Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Having empty pockets doesn’t always need to stand in the way of an entrepreneurial spirit or a great idea. It’s still possible to turn your business plan into a booming success, even without an overflowing pot of money.

Ask an accountant to review your books

Accountants spend a lot of time looking at how businesses are run and their finances, and so have an excellent understanding of how to help. This could include knowledge of grants and awards, or seeing what costs can be safely cut, without cutting corners.

Friends and family investment

Access to funding through banks and other external sources can be quite difficult. If you’re brand new and have no way to demonstrate your reliability as a borrower, you could struggle to get finance.

Instead, you might think about pitching to the people around you who care about you and your success. They might be able to offer support in the form of a lump sum gift or loan. Just make sure you both understand and agree to the terms before progressing. If they make an equity investment, make sure it’s somebody you’re happy to have as a partner!

If you’ve got it then flaunt it

When money is scarce, it’s time to look at what you’ve already got in your locker. You might be surprised at your ability to be resourceful, and find you can accomplish plenty without having to spend a single penny.

Use your social media accounts and contacts to shout what you’re about. You’ll build brand awareness, plus people you never thought could help (or dared to ask) might get in touch.

Exchange instead of buy

Reach out to budding experts who are looking for exposure, but be tactful! Getting free coverage as part of a great project is always welcome, but people also need to pay their bills. Don’t be offended if they have to turn you down in favour of paid work.

It’s also worth keeping in mind that they might be offended by your offer of coverage if they’re already well-covered, so consider how best to phrase your request, depending on who they are. Appraise what you can offer that isn’t money. Access to contacts, the use of facilities, or an exchange of services or knowledge can all help to get things moving.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.

More posts by this author

Comments are closed.

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.