I need 50k.

[HookedOnHooking]

Any ideas where I can get that much from?

No chance of saving as what I need to spend is a bit more than what I earn. Nothing to sell (except a kidney). No rich, elderly relatives.

Ideas please.

[IsItMeOr]

I think the standard advice is that generally it takes 3 years for a new business to start making a profit. So that would be your cautious assumption.

As others have said, is the £50k what you would have earned in your current job in a year, or your expenses for a year?

Does DH have the potential to increase his earnings?

Could your DC support themselves a bit through holiday/part time jobs?

[redhat]

Most people who set up their own businesses take no or very little money out of it during the first few years. If taking a good chunk of money straight out of the business is part of our business plan then you are going to severely restrict the number of lenders who will give you a start up loan.

As a business owner I think you're being unrealistic.

[HookedOnHooking]

I need to do more shifts and save. Maybe a 5 year plan rather than a 1 year plan.

And sell a kidney.

Look into remortgage/equity release but not keen.

Start smaller with something satisfying (if not lucrative) on the side.

Buy a lottery ticket.

[IsItMeOr]

Downsizing is an interesting option expat, especially as it sounds like the DC will be spending much less time at home in the next year or so.

[MerdeAlor]

Write a proper business plan, establish your true projected costs and potential income then approach your bank.

[clockbuscanada]

Is there a small business advice service locally to you OP? The quality of their advice varies, but they may be able to flag grants you might be entitled to, local investors, incubators, angels, etc. Also crowdfunding isn't the right choice for every business, but could be an option.

[Bogeyface]

Well for a start you need to sit down and work out exact figures not a rough random number. 50k would cover what you earn in the first year but what about the second? It can take 2 or 3 years to start to turn a profit even in the best run start ups.

What would the business be?

[bibbitybobbityyhat]

Dragon's Den?

Venture capitalist?

[HookedOnHooking]

50k is unrealistic but 150k is impossible and makes me want to weep. Which is why 50 is the minimum i need.

[OurBlanche]

Look up your New Enterprise Allowance place and go talk them. Or anyone really. Don't just leap...

[LoisWilkersonsLastNerve]

As my dh is self employed we live in a modest house and drive and old car, holiday in the UK. Its the long game you need to be always thinking 'what if it all goes tits up'.

[HookedOnHooking]

I can dream.......

[CheesyWeez]

As the DC are moving out - rent out a room in your house? you could do Air BnB and only rent when you wanted, ie when the DC are actually away. Would you be doing the new business from home?

[Gobbolino6]

Don't we all...

[GooseberryRoolz]

50k is a random number that would cover my pay for a year plus equipment/set up costs.

Don't work on random numbers! Cost it properly

Is going PT and seguing into self employment an option? You might still need a start-up fund but it would be smaller.

[ReasonablyIntelligent]

I'm really confused.
Do you have a business idea that you want to set up in?
It seems like you're saying that £50k is just a figure you've plucked out of the air?
Is this just a general "if only..." dream thread?
Am I taking this too seriously? I haven't had my coffee yet!

[LoisWilkersonsLastNerve]

Is your current job making you miserable? Maybe a career change?

[EssentialHummus]

Can you keep your day job and over the course of a year try to build your business during evenings/weekends?

[Aussiemum78]

Why don't you cut your hours to part time, then start a business in your spare time? What is the minimum you need to earn to pay the essential bills?

2/3 small businesses fail in the first year, so don't just quit your job and use debt unless you have a "when it goes wrong" plan.

[BarefootAcrossHotLegoPieces]

A business loan from a bank is unlikely for a pure start up, and would in any event be secured on your house.

The Start Up Loan scheme I think is now open to all ages but only goes up to around £10k. I don't think they are really targeting you, though, as you could probably raise £10k o. Your house easily.

Remember you have to repay loans, so the postive cash flow in the business must support them.

If it's a product, pre-selling on kick starter etc can give you enough (eg sell 500 games for £50, enough capital to get them made and leave a bit of excess stock to sell as "normal")

[MissBattleaxe]

You need to be far certain of your actual costs and maybe take a smaller salary for yourself. Write down everything you will need as if you were approaching a bank for a business loan. THEN work on what the true figure and also bear in mind that many business make a loss when they first start out.

[HookedOnHooking]

Dropping hours and doing a bit on the side is an option.

This is a semi-serious germ of an idea. But the actual reality of setting up and getting on with it is overwhelming. If I knew that I could keep paying the normal bills for a year it would work.

[Clockstooticky]

Hooked... A business partner and a 5 year plan? Maybe a business partner who can get more experience in the field over the next 5 years? Hint hint.


And you're not fat or ugly... Maybe a bit prudish though.

[BarefootAcrossHotLegoPieces]

Anyone investing equity wants to understand your risk too - your skin in the game- things like remortgaging to put money in will be expected. Why should someone who doesn't know you risk their money when you and your husband don't have enough faith in your success to risk yours?