To think opening your own business isn't as plain sailing as dp is hoping.

[MarmiteAndCheeseRolls]

So.
Dp is mega enthusiastic about opening his own business in a field he's had lots of years doing and has all qualifications and general equipment. The loan would be for the ground rent and some large equipment
He's now saying about looking at a business loan.. Of 100k.
It terrifies me.
He does honestly know what he's talking about but I honestly think he don't realise it's not just set hours. It will be much more and would be bringing the work home with him and stressing himself out.

I'd love for it to work for him. However I think its a huge risk.

I feel IABU putting a ' downer on it' but I'm a worrier.

How much money does he have himself? Most lenders will require you to put up 50% of the capital yourself, and have a solid business plan drawn up? Does he have both of these?

It isn’t easy at all. DH owns his own business and works 18 hour days sometimes- and that isn’t all with clients.

Your DH needs to realise how tough it’s going to be, and potentially how competitive. If he’s setting up in a popular field he will especially find it tough- yes, he will still get clients but the majority of people looking for something, unless it comes from word of mouth recommendation- people are going to go to the businesses that have potentially existed for decades. Anybody would- think about it. If your going to buy something of eBay say would you buy from someone with zero feedback for the sake of saving a quid or go with the power seller with thousands of positive feedback?

He needs to be 100000% committed and 10000% aware and prepared he might not make it.

HAVING a partner who has his own business I’ll tell you this, there will be times you want to give up and just crawl into a corner and cry and they’ll be times you’ll break your back to make it work. There’s a 50 percent chance it will work and bring in money and the other half it won’t.
Both you need to get a plan of action in place, research setting up a business
And good luck

Yes to business plan no to the money.
He was looking at the government start up loan.

Shall I just nod and agree and let him realise for himself lol

When dh started up our buisness we were in a tight spot and I begged him not to leave his shit job as it was two months before Xmas.

It’s been fucking tough and I’d say for 18 months we’ve seriously had our ups and downs, like not having a single penny in the bank at one point due to clients not paying when they should. It’s nearky bust us a few times. We’ve argued and stressed out about it loads. Late payments on our direct debits. The tax we pay is astronomical and there are always hidden bills that you never expected

He does six days a week. The kids hardly see him.

BUT there light at the end of the tunnel now. Nearly two years in.

It’s fucking hard running a profitable buisness but every one would do it if it easy. If you don’t take that leap of faith you will never know and still just be part of the rat race.

I’m a worrier too. Go over the numbers then go over then again, then again then again.

Good luck !!

Is there any way to start the business without the rent, the large equipment and the loan? Is it something that could be done on a part-time basis? Or is it sh*t or bust?

www.popupbusinessschool.co.uk/hub-home.html For a start-up this site has very useful tips.

We've just started a very small business but fuck me it's been stressful.

You plan and plan. There's always something you forgot. Something you hadn't considered. Something that doesn't work and takes you back to square one.

I planned and forecasted and market researched for weeks. Our set up costs were still three times what we expected...there's so much that costs money, and we forgot basic things because we were new to it all.

A loan of £100k would scare the life out of me! That's a huge amount to have to repay and I'd want to be 100% certain of the plan and viability before I'd get on board.

it will only work if you support him if you aren’t then you tell him no. You both have to want it or it won’t work.
If you change your mind only advice I can give you is don’t rely on credit cards or bank loans..those are the bastards that will keep you in debt.
rather than go in big what about small, check the competition out first.

Is it Agri-machinery?

100k...+ interest.

So it would be a garage. So needs the rent and large equipment.. I. E ramps.

What other expenses in a list would or could there be.?

I set my own business up 4 years ago. Got laughed out of the banks and got alternative funding through a business enterprise fund. I went into a totally untested sector with no idea of what I was letting myself in for. I'm not such that anything can prepare you though - much like having children!

It was very stressful at times, particularly when I got ripped off by one of my suppliers but I've worked hard through the difficult bits and now have got to the point where I can afford to reduce my hours and am earning really good money and can afford to do the things we want such as nice holidays and home renovations. I've hard to work much harder than I expected. The risks are bigger but so too are the rewards.

I have immense satisfaction from working hard and seeing a good return on that effort. I still get to see lots of my family and children and hope that when they're a bit older they'll be proud of what I've achieved through hard work, determination and (to be fair) a bit of good luck too.

For a garage there would be relevant insurances, ramps(as said), tools, other machines needed, advertising etc

He's got all the tools. Just the last few specialist ones to buy.

I mean things like
Business rates
Electricity
Gas
Etc
Got all the basic. Wondering if may be anything we haven't thought about

Insurance

Does the building have planning permission for use as a garage?

Is it in a habitable state?

Does he need customer toilets / waiting area etc

Advertising (I’d start small, on FB)

Public liability insurance.

Uniform (this is surprisingly high.
My husband needs a new set of overalls every couple of weeks if he wants to look smart)

Consumables (wipes / oil / PPE etc)

We've got
Wages
Council tax / business rates
Electricity
Water
Insurance
Alarming comoany
Phone lines / Internet
Loan repayment
Ground rent

Accountant
Vat
Your full costs house mortgage
What are you securing the loan on
Staff
Illness cover, who's paying if he's unable to work
Health and safety
The red tape is horrendous as is the constant literature on health and safety
Computer and software

Paper
Computers
Fax
Printers
Ink
Pens
Diaries
It programmes etc
It person you can call if systems etc go down

I don't see marketing/advertising costs in your list?

General insurance for building and contents- which will be high as you have expensive cars. And specialist insurance so you can drive everyone's cars. Public liability insurance. Fuck up mistake making insurance.

Probably you can get a policy that covers all that but it will be a lot.

If he wants to do More thaf needs specific equipment.

If he's been in the business a long time he presumably knows other owners. Is there one he could talk to about this? Ideally not one he will be in direct competition with!

MOTs* damn autocorrect!

People always imagine that working yourself is amazing as you can pick and choose when to work.
The reality is very different when the work is there you need to work all the hours that god sends, because you never know when the work will dry up. The buck always stops with you for everything. You need to deal with every single tiny aspect of the business from the not flushing toilet and drains through to planning the future direction of the business and marketing plan.