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To ask for business advice?

(5 Posts)
Tenerife2015 Fri 21-Apr-17 12:04:52

DP and I want to start a business. It's not a new idea but there's nothing like it in my home city.

We don't know where to start, we don't have any money to invest so I don't think we can get anywhere!

What do people do when they don't have a lump some of money?

I really think the business would do well, there's so much potential!

user1491572121 Fri 21-Apr-17 12:09:41

You can ask your bank for a loan or you can do a kickstarter. It's very difficult for newcomers with no money OP.

Hefzi Fri 21-Apr-17 12:13:01

Have you written a business plan? If so, you could try contacting the enterprise unit of your local council. (May have a different name) Or a bank?

Most others investors would expect you to put your own money in first, whether that's from savings, loans, remortgage etc - I don't know the most recent statistics, but something like 2 out of 3 small businesses fail within the first two years, so it makes sense that they want to see you going all out before they invest their personal money.

mummymeister Fri 21-Apr-17 12:40:21

The majority of businesses don't make it beyond 2 years after start up because of a failure to plan. fail to plan, plan to fail!

you need to do some proper business research. just because there isn't a business like this in your home town doesn't mean you can make it a successful one. it might mean that there is no call for it.

do a proper, fully costed 3 or 5 year business plan. do some benchmarking of prices and costs with other similar local businesses and be realistic not overambitious. When it comes to financing can you start small ie run it from home and grow it from there? if you own property then you will be expected to put it as surety for any loan. are you happy to risk your home on this?

If you message me I am happy to give you some further advice

Tenerife2015 Fri 21-Apr-17 13:12:04

Ah okay, Thanks everyone!

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