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    • jonny20
    • By jonny20 15th Jul 17, 11:10 AM
    • 1Posts
    • 0Thanks
    Starting up a small business, help needed
    • #1
    • 15th Jul 17, 11:10 AM
    Starting up a small business, help needed 15th Jul 17 at 11:10 AM
    Hi, I would really like to start up a small business. We are tight on cash, struggling if I'm honest, this extra income could be help us but also has it's start up costs that I won't be able to afford! We're stuck in a hole and can't get out. I work through the week but only clearing 200 a week and have little spare money at the end of the month. I have applied for a loan with my bank but got knocked back, I have considered other loans etc but because I have bad credit the APR amounts are ridiculous. Anyone know where I would go from here? Or should I just give up before I start? Thanks
Page 1
    • phill99
    • By phill99 15th Jul 17, 11:33 AM
    • 8,064 Posts
    • 7,295 Thanks
    • #2
    • 15th Jul 17, 11:33 AM
    • #2
    • 15th Jul 17, 11:33 AM
    If you are in financial difficulty, starting a business is NOT the way out. Business development has massive risks, which, respectfully, you can't afford.

    You need to increase your income (more hours, better paid job, part time evening job) or apply for assistance such as Working Tax Credits etc.

    Or you need to reduce your expenditure.

    Business development is really only for people willing to take a risk. I don't believe that you are in a position to take a risk.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
    • BJV
    • By BJV 15th Jul 17, 11:38 AM
    • 2,255 Posts
    • 3,376 Thanks
    • #3
    • 15th Jul 17, 11:38 AM
    • #3
    • 15th Jul 17, 11:38 AM
    You are not going to like what I am saying but. Been there done it. OMG it is hard. nearly lost everything, house, health, family. Stress levels through the roof.

    Now looking back it was the hardest thing I have ever done. We did not borrow anything. Similar situation banks did not want to know. Hence I came to MSE as at the peak I had thousands and thousands of pounds worth of debt. 99.9% ( apart from house ) all from start up costs. It will take longer than you think. It will cost more than you think.

    The previous post is bang on. Starting a business when you are already in difficulty is not the way to go. You want your business to have the best possible chance of making it so it will need the funds and commitment to make it work.
    Last edited by BJV; 15-07-2017 at 11:40 AM.
    Happiness, Health and Wealth in that order please!
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