Financing a business is no small feat. Whether looking for outside investment or securing a business loan from the bank, it can seem like an overwhelming task.

A recent OECD iLibrary report says that bankruptcies for 10,000 businesses grew from 45 in 2007 to 50 in 2010 before dropping drastically and reaching a decade-low 29 by 2019. However, due to COVID-19-related regulations, this rate plummeted even further to 19 in 2020.

It shows that while financing a business is demanding, with the right strategies—anything is possible.

Here are our top tips for securing the funds you need to get your business up and running:

1. Get Familiar With Business Loans

Business loans come in many forms and can be used for all needs, such as expansion or purchasing inventory. "You should research different loan types to determine the best match for your business. Remember that there are some loans with special requirements, for instance, businesses owned by women and minorities," advised Shane Perry, financial analyst and business loan provider at Fundspot.

2. Consider All Of Your Financing Options

In addition to business loans, there are other ways to finance a business, such as lines of credit from banks, venture capital investments, or crowdfunding campaigns. Be sure to explore all available options and assess their pros and cons before making any decisions.

3. Crunch The Numbers

Before you dive into any financing strategy, it's essential to do some math and understand what kind of returns you can expect from your business. "Look at the market size, industry outlook, competitors, and other factors that will determine the success of your business. This will help you make informed decisions about financing," says Perry.

4. Start Networking

Don't underestimate the power of networking! Connecting with potential investors or loan providers can open doors and make securing funds easier. Attend industry events to meet people who could help you get your business off the ground.

5. Put Together A Great Business Plan

An impressive business plan is essential when applying for a loan or seeking investors. It should clearly outline your objectives, strategies, and financials, including income statements and cash flow projections.

6. Maintain A Good Credit Score

Make sure you check your credit score before applying for a loan. Having a high score increases your chances of being approved. Additionally, you should also take some time to review your credit report and dispute any errors.7. Get Advice And Support

If you are feeling overwhelmed, get help! Consult with a financial advisor to ensure you understand all the financing options available. Professional help can be invaluable when navigating the ins and outs of business investments and loans.

Ready, Set, Fund!—Time To Make Moves

Financing a business can be daunting, but with these strategies, you will be well on securing the funds you need. So, take a deep breath and get ready to make moves—you're one step closer to turning your business into a reality.