New Sole Trader Business Acc At Lloyds TSB Overdraft?

karajane

I have recently become an avon lady, I only started doing it as I was spending about £10 - £15 every 3 weeks buying make up and shampoo etc from then so thought I would give it a try to make my treats for free. Well it has took off like I couldn't believe. Yes I understand it was just before Xmas, butr I am now on my second campaign and the orders go in on 30th December and I have sold over £1000 worth!!

Obvious;y I am ecstatic so signed myself up as a sales leader to start recruiting and also opened a pro merchant account on Amazon and an ebay seller account.

I appied opnline for a business account with LLoyds TSB where I currently bank as Ammazon couldn't disperse my funds, I was supposed to get a call and didnt so popped in branch and the man did it there. I just projected my figures at a brear nminimum requirement but on paper it still looked fabulous, and its well under what I have actually now sold on this campaign.

My question is this. I never mentioned an overdraft as I didnt really think about start up costs as they are minimal and I alreay have a car/computer etc. My new card and pin has come and I have spent my first lot of commission befopre I opened the business account. But I really need a printer to keep up with the amount of work I am doing and can't afford to pay for one until my next commission comes, so does the account come with a ready made overdraft so I can get a colour laser printer as soon as possible as I am strugling to keep up writing and doing everything by hand? If I have to wait till my next order arrives on 7th and I start delivering to collect monies I suppose I will have no choice as i haven't started listing oin Ebay yet so no monies in paypal to use, and like I said the disperdal didnt get sent from Amazon as I hadnt entered account details, but I have no, so that money will be arriving soon

bris

No it won't you will have a functional business account and thats all, everything else is by negotiation. Phone your relationship manager and speak to them to ask for a small overdraft to be put in place, easier said than done in this climate though but you won't know until you ask.

phill99

Business to business banking in the UK is nothing shirt of a scandal. You do realise you will be paying a fee each time you deposit money and each time you withdraw it.

Most banks will charge you an 'admin fee' just to look at an over draught application without guaranteeing that you will be granted an over draught. Plus the over draught fees are very high.

A £100 printer could easily cost you £200 on a business over draught.

Try and buy it out of your personal account, 0% interest credit card! borrow from mum and dad etc? or just carry on as you are until you get your next lot if commission.

Aquamania

karajane wrote: »

I have recently become an avon lady, I only started doing it as I was spending about £10 - £15 every 3 weeks buying make up and shampoo etc from then so thought I would give it a try to make my treats for free. Well it has took off like I couldn't believe. Yes I understand it was just before Xmas, butr I am now on my second campaign and the orders go in on 30th December and I have sold over £1000 worth!!

Obvious;y I am ecstatic so signed myself up as a sales leader to start recruiting and also opened a pro merchant account on Amazon and an ebay seller account.

I appied opnline for a business account with LLoyds TSB where I currently bank as Ammazon couldn't disperse my funds, I was supposed to get a call and didnt so popped in branch and the man did it there. I just projected my figures at a brear nminimum requirement but on paper it still looked fabulous, and its well under what I have actually now sold on this campaign.

My question is this. I never mentioned an overdraft as I didnt really think about start up costs as they are minimal and I alreay have a car/computer etc. My new card and pin has come and I have spent my first lot of commission befopre I opened the business account. But I really need a printer to keep up with the amount of work I am doing and can't afford to pay for one until my next commission comes, so does the account come with a ready made overdraft so I can get a colour laser printer as soon as possible as I am strugling to keep up writing and doing everything by hand? If I have to wait till my next order arrives on 7th and I start delivering to collect monies I suppose I will have no choice as i haven't started listing oin Ebay yet so no monies in paypal to use, and like I said the disperdal didnt get sent from Amazon as I hadnt entered account details, but I have no, so that money will be arriving soon

Do you really need a colour laser printer costing £100s... that you cannot currently afford?

You can pick up a cheap colour printer (inkjet) for about £30 or a laser monochrome one for about £50 whichever is better suited.

lincroft1710

karajane wrote: »

I appied opnline for a business account with LLoyds TSB

Which bank did you apply to, Lloyds Bank or TSB? They have been completely separate organisations for a few months now.

paddyrg

Overdraft facility, used or otherwise, will require personal guarantee and annual charges. Very poor value for money. Borrow a printer/use a print shop for now, otherwise the £100 printer will want another £100 of consumables, back to the bank, etc.

MerchantMariner

Colour laser is pretty extravagant for what is, at the moment, a low turnover business. Any particular reason why you need colour? If you're just printing invoices/delivery notes then there's nothing wrong with black and white.

[Deleted User]

First post by OP in almost 2 years and they only hung around for 3 minutes

Just saying... :cool:

GolfBravo

Think of the printer as a business asset helping you generate extra cashflow.

How much extra cashflow will your business generate with a colour laser printer vs mono laser printer?

Can your business afford the replacement colour toner set at £200+ vs £60 for mono? And with the low yield starter laser toners they will run out pretty fast.

wellwellwe

I find this post very strange as the OP is SELLING 3 Laser Printers on Amazon:mad: