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'What kind of funding does my business need?' Answers from the business experts at PWC
Small business startup advice from the experts at PricewaterhouseCoopers on selecting the best funding option for your new business:

I think any person looking for funding for a business wants to understand why they're looking for funding, and whether or not they actually need it yet. If you watch something like The Dragon's Den, for example, you see a lot of people coming in asking for 50,000 pounds, 100,000 pounds to fund a business. And the dragons come back and say actually, you don't need that. If they're honest, and they say actually they want the expertise and advice of the funder to come in, and the funding is not as important, that might well help them.

I think understanding why you need the funding and seeing if you can delay that until you have more of a proven track record, until you can show you've got customers that are willing to pay for your products, you're going to an awful lot of better deal, if you've already proven the concept than if you're trying to raise funding with just an idea.

Work out which options are truly available. Because you may find that actually you’re down to one or two straight away. Again, there are a lot of people to talk to, you know. There’s a lot of experience out there – people who have gone through this before. So again, don’t be afraid to talk to people, look for introductions, into sort of the banking sector, into the accountancy and legal professionals as well. There are lots of people there that can make XX referred into to give you ideas and there’s also – look at how people have done this before. A lot of the information around companies and experience is much more widely available nowadays around sort of the social networking side as well. And there’s actually a lot of really good stuff, good sort of evaluations on the internet.
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