Starting Up

stuck_in_a_hole

ok this may sound vague

I'm considering starting up, i have experience of business planning, and forcasting. Although i am not a qualified accountant i do have a grasp of day to costs and analysing figures and speaking with grant ascosiations etc.

My main concern is that is this the right time to star, i know prices and rent are lower but will the banks be reluctant to offer an account even if what i am thinking will prove feesable?

Horace

stuck_in_a_hole wrote: »

ok this may sound vague

I'm considering starting up, i have experience of business planning, and forcasting. Although i am not a qualified accountant i do have a grasp of day to costs and analysing figures and speaking with grant ascosiations etc.

My main concern is that is this the right time to star, i know prices and rent are lower but will the banks be reluctant to offer an account even if what i am thinking will prove feesable?

All good businesses start during a recession. I got a bank account without a problem and have 3 years free banking. Try NatWest or Lloyds TSB. Why not contact your local chamber of commerce as they have free advice for start ups (and any business) either that or try business link.

Not many folks giving out grants at the moment though.

MrsCaptain

stuck_in_a_hole wrote: »

ok this may sound vague

I'm considering starting up, i have experience of business planning, and forcasting. Although i am not a qualified accountant i do have a grasp of day to costs and analysing figures and speaking with grant ascosiations etc.

My main concern is that is this the right time to star, i know prices and rent are lower but will the banks be reluctant to offer an account even if what i am thinking will prove feesable?

I think it really depends on what you're trying to sell. And how realistic you're being with your forecasting.

People are still spending, they're just spending smarter. So anyone offering consumers a cheaper way to do what they would normally do are coping.

And you've got to be different, of course.

I'd say make sure you do your research, know exactly what you're business model is and how you will make it work, don't get carried away with your forecasting and put a realistic business plan to your bank.

Good luck.

stuck_in_a_hole

i know a lot of successful businesses start during the time of recession, thats what has got me thinking is all

it is not something i am going to rush into and intend to monitor things and make sure that my research is correct before i approach the banks and have a firm idea of costs etc

was more with the way the mortgage market is i'm concerned that banks won't offer business accounts

Robertf

Depends how much credit you are going to need. If you can raise some funds yourself you won't have any problems at all.