Start up loans

[Dan Earp]

Hi guys just wondered if these start up loans where any good? Or if anyone has gone down this route?

 

Ive heard about a regional growth fund etc but haven't heard anything back yet.

 

Ive been currently trying to put cash away for things id need to start up a very basic small (2man firm) ie a ranger and trailer etc etc.

 

Any views or a steer in the right direction would be gratefully received

 

Thanks Dan

[Dan Earp]

Bump.

[JimM]

BetheBoss scheme. Royal British Legion provide loans/grants to ex servicemen starting their business, depending on circumstances.

[theflyingscotsman]

Hi Dan

 

I went through this 3 years ago on start up. Sadly for me being 31 didn't help and no body's that interested in lending to a sole trader.

 

If your <25 the Prince's trust might be a good shout.

 

I went through all the normal 'Business gateway' lines and came up blank.

 

I ended up remortgaging slightly for a "conservatory" to get me up and running. I had first noted that there where no visible professional companies operating in my area and started from there.

 

I bought most of my early kit from fleabay with various successes/failures... And then started to trade up as the business and workload grew.

 

I target large +1 Acre gardens / commercial sites in the area (which tend to have maintenance contracts through the summer, then hedges/trees through the winter)

 

Also I get around 50-80 tons of arb waste a year which I've now turned into a small firewood business which helps ease the workload/back work in the winter. (Although it's a busy summer preparing the logs!)

 

To start with do anything to make money and stay afloat. Start shedding the un pleasurable jobs when you get bigger.

 

If you do snare the odd good contract give them no reason to look else where.

 

If you need a cheap website go to 1&1 and build your own. A lot easier than you think. May not be the best but at least you'll have one!

 

Good luck

 

Colin

[Dan Earp]

Thanks guys, yep im 32 so will try the british legion 👍.

Currently i have a full time job, work my own private jobs,as well as working for two landscapers, and just recently logging up and splitting for someone else's firewood business. Ive been Around for a couple of years and have a nice small client base so far, ready to expand, with around 50-60% of my own equipment which ive worked/saved for.

[morten]

If you need a cheap website go to 1&1 and build your own. A lot easier than you think. May not be the best but at least you'll have one!

 

Probably the easiest and cheapest way of setting up your own website is: Getting British Business Online

 

It is based on http://sites.google.com for hosting

[Dan Earp]

Cheers I've emailed R.B.L so will await till friday.

[josharb87]

By your posts on here you make it sound like you started a while ago no?

 

My mistake, missed the above post somehow. why not a bankloan?

Edited September 25, 2013 by josharb87

[Dan Earp]

Yes i work full time as well and two other landscapers etcetc. Do i have been saving but feel the need to take the jump sooner than later

[richy_B]

Hello,

my experience of start up funding for a start up business is that it is bloody difficult. I've started two enterprises (one recently) and found it incredibly hard to get funding. I tried all the high street banks and 7 out of the 9 I spoke to said they do not lend to start ups (LTD) without security. The requirement turned out to be whatever capital you need, they want you to put up 50% then you need to provide security for the 50% they lend (secured against a house for example). This is fair enough but can be quite a tall order.

 

The two banks who would lend advised that for start up (or companies trading for under a year) the interest rates were much higher. We were quoted 18%. A crippling interest rate.

 

Essentially all the stuff you hear in the press about banks not liking small businesses seemed to be true in my case. For me I opted for personal loans and put it into the business as a directors loan. Not how I wanted to do it but it go me going.

 

If I could offer any advice (for what is it worth) it would be don't go for as cheap as possible though just to get going. This would seem like daft advice but in my first business I had bugger all money and bought the cheapest old van I could, bought older kit, bought the 'cheaper version' and tried to get by working out of my own home etc. Inevitably I had to repair things a lot, soon out grew my space & kit and needed to upgrade and realistically it ended up costing me a lot more. Fantasy talk but if I had £50K I could have got an excellent set up. Instead you buy then upgrade, then trade in, then replace, etc and to get to that £50k set up after a year or so you have spent £80k. How you get the £50k to start with is the hard bit of course but I hope the jist of what I am saying is clear.

 

Good luck.