startin a new business...

mani · 24-10-2004, 21:52

ok so i'm startin a new business and i was jsut wondering if anyone here has started one recently???

i'm going to have to go to the banks to borrow some moolah and the thing is my credit rating in the past hasnt been too good - will that b a problem????

anyone know of any grants/govt loans available in this region for new businesses?

Doug · 24-10-2004, 21:56

Hello Mani, If you haven’t already done have a chat with these people……

www.businesslink.gov.uk/bdotg/action/home?site=2&r.l1=1073858805&r.s=m

Give us an idea of what your planning, but don't give to much away......

WillowTheWhisp · 24-10-2004, 22:03

Much as I'd like to know what you're planning Mani I agree with what Doug says about not giving too much away. I made the mistake of doing that once and somebody nicked my idea! They are now running an apparently successful business.

slater_scott · 24-10-2004, 23:32

Try the prince`s trust i think.

mani · 25-10-2004, 00:42

willow - really???

want me to petrol bomb the place? u name it and i'll do it! *L*

man thats soo cheeky

basically i've kinda realised a bit if a niche in the market of party and wedding events so i'm hopin to squeeze in there...

start up costs are around 60K though

Sara · 25-10-2004, 15:11

Can't help you mani, but good luck with it.

Doug · 25-10-2004, 17:19

Quote:

Originally Posted by mani

man thats soo cheeky

basically i've kinda realised a bit if a niche in the market of party and wedding events so i'm hopin to squeeze in there...

start up costs are around 60K though

Ok, now you have identified the Market in which you’re interested, I’d advise that you don’t say ow’t else…..People already in the business will be racking their brains looking for short falls in their provision. Don’t identify your business plan or niche market to anyone other than the bank. Beware of some investors, some will encourage you to develop your idea then withdraw funding and take all your hard work and do it for themselves.

Don’t involve friends or family if you can avoid it. And be prepared to loose both if you do….Trust no one with your ideas or you money….Don’t be put off, just be careful…. Good luck.

mani · 26-10-2004, 23:28

thanks

i'm quite wary of takin it to ppl esp as its quite a simple idea

but then again with the plans i have for it - its all mine

mez · 26-10-2004, 23:30

sound advice that , listen to him, mani.

mani · 26-10-2004, 23:36

well in theory its read the advice

its not actual listening is it? :P

pendy · 02-11-2004, 14:06

No bank will lend you any money unless you have a proper business plan. Sad, but true. A good idea isn't enough.

What you need to set out is: What you are aiming to do. What market you are aiming at (and convince them that there is a market). Where/how you will operate. Whether you will be a sole trader, or will need/intend to employ staff. If so, how many and at what cost. What are your start up costs? - do you need equipment? If so, what, how much? How much of your own money are you putting in (tricky one, that, believe me!). How much do you want to borrow. How/when are you going to repay it.

All that said, best of luck!!

WillowTheWhisp · 02-11-2004, 15:18

Quote:

Originally Posted by Doug

Don’t identify your business plan or niche market to anyone other than the bank. Beware of some investors, some will encourage you to develop your idea then withdraw funding and take all your hard work and do it for themselves.

I can second that Mani. I learned it the hard way from personal experience.

Good luck!

mani · 02-11-2004, 16:40

i've got the business plan sorted out

i've just gotta put it in a good design etc

caroleg · 17-11-2004, 11:23

Try Hyndburn Enterprise who specialise in start up advise also have start up grants available

removal-man · 12-01-2005, 21:47

Quote:

Originally Posted by mani

ok so i'm startin a new business and i was jsut wondering if anyone here has started one recently???

i'm going to have to go to the banks to borrow some moolah and the thing is my credit rating in the past hasnt been too good - will that b a problem????

anyone know of any grants/govt loans available in this region for new businesses?

did you get started?