Thinking of seeing if I could buy a business........where to start with no collateral please don't laugh

[Upsadaisy]

My course finishes in 5 months the jobs are scarce and I'm panicing so I'm testing a plan B....

Setting up or preferably buying an established children's nursery.

I have no real business experince but I pick things up quick and I have no real collateral(bit of a problem that last one).

I was always told to shoot for the stars and if I miss I'll least hit the moon so thats what I'm thinking of doing.

Any advice would be much appreciated about anything to do with becoming self employed, running a children's nursery, raising capital....

I did say don't laugh lol....

What did you do before the course? and what is the course you are doing?

Accounting before the course and the course is Children's nursing.

I have major problems with childcare after splitting from ex hence thinking about a children's nursery. Would love to extend hours of a nursery place to cater for shifts that people have to do in hospitals don't know how real that is or possible but just want to think on starting up or buying an established nursery first...& if that in itself is realistic

An established nursery can cost in excess of £1million.

Nursery for sale

I know.....theres one near by thats alot! cheaper claiming a good turnover...

There are a couple of nurseries owners on here, Bubble99 (i think) has 1 or 2 and KatyMac is starting up an eco-nursery at the moment.

Thanks Seb1

I dont think you necessarily need collateral to purchase a business but you will need

A 'good credit rating'

A professional business plan

willing to secure some/all of the loan against you as an individual, not just a business loan, not to be undertaken lightly as this may mean you will go bankrupt/lose your home (if you own it) if business goes under

Willing to have bank people 'involved'in the running of your business for years to come

If no collateral then understand that for at least 5 to ten years the emphasis will be on repaying your debt as priority, not making personal profit, this will be non-negotiable with the lender.

Not saying it is a bad idea per se but not as profitable etc at least initially as some people might think.

Good luck tho!

Well if you have an accounting background you can do the Sums

Talk to katymac - she has been through all sorts recently and can give you her wisdom I am sure.

Could you start off as a Childminder to build up funds? A friend is doing this and is really pleased with her decision.