for you to get the money you need in order to get your business up and going. Another way to get start up financing for small businesses is to use private investment groups.
For more on financing a business, check this out: https://www.smallbusiness.wa.gov.au/business-topics/money-tax-and-legal/money-matters/obtaining-finance-2