How do I manage my finances?
Good financial management is critical to the ongoing success of your business. When you're starting out find out how much funding you need, where you can get it and how to manage your financial arrangements.
Your business plan is important when seeking business funding - it sets out your vision and goals, what you'll spend the money on and how it'll benefit the business.
Sources of finance
There are several options for financing your business:
- loans from a bank or other type of financial institution
- using your personal savings
- borrowing money from friends and relatives
- venture capital
- government funding.
Please note that, in general, the government doesn't provide finance for starting up or buying a small business. However, in some circumstances you may be eligible for a government grant.
Guides
Read these state government guides for help with managing your finances:
- Raising finance - types of finance and applying for a loan.
- Capital Raising - step by step guide to raising capital, including a self-assessment tool.
- Where will you get finance? - services to assist in raising capital.
- Financing your business (PDF, 1.53MB) - financial requirements, types of finance and loan applications.
- Step-By-Step: Financial management - guide to establish sound financial practices.
- Raising finance - sources of finance and how to apply for bank loans.
- Finance - budgeting and financial control, credit management and grants.
What to do...
- See our Grants and assistance topic for information about government grants, incentives and other funding programs available for businesses.
- If you are thinking of investing in your own business and want to improve your personal finances, please visit the Understanding money website.
- Seek advice from a professional business adviser, accountant or solicitor.
This content is supplied to Flying Solo via business.gov.au,
the Australian Government's principal website for business information and resources.
