50% off first £100 spend on Amazon Business
Create a free Amazon Business account and benefit from 50% off your first purchase of up to £100. What's more, enjoy amazing prices in the sale! T&Cs apply.
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Enjoy a below-average standard rate and an app for real-time monitoring and control with this straightforward business card. Read more…
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Running a business isn’t for everyone. It takes organisation, passion and time. You need to be ready to make mistakes, learn and innovate.
Whether your business has one employee or 100, your needs as a business owner remain largely the same: to have an understanding of business fundamentals across finance, human resources, marketing, industry and innovation.
When it comes to business finance, on one hand, business services fundamentally work just like personal services. On the other, supplementary bureaucracy can make it harder to apply or even to precisely understand in advance which conditions you’ll be offered.
Finder’s guides and comparisons can help you navigate this troubled sea.
In a way, running a business is not that different from running a (very big and complicated) household, so most personal finance services, from banking to utilities, are available in their business version.
In some cases, you could theoretically use a personal option for business purposes – for example, if you are a sole trader, you can do everything from your personal bank account. However, this is often not possible, either because the law forbids it or because providers won’t allow it.
Moreover, business needs may be similar to personal ones in quality, but they rarely are in quantity: businesses move higher amounts of money, require more credit, use more electricity.
For all these reasons, choosing business-dedicated options is usually a necessity more than a choice. Picking the right one can give you a headache, but once you’re sorted, you’ll be glad you did.
So, how are business deals different? Here’s a basic list of what you should be prepared to deal with:
All this makes obviously makes it harder to compare products and get good deals – but not impossible. As usual with any finance choice, the first rule is: know what you need. Assess your business and its needs carefully, so that you know exactly what you’re looking for.
It really depends on what you’re looking at (a business loan, a bank account, an energy contract?), but in general, it’s a good idea to consider the following:
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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