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Why a person would need finance to start up a business

There are many reasons why a person would need finance to start up a business. For examples, they may need finance to:

  • purchase items needed to run the business, e.g. premises, vehicles, equipment, fixtures and fitting, and products

  • advertise the business and the services/products available

A business is funded by different sources of finance to start it up and keep it going. Successful entrepreneurs/business owners usually use a combination of available sources of finance to fund their business venture. Some of the sources of finance include:

  • personal savings

  • investors (people who put money into the business for a share of the profits)

  • sale of an asset (like a house or a car)

  • bank loan

  • overdraft

  • friends/family

Also, designated agencies that specialise in offering advice and assistance to entrepreneurs/business owners may help, such as:

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