Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Bit of a long shot but I'm currently setting up my own company and looking into funding.
Now I've got a few optoions.
1: Personal Loan - not sure on the legal stand point of this.
2: Business loan - seems hard to get and alot of business plans etc
3: Goverment grant/loan - again hard to get but cheaper borrowing
Has anyone had any experience with this?
It's only for about £4-5k that I need. Any help would be great or any links that gives good business information.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Personally I'd do anything I could to avoid involving a bank.
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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I was going down the business loan route to set up Lemass.
Business plans and the bank umming and aaahing I realised I didn't need two cars. I had the vx220 and hilux at the time so sold the vx220. Agree on trying to not borrow anything. If it's just 4-5k then can you wait 6 months and just save?
[Edited on 08-10-2013 by Tomnova16]
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Dave
Member
Registered: 26th Feb 01
Location: Lancs
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Speak to your local MP, they should do weekly surgeries for you to get hold of them. They'll be able to put you in touch with any local enterprise schemes that are running that provide funding and advice to small businesses/start ups.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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quote:
Originally posted by Tomnova16
I was going down the business loan route to set up Lemass.
Business plans and the bank umming and aaahing I realised I didn't need two cars. I had the vx220 and hilux at the time so sold the vx220. Agree on trying to not borrow anything. If it's just 4-5k then can you wait 6 months and just save?
[Edited on 08-10-2013 by Tomnova16]
This. From my own personal experience, it really is not worth the hassle for such a small amount of money. Relatively.
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Cheers Dave that sounds good. If I'm honest that £4k is very worst option. Probably more like £1-2k. I've got a lot for sale at the moment. When/if that all sells I'll hopefully only need about £1k max.
I want to get it all up and running up ASAP due to a few medical issues I currently have.
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Generation
Member
Registered: 7th Jul 09
Location: Essex
User status: Offline
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Go for an overdraft of interest free credit card then
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Overdraft I have is £3k but it's not a cheap intrest rate.
Credit card I suppose I could use on some things but i need cash for some.
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Generation
Member
Registered: 7th Jul 09
Location: Essex
User status: Offline
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Just PayPal a friend the money using credit card as source fund.get then to withdraw and give cash.
If you're paying overdraft fees why not apply for 4k loan or credit card, and pay off all toegther,
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Not wishing to denigrate your plan before I've even seen it but you probably should be clearer whether you need £1k or £5k.
If you can turn the £1k in to the £5k and then do the £5k bit, then sell something and start with the £1k.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Sell the viva. Job done. It's only metal at the end of the day.
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Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
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Aha. Sell it to me 
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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It's in many pieces so not really an option plus it means slit centimentally to me. Won't go into it.
Ian I need about 4k, I currently have a possible income of £2k from a account but it's tied up with a lot clauses and it may not be worth touching.
And then I have about £1k worth of stuff for sale.
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baza31
Member
Registered: 19th Apr 03
Location: yorkshire
User status: Offline
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Surely you can already earn this amount doing what you do before its a business ? I presume your already earning money doing it and that's why your giving it a go at starting up on your own ? What business is it as 4k doesn't seem much
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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This is opening a valeting/detailing business. I currently am a paint sprayer and I have always done this kind of thing as a side line but I have been offered a lot more work through a current client I do bodywork for so am setting it up as a official business. Part time for now.
And also I may have to give up my current job as have recently lost about 40% of the feeling in my hand/arm.
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Also hence why I can't really save much money on ssp.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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I've thought about that myself, does seem fairly easy to become an overnight expert with a bit of gear and some idea. If you've got a background in bodywork you're a lot of the way there.
So what is the bare minimum you can spend to start trading? Surely if you've got the work then just say yes and go do it.
I might be missing something and I know this will come across as offensive to people who are doing it, but it the transition from hobby to employment doesn't seem a particularly large one.
What is the work that you have lined up worth to you already? I'd be cutting my cloth based on that figure. Can't see any reason why you'd want to borrow except than it will bring you more work because you look a bit more flash.
But if these are existing clients, that shouldn't really be necessary?
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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I only have the very basics and want to invest in a self sufficient van that I can just turn up and not rely on there being power or a water supply.
Adding it up all the products, water tank, topls, van. It all
Adds up very quickly.
The new work is a guy who buys and sells a lot of agriculture machinery that currently has a guy come in and pays on average £100-£200 a machine to be cleaned.
I suppose I am just being a bit impatient but not working is doing my nut in at the moment.
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Balling
Premium Member
Registered: 7th Apr 04
Location: Denmark
User status: Offline
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quote:
Originally posted by Graeme
I may have to give up my current job as have recently lost about 40% of the feeling in my hand/arm.
Would that not be an issue with the type of work you're looking to do, as well?
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Not really as I can adapt to most in my other arm/hand. It's the physical holding a spray gun that I can't do at the moment. But for washing, machine polishing I can do as tried it already but the other way to I normally do it.
It may hinder me slightly but I can normally find ways around things. Physio and a op that I'm having will give me a little bit of movement and feeling back.
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SVM 286
Member
Registered: 13th Feb 05
Location: pain
User status: Offline
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quote:
Originally posted by Graeme
have recently lost about 40% of the feeling in my hand/arm.
Christ Gray! 
Forgive me if you've already made this clear, but what caused this?
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Dislocated my shoulder and have done some damage to the tendons (i think it's tendons they said) in the upper arm. Basically left me with 2 fingers I can move but can't feel and have no strength in, the underside of the arm is all numb and I can't move it much. Got surgery in a few weeks to poke about And see what's gong on.
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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quote:
Originally posted by Graeme
I only have the very basics and want to invest in a self sufficient van that I can just turn up and not rely on there being power or a water supply.
Adding it up all the products, water tank, topls, van. It all
Adds up very quickly.
The new work is a guy who buys and sells a lot of agriculture machinery that currently has a guy come in and pays on average £100-£200 a machine to be cleaned.
I suppose I am just being a bit impatient but not working is doing my nut in at the moment.
Do you NEED a van and what not at this moment in time though?
If you already have a chap thats willing to give you some work, why not get stuck in with that (he obviously doesnt care that you dont have a van) and earn the cash thats available through him to put towards your van?
I think a lot of people fail in business due to impatience and wanting to be too big/flash straight off the bat.
For the sake of what you are quoting as needing, I would not be borrowing. Id be getting my head down and grafting with what I could afford out my own pocket and slowly build up.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by Graeme
This is opening a valeting/detailing business.
You definitely need to be saving and waiting, this is quite possibly the worst time of year to start a business like that!
Start saving and wait until next spring.
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