To be thinking of starting my own business even though I have no money?

[annabanana84]

It has been my dream to either run my own teashop, b&b or have a little shop selling homemade jams, chutneys, breads and cakes. Now, a stall on the indoor Market has become available, and I'm so, so tempted to chuck in my boring, unrewarding job to rent this stall and have my little preserve and bread business. Cookery is my passion. It would take little start up costs, but a lot of preparation getting my home kitchen set up for business needs, but I think I could do well and I could get funding from bank in the form of a small business loan (I think), or lovely in-laws would help me out financially. Am I absolutely bonkers mad to be even considering this?!

Not at all. I'm doing this too. But it's hard getting a bank loan. They will go through every word of your business plan in depth. Look into opportunities with local business development enterprise agencies.

It could all go tits up leaving you in debt but you know that. Do you hate your job to the same degree as you love cooking? Could you start with Farmers' Markets, table top sales etc and see how that goes?

If you own your home then make sure you look in to how to ensure that it wouldn't be under threat if your business didn't make it - my friend set up as a limited business for example.

I would look into jobs that involves cooking, then when you are satisfied that this is what you want to do then look into starting your own business.

I've just jacked in a very well paid job, single parent, no savings, big mortgage. I love the freedom and have managed to survive the first month in financial terms but I underestimated how much I'd miss my work colleagues. That, however, is my only regret!

Good luck, you only live once.

I'd work out some full costings for the project, including exactly how much each product will cost, plus your fixed costs. Then Id hover round the indoor market and try to estimate the footfall, the tastes and the spends of the people going round, to see if its likely to be a goer at the prices you'd charge.

I like the suggestion that you could take a Sunday / Saturday stall and see how it goes that way.

Make sure you get public liability insurance as otherwise they will not allow you on the market. Don't produce too much stock and just rent a stall for the day. If you join the national market traders federation you get free insurance covered in the subscription which is about 100 which is what insurance alone would cost

My friend has just quite her day job to open a tea room.

She got a new business loan where she doesn't pay much back for the first year of trading. But I think its a government funded type thing, she is under 30 so I wonder if that's why she got it but worth a look on google too see of its something your eligible for.

I've always secretly wanted to do this as well. For a long time I dreamed of setting up an Internet cafe, but you don't really see them anymore. My parents run a business and it is very stressful, you can never really take a break from it, but I'd still like to do it anyway.

Have you ever worked in a teashop or b&b? Or made chutneys, jams, bread etc for five days a week, rising at 6 to do it, before you go and open the shop?

If not I'm not saying don't do it. I'm saying, don't chuck in your job and go and do it right now. Get some work experience, even if it is over a fortnight's holiday or a saturday job. Take the stall on a weekend basis and see if you still find the jeely appeals three months in.

Do a business plan. Include your time in it - anyone can sell a jar of jam for £2 but if it's taken you a half an hour to make it, plus jar, plus ingredients, plus heat and light...

I have my own business and honestly, like anything, it's a grind a lot of the time like now when I should be working and am MNing instead it's not enough to love it, you have to make sure it will work as a business.

PS there's a freelancers board if you're interested, quiet but v supportive and v experienced posters.