Anyone know anything about business finance?

[T16GEM]

Last week I said that DH and I were thinking about starting our own shop, incorporating my balloon design with cards and gifts etc.

Just wondering if anyone knows anything about start up financing? We have approached our bank and they said that they won't finance new businesses so we are kind of stumped at the moment as I don't want to take anything out against the house incase it doesn't work out. I know that there are grants available from the Government but the Business Link website doesn't really explain it very well and we can't get through to them on the phone.

If anyone has any experience could you please PM me or reply.

Thanks
Gems

 

[arieliwish]

I was considering starting up in web design a couple of years ago and contacted my local job centre/careers office in northallerton - they gave me the number of a small business help organisation (in Bedale, think it was 'Business Link'). They have a regular seminar which lasts a couple of hours and runs through loads of stuff you need to know, this if free, you just have to fill in a form so they can claim government funding. If you decide to go ahead with your business you can then contact them for individual specialised advice, this does cost but not a great deal. I know a painter/decorater who went with them and they helped him with business plan/invoice setup, etc. and it cost him around £50 - well worth it he thought.

Good luck with whatever you decide to do, I still haven't taken the plunge!!

Lynn

 

[pokemon_master]

I don't have any real experiences with this, but thanks to my Economics and Business
course I could give you some textbook stuff. It may work, so give it a try.

Isn't there some sort of charity you could go to get start up money? Prince's Trust or something like that? That's always an option; free money is always the best kind.

If the banks won't give you money, why not try other lenders? I am sure that there are some sort of building societys that will give you some start-up money. If not, you could always do the Dragon's Den approach and seek investment from other entreprenuers/businesses.

The only other option I can think of is to get money from whatever way you can, by stuff like fundraisers, donations, parent's pockets, savings accounts etc etc. That's probably the best approach as there is minimal risk; you only lose what you put into the business that way and you don't owe anyone else any money. It may mean no more trips, but it should be worth it.

I hope that helps. Most of these are off the top of my head so I don't know if they'll work in this thing called "Reality".

 

[arieliwish]

Sorry, I should have added to my post that the advice centre also had details of various grants and schemes, and they would help you apply for them, one that they were pushing was for women in rural environments, as a start up grant.

Like I said before, I asked my local job centre/careers office and they pointed me in the right direction.

Lynn

 

[T16GEM]

Thanks guys, we are going to get a meeting with Business Link arranged for next week, I think they are the best starting point to be honest.

 

[arieliwish]

Don't know what this free online course entails, but you could have a look at it, hope the link works!

http://www.vision2learn.net/channels/courses/starting-your-own-business.asp

Lynn

 

[Minniespal]

Hope things go well Gems.