Starting up on your own (business)

Discussion in 'Finance, Property, Law' started by The_Rattler, Sep 27, 2009.

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  1. As much as I have had a limited company (and still do) and have worked on various contracts, I am thinking a little bit further and bigger now.

    However as many ideas go they normally need investment. As much as I can get my hands on £ X amount, what have the fellow arsser budding entrepreneurs’ come across to get security or further funding. These can be the so called white knights (90% ownership of your company for a 10p investment) through to government backed initiatives where we keep your house if you go belly up etc

    Basically I am looking for the best deal possible, who have been good and who to avoid

    Any ideas, experiences and info you may have is much appreciated

    thanks
     
  2. I personally would not start a business at the present moment, my start up has been put back three years. The model and business plan has been done. I have several USP and have outside interests.

    The capital and financial deals that are out there are little and biased in the favour of the lender. There are several sharks out there that will promise to help you out and will leave you high and dry.

    There is also another concern that some of the government initiatives to help small businesses will be cut leaving Small Business high and dry. I have seen several successful small firms crash due to the recent climate through no fault of there own. One business in particular had several blue chip clients pull out in the same month.

    For that I am going to hold off, If I was in the business of asset recovery and bailiff I would start up as they are the only guys who seem to be working.

    Some firms are using the tactic of delaying payments to sub contractors which has a knock on effect. The market is dire at the moment and people are being evicted from there homes due to using there house as security. One company director now catches a bus to work as he sold his car so he can pay his employees.

    I would hold off at the moment finesse the business plan conduct market research and analyse the results over the next two years. There is always a risk when starting up and the risks are much greater at the moment. My company was going to have Limited Liability status and because of that investors and the banks will not accept my business plan.

    Hopefully you will get some investment and become succesful, the stakes however are raised in the government and banks favour.

    Good luck
     
  3. cheers for the feedback, I will for now continue to research and improve my plans
     
  4. Speak to your local Business Link/Chamber of commerce to see what they can do to help with regards funding.

    If you're young/old/female/minority/disabled then there's a grant available. If you're a white male between the age of 26 & 59, then forget it.

    Also try speaking to your local councils, they often have incentives going - especially with regards to business rates.

    Good luck.
     
  5. What are you looking at doing Rattler? I've invested in private companies in addition to my own. Using a business angel can be an excellent way of raising funding but also utilising the angels knowledge and experience. I'm not saying I'd be interested in investing myself but could point you in the direction of others who would. I know what sort of information they'll be looking for. PM me if you want.

    I'd agree that now may not be the best time to start up. My main business is 70% down on last year. I've a bad feeling this will be a double dip recession - never mind what the Great Suprendo will have you believe :D