Business funding options for unemployed single mum? Stuck! Please help

carrot-cake_2

I have a business idea which I have been researching for about 12 months. My life took an unexpected nosedive and I have ended up a single parent on benefits (this is after 4 years studying to become an accountant and actually getting a job in an accountancy practice!) just shows you never know whats around the corner.

Anyhoo the only good thing to come out of losing my job, partner, life is that I now have absolutely nothing to lose in setting up the business.

I am 99% certain this can take off, I am not going in blind I have the knowledge and skills to set the business up, run it, website designer already chosen and spoke to them in great detail about what I want and prices etc. Suppliers already spoken to, negotiated with, trade accounts given to me, home office all set up and ready, accountancy software to do my books already in place and accountancy knowledge and experience in cash flow, business performance, forecasting, budgeting, costing, payroll etc.

The only thing stopping me is the money to start up which is obviously a massive problem. I have applied for a start up loan from MSIF but they haven't given me a decision yet and are not very good at communicating with me so I'm not going to get my hopes up.

I have around £1000 on my credit card which is going to be used for initial stock. I just need around £2500 for a good quality website.

Because I am now unemployed and my credit file will only get better after 2015 when my settled defaults come off I'm really limited to where I can go for a loan.

If anyone knows of any funding, grants, start up loans, help for single mums starting in business that would be great and much appreciated! :j:beer:

googler

carrot-cake wrote: »

I have a business idea which I have been researching for about 12 months.

If anyone knows of any funding, grants, start up loans, help for single mums starting in business that would be great and much appreciated! :j:beer:

I would hope that any startup loans, grants, etc. are provided on an equal basis for all sectors of the community, and that single mums don't get preferential treatment ....

Kayalana99

googler wrote: »

I would hope that any startup loans, grants, etc. are provided on an equal basis for all sectors of the community, and that single mums don't get preferential treatment ....

It seems a good idea to me if you think outside the box single mums are the most likey not to work and just live on benefits... if you can help them get a job or 'make their own' and cost tax people less money then surely thats a postive.

Kayalana99

carrot-cake wrote: »

I have around £1000 on my credit card which is going to be used for initial stock. I just need around £2500 for a good quality website.

Because I am now unemployed and my credit file will only get better after 2015 when my settled defaults come off I'm really limited to where I can go for a loan.

If anyone knows of any funding, grants, start up loans, help for single mums starting in business that would be great and much appreciated! :j:beer:

My only suggestion is to try and find a business angel (basically a dragons den investor type) , present them with your business idea etc.

That said its always worth getting a business plan together and trying to get a commercial loan - end day your only asking.

Family members are always a good shout to...

Kayalana99

Have you thought about how your going to traffic your website? Could you start on ebay? gumtree? amazon? instead of jumping straight in?

At least you could prove that its a worthy business if you start making sales then banks will be more likey to talk to you. (sorry for third post lol)

carrot-cake_2

googler wrote: »

I would hope that any startup loans, grants, etc. are provided on an equal basis for all sectors of the community, and that single mums don't get preferential treatment ....

Theres actually lots of schemes out there for single mums its just finding them. Mumpreneur is one of them that supports mums setting up in business.

However I probably should have worded my post better and said if anyone knows of any start up grants, loans, schemes that would be great. Or any help for single mums. The part about single mums should have been separate from my question of any regular start up loans, grants etc.

carrot-cake_2

Kayalana99 wrote: »

Have you thought about how your going to traffic your website? Could you start on ebay? gumtree? amazon? instead of jumping straight in?

At least you could prove that its a worthy business if you start making sales then banks will be more likey to talk to you. (sorry for third post lol)

Thanks for your reply unfortunately the stock I will be selling is not to be sold on ebay or amazon. The suppliers stated that I have to agree not to sell on these sites if given a trade account but if I wanted to in the future I would need to sign a contract and pay a fee for this.

Suarez

£2,500 is a lot for a website these days.

Does the website contain any particular functions that an off the shelf website couldn't do?

PasturesNew

Nobody "needs" a website today, from day one - especially on borrowed money.

With little startup capital I'd get a Wordpress hosted site and buy a nice theme either from templatemonster or hiring a freelancer. Then I'd use a variety of sites, such as Facebook/Pinterest to bring in traffic and I'd use the website to provide a simple e-commerce solution from a plugin.

Having said that, success will also depend on whether your new business is knitting personalised bootees for kids with three feet...... or making/making doggy treats .... or offering PR Services to local vertical markets.

Suarez

PasturesNew wrote: »

Nobody "needs" a website today, from day one - especially on borrowed money.

With little startup capital I'd get a Wordpress hosted site and buy a nice theme either from templatemonster or hiring a freelancer. Then I'd use a variety of sites, such as Facebook/Pinterest to bring in traffic and I'd use the website to provide a simple e-commerce solution from a plugin.

Having said that, success will also depend on whether your new business is knitting personalised bootees for kids with three feet...... or making/making doggy treats .... or offering PR Services to local vertical markets.

Exactly what I was going to suggest.

nonnatus

I also agree that £2500 is a LOT for a website!

I run a successful Internet retail shop and a couple of months ago had a re-design of the website.

I got several quotes in and all came in under £1000. Included all the relevant pages, shopping cart, security encryption, blah, blah.
The one I picked even included new photo's of all my stock for illustration and some SEO stuff. The resulting Website is terrific. I'm on first page of Google for most of my search terms and I honestly can't think what an extra £1500 would have paid for??

Have you had more than one quote?