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.

[Clockstooticky]

Hooked, I think the part time thing would be a good way to start, so add little bits in when you've established the bits you start with..

[cleaty]

You need to seriously downsize your expenditure in the first few years of a new business.

[wotoodoo]

GoFundMe, but you need a very good reason and it would help a lot if your business was to help others.

Hedgefund companies are always looking for good businesses to pour ££ in the expectation of a good return of profit on their investment.

Do not underestimate the long hours and costs of running your own business. Ideally you would set it up part time while doing your day to day job to see it would be viable.

Sheer folly to give up your day job unless you have already done the market research, have the expertise and have £ to fall back on.

[ZenNudist]

You need a business plan. Do you have a head for numbers? It depends what your own business is but there are ways of getting funding or grants in the right sector.

Not to be rude but if it's a plan to knit your own cupcakes then that's not going to be funded. But innovative business ideas can be. Your local chamber of commerce is a good place to start. You also need to be active in your local business community to seek out funding solutions.

You might be able to get bank funding but would need a plan to explain what seed capital you need, what your expectations are for making a return on the investment and when you would be in a break even then profitable position, focusing on how you grow (revenue and profit) .

[GooseberryRoolz]

Is the idea in the same kind of field you currently work in?

[Quietlifenotonyournelly]

I would lend you it but only have £49,999.99p op, sorry

Seriously though, do you actually have an idea for a business?

[BarefootAcrossHotLegoPieces]

I cannot stress enough that bank funding will be secured on your house. This is true for even cash flow positive businesses that can cover repayments. Of course, in that instance, the guarantee doesn't get called and everyone is happy, but if your DH won't sign for that, a bank loan won't happen.

[glueandstick]

If you have an idea can you start it in a smaller way and crowdfund from a smaller platform.

Eg you want a printing press. Start by making a card. Put 100 up for sale with a caveat that they aren't made yet and make as you go. Include a pack of notecards with each one and 10% off your printing press once you've reached your target. Start small, make people feel they are getting good value whilst helping and grow from there.

That was a terrible example but it worked in my head.

[MartinaJ]

Euromillions. If you live in Britain, it seems to be the best option. Every time I see a UK winner, I just think, fecking Brits want to win it all before they get out.
On the less secure side, have you thought about an investor? There are investors willing to sponsor a start-up if interesting enough. Do you have a business plan ready, with a research into the group of consumers you want to target, means of selling the product (e-commerce, shop), how to promote your business (webpage, apps etc.)? If you have a well-researched business plan, you could get an investor or the bank to agree to a loan easier.

[LegoRuinedMyFinances]

Start by writing a business plan. Save like crazy for the first year and then re-mortgage. Keep any extra money that you get for overtime for yourself.

Also look at re-mortgaging but talk to bank first - they may be reluctant to give you capital to remortgage if you then have no income to pay off the repayments. Most businesses in their first year trade at a loss.

Kidneys aren't worth that much on the black market!

If your grown up DD needs money to eat then she needs to ask the university about financial support to ease the burden on you.

Most of all good luck - it is really tough starting a business, but if you are determined enough to find a way then hopefully it will work out for you.

[Micah]

Check your local council, where you live and the area you want to set up. Here we have lots of grants for start ups, plus free courses to help.

HMRC is also surprisingly helpful with courses on setting up businesses, you'll need to know all their rules inside out.

Banks can also be useful.

There is a lot of help out there if you look, practical as well as financial.

In the meantime you need more of a plan than "50k to cover my salary and start up". It's generally accepted that start up business owners don't draw salaries until the business is in profit. Cut your business plan to the bare bones, what you need to get up and running, and some expenses to cover your living costs, but don't factor in a proper "salary".

[Viviennemary]

You could try begging. I read about a beggar who is on £500 a day. It was in the Daily Mail so it must be a true and accurate. And no income tax or anything like that to be paid.

[GrumpyOldBag]

Write a proper business plan.

Then go and see your bank's small business adviser, and do some research into grant funding.

[KitKat1985]

It depends how serious you are but maybe a business loan, and get some proper advice and costings? I can understand your DH's relectance to re-mortgage with only 7 years left to go. Plus, and I hate to be the voice of doom , a large number of small businesses go bust in the first few years. Are you able to give us some idea on what the business is that you are planning? Is there a way that you can 'test the water' by starting small-scale with minimal start-up costs and see how it goes rather than jump straight into setting up a 50k business, which is a big gamble.

[SlinkiTree]

don't borrow against your house - that's how a relative ended up losing everything and going personally bankrupt. Set up a company, and get funding for your idea through the bank, separate it from your personal finances - you're a mug if you don't. If your idea is credible you'll be able to get funding - what've you tried so far?

[MrsEricBana]

Sorry but "pristitution" made me laugh - I think prissytution could be a thing (where you just sit there in twinset and pearls embroidering or something while getting paid).
Hope you get your funding sorted.

[sheffieldsteeler]

agree with all those urging you to write a proper business plan. If you keep everything on a vague 'oh, if only I had £50k...' footing, you'll just torment yourself because the only firm fact you have there is that you don't have the money. At least if you cost it out realistically you be able to see if it's viable, and raise the money from a bank/start-up fund, or you'll realise it's not a goer, and divert your energy elsewhere.

and as others have said, you can't factor in 'a wage' for yourself; at best, you can only factor in what you'd need to cover your basic bills.

[HoneyDragon]

What's your projected turnover and profit margin?

What happens if you get ill, dc get ill.

If it fails how will you recover financially?

Going it alone is not always the solution .... I speak as someone who has lost it all before. Recovering is hard and soul destroying for the whole family.

[BarefootAcrossHotLegoPieces]

"Set up a company, and get funding for your idea through the bank, separate it from your personal finances - you're a mug if you don't. If your idea is credible you'll be able to get funding - what've you tried so far?"

Banks don't fund ideas. Banks fund businesses with assets to secure the loan on (or, failing that, personal assets of the directors) and cash flow to fund the loan and interest payments.

Funds are often not interested in £50k investments because the cost of the legals and investigation of the proposition is disproportionate to the investment size. It also has to be a scalable proposition. So if OP wants £50k to establish herself as a one man band consultancy, she will have no chance with equity investors.

[HookedOnHooking]

Clockstooticky - You have 5 years. I'll be needing your adding up skills. Shall we make plans? It's driving me demented.

for the ideas. I will ponder.

[Xmasbaby11]

I think reducing your hours and remortgaging is a safe ish bet.

[ReasonablyIntelligent]

OP, I may have misunderstood but somethings seriously wrong if you are earning double your husband yet have to work evenings and weekends in addition so that you "DD can eat".

I know I'm being seriously nitpicky here but you say that you're 7 years away from paying off your mortgage (which is excellent) but then working crazy hours (in the same job?) so that your daughter (who is nearly an adult, if she's going to University next year) can eat?
Or are you referring to your other daughter, the one at Uni? If your struggling then she should be eligible for an increased loan and a bursary, plus is surely capable of having a job and paying for herself too?

[HookedOnHooking]

The one at university needs the extra to eat. Her loan just covers her rent. She does work during holidays but the ends don't quite meet. That will be doubled if D2 goes next year.
H is fairly low paid. I'm averagely (is that a word?) paid. We aren't particularly extravagant or frivolous but there's not much left for savings. I work evenings and weekends due to random shift patterns, meaning that it is not practical to get a second job but I can do extras.

Wishful thinking and musings on what could be if....

[RB68]

OK start getting serious rather than daydreaming

you first of all need to set down your business idea and think about how you are gong to make that work (Business model ie how is it going to make money)

You need to understand your target market (and don't just say everyone that is pathetic - properly think through who will use the item/service, who will buy it and who will benefit from it) If you struggle with being more specific think about it in reverse - who has money, how can I tailor my idea to their needs and market to them, and go from there. Be prepared to review this every few months to ask is it working, is something else working etc

Start NOW, get some pen and paper and start planning things out, Local Enterprise groups - networking groups, chamber of commerce, small business network and so on - get on them and go to a few sessions get a feel for who is there are they target market or can you learn from them

Enterprise Nation is a good website and there are plenty of others around that can help you get contacts, get mindset and locate people to help with funding.

You will not need to cover your "salary" as such - think about what you spend on and what you will need if self employed e.g. cars, shoes, travel, clothes for work what will you need compared to now even things like if you currently buy your lunch every day - you will be eating at home. Earnings are likely to be low so tax and NI become less of an issue. PLAN PLAN PLAN then DO IT

[ReasonablyIntelligent]

Sounds like maybe just a better job is in order, OP?
One that you enjoy. If you're on average pay then you're not "stuck" without options in the way that someone would if they were top of their career ladder IYSWIM.
You don't need to commit to anything but just look at what you'd like to do, whether you have the skills/experience to do it and how much it pays.

Business is hard and, as a previous poster said up thread, the statistics show that most businesses do not make a profit for the 1st 3 years.
I also read somewhere that half (or even more than that...) businesses fail in the first 2 years.
It doesn't sound like this is the option for you, especially if you have a lot of financial commitments and don't have a hardcore business idea/plan.

As for your daughter, I'm shocked she can't afford to eat if she's working all her holidays and getting a loan/bursary too that's awful.