Business Start up Funding

Where to start!

Its not a thing to go into lightly. Before you even think of looking for funding, make sure you have a full business plan, done professionally, with 3 years realistic cost projections, and not obvious finger in the air (which it normally is, just make it look like it isn't).

To be honest, with your age and current experience, to get a sniff of funding, someone will want a lion share of any equity, prob a controlling interest.

If you have that killer idea, and you have written a well articulated and coherent business plan, are passionate that you can make it work and can show previous experience or acumen, then go and see the bank manager and get a loan.

If its that good, contrary to the media, banks will lend the money.

If your just after advice or want someone to pick apart your idea, then maybe book a visit with your local Business Link.

I did it when I first started, and to be fair they ripped me apart Doesn't mean they're right, (they actually advised me not to persue MLS and stick with IT consultancy), but can make you rethink, or point you in a different direction, and all advice is free

Snap.

I got the same reaction with my job board. Sitck to what you know was the common theme.

and dont waste your time with business link. they keep you locked up for hours on end filling out forms and when you get to the end they refuse you.

if you look at the lending criteria closely you have to be a one legged lesbian farmer and then they will fund your own private dessert island and your retirement fund as a bonus.

I found business link a useful sounding board, even if I didn't agree with everything they said.

Ref the lending criteria, it may be a lot tougher than it used to be, but funds are available. Better to borrow than sell equity IMHO

defo go and have a chat with them I have learnt a lot but if they lock you in a room with a ream sized application form. run like the wind.

If you're under 30, then the Prince's Trust can help with low-interest loans - off the top of my head, it's 3% APR and usually spread over 3 years. They also do all sorts of freebie courses and they have a mentoring programme too - where they link you up one to one with a more experienced (poss semi-retired) businessperson to steer you round the curves.

I have been to business link before it was quite good to be honest, I don't think I will get any sort of funding from the goverment and I doubt I would get a low APR loan

Guess I shall Soilder on

Generally I find that Business Link represents a good source for technical information and that aspect has improved quite dramatically since they came under the HMRC umbrella but as already indicated they still attract negative criticism.

Local District and County Councils usually have Business Officers or departments and these can be a useful source of information including grant availability, particularly for grants falling wholly under their control and administration, and access to other business support groups, privately funded or attended by local business people giving their time freely.

Believe it or not there are individuals who have surplus funds who in the current climate are looking for alternative investments. Being quite long in the tooth I can recall the days before the Financial Services industry became regulated when introductions for those with business ideas to those with the spare cash by local professionals was commonplace. Often the objectives for such investors was taking an interest in local activity and pleasure from being part of a success story as opposed to generating huge financial gains and a return to this culture would help enormously. Advertising your needs may help or approaching other businesses where what you have to offer adds value to their operations. Sometimes where the business involves particular products suppliers may see it as in their interest to provide support.

Otherwise obtaining funding is not just about security but making sure that you have the right team around you including mentors and advisers.

bjn

Business link is defunct now - looks like they were one of the Quangos that got the axe.

Hi Kevin, I thought this might be useful for your query.

Experian