Forum | Start-up / First Business by Johnny_Boy

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Start-up / First Business 16:02 - May 14 with 4541 views

One for the TWTD masses that are self employed.

Pondering doing this myself soonish.

Is Â£60K perceived as an extravagant amount to ask a bank for a start-up loan?

Start-up / First Business on 16:12 - May 14 with 4485 views

Lord_Lucan

Depends what you want to do. Anything over £25k will go above branch level. Obviously you will need to secure it against your house and they may ask you to match the lending sum.

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Start-up / First Business on 16:18 - May 14 with 4472 views

Johnny_Boy

Start-up / First Business on 16:12 - May 14 by Lord_Lucan
Depends what you want to do. Anything over £25k will go above branch level. Obviously you will need to secure it against your house and they may ask you to match the lending sum.

Yeah. Was half anticipating that. Might have to offer half the business to somebody else on my radar, so it'll be a more 'manageable' £25k/30k each to bring to the fold.

Don't really want to, mind.

Overheads will be fairly minimal.

Start-up / First Business on 17:14 - May 14 with 4382 views

Archer4721

My advice is

http://www.bbc.co.uk/programmes/articles/3D0rSm9tMLy9m9wJth7Fl7S/apply-to-enter-

Though I've been known to help start -up businesses in the past.

Start-up / First Business on 17:50 - May 14 with 4291 views

Johnny_Boy

Start-up / First Business on 17:14 - May 14 by Archer4721
My advice is http://www.bbc.co.uk/programmes/articles/3D0rSm9tMLy9m9wJth7Fl7S/apply-to-enter- Though I've been known to help start -up businesses in the past.

But is £60k viewed, nowadays, as an extravagant amount for a new business to start?
Got friends that have opened foody establishments & they borrowed (at least) twice that amount.

I guess there's always Kickstarter or GoFundMe to think about.

Start-up / First Business on 18:05 - May 14 with 4278 views

Archer4721

Start-up / First Business on 17:50 - May 14 by Johnny_Boy
But is £60k viewed, nowadays, as an extravagant amount for a new business to start? Got friends that have opened foody establishments & they borrowed (at least) twice that amount. I guess there's always Kickstarter or GoFundMe to think about.

Are you in UK?

Unless you have collateral or most of money yourself banks will be very hard to convince when talking start up business

Check some of these out,some are short term loans though. I've heard crowdcube are ok.

https://www.gov.uk/topic/business-tax/investment-schemes

http://www.betterbusinessfinance.co.uk/

https://www.crowdcube.com/

https://www.fundingcircle.com/uk/

https://www.thincats.com/

Start-up / First Business on 18:15 - May 14 with 4251 views

Johnny_Boy

Start-up / First Business on 18:05 - May 14 by Archer4721

Rather convoluted backstory, but I'm returning to Europe after being 5yrs away in the States.

Potential business idea when I move to Germany.

My credit in the UK is still pretty good - due to some family property investment.

Start-up / First Business on 18:26 - May 14 with 4232 views

EdwardStone

Maybe consider other sources for funds first

The three F s lent to me

Family, Friends and Fools

Came in bloody handy

Now repaid and tons less hassle than the Bank

Start-up / First Business on 18:30 - May 14 with 4215 views

taximan

Start-up / First Business on 18:26 - May 14 by EdwardStone
Maybe consider other sources for funds first The three F s lent to me Family, Friends and Fools Came in bloody handy Now repaid and tons less hassle than the Bank

thats how i started, a friend loaned me the money for a car, insurance and licences - i was properly on my ar$e at the time

that was about 14 years ago - money repaid asap

i will never forget what he did for me

Start-up / First Business on 20:00 - May 14 with 4107 views

EdwardStone

Start-up / First Business on 18:30 - May 14 by taximan
thats how i started, a friend loaned me the money for a car, insurance and licences - i was properly on my ar$e at the time that was about 14 years ago - money repaid asap i will never forget what he did for me

Very true.....I too will never forget the folks who gave me a hand up

Reckon the Bible might have it wrong..."Never a Lender or a Borrower be" . Sometimes you need some financial help to get ahead, and the Banks can be funny b*ggers

Sounds like it worked well for you...fair play

Start-up / First Business on 20:02 - May 14 with 4100 views

taximan

Start-up / First Business on 20:00 - May 14 by EdwardStone
Very true.....I too will never forget the folks who gave me a hand up Reckon the Bible might have it wrong..."Never a Lender or a Borrower be" . Sometimes you need some financial help to get ahead, and the Banks can be funny b*ggers Sounds like it worked well for you...fair play

cheers

Start-up / First Business on 22:07 - May 14 with 3970 views

bobfromnewmarket

Go for it. I own a farm in Tunstall with Miriam Margolyes !

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Start-up / First Business on 08:28 - May 15 with 3850 views

No9

Start-up / First Business on 18:15 - May 14 by Johnny_Boy
Rather convoluted backstory, but I'm returning to Europe after being 5yrs away in the States. Potential business idea when I move to Germany. My credit in the UK is still pretty good - due to some family property investment.

If you are going to move to Germany it would be worth investigating what help you could get there

Start-up / First Business on 09:02 - May 15 with 3820 views

Kieran_Knows

Start-up / First Business on 08:28 - May 15 by No9
If you are going to move to Germany it would be worth investigating what help you could get there

Does TWTD have a Germany branch?

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Start-up / First Business on 10:16 - May 15 with 3772 views

LeighOnSeaBlue

If bank don't help try funding circle that worked for me when looking for funds. 60k is a lot of money I started with a few grand but not sure what your business is

Start-up / First Business on 10:18 - May 15 with 3767 views

chicoazul

I started my business in January. I got a modest investment (nothing near what you are looking for) from a start up specialist. Depending on the sector you are in I would suggest looking for someone like that rather than a bank loan. Someone who knows your market and can support you in the tough early days.

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