Gaining captial and Investments

[Talyn]

Seeing as Freddysworld has been through all this before, I thought I would ask the clever folks out there and see if people have any good advise...

I'm thinking of setting up my own business, as a 'real-word' shop and online as well. The problem is, I don't have the captial needed to initially set it up.

So, what I'm looking for is advise on where to look for people who will take a chance and invest in a new business. I know there were lots when the 'dot-com' craze was about, and I've done a Google search so I have ideas on where to go for grants and help in that sense. I've also been thinking about seeing any of my friends would like to aid, but friends and money don't really mix, so I'm kinda saving that as a last resort.

So, do we have any business advisors who visit here? Any accountant types? Anyone with good contacts?

I have been speaking to an accountant and stuff, so I have a few ideas, but the more free advice I can get, the better...

Cheers folks, and I'll go put on my flame retardant suit, just in case!!

 

[Paradroid]

Seeing as Freddysworld has been through all this before, I thought I would ask the clever folks out there and see if people have any good advise...

I'm thinking of setting up my own business, as a 'real-word' shop and online as well. The problem is, I don't have the captial needed to initially set it up.

So, what I'm looking for is advise on where to look for people who will take a chance and invest in a new business. I know there were lots when the 'dot-com' craze was about, and I've done a Google search so I have ideas on where to go for grants and help in that sense. I've also been thinking about seeing any of my friends would like to aid, but friends and money don't really mix, so I'm kinda saving that as a last resort.

So, do we have any business advisors who visit here? Any accountant types? Anyone with good contacts?

I have been speaking to an accountant and stuff, so I have a few ideas, but the more free advice I can get, the better...

Cheers folks, and I'll go put on my flame retardant suit, just in case!!

The only advice I can give you is learn to spell properly!!!

Image is everything in the business world - particularly when you're trying to solicit money...who'd want to give money to someone who can't spell, or has problems with their grammar?



You should not only research your "funding" (Google?), and your "market" (whatever it is you're thinking of doing), but you should also read some books on running an effective business (success/failure stuff)...Tom Peters could be a good start...


Seriously though, running your own business isn't rocket science - unless, of course, your business is rocket science - be prepared for lots of long hours and hard work ...

 

[Vae]

A lot will depend on your planned business and how large you are planning it to be. As has been mentioned image is everything as you have to impress someone with your business plan. The business plan should be realistic and comprehensive and include a healthy margin between the expected profits and the break-even line incase your assumptions are wrong.

Off the top of my head:
Small business loans - Control remains with you but you have a fixed loan you have to meet repayments on.

Business partners - Can try getting a small group of people to invest and help run the company. This can be a good idea if you have all the ideas but lack the business knowledge etc. Ideally you want to retain 51% of the company to keep ultimate control.

Grants/low interest loans from bodies like The Princes Trust (I think) - may have certain conditions attached and will be fairly small.

Business Angels - Individuals who will provide funding for a share of the company. They'll usually only want to commit for 2-3 years and then will want an exit route to recoop their money and profits.

Venture Capitalists - For bigger plans but they will fix it so they get the cream of any future success and are ultimately in control. They also won't hesitate to drop a company they feel won't make it even if they lose (what you think is) a lot of money in the process. Again they'll want an exit route in 2-3 years - usually something like selling the company or floating the company on AIM if large enough.

Also I've seen several businesses get themselves into a lot of trouble because they lacked anyone with business knowledge. Make sure you keep your book-keeping records fully up to date so that you actually have a clue ALL the time about how the business is doing.

Also concentrate on running the business to make a profit rather than thinking about how to avoid tax etc. The most successfull businesses I deal with are those who don't worry about paying tax but just make money whereas others seem to concentrate on what they can get past the taxman which always creates a LOT more headaches later on. Having said that there is always a certain amount of tax planning that can be done but consult your friendly accountant about that

 

[xane]

I'm thinking of setting up my own business, as a 'real-word' shop and online as well. The problem is, I don't have the captial needed to initially set it up.

As long as you've plenty of lowercase it should be okay, not much call for proper nouns these days.

 

[Tom]

Lots of internet sites go bust because they see themselves as 'internet businesses', and try to think differently. The successful sites have realised that the same values that make a high street retail shop work (good service, friendly staff, quality products) also make an online business work.

Make sure you reflect this in your business plan. Don't worry too much about grammar/spelling, lots of people submit business plans on A4 paper, and still get help from the bank.

Oh, try to get 2 years free banking from whatever bank you join. I'm with Lloyds, they're ok (never refused us money/overdraft etc).

 

[Paradroid]

Don't worry too much about grammar/spelling, lots of people submit business plans on A4 paper, and still get help from the bank.

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LOL

: )

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THNX.
Bi.

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