Business start up grand

Mimim_2

Hello,
I'm looking for some advice. 
I'm currently on UC (Universal Credit) and preparing to start my own business (Hairdressing) after lockdown. My youngest child will start nursery in September and I would love to finally start my own business. Unfortunately, I don't have any savings and I need money for stock up with my colors, etc. 
I produce a business plan, create a website, but I'm looking for some grants I can apply for. I know during this COVID-19 pandemic It can be difficult. But at least I start searching now I may find some help before June.
Your advice will be really helpful.
Thank you ❤

fewgroats

A hairdressing establishment or a freelance hairdresser?

motorguy

Personally - and assuming its a freelancer job - i'd be borrowing a little money off friends or family to get the minimum required and grow from there.

Also, i dont think you need a website - start a facebook page for free and share among friends, family and customers.

If you really must have a website, look at WIX.  Its a free template driven website designer.  Half a day playing around with it should have something viable.  Plenty of tutorials on youtube too.

Mimim_2

fewgroats said:

A hairdressing establishment or a freelance hairdresser?

Not sure yet, I found place to rent. But not sure if will be able to insure my car running for business. It was really expensive. 
What are options? 

Mimim_2

motorguy said:

Personally - and assuming its a freelancer job - i'd be borrowing a little money off friends or family to get the minimum required and grow from there.

Also, i dont think you need a website - start a facebook page for free and share among friends, family and customers.

If you really must have a website, look at WIX.  Its a free template driven website designer.  Half a day playing around with it should have something viable.  Plenty of tutorials on youtube too.

I do have Facebook page and been doing hair at home to build up clients but couldn't charge much as been only working to gain more experience. Friends and family mostly then been recomend from few others so I do have little client base. Then lockdown appears and they asking when I'm back and as current situation with virus I dont want to put my family at risk. Probably would like to start somewhere stationary.

Mimim_2

motor guy said:

Personally - and assuming its a freelancer job - I'd be borrowing a little money off friends or family to get the minimum required and grow from there.

Also, I don't think you need a website - start a Facebook page for free and share among friends, family, and customers.

If you really must have a website, look at WIX.  It's a free template is driven even website designer.  Half a day playing around with it should have something viable.  Plenty of tutorials on youtube too.

And. I also been in a salon doing voluntary work, been looking for employment but this never happened as everyone expecting to rent a chair and be self-employed. 
Paying £50/day and still buying and using own products. 
Or the other one tries to take 50% -75% of my wage from the client. 
In these circumstances, I decide to work for myself and for my own bill 

middleclassbutpoor

How much do you need stock wise? I imagine you wouldn't need that much until you have paying clients to get you going?

Could you not put on a credit card and use that to cashflow your initial start up?

You have over a month to pay back without interest - or if you can get an interest free purchase card that could be an option if you wanted a longer period?

Mimim_2

middleclassbutpoor said:

How much do you need stock wise? I imagine you wouldn't need that much until you have paying clients to get you going?

Could you not put on a credit card and use that to cashflow your initial start up?

You have over a month to pay back without interest - or if you can get an interest free purchase card that could be an option if you wanted a longer period?

For just colors, I would probably be looking for around 800 as I do believe there will be a lot of clients coming in for color (already getting 2-4 messages a day).
I like to be prepared so I don't have to panic and leaving client on their own. 
Yes, Thank God for a credit card 🤣 it is my last choice if you know what I mean. I just want to know if it's any chance I can get some financial help from somewhere else. 

Dox

Check if your local authority offers any sort of assistance. Also see https://www.gov.uk/business-finance-support

For start up loans (not grants) see https://www.gov.uk/apply-start-up-loan

Savvy_Sue

Mimim_2 said:
Probably would like to start somewhere stationary.

I would recommend thinking very hard about ALL the costs involved with renting premises:

• You say you've found somewhere to rent - is it an existing salon? If not, will you need 'change of use' planning permission?
• Fitting out - if not currently a hairdressers there may be quite a bit to do, even if it IS a hairdressers does it have safe equipment already?
• Insurance
• Cost of having lease checked by a solicitor experienced in commercial property (and don't say you can't afford it, you seriously CANNOT afford NOT to do this, and a good one will be worth their weight in gold!)
• Utilities: water will be metered, and you WILL have to pay for your rubbish to be collected
• Actual rent

And remember, most of these costs will be payable month after month, regardless of whether or not your business takes off. And if you're working alone, how will you cover sickness (yours or the children) and school holidays? 

You say insuring your car for business was expensive, but how hard did you shop around? However much it was, it will be far far less than renting premises (although you'll still need insurance!)

Mimim_2

Dox said:

Check if your local authority offers any sort of assistance. Also see https://www.gov.uk/business-finance-support

For start up loans (not grants) see https://www.gov.uk/apply-start-up-loan

Thank you 😊