You’ve got a great business idea, the market is wide open, and you’ve got the time and energy to see it through. You’re confident that you’ll make money, but you still need some capital to get you going. How can you raise this? Unless you have sufficient savings to get you on your feet, there are two options: loans or investment.
Getting a bank loan, using your credit card, or remortgaging your house to fund your business are all options, but as banks and other lenders tighten up their regulations, getting money from them is increasingly difficult. It is still worth meeting with your bank manager and explaining your intentions. Find out what they can offer you; at the very least, they may have to be exceptionally understanding about your overdraft situation for the next year or so.