Avanti offers advice on how to fund a new project
29/05/2019 - Avanti Group
Growing any business can be costly and time consuming, with budgets rapidly chewed up in business development. This is particularly relevant when launching a new product or service to market, and is not just reserved for start-ups.
There are however many financial solutions from tax reliefs and credits to vouchers, and funding brokers, it’s likely that you will be able to find a solution that works for you.
Did you know that Innovate UK have already invested £2.5 billion to help businesses throughout the UK with research and development projects? What does this mean in terms of output, 70,000 jobs created and approximately £18 billion returned to the UK economy.
You can find funding opportunities targeted to support specific sectors as part of the innovation for funding service here , from local energy systems, to AI, medical, and Innovate UK smart grants offering a share of up to £25 million there is an opportunity for many business owners to grab a slice of extra investment to boost research and development into new products, ideas and services.
What else is available?
If you’re keen to bring anew product to market, crowdfunding could be a viable option but beware;
- Many sites may come with caveats such as a need to reach your target before the funding is released to you.
- You may even find that a percentage of the funds raised is taken by the site.
- This option could be time consuming, with a need to update your funders with progress as well as a need to keep promoting your crowdfunding opportunity.
Venture capitalists come with two pronged value- the initial investment they make often combined with expertise in the sector that your business operates in. This can come at a large equity cost though and you would need to consider how much of your business you are willing to give away in exchange for the investment.
Avanti understand that business can be unpredictable, and you may need funding for many different reasons. It can be hard to ask for help, but with proactive accountancy that advises of you of your financial position and what is achievable, they aim to steer you in the right direction. They will help you predict the pitfalls, achieve your aims and exceed your expectations. For supportive accountancy, that moves you and your business forward give Avanti a call today (08000) 388 799.
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