After a season of indulgence and excess you’re likely to be ringing the changes. If one of those includes launching a startup, read on..

Firstly you must put some serious thought into how you’re going to fund your bright business idea. While there are plenty of options available to help get your business off the ground, it’s a question of picking one that’s right for you.Thinking outside-of-the-box might seem like a good place to start, but businesses often require urgent capital, and because cash is hard to come by we’ve devised this useful list of 5 Ways to Fund a Startup Business.

Personal Savings. Hello piggy bank. With interest rates at a record low, your cash in the bank won’t be accruing much interest. Why not use it then? The great benefit of using your personal finance is that you don’t need to get into debt or consider giving away equity.

Family or Friends. Receiving funding from family and friends is a popular way to get some early capital for your startup business. Your nearest and dearest are likely to know you well, so if they buy into your vision they’re going to want to help you turn it into reality. The obvious downside and risk is that these personal relationships could be jeopardised should things not go according to plan. To lessen such risk structure a clear agreement similar to a loan.

Business Loans. Banks are stricter than ever right now, so if your credit score isn’t up to scratch, this route can be difficult. Startups that seek funding via a business loan need a sound business plan, positive projections and some personal finance. Needless to say, business loans can provide a great leg up and there are a number of companies that support small businesses and help match small businesses to suitable lenders.

Grants. There are many different types of business grants available, some of which are government backed. The challenging part is discovering one that’s right for you, and then completing the often lengthy application process. However, if you do successfully qualify, grants can provide support in getting your bright idea off the ground.

Angel investors. Yes angels DO exist (in the business world anyway). An angel investor is someone who invests in startups. Also known as ‘angels’, they are often a relation to an entrepreneur’s family or friends. Many startup business owners have experienced great success in raising capital this way, but others see this method as a tricky business. If you decide to raise money from angels you must keep in mind that they will want to own a piece of the business for the short or long term. Typically though, agreements are made between small business owners and investors that will see a buy out option along the way.