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How to Win Lenders Over to Your New Business Idea

New Business Idea

Searching for financial investment is an uncertain journey which makes no promises of instant gratification or immediate success. There’s no telling how long the process might take, nor that a cash injection will guarantee the desired effect.

Appealing to investors and embarking on a mission to secure a business loan or funding of any kind can be challenging for even the biggest, most established companies. This means, as a young business or start-up, attracting lenders can seem pretty daunting and sometimes even impossible.

Fear not though, bold entrepreneur, because you’ve already had the guts to go as far as turning your lightbulb moment into a reality so you can definitely handle this next hurdle.

You might just need a few nudges in the right direction along the way and our handy hints and tips are a great place to start.

Polish your personal credit profile

As we mentioned earlier, pumping extra cash into a business doesn’t automatically mean it is going to start producing ten times the amount of profit.

Lending and investment are risky business for both parties but the person(s) on the other side of the table is going to want to be sure you can meet their specified loan repayments.

No matter how interested or emotionally invested in your business a lender might be, the fact of the matter is they want to make a return on their financial input as fast as possible.

Know your business plan like the back of your hand

This one’s a no-brainer really but we couldn’t offer advice on appealing to start-up lenders without stressing the importance of a watertight business plan.

This will be the bedrock of your pitches and an invaluable negotiation tool when executed correctly. So, spend some time polishing your business plan and ensuring that it’s engaging to read and backed up by solid research.

Demonstrate personal investment

Aside from strong financial foundations and a solid plan of attack, any potential lender is going to want to see that you are as committed as you are expecting them to be.

A great way to showcase this level of dedication is to be able to show that you have personally invested in the venture. Not putting your own cash on the line runs the risk of potential lenders wondering why they should then risk their own money.

Of course, if you haven’t had the available capital to invest personal funds into the business, it isn’t necessarily a deal breaker. Showing you have invested time in becoming a better entrepreneur and learning more about your venture and the industry are good things to highlight also.

Enlist the support of a finance expert

When dealing with something as taxing as searching for financial investment into a brand-new business, you’re going to need the help of somebody who knows what they’re talking about.

Working with a qualified finance professional will ensure your accounts and paperwork are all in full running order.

They will also be able to guide towards the right answers to any tricky questions that potential lenders or investors might (intentionally or unintentionally) catch you out with.

If you would like to speak to one of our experts about our affordable accounting and bookkeeping services, get in touch by dropping us a line on 020 3355 4047.

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