Starting self employment after redundancy

mrssarahh

My husband was made redundant 2 weeks ago. The company went into liquidation so we have to wait about 8 weeks before any redundancy money comes through.

He has had a couple of offers of work, one big-ish one (but not 100% permanent) and quite a few odd jobs, bits and pieces.

He is quite keen to start up on his own so that he can mainly work for the one bloke, but still do the little jobs legitimately.

This isn't a problem as I am an accountant, so I know how it all works!!

The problem we have is he will need a van/truck and we just don't have the money for one, or enough money to repay a loan for one each month.

He would sell his car, but it probably won't be enough for a decent van, and not sure if we could even sell it the way things are!

I looked into grants and loans for new businesses, but it doesn't really seem to apply - its not a great business venture, just bits and pieces of work!

Does anyone have any advice on how we can get a van!!??

the182guy

Have you looked into renting a van?

There are also special finance arrangements available which might suit you, for the purchase of commercial vehicles.

Another suggestion - do you know anyone that could start a partnership with your husband? That would split the costs - but also the profits.

Horace

mrssarahh wrote: »

My husband was made redundant 2 weeks ago. The company went into liquidation so we have to wait about 8 weeks before any redundancy money comes through.

He has had a couple of offers of work, one big-ish one (but not 100% permanent) and quite a few odd jobs, bits and pieces.

He is quite keen to start up on his own so that he can mainly work for the one bloke, but still do the little jobs legitimately.

This isn't a problem as I am an accountant, so I know how it all works!!

The problem we have is he will need a van/truck and we just don't have the money for one, or enough money to repay a loan for one each month.

He would sell his car, but it probably won't be enough for a decent van, and not sure if we could even sell it the way things are!

I looked into grants and loans for new businesses, but it doesn't really seem to apply - its not a great business venture, just bits and pieces of work!

Does anyone have any advice on how we can get a van!!??

If he sets up his own business, he could always take out a business loan - not sure if banks are lending at the mo, but there is something purely for businesses called the Arrow Fund. Could the idea become a better one making for a better business venture? The reason I ask is that it maybe easier to get a business loan if the business has more viability.