business start up - need cash!!

alice_baby

I am in the process of starting my own business and need 10K to carry me through the first 6 months. What is the best and cheapest way to do this. I do not imagine that i will be in a position to pay off a lump some for some time and don't want my repayments to be huge. Is adding it on to my morgage the best way or super balance transfers? Please help!

deemy2004

You could look at selling a share in your business

I.e. look for an investor to back your business for a % share in the company, theres a program on the tele at the moment - Tuesdays BBc2 at 8pm "Dragons Den" that shows how people make presentations to potential investors.

THough watching the program, it does look a lot like watching the lambs to the slaughter.

alice_baby

Thanks for that, i agree watching it makes your toes curl!

I would want the business to be soley in my hands and wouldn't want to take an investor at this point. On a purely financial side, what method of finance would you recommend? Adding it to the morgage seems the less scary options as havng 10k on cards seems a lot. Am i being blinded by my own prejustice towards credit card debt do you think?

deemy2004

I would go with what charges the lowest interest rate, so normally that means addign to your mortgage.

Though if your credit rating is okay, and if you think you can manage the credit card shuffle, i.e. shifting debt between 0% credit cards, then that obviously can't be beat.