I have tried to get funding from the bank for my business venture but without success. What other avenues can I explore?
Borrowing money from friends and family to fund your start-up is a tried and tested method used by many successful entrepreneurs. However, there are some rules that you need to bear in mind if you want to avoid damaging your relationships with your nearest and dearest.
There are various forms that funding from friends and family can take, some more formalised than others. Whichever type of cash injection you choose, it’s always a good idea to put everything in writing to ensure peace of mind for both parties.