starting up a business

pete26_2

hi all wondering if there any where i can get a start up loan for my business as I have bad credit i have completed a business plan which has been checked also the cash flow forecast and sales analysis. i'm on the new enterprise allowance scheme but been turned down for a loan based on my credit rating and needing to Raise £1200 to get it started properly. as I'm wanting to be classes as a sole trader, dealing in Chinese motorcycle Parts then progress on to motorcycle sales. and adding a unique personal touch to customers within a set radius by delivering the items my self and constant support even out of hours. I have check the market and there is a market that's not been untapped into at the moment. my question is is there any where i can get a loan or some sort of investment.

ILW

Friends and family.

somethingcorporate

How much are you investing yourself?

If nothing don't expect a bank to take a gamble you are not willing to take yourself, especially if you have a track record of not being responsible with your finances.

Realistically, F & F is going to be your best option.

pete26_2

somethingcorporate wrote: »

How much are you investing yourself?

If nothing don't expect a bank to take a gamble you are not willing to take yourself, especially if you have a track record of not being responsible with your finances.

Realistically, F & F is going to be your best option.

I'l be investing my own belongs such as the required tools and marketing side up to £500

[Deleted User]

pete26 wrote: »

I'l be investing my own belongs such as the required tools and marketing side up to £500

Which, unfortunately, is effectively nothing.

Agree that F&F is the only option, or trying to get on to some sort of Dragon's Den things, but that's a long winded and low success route.

gb12345

pete26 wrote: »

I'l be investing my own belongs such as the required tools and marketing side up to £500

As said by ZX, neither of those will be worth anything to a bank. They will want to see you taking a financial risk on the success of your business.

Apples2

pete26 wrote: »

but been turned down for a loan based on my credit rating and needing to Raise £1200 to get it started properly.

£1,200 is a very low figure. Why not just save up the money as opposed to trying take on debt?

You will have to make regular loan repayments so just take those same repayments and stick them in an ISA.

£1,200 is neither her not there but if it were a standard business venture, would you remortgage your house in the knowledge that if your business would fail, you would also lose your house?
You really do have to be that confident in your business idea if you expect others to jump onboard and invest in you.

DCFC79

pete26 wrote: »

hi all wondering if there any where i can get a start up loan for my business as I have bad credit i have completed a business plan which has been checked also the cash flow forecast and sales analysis. i'm on the new enterprise allowance scheme but been turned down for a loan based on my credit rating and needing to Raise £1200 to get it started properly. as I'm wanting to be classes as a sole trader, dealing in Chinese motorcycle Parts then progress on to motorcycle sales. and adding a unique personal touch to customers within a set radius by delivering the items my self and constant support even out of hours. I have check the market and there is a market that's not been untapped into at the moment. my question is is there any where i can get a loan or some sort of investment.

You sure about the statement in bold ?

Theres a website here who claim to be the UK's number 1 source for Chinese Motorcycle and Scooter parts.

So what makes you different from them ?

iolanthe07

Any dealer in Chinese motor bike parts is likely to do well. There is lots on the Motoring Board about how crap they are, so spares will be flying off the shelves.

DCFC79

iolanthe07 wrote: »

Any dealer in Chinese motor bike parts is likely to do well. There is lots on the Motoring Board about how crap they are, so spares will be flying off the shelves.

Thanks, didnt know they were crap.

mcallister_3

Your best bet would be friends and family