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5 Factors For Your Funding Plan

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When it comes to pulling together information for your new business, you can often focus a lot of the ideas, the growth, and the sales. While each of these areas is hugely important and should always take up the bulk of any business plan, you should also try to put as much time and effort as possible into your financial planning too. A lot of new businesses need funding. And if you want to ensure that you’re starting off on the right foot, you need to ensure that you’ve considered all of the factors that will cost you. So let’s take a look at five key factors you should consider for your funding plan.

Initial Costs

This first point is one that you’ve probably already thought about. It’s one of the most popular areas of financing any new business. Because a lot of companies will always have a range of initial costs to get up and running. So whether you’re looking at funding like businessloans.co or approaching individual investors, you need to work out what costs you will have to get started. From the equipment you need to the business premises, tot up all of the startup purchases to work out the total amount you will need.

Marketing

Whether it’s from the start or later on down the line, you are going to have some marketing costs to consider. Even if you’re a marketing pro, it’s likely that you’re going to need some support in the future. So, you need to factor that in. Marketing for small businesses isn’t always as straightforward as it seems. Whether you want to hire an agency or try out some paid advertising for yourself, you need to be able to account for the amounts now.

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Staff

When you plan to start up on your own, you may not need to think about staff just yet, but if you’re planning to grow quite quickly, it’s something that you may want to think about budgeting for now. On the flip side, if you do need staff right away, you need to work out what recruitment costs you’re going to face and factor them into your funding budget.

Insurance

This is probably one that you may not have considered before, but it’s actually one of the most important things to budget for is you want to keep your business protected. You can often need different insurances for your business. Not only may you need something like liability insurance, but you may also want to insure your premises or even your equipment, just to ensure that it’s covered should anything get damaged or lost.

Expansion

And finally, if you have big dreams for your business, you should also think about when and how you’re going to expand. Because sometimes, expansion can cost. Whether it’s a physical expansion or putting further investment into the business, you need to think about what it will cost now, so that you can be prepared further on down the line.

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