Startup advice please

Azeluk

Hey everyone,

New member and in need of some advice, I was made redundant back in may and finding a job has proven impossible so I have decided to go it alone and start my own business, thing is my bank loves my idea but they won't fund me they've advised me to look up startup loan companies but there's so many to look through I'm kinda boggled by it all :-(.

Can any one advise me were to start? Also I've been told there are government incentives available for first time businesses but again I can't find them, i've contacted so many people and I'm just being passed around.

Any help would be really really really appreciated.

Many thanks

Andrew

P. S. It's a retail shop business I'm thinking of opening.

Tixy

What sort of amount are you looking to borrow? as that will have a big impact on where you might want to approach for funding.

Have they bank said why they won't fund it? did they see a detailed business plan and financial projections?

Have you had a look at this tool for finding funding https://www.gov.uk/business-finance-support-finder

19lottie82

Generally for a business you'll need 50% yourself before a bank will considering lending you the rest. How much do you have?

BJV

I would contact your local council as there may be grants for training and support but a lot will depend which field your business is in.


Ref start up loans ????? be careful. We started 6 years ago god it seems longer and there where some really TOUGH & DARK DAYS. No one would lend us anything and it was touch and go. But now things have changed and thank god it did everyone wants to give us everything. I also remember when we looked lots of start up companies asked for a charge against your home or later a percentage of the business.


I do not have a lot and it has been a lot of hard work but I owe nothing and still own 100% of the company.


I wish you all the best and really hope that you go for it. Just do not expect everything to happen overnight.

Azeluk

Barclays did see my business plan and I had a discussion at length with the manager, they absolutely loved my idea but I have no money to put in it myself, and I have no experience running a business that's why they said no :-(.

Loan whys I'm ideally looking at about 15 - 20k thats for stock and to cover a years rent and other rates.

I know running a business is difficult I'm under no illusion of that fact, i've had this idea for so many years the research I've done and the responses I've got proves that it's a great idea and I'm sick and tired of working Mt backside off for some one else only to be rewarded with very little thanks or with my last job redundancy.

I really want this to happen but every corner I turn there's a blockade usury due to money.

Tixy

With no start up capital at all it is likely to be difficult. Do you have any assets, e.g. do you have a property that would make a personal guarantee from yourself be of value to a lender?

If you have no experience of running a business then I'd definitely consider one of the places that providers a mentoring service (you can find some on the link in post #2).

One cheaper way to start a retail business is to start by selling online first, that way you save a lot of initial overheads and can start to build up a business gradually before seeking significant funding. Is that something that could work for your business (obviously it doesn't work well with perishables).

WellKnownSid

Having opened a few business accounts over the years - it's become noticeable how the banks are reluctant to lend. I second that starting up without a loan is certainly the best way... it's hard enough to get things moving without a chunk of your income paying back startup finance.

First things first - figure out how you are going to live without an income / with a very small income over the coming months.

Then - turn your attention to the business side. You mention stock - can you get enough firm orders in place such that your suppliers are willing to extend a line of credit that covers the cashflow? You mention rent / rates - do you really need premises - and if so, can you beg / steal / borrow something in the short term?