Wanting to start a business, but my credit history is very poor

Arleen

Let's make it very clear - if you want to start a business that requires money, but you don't have that money, and you have a history of not managing your personal obligations then you will not be going into that business.

But it has a good side, as you clearly are able bodied and it's called working two jobs and saving up, so in some months time, you can open that dream business of yours. If the market is so fragile that it will disappear in few months, then you shouldn't be getting in it in the first place. Additionally, almost every single business can run for nearly no capital, you simply have to grab your business plan and find a way to execute it with minimal capital.

Call it harsh, unfair, that I know nothing about you - whatever makes you happy. What this post says is business reality.

topaztiger1983

I understand that I need money to start a business I am not thick

I can't work 2 jobs as I have the responsibility of caring for my partner

No-one seems to want to give anyone a chance these days, people change and have aspirations, if that is a bad thing then I am sorry, can't blame me for trying to better myself

I don't care if you don't believe in me, I believe in me and I can make this work, with or without help and advice, I will find a way

If the market is so dominated by pet superstores how do little pet stores stay open

I am talking about pet supplies for the public not supplying to the pet stores themselves, maybe eBay is the way to go, in my situation, get some stock sell it on eBay, make a profit buy more stock, until I have enough money to open a store front business

Thanks for you help, NOT

Niv

topaztiger1983 wrote: »

I understand that I need money to start a business I am not thick

I can't work 2 jobs as I have the responsibility of caring for my partner

No-one seems to want to give anyone a chance these days, people change and have aspirations, if that is a bad thing Its not then I am sorry don't be, can't blame me for trying to better myself I don't

I don't care if you don't believe in me good, you shouldn't take to heart what a bunch of strangers on a internet forum say , I believe in me good and I can make this work, with or without help and advice, I will find a way

If the market is so dominated by pet superstores how do little pet stores stay open sadly, many do not stay open all that long (not in my local town anyway)

I am talking about pet supplies for the public not supplying to the pet stores themselves, maybe eBay is the way to go, in my situation, get some stock sell it on eBay, make a profit buy more stock, until I have enough money to open a store front business

Thanks for you help, NOT

I think you have mentioned your best possible option. Selling on eBay with a small amount of stock and build slowly as you can afford it. This will limit your financial exposure while you understand supply and demand.


If you ever do manage to get enough funds for a physical shop and still want to use that option, please make sure you scope out the local demand for such a store as it would be a shame if your hard work getting there was wiped out due to a poor location / lack of demand.


Good Luck

MEM62

I know that it is not what you want to hear but you cannot start a business with someone else's money. You have to risk your own. The best finding you will get is maybe 50/50 is you have a good relationship with your bank and a solid business plan.

And of course you are convinced that it will work. Anyone wanting to start a business will have that level of belief. But it is easy to convince yourself when you are not investing or taking a financial risk.

If you have that much belief in your idea then start saving and you'll get there in the end.

topaztiger1983

I am going to start small selling on eBay then see how it goes from there

Helvetica_Van_Buren

topaztiger1983 wrote: »

I understand that I need money to start a business I am not thick

You need your own money - not borrowed money.

topaztiger1983 wrote: »

I can't work 2 jobs as I have the responsibility of caring for my partner

topaztiger1983 wrote: »

No-one seems to want to give anyone a chance these days, people change and have aspirations, if that is a bad thing then I am sorry, can't blame me for trying to better myself

And nobody owes you a loan, or the opportunity to start your own business.

People won't lend to you because - as you state - your "credit history is very poor".

topaztiger1983 wrote: »

I don't care if you don't believe in me, I believe in me and I can make this work, with or without help and advice, I will find a way

Simply declaring "I KNOW I CAN MAKE THIS WORK" counts for nothing - especially when you DON'T know you can make it work.

topaztiger1983 wrote: »

If the market is so dominated by pet superstores how do little pet stores stay open

They've been doing it for years - you haven't.

topaztiger1983 wrote: »

I am talking about pet supplies for the public not supplying to the pet stores themselves, maybe eBay is the way to go, in my situation, get some stock sell it on eBay, make a profit buy more stock, until I have enough money to open a store front business

This is a much better idea.

What experience do you have of running a business? Are you going to register as a limited company or be self-employed? Do you live in rented accommodation? You may find your tenancy prohibits you from operating a business. Are you going to calculate your income tax obligation yourself or pay someone to do it for you?

topaztiger1983 wrote: »

Thanks for you help, NOT

You have a real chip on your shoulder when there's really no need for it.

Deciding you're going to start a pet-supplies business from nothing (and with nothing) and then getting upset when people point out the issues with this really isn't going to get you very far.

Pro-tip: you don't need a loan to start a business.

iolanthe07

We have just had a lovely pet shop close in our town. The owner said that she could not buy supplies at the price on-line large retailers sell them for. EG: they sold a large sack of a well-known dog food for £55.00 when I could buy it on-line and delivered for £43.99. You want to support small local businesses, but this sort of differential stretches loyalty.

topaztiger1983

I see the point, but some people like to see a friendly face not a computer screen

Also I was going to set the company up as a Limited Company

poppasmurf_bewdley

topaztiger1983 wrote: »

Also I was going to set the company up as a Limited Company

And with that goes the initial costs of setting it up, plus you have to employ an accountant to do your books. Can you afford these?

topaztiger1983

That is true, but was going to use any funds I got