Putting your own money into your business can be an easier and faster way of seeing your business idea come to life. This is applicable whether you plan on operating as a sole trader or as a limited company. However, it is also a test of your confidence and commitment to your idea. While this does not require an application or business plan, it is recommended that you have one to ensure you have thought it through.
Some drawbacks to this are; you might not have as much money to invest into it compared to getting a loan or a grant, and the money you put in might be your emergency savings. This could impact you in the long run, as well as change your lifestyle and day to day budget.
Always keep your business money separate from your personal finances, evaluate the risks thoroughly, be careful not to lose assets in the worst case scenario and know what the limits are.
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