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financing a lease / buying a business - how?!

(1 Post)
columbolover Wed 19-Aug-09 20:43:56


I've been keen to foray into the world of self employment for some time, (and am more convinced of this the more I read on here!)
I know it'd be hard work but I really want to be my own boss.

I'm starting a course to do with running a business, via business gateway (Scotland) in a couple of weeks.

I like the idea of buying an existing business, rather than starting my own as I would otherwise not know where to start - am thinking of looking into leasing a small clothes / underwear shop, and in fact have seen one that looks just the job.

BUT: I have no way of financing this. I don't even have any savings to pay for initial stuff like an accountant to assess a business's books

If any of you have bought a business and leased its premesis could you tell me how you went about it, and whether I could expect the bank to lend me any money!

I was thinking of releasing a small amount of equity on my house and asking my bank for a business loan. Please tell me if I'm absolutely barking! grin Or, equally, if it can be done another way!

Also, I work part time in a v comfy (but bit boring now) public sector job and have a 2 year old ds, but am just determined to make the leap into the unknown, even though I know this isn't the best time probably.

Many thanks for any advice smile

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