Neil Bellamy, head of technology, media and telecoms at NatWest, looks at the most common mistakes made by startups and scaleups when applying for finance.
Applying for finance can be a daunting task. You are putting yourself and your business out there – most often to grow or take on a new opportunity.
Most applications can now be done online and the process is easier than ever. However, it’s still easy for startups to fall into a number of common traps.
Here are the top 10 common mistakes made by startups when applying for finance:
1. Applying too soon
As with anything, timing is key.
Make sure you choose your timing carefully and don’t apply for debt before your business is ready....