Get more funding

Expand your business

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If your business is already up and running but you require additional funding, you can rely on tried-and-true options. Financing an existing business, on the other hand, requires a different approach.

Be prepared to request more funding
Choose your funding source

Be prepared to request more funding

Anyone who invests in your business by giving you money or lending you money wants a return on his or her investment. Prepare a business case and a financial plan for your company in order to persuade potential investors.

Make your business case

To receive additional funding, you will need to develop a strong business case. Prepare a brief résumé outlining the total amount required and the purpose for which it is required.

Perhaps your business is cyclical, such as construction or education, and you use your funds during the slow times. Perhaps you require funds to purchase new equipment or to launch a new product line. Whatever the reason, update your business plan to include this, as well as your current stage of financing.

A business case must guarantee that the new funds will not be misused. Include a description of your management team, emphasizing their key skills and experience.

Prepare your financial statements

Your financial statements should demonstrate that your business is doing well. Show how your company’s income, expenses and profits have changed over time. If there is no positive growth, explain how and why additional funds can be used to improve the situation.

Determine the value of your company yourself or with the help of a business appraiser. This is the same procedure you would have followed if you were selling your business.

Predict how your company will expand in the future. Your business forecast can be based on intuition, quantitative analysis or a combination of the two. Demonstrate your projected income and expenses, as well as how you arrived at these figures.