{"id":270423,"date":"2024-07-08T15:48:26","date_gmt":"2024-07-08T03:48:26","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=270423"},"modified":"2026-01-12T14:37:22","modified_gmt":"2026-01-12T02:37:22","slug":"types-of-finances","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/business-finances\/types-of-finances\/","title":{"rendered":"Types of finance"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221; da_disable_devices=&#8221;off|off|off&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.27.5&#8243; header_2_font_size=&#8221;32px&#8221; hover_enabled=&#8221;0&#8243; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><span style=\"font-weight: 400;\">Learning about types of finance is a necessary reality when starting or running a small business. You\u2019ll need to carefully pick through the types of <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/business-finances\/what-is-business-finance\/\">business finance<\/a> that fit your particular circumstances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Committing to the wrong type of finance for your small business can mean not only costly repercussions but also missed opportunities to grow more effectively and cheaply.<\/span><\/p>\n<h2>Before you consider small business finance<\/h2>\n<p><span style=\"font-weight: 400;\">Prior to taking up any types of finance available to businesses, you should consider the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Figure out exactly how much business finance you\u2019ll need for your circumstances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure you have a solid business plan, preferably checked by a business advisor, which accounts for business finance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand how long it will take to repay the loan or type of finance you desire.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be sure of your ability to either finance yourself, pay the loan or keep investors happy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Talk to a trusted business advisor before committing to a particular type of finance.<\/span><\/li>\n<\/ul>\n<h2>3 Types of Business Finance<\/h2>\n<p>[\/et_pb_text][et_pb_image _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243; align=&#8221;center&#8221; alt=&#8221;different types of business financing are internal funding, debt, and equity financing&#8221; title_text=&#8221;Types Of Business Financing&#8221; src=&#8221;https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2024\/07\/Types-of-business-financing.png&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.27.5&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><span style=\"font-weight: 400;\">There are three types of finance for businesses. Each method of funding your business\u2019s start-up or growth comes with unique advantages, drawbacks, requirements and structures. They are:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Internal funding<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debt financing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equity financing<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Let\u2019s discover the nature of each type and its pros and cons.<\/span><\/p>\n<h2>1) Internal funding<\/h2>\n<p><span style=\"font-weight: 400;\">Internal funding is a type of finance that basically relies on your own savings, assets, and capital to inject necessary funds into a business venture.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is <\/span><i><span style=\"font-weight: 400;\">your<\/span><\/i><span style=\"font-weight: 400;\"> money.<\/span><\/p>\n<h4>Advantages<\/h4>\n<p><span style=\"font-weight: 400;\">When you literally dip into your own bank account and spend your own cash to fund the establishment or further growth and investment of your business, you\u2019re in complete control.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You forgo the onerous yoke of debt, which is a major advantage in any business and may allow you to take up loans more easily down the track as you\u2019re not indebted.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019re also free from the consideration of external investment and investors, maintaining sole oversight and management of your business and its activity. This makes control, freedom from debt and independence the primary advantages of internal funding.<\/span><\/p>\n<h4>Disadvantages<\/h4>\n<p><span style=\"font-weight: 400;\">As with all types of finance, there are negative considerations for businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Firstly, you\u2019ll have to stump the initial cost, and this requires a deep pool of savings, which not everyone has, and which you likely worked very hard to amass.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You may also be putting potential cash flow at risk due to depleting your available cash reserves which are often used to shore up holes in income when your accounts receivable is too high, or you\u2019re waiting for a return on investment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes opportunity for growth requires a timely injection of cash, and by using internal funding you may have to forgo such chances.<\/span><\/p>\n<h2>2) Debt finance<\/h2>\n<p><span style=\"font-weight: 400;\">Debt financing options involve the business owner taking on debt by borrowing money to fund their business. Debt finance includes bank loans, short-term business loans, credit cards or overdrafts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debt finance is an extremely popular and widespread type of business financing.\u00a0<\/span><\/p>\n<h4>Advantages\u00a0<\/h4>\n<p><span style=\"font-weight: 400;\">Many small business owners will not have a bank balance large enough to fund their business goals and outlays.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As such, debt finance has the advantage of allowing would-be entrepreneurs and established businesses to fund and grow their dreams into profitable ventures, without having to stump up the initial costs.<\/span><\/p>\n<h4>Disadvantages<\/h4>\n<p><span style=\"font-weight: 400;\">A loan will inevitably come hand in hand with interest and debt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a business doesn\u2019t turn a regular profit, the burden of debt, repayments, interest and the risk of losing a securing asset can threaten financial stability and land the borrower in a precarious position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It can also be difficult to secure larger loans without a positive lending history or assets for collateral, making them burdensome to receive.<\/span><\/p>\n<h2>3) Equity finance<\/h2>\n<p><span style=\"font-weight: 400;\">Equity finance refers to the act of securing outside business investment from organisations or individuals who will then own a stake (or equity) in your venture.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By seeking investment in your small business through equity financing, you\u2019ll need to convince angel investors or venture capitalists that your business will return a timely profit on their investment.\u00a0<\/span><\/p>\n<h4>Advantages<\/h4>\n<p><span style=\"font-weight: 400;\">By side stepping both debt and the tall order of self-funding, you have a very attractive form of financing on your hands which is a fair amount \u2018safer\u2019 than the other two options.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In many cases, you not only avoid debt by investing other people\u2019s money \u2013 you also receive the benefit of their usually savvy business advice. Investors are often careful, connected and experienced in business, lending you even more advantage.<\/span><\/p>\n<h4>Disadvantages<\/h4>\n<p><span style=\"font-weight: 400;\">Equity finance, as its name suggests, means you\u2019ll have to forgo a certain amount of equity in your business in return for their investment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By giving up not only part ownership, but often part-control over your business, you\u2019ll no longer be in the driving seat and may be forced into decisions you don\u2019t agree with and part with a portion of the profits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finding, courting and convincing an investor to take a risk on you is also a difficult and time-consuming task, requiring a very strong proposal and an outstanding business model.\u00a0<\/span><\/p>\n<h2>Types of financing for small business<\/h2>\n<p><span style=\"font-weight: 400;\">Some forms of business finance are particularly appealing and well suited to small businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Within the three main types of business finance above, you\u2019ll find a range of products, variations and permutations that extend your options even further.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before even considering taking up a bank loan for example, be sure you have surveyed the market and have a solid understanding of the various methods you could alternately be using to finance your small business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Types of business finance to think about as a small business include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Short term loans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Crowdfunding<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Angel investors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounts receivable financing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business credit cards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Equipment financing<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With an overview of the three main types of business finance in mind, it\u2019s important to speak to a trusted business advisor about your specific lending needs, business plans and business health before making a decision.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The material in this document is of a general nature for guidance only, provided in accordance with our\u00a0<\/span><\/i><a href=\"https:\/\/www.reckon.com\/au\/policies\/disclaimer\/\"><i><span style=\"font-weight: 400;\">legal disclaimer<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. Please consult a professional adviser about your specific circumstances.<\/span><\/i><\/p>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221; content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learning about types of finance is a necessary reality when starting or running a small business. You\u2019ll need to carefully pick through the types of business finance that fit your particular circumstances. Read the article to find out the types of finance for your small business and important things to consider.<\/p>\n","protected":false},"author":6,"featured_media":272882,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[206],"class_list":["post-270423","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-business-finances"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Types of Finances | Small Business Resources | Reckon AU<\/title>\n<meta name=\"description\" content=\"Running your own company? 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