Tips on How to Fund your Mumpreneur Business
- Mums Tips
- Mumpreneurs & Mums at work
- Published on Wednesday, 20 March 2019 09:52
- Last Updated on 20 March 2019
- Monica Costa
- 0 Comments
Are you ready to get started on the scary world of being a Mumpreneur? It could be that you already have an idea or concept in mind – and can’t wait to put the plan into action. Sometimes a hurdle to getting things started is funding to go towards the set-up costs. If that’s the case – you might find our tips on how to fund your project and mumpreneur business.
Crowdfunding is something that’s becoming more frequently used when trying to fund business ideas. You can request small donations up to full-scale investments. When you choose the right platform – you will have access to a vast plethora of investors who can decide whether or not to help fund your project. It’s relatively easy to get started. You can select your medium, provide details about your project and how much you would like to raise – and start raising capital.
Pay Day Loans
There are brokers out there that can help you get a quick loan if timing is of the essence. For example, there’s the company Cash Lady who were previously voted as one of the best credit brokers. Their process is relatively easy in that you can fill in an online application and submit. At which point – your application will be put forward to a large number of lenders giving you a better chance of it being accepted (Cash Lady work with a number of FCA approved short-term credit providers). You can then pay back on a manageable monthly instalment scheme.
A business loan is a popular route that start-ups go down – but they need a lot of planning. If you go to your bank and ask for a business plan, they do need a very detailed business plan to look at. On top of this – they will look into the financial aspect things in an in-depth manner. This means that they will want to assess your risk and look into your personal credit rating.
Interest-Free Credit Card
An interest-free credit card is also an option if you aren’t looking to raise a considerable amount of funds – and you can pay it back in a reasonable amount of time. Although they are perhaps less stringent than a bank in terms of accepting and issuing a card, they will still look into your credit rating. You should always aim to pay the amount back within the interest-free period of time – but even after that, there is in some cases the option of a bank transfer.
Make Use of an Overdraft
If you are a loyal customer – then the bank may consider giving you or extending an overdraft. There are usually minimal fees involved for this facility, although you will need to clarify with them. You should always aim to pay as much of this back before the fees set in. The bank is likely to do an assessment of your income and outgoings as well as other factors before they accept.
If you are ready to get started on your new adventure, then get started on securing the funding.
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Monica Costa founded London Mums in September 2006 after her son Diego’s birth together with a group of mothers who felt the need of meeting up regularly to share the challenges and joys of motherhood in metropolitan and multicultural London. London Mums is the FREE and independent peer support group for mums and mumpreneurs based in London https://londonmumsmagazine.com and you can connect on Twitter @londonmums