Business start up loan & Debt clear help please.

DCFC79 · 12 January 2017 at 11:44AM

brightfuture23 wrote: »

Thank you all for the advice, It is very much appreciated. I have struggled with Anxiety and Depression issues in the past, had a breakdown and things started to snowball. Things are much better these days, and I found balance a while back, I wouldn't even consider starting up otherwise. I have found a gap in the market, which my business will fit into nicely, there are currently similar formats doing very well, simply selling through social media, but my idea is better and should attract far more attention. I have no intentions if jumping ship, but I was thinking of the potential risk attached to me in the banks eyes, I think trying to find a start up, and starting off small is probably my best option then. I can start off small, I was hoping for an easier option so I could really make waves from the off, I guess if it were easy though, everyone would be doing it.

Whats the money exactly for ?

Buy a domain and get a website built to sell.

Gambler101 · 12 January 2017 at 1:04PM

Hate to say it but A, you need to put up 30-50% of any business funding from your savings or security on your home, and B you seem wildly over optimistic to the point of not being credible.

motorguy · 12 January 2017 at 1:34PM

brightfuture23 wrote: »

Hey guys,

I'm looking to start a business that I think will become very successful in a short space of time. A lifestyle brand, connected to a foundation of goodness.

There are key phrases there that make me jumpy -

"very successful in a short space of time" - thats very unlikely. Unless you truly have discovered a goose that lays golden eggs. Are your expectations realistic?

"A lifestyle brand" - brands are generally expensive to establish. Lifestyle brands moreso.

Borrowing heavily to start a business saddles that business with debt. Not only that, no-one is going to lend a brand new unproven business money that is not secured by you personally, so if you borrow £50,000 for talk sake, the business fails a year down the line, then you personally would be liable for the repayment of the loan.

Also, starting and running your own business is VERY stressful, so you might want to consider the impact on your longstanding health issues too.

27cool · 14 January 2017 at 12:35PM

With respect. What the hell is "a foundation of goodness".

27cool · 23 January 2017 at 5:20PM

I'm still mystified as to what is a "foundation of goodness". Perhaps someone other than the OP knows..

[Deleted User] · 23 January 2017 at 5:26PM

I can only assume it's similar to a "happy ending".

Clive_Woody · 23 January 2017 at 5:55PM

27cool wrote: »

I'm still mystified as to what is a "foundation of goodness". Perhaps someone other than the OP knows..

Is this some of building project where they hide bodies in the foundations (bodies of good people in this case it appears)?

Alderbank · 23 January 2017 at 7:01PM

'Foundation of Goodness' http://www.unconditionalcompassion.org/indexc.php is a charity founded in Ceylon to help the education of poor children by donating them school uniforms, satchels, stationery, etc. It looks very worthwhile.

A lifestyle brand is a product range featuring the chosen charity and where a percentage of the purchase price is donated to the charity. Feelgood factor is key. There are lots of companies making lifestyle brands. 'Sevenly' https://www.sevenly.org/collections/humanitarian is one example.

I can see that a business selling lifestyle branded childrenswear and homework supplies for example might work; as the OP says it's not a novel idea; but the sheer effort and stress involved to get it off the ground for anyone, let alone someone who suffers from anxiety, would be substantial

Business start up loan & Debt clear help please.

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