New Start Up Funding/Grants

AzimScot

Hi,

I am interested in taking out £5000 of funding to start a new business. I have a business plan, market research and e-marketing plan. but don’t have any savings or money from friends or family to start up a business? Is there any funding for me? I am not interested in a loan of any form from bank or agency.

Thanks.[FONT=&quot][/FONT]

stephenni1971

So you don't want any sort of funding that you actually have to pay back - but prefer someone to just give you the money?

Premier_2

Ask that guy you saw, he apparently can make over twice the amount you need in just 4 minutes
http://forums.moneysavingexpert.com/showpost.php?p=40322968&postcount=7

I'm sure he'll give you 2 minutes of his time

Horace

It is possible to start up a business from scratch with no savings at all - it just takes hard work and lots of it. I would be very surprised if you got any funding because there hasn't been any about for the last two years at least. You may get some free courses from your local Chamber of Commerce but you won't get any funding.

laurajayne

AzimScot wrote: »

Hi,

I am interested in taking out £5000 of funding to start a new business. I have a business plan, market research and e-marketing plan. but don’t have any savings or money from friends or family to start up a business? Is there any funding for me? I am not interested in a loan of any form from bank or agency.

Thanks.

You wouldn't be 'taking out' £5,000, all you've left open are awards or grants that are awarded to you.

Look at it from another point of view, basically you've said your not prepared to take a risk on your business - so why would anyone else? I should imagine, unless you are living in a deprived area, or are starting business in a very specific field, then there are no grants availiable - there are precious few as there are anyway.

Plus, if you've done as much research as you appear to have; well, why haven't you already located any such grants?

I'm afraid you'll have to do what the rest of us do - find a way to make it work. If you have the passion for your business that you'll need to succeed, then you'll find a way!

FatVonD

Is this thread of any use to you?

https://forums.moneysavingexpert.com/discussion/1428707

AzimScot

fatvon excellent just proves so many people wrong when they say you cant get any money to start a new business. People get grants for silly things why not business.

chalkie99

Clutching at a small straw there then :rotfl:and ignoring the rest of the replies.

Business is all about risk and reward - not just reward.

You want someone to gift you £5k of taxpayers money - Why?

You don't even want to consider a loan!

What would you do with it? Undercut already established businesses?

When the grant is spent and you have to run on a commercial basis how would you feel about someone else getting a free £5k and undercutting you?

Jowo_2

AzimScot wrote: »

Hi,

I am interested in taking out £5000 of funding to start a new business. I have a business plan, market research and e-marketing plan. but don’t have any savings or money from friends or family to start up a business? Is there any funding for me? I am not interested in a loan of any form from bank or agency.

Thanks.[FONT=&quot][/FONT]

Your historic posts indicate you've not managed to make much headway on 5k personal debt which you've had for many years.

Firstly, this kind of debt is going to hang over you even more when you take the plunge with self-employment which is risky. Secondly, it can indicate that the complex financial planning that comes with running a business may not be a strength when this is going to be really critical.

Perhaps you could consider joining a Credit Union which is a fantastic place for those on low income and once you have established a history of saving with them, you can then apply for a low interest loan.

You could struggle to get a loan from a high street lender to help set up your business because of your poor credit history.

And why 5k? Why not invest a smaller sum and then bootstrap (i.e. reinvest all profits back into it to grow it). Do another business plan to model having a smaller start up.

As you appear to be in Scotland, you should look at the Scottish Enterprise site which is an organisation that helps those interested in starting up their own business.

chalkie99

Jowo wrote: »

Your historic posts indicate you've not managed to make much headway on 5k personal debt which you've had for many years.


And why 5k?

Perhaps that is the answer - Someone give me 5k I don't have to pay back. I'll say I'm starting up a business. Tell them the business failed - Sorted!

Jowo_2

chalkie99 wrote: »

Perhaps that is the answer - Someone give me 5k I don't have to pay back. I'll say I'm starting up a business. Tell them the business failed - Sorted!

Cheeky! I don't believe there's any correspondence between the OPs persistent personal debts and the sum needed for the business.

I just think that setting up in business is very insecure and risky so it helps to be well sorted in the personal realm before plunging into this. Not managing personal finances has got to be an indicator of perhaps not being cut out to be competent at business finance which is much more complex and less forgiving.

I also agree with the previous posters who argue that personal investment in a business is a good idea rather than expecting the entire original investment to be at someone else's risk in the form of a grant. I think it's a good motivation to have your own money at stake rather than having absorbed a viewpoint that someone else gets burned if the business fails.