jungle
Member
Registered: 22nd Nov 07
Location: methilhill,fife
User status: Offline
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anyone else started up on there own?
i'm trying ti secure funds for starting up and it seems to be a hell of a lot harder than i thaught
biggest problem being right now is i don't have a mode of transport (ie van)
and cant afford to purchase one as currently i am on new deal at the jcp
any one got any info on start up grants?
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mattk
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Registered: 27th Feb 06
Location: St. Helens
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Sell the Vec and get a van?
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LeeM
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Registered: 26th Sep 05
Location: Liverpool
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someone i know mentioned a princes trust grant, dont know much more about it but google it
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SetH
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Registered: 15th Jul 01
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Have you looked into princes trust? the might be able to help, not sure.
whats your finance history like? See a business advisor at your bank and present them a robust business plan and see if they will give you a small loan?
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jungle
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Registered: 22nd Nov 07
Location: methilhill,fife
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quote:
Originally posted by mattk
Sell the Vec and get a van?
no..... love it too much to get rid!
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Princes Trust is a load of shite to be honest, you'll put in a fuck load of work getting all the proper and detailed info together they need and you may get £300 off the back of it.
Have you got a clear idea of what you need, how to set it up, the general business aspects you need to address to start up?
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jungle
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Registered: 22nd Nov 07
Location: methilhill,fife
User status: Offline
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quote:
Originally posted by SetH
Have you looked into princes trust? the might be able to help, not sure.
whats your finance history like? See a business advisor at your bank and present them a robust business plan and see if they will give you a small loan?
well i have a meeting with the business manager on monday to set up a business account so i will see what the options are with them?
got my business plan allready and waiting 
anyone else have any info that will be of help to me?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Do you have any savings to put in?
A bank is going to want a min of 50/50 on a business loan and most of the time that will be with some sort of security on the other 50%.
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jungle
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Registered: 22nd Nov 07
Location: methilhill,fife
User status: Offline
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quote:
Originally posted by Cosmo
Princes Trust is a load of shite to be honest, you'll put in a fuck load of work getting all the proper and detailed info together they need and you may get £300 off the back of it.
Have you got a clear idea of what you need, how to set it up, the general business aspects you need to address to start up?
well tools wise i don't need a thing but vehical wise am stuck 
i've been in two meetings with business gateway today and yesterday and they have set targets for me to meet like:
> business plan
> set up business bank
> public liability insurance
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Plan and bank I agree with, they cost nothing.
Insurance I wouldnt get, just get the costs involved, but then again you should of got these to formulate a proper business plan and give a forecast of both the cash flow and the P&L for the next 3-5yrs.
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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Sounds like you either need to use your veccy as the works car then or sell it.
Your will find you will probably have to make sacrifices to get it off the ground properly - this may include selling the vec and getting a van. If it all goes well later on you can always get another
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jungle
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Registered: 22nd Nov 07
Location: methilhill,fife
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quote:
Originally posted by Cosmo
Do you have any savings to put in?
A bank is going to want a min of 50/50 on a business loan and most of the time that will be with some sort of security on the other 50%.
i don't have any savings what so ever...
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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A bank will not give you a loan without security, not a business loan anyway.
You could try for a personal, but if you're not in full time employment whilst setting up then you'll be lucky to get one.
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DizzyRebel
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Registered: 2nd Jan 09
Location: Lincoln
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Banks arent lending at the minute, especially if you have no equity in the business. Unless you are a homeowner and put your house as security you wont get a bank loan.
I went to the princes trust last year, the workshop they do is worth doing as it makes you think about the other aspects and potential pitfalls with your business idea that may previously have been glossed over by over ambitious eyes.
At the end of the workshop, they told us that we would need a credit check etc to get the loan they offer, and thats even if we had a solid and faultless business plan. They told me my business plan was one of the best they had ever seen and the business would be a huge success, but because i had a poor credit history with outstanding debts they wouldnt give me the loan.
The loan is only 2k anyway, and thats not even enough for a vehicle and insurance. It used to be upto a 3k loan and a 3k grant, so 6k in total which is what i needed.
In the end i sacked it of and went to my step brother for some help. now im in the final stages of setup and should be trading by the start of the tax year!
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Root
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Registered: 28th Dec 08
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you can't walk in a bank and say "i'm gonna start up a wedding dress business" and expect a loan from them. Unless you are buying a business that already makes a specific amount of money that you can show to them to prove you can pay it back, you need to go do a lot of research and come up with realistic figures about what your business will be turning over. You need to investigate everything. Surveys etc.
Make a poster of your business (sorry don't know what you're doing), then go on the street and ask people who look like your target audience (or quid them to discover if they are your target audience) and see if they would use YOUR business. That way you can tell the bank, if you spend X on advertising, you are expecting to make X return, as far as this research is concerned.
That's just a suggestion anyway, best of luck
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John
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Registered: 30th Jun 03
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If the business loan is solely for a van surely you can just go and get something for a few hundred quid instead?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by John
If the business loan is solely for a van surely you can just go and get something for a few hundred quid instead?
If I was starting a business, then this is what I would do tbh.
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x14xe sport
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Registered: 27th Apr 09
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sell your car, i had to sell mine to buy a van, its called a sacrafice and you wont make anything of a business without sacrafice and hard work. i'v had no help from anyone but know at the age of 21 i have 3 big contracts and 2 people working for me...
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DizzyRebel
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Registered: 2nd Jan 09
Location: Lincoln
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fuck the car off tbh and buy a van, a van is a meal ticket, but a car is just another mouth to feed. you can always buy another car once you start earning enough to warrant luxury expenditure. I sold everything i could, cars, bikes, electronic stuff and anything else worth money to pay for my startup costs... doesnt bother me because i know it will all pay off!
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Anty
Premium Member
Registered: 19th Mar 08
Location: droitwich
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quote:
Originally posted by mattk
Sell the Vec and get a van?
estate.. pimp`d 
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Butler
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Registered: 2nd Jun 05
Location: London
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What do you do DizzyRebel?
I agree, you need to be dedicated to succeed, you will have to make the sacrifice of selling your car and hopefully you will have the hope that you will get the money back one day.
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Jay
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Registered: 26th Sep 04
Location: Liverpool
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quote:
Originally posted by Cosmo
quote:
Originally posted by John
If the business loan is solely for a van surely you can just go and get something for a few hundred quid instead?
If I was starting a business, then this is what I would do tbh.
This is what I've just done, bought a £500 Combo van. It will do me for now, no point in spending grands on a van when theres alot of other startup costs, seems you cant make a small sacrifice of getting rid of your car to get a van and get the ball rolling. If your confident in the business then another car wont be hard to come by
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Paul_J
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Registered: 6th Jun 02
Location: London
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It's not even like it's a super special car anyway...
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a_j_mair
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Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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quote:
Originally posted by x14xe sport
sell your car, i had to sell mine to buy a van, its called a sacrafice and you wont make anything of a business without sacrafice and hard work. i'v had no help from anyone but know at the age of 21 i have 3 big contracts and 2 people working for me...
best advice in the thread
if you are not willing to make sacrifices dont even bother starting tbh
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jungle
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Registered: 22nd Nov 07
Location: methilhill,fife
User status: Offline
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for a start i'm a painter and decorator so can't use a car to work from as that would just be daft!
also the car aint mine as such... so wont be able to sell it!
starting to think about sacking it off til i have abit money behind me to start up properly without the need for any help
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