I'm only just too old for Prince's Trust who else can help?

moogyboobles

I need to borrow about 2 or 3 grand so I can start my photography business. It's very frustrating.
As I've been a stay at home mum for years we are on a low income, I know a bank would just laugh at thought of lending me money! I've been offered work I can't do because I don't have the money for all the equipment I need.
Does anyone have any ideas?

Rolo_Tomasi

There may be grants available but it depends on where you live. The best place to start would be your local business link.

Have you approached your bank? If you can create a good business plan which shows the ability of the new business to repay any loan then they may look more favorably at you. It is probably worth while writing a business plan anyway because it makes you consider where the business is worthwhile long term.

Another option may be to lease the equipment you need as that way you need less money upfront.

martin1018

What sort of area of photography are you involved with?

I need some doing and might be prepared to pay up-front so that would give you funds to get some equipment - although I don't know how much my work would be worth, I'll ask some local photographers for an idea.

Alternatively how about getting an interest free credit card to get your kit, and with the jobs you're promised you could get a fair bit of it paid off and get you up-and-running.

Just a thought.... but good luck whatever you decide.

moogyboobles

Thanks Rolo Tomasi (funnily I nearly got to shoot them this summer, but the pit was too full).
I worry about a bank loan as I expect they want payments to start straight away, I don't know if I'd be able to do it. I'd need to build the business up, plus most of the money making work is seasonal.
Renting is expensive, once we've paid rent & bills (and we have no debts) we barely have enough for food. Usually for camera rental you need a huge deposit.

Martin - Music is my first love, but there is literally no money in that. So I'm hoping to get into weddings (I have done a couple as a backup photographer), portraits, promos...etc.
I don't think they'd give me a credit card with a limit that high or a decent apr!

It's annoying as I spoke to Prince's Trust, they were pretty sure they could help if it weren't for the fact I'm 31 in 2 weeks time!

borders_dude

moogyboobles wrote: »

I need to borrow about 2 or 3 grand so I can start my phoography business. It's very frustrating.
As I've been a stay at home mum for years we are on a low income, I know a bank would just laugh at thought of lending me money! I've been offered work I can't do because I don't have the money for all the equipment I need.
Does anyone have any ideas?

Find a business angel?

Start the business as a social enterprise? There are usually funding available from a few places for this.

Which part of the UK are you in? Scotland? England? Wales? Northern Ireland?

stephenni1971

borders_dude wrote: »

Find a business angel?

Start the business as a social enterprise? There are usually funding available from a few places for this.

Which part of the UK are you in? Scotland? England? Wales?

Or Northern Ireland even???!!!

At the levels you are talking about, have you looked into the Credit Unions? They provide small loans ( though you will need to contribute for a while before being considered ) and reasonable rates.

That said, if weddings are your thing surely a couple of those would more than cover your costs.

If you took a few bookings & deposits surely you could buy the kit you need and be cash positive from day one.

Remember to be realistic with the kit you need, I know form experience a lens can be £2000, but to start you may have to compromise until you get a bit more business and then you can upgrade later.

borders_dude

stephenni1971 wrote: »

Or Northern Ireland even???!!!

Yeah, looks like I missed it out. I've added it just to shut you up!:rolleyes:

moogyboobles

borders_dude wrote: »

Find a business angel?

Start the business as a social enterprise? There are usually funding available from a few places for this.

Which part of the UK are you in? Scotland? England? Wales? Northern Ireland?

I'm not sure my business really benefits the community (although I do alot of volunteer work, just not photography based).
I'm in Essex.

Not looked at credit unions, not really heard of them before.
The fact just a few weddings could pay it of is what's frustrating me the most. I'm ok for lenses now, the main thing is a new camera, I need one that handles noise better (not to mention you need 2 for a wedding really so I'd have my current camera as a back up) and a bit of lighting equipment, spare batteries etc. Alot of "in case" stuff. you can't risk it on someone's big day!
I'll always want lenses. But it's not what's holding me back from being able to start charging people.
I do have insurance already thankfully.
I have one way out plan to actually ask the manufacturer for a camera, I have a big gig coming up (there'll be press coverage) I should get a pass for, be nice if I could have a better camera for it. They'll probably say no but worth a shot.

paulwf

If you haven't already get yourself on the Business Link courses. They are free and arranged at various times so you can arrange around childcare.

After that write a full length business plan whether you intend to apply to the bank or not. The market research and costings aspects will really help you.

I actually think it is very good you have to find the money...if you can't find a way of raising £3K it probably suggests you aren't suitable to run your own business or the business isn't viable. I'm always suspicious as to how rock solid business plans are when forum posters insist on grants rather than loans.

From your posts I think you could do with a dose of positive mental attitude. Sorry to sound all cheesy American but if you don't try you won't get anywhere. Call all the banks and see if anyone is interested, £3K isn't a lot so you might get lucky. You also won't know if you can get a £3K credit card unless you apply. Actually most credit cards give you a low limit for 6 months then you can raise it, why didn't you apply 6 months ago to get ready in time for wedding season 2010?

Have you asked friends or relatives for a loan with a profit share?

With any small business startups there also has to be a bit of "blagging it" early on. Did you see the programmes on how any of the dragons from Dragons Den started out? Or read something like Going It Alone by Geoff Burch (free extracts online or only a couple of quid at AbeBooks).

Can you borrow some kit for the day from the photographer you assisted? Can you rent a few small specialist bits? Have you tried Freecycle and Ebay? have you asked for fees upfront? With some favours and some luck could you get by on £500? After all, mid range equipment now is probably as good as super expensive equipment 3 years ago, is anyone going to notice if you aren't using super cutting edge equipment?

Can you do other events where equipment isn't so critical? Or get an evening job for a year to pay for the kit? If you *really* want this to work there are many ways it will, but you won't get anywhere unless you are prepared to explore every option.

cally6008

any chance of getting someone slightly younger to apply for princes trust ?

happywarmgun

I have no doubt cally6008 suggestion is well intentioned and pragmatic - but do bear in mind if you go down that route it is also criminal fraud.