Setting up new business- HELP?!

clueless7787

Hello all,

I am posting on here as I am after frank and realistic advice. I would rather be grounded and understand how to best proceed...

Myself and my partner have decided that we want to start working towards our long-term dream of owning running a boarding kennels/cattery.

I have done a variety of research and it appears that purchasing a pre-existing boarding kennel business/property starts at around 450,000 and can rise rapidly to over a mil in the South East/ East Anglia region. We are willing to relocate and my partner would continue to work in current employment which she stays over at during the week. Her income is approx 40k per annum.I would leave my current job to run the kennels.

I would like to know , how one would go about funding such an exercise and whether is would be more prudent to purchase a property with enough land to develop a kennels or buy a pre-existing business?

To try and raise funds my partner and I would sell our house value approx 300k with 120k equity approx to put towards the business. I would realistically like to know how much I could afford when it comes to purchasing an existing kennel business.?I know this is a rather difficult question, but as stated I'm clueless and want to know the reality of pursuing this dream. I also would like to know whether I would need a commercial loan or a more specific type of business loan... all info would be gratefully received.
Thanks

System

1) How much experience do you have in this field? Do you have any qualifications in it?

2) Have you actually researched what is involved? Seriously long hours, 7 day weeks, very unglamourous usually dirty work with very little chance of taking holidays. I suggest getting a job in one first before committing £100,000s to something which you may find you cannot stand to do.

3) Research, have you done any further than just looking at ones for sale? Scrap that, I know the answer from your comments about the loans. You haven't. Go do some research beyond looking at ones for sale.

Boarding Kennels and Cattery success is heavily based on reputation. Any you find for sale aren't likely to have that good of a reputation, the only real exception to this is someone selling up when they're retiring.