Monstorious started this topic @ 14:57 on 03/01/2012
Hi guys. I understand i am on the correct site for all the advice i need, however my situation is a bit more difficult.
I am looking to launch a technology repair business and the good thing is, start-up costs are low due to all the knowledge being in my head.
However with all things i need insurances, small amount of inventory, some advertising etc.
I calculated to be able to get working i need around £500 and that would be me out there on my own then!
However i went through a stage when i was 18 of taking out small amounts of credit here and there and then losing my job. Obviously ended up in all sorts of trouble and my credit history is now just shrapnel.
I have applied to the princes trust enterprise program, however they can not meet me until late march (2012) and there is no gurantee they can help me with funds.
Nowhere else seems to be an option. I am working part time (10 hrs a week) and this is just supporting my rent & food for my girlfriend, me & our young child.
It's such a small amount of money for something that means i can finally get a head start, just out of options of where to look? Is my only option raising £10 a week or something? lol.
Thanks all
RE: Finance advice for start-up
icancoco | 03/01/2012 03:14 PM
if you live in England go and talk to your local council office and ask for imformation on small buisness start up grants. they range from £500 to £1000 but you can apply for more than one.
good luck
RE: Finance advice for start-up
AlexMacGregor | 04/01/2012 09:50 PM
Surely you've tried the friends and family round? Try this first if you haven't already, if they know you have passion for computers, surely they will back you.
Elsewhere, getting finance for small business is really tough right now. Have you though about partnering with someone-else or possibly working for a technology repair business? Working for someone-else, even in the short-term, can get you friends, money, contacts and more.
RE: Finance advice for start-up
Monstorious | 05/01/2012 04:35 PM
Hi guys thanks for the replys. Unfortunately family & friends can't help me out, not in that position at the moment.
Also the council office have said they're not the people to talk to regarding business help & funding.
I would love to work in a repair shop, however no-one seems to be recruiting, shame.
RE: Finance advice for start-up
ReviewMyBusinessPlan | 05/01/2012 04:47 PM
Another option is looking for a business angel. Essentially, someone that will invest in your business for a stake in it. Of course this means giving someone a part of your technology repair business but this 'business angel' can be anyone. And neither do they need to have an active role in the business itself.
Networking with people currently in the industry can also allow you to make relevant contacts, giving you a greater chance to find someone that will recognise your passion and invest.
Whatever sum of money we are talking about, before any third party lends money they will need to understand your business proposal and to give you the best chance put together a business plan. This can be as brief or as detailed as you like but will show anyone you approach how you intend to invest their investment.
Do get in touch if I can help in anyway.
All the best. I hope it really works out for you.
Contact: getstarted@reviewmybusinessplan.com
RE: Finance advice for start-up
Monstorious | 08/01/2012 12:19 AM
Hi ThrivingDad no i havn't.
Are they worth looking at? I was told these sort of lending sites do a credit check before they allow you to even post your idea/pitch and i would not pass any credit checks.
Cheers
RE: Finance advice for start-up
delta1 | 08/01/2012 10:59 AM
Hi Monstorious,
Maybe a site like IndieGogo or Crowdfunder would be better.
I know IndieGoGo has not credit check and people can donate to your project/business and you offer them rewards for certain amounts they donate.
Might be worth a try if your only looking to raise 500
RE: Finance advice for start-up
Monstorious | 08/01/2012 11:53 PM
Hi delta, just set up on IndieGoGo, any idea's on how to get my advert seen? Already done the social networking part of advertising it.
RE: Finance advice for start-up
delta1 | 09/01/2012 11:37 AM
Hi,
Post the link on the rate my website section and see what improvements and suggestions people make to it and from there you will know what to do.
Kindest Regards
RE: Finance advice for start-up
accounting-help | 12/01/2012 05:17 PM
Have you done a search for crowdsourcing/lending websites. There not perfect but would suggest that you have a look round. http://www.crowdfunder.co.uk/
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