Starting out!

[jamesd]

I'm going to to be starting out in business in April. I'm young (21) and want to be my own boss.

The first thing i nedd to do is sort out some funding for start up costs and was wandering whether a personal loan is the way to go? (which is what i've been advised)

I know it will be tought the first years but what advice can you gibe me?

 

Thanks Guys!

[s.varty]

A loan is great if youv plenty of work ahead of you so you can pay it back

[simonm]

i set up on my own 18 month ago and i never borrowed a penny> i just worked and worked stayed in when all my m8s were goin out and kept saving till eventually i could afford some tackle. its always best to avoid lending unless you really have to

[treedom]

start small., if you've got your basic kit, use that. Buy tools as you need them. Sub contract for someone. Don't get too far in debt.

 

If you owe a lot, you charge a lot, and wont be able to get enough work.

 

Thats about it

[jamesd]

Cheers for the help guys! I need to take out a loan as i'll be taking over the small business i currently work for so will be buying all the good will and equipment etc. So unfortunately i'll have to borrow, but at least i know i already have the work there.

[s.varty]

Cheers for the help guys! I need to take out a loan as i'll be taking over the small business i currently work for so will be buying all the good will and equipment etc. So unfortunately i'll have to borrow, but at least i know i already have the work there.

 

Go for it and good luck to you:thumbup1:

[cannonball]

Cheers for the help guys! I need to take out a loan as i'll be taking over the small business i currently work for so will be buying all the good will and equipment etc. So unfortunately i'll have to borrow, but at least i know i already have the work there.

 

Good luck James. I would say borrow as little as possible and pay yr self a small wage to start with. I don't currently run my own business but debt takes the fun out of anything if you don't shift it quick. Been stung in the past but plain sailing now. Would'nt wish you the same mistake. So many experienced people on here to help with everything. All the best

[Dan Earp]

Stay away from natwest business loans as they wanted 50% from me!!

 

So i just saved did extra jobs on the side etc and dont owe anyone anything.

 

In your case borrow little and pay off asap, then its your company, gear and any profit you earn

[jamesd]

Thanks everyone! The interest rates on loans are fantastic over 5 years i'll be paying an extra 4ishk alone on interest so as cannonball said i'll take a small wage to start with and concentrate on paying back the loan.

Does it matter how much your wage is to qualify for your state pension?

 

Thanks again!

[treedom]

state pension?

 

like that'll be around when you retire?

 

retirement? ha keep working, stop working and drop down dead as your body will finally get a break....