I see Phoebe has asked for infor on Business Angels - just wanted to know how people get started.

I'm having to carry on earning money to get myself started and it's very hard...

Should I consider loan? Family investment?????

It really depends on the business and how much you need to raise. The cheapest way of financing is 'usually' by asking for investment from friends and family, and the repayment terms will be more flexible. However, if you need a larger sum than they can provide you will need to approach a bank, or an angel.

However, in order to decide which route you should take you must prepare a business plan. This will include your revenue expectations, cash flow forecasts and an assesment of your assets and liabilities. Armed with this you will be in a better position to assess your funding requirements.

Something I intend to do is put together a business plan template for members to use which will guide you in completing this important document, as well as the do's and don'ts of writing a business plan that gets you noticed by investors.