Business Loan or Grant

[imayne]

Ive just started a ltd company with just one shareholder (me). I have a registered trademark for the business name which was granted a month ago.

I need some financial help to get this business off the ground but Im taking money from my self-employed business to fund this ltd company; it's not that much.

This company needs the website which will cost an average £6k to create. Is there a way the company can secure at least £10k from a Grant or Loan? Do I need to provide a "kick-ass" business plan to achieve this amount of money?

Regards

 

[BusinessDeli]

If you want external investor then as a rule you will need a business plan. It doesn't have to be incredibly in-depth but must show the business set up and financials (current and projected).

My question is what is this website that will cost £6000?!

 

[imayne]

A website with a good software architecture. Something like eBay but not exactly; just trying to give you a picture.

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[DanMartin]

If you're aged between 18 and 24 years old, it's possible to get loans of up to £10,000 through the government's new Startup Loans scheme. Have a look at http://www.startuploans.co.uk/

You can find details of grants on the Business Link site at http://www.improve.businesslink.gov.uk/resources/business-finance-finder

 

[imayne]

I'm 28

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[BusinessDeli]

Thinking about it - couldn't you just get a normal bank loan for 10k? Guess it depends on your own financial situation but the capital amount isn't that high.

 

[businessfunding]

Ive just started a ltd company with just one shareholder (me). I have a registered trademark for the business name which was granted a month ago.

I need some financial help to get this business off the ground but Im taking money from my self-employed business to fund this ltd company; it's not that much.

This company needs the website which will cost an average £6k to create. Is there a way the company can secure at least £10k from a Grant or Loan? Do I need to provide a "kick-ass" business plan to achieve this amount of money?

Regards

First and foremost I would evolve a business plan which uses the resources most readily available - in particular friends and family (for money & expertise!)

Business finance for start ups is no easy - never has been.

Any sort of traditional loan provider will be looking at fallback security - usually in the form of property.

You might get lucky in the form of a sponsored scheme.

Grants re mostly regional and rely on set criteria such as creating employment, green credentials etc, it is worth investigating what is available in your area.

Equity funding is not easy and as 'another web venture'you will need to produce something exceptional to impress investors.
Sorry if this sounds negative but, as the saying goes 'keep it small, keep it all'.

 

[imayne]

First and foremost I would evolve a business plan which uses the resources most readily available - in particular friends and family (for money & expertise!)

Business finance for start ups is no easy - never has been.

Any sort of traditional loan provider will be looking at fallback security - usually in the form of property.

You might get lucky in the form of a sponsored scheme.

Grants re mostly regional and rely on set criteria such as creating employment, green credentials etc, it is worth investigating what is available in your area.

Equity funding is not easy and as 'another web venture'you will need to produce something exceptional to impress investors.
Sorry if this sounds negative but, as the saying goes 'keep it small, keep it all'.

Fantastic. I'll keep it small. I may just get the business recognized and have loads of registered users. The aim is to launch next year March. Then I will approach banks or even to be appeared on Dragon's Den

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[BusinessDeli]

Don't forget to tell us if you go in front of the dragons!

 

[imayne]

Don't forget to tell us if you go in front of the dragons!

Will do

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[DavidAshdown]

What about the web designer ? Maybe offer shares in place of money for their time !

 

[imayne]

What about the web designer ? Maybe offer shares in place of money for their time !

It's too early to think about shares in which I've thought about already. My main focus is getting the website in beta, get some registration then I'll know what I'm up against.

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[DavidAshdown]

So the £10k is not for building and developing the site, this you can fund, correct ?

 

[imayne]

So the £10k is not for building and developing the site, this you can fund, correct ?

10k for building + advertising. But lastnight I've done the math and it's really 7k

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[imayne]

My personal money went into trademarks, logo and down the drain on timewasters to build a website. So to go professional, the website I want is expensive and I agree.

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[DavidAshdown]

If the website is £6k then you are only allowing £1k for advertising, or have I misunderstood ?

 

[imayne]

If the website is £6k then you are only allowing £1k for advertising, or have I misunderstood ?

Yes.

Advertising is not expensive if you know your targeted market. I've worked it out and it's cheap. In my views...just needed flyers. I know where my targeted traffic is.

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[DavidAshdown]

Fair enough but I can't see it personally, £1k does not get you a lot and if the website is that good that it needs £6k to build then surely it deserves a fair bit of promoting.

On the other hand if you know ways of marketing businesses cheaply then you could earn a lot from that in itself. I'm sure there would be a lot of people on here wanting to know your secret, including me. I've been in business 30 years and never found advertising to be cheap.

You mentioned Dragons Den, I wouldn't advise standing in front of them and suggesting a £1k marketing fund. How do you plan to do it ?

 

[jonathancottlea]

Anyone gives me a list of name of some institution which can give huge amount of lone or grant to start a new business.

 

[DavidAshdown]

Anyone gives me a list of name of some institution which can give huge amount of lone or grant to start a new business.

Start a new thread

 

[businessfunding]

Anyone gives me a list of name of some institution which can give huge amount of lone or grant to start a new business.

List, as Requested:

1. Friends.
2. Family.
3. Fools.

Hope that helps

 

[mcjohn]

You can arrange a secured loan if your credit score is not efficient to get £10k from traditional lenders. You can get this amount without risking your home if you have a car. You can get cash against the logbook of your car. This is new financial approach to manage cash with all financial benefits and several individuals alike you are getting benefit from this option.

 

[DavidAshdown]

But presumably you car must be worth a lot more than £10k net equity ? How does this work and what is the cost ?

 

[DavidAshdown]

Also, if the OP has more than £10k equity in his car, he would be far better off selling the car and using the cash to start in business. Far more sensible.

 

[PDRD]

Also, if the OP has more than £10k equity in his car, he would be far better off selling the car and using the cash to start in business. Far more sensible.

Best advice yet.

 

[imayne]

I've thought about the car but I have a 3yr old + another one on the way. Selling the car would add stress. I can't take a woman's stress at this time.


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[DavidAshdown]

I've thought about the car but I have a 3yr old + another one on the way. Selling the car would add stress. I can't take a woman's stress at this time.


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Why have you got another car on the way ?

 

[imayne]

DWL! My mistake. I meant I have a 3yr old son and another child on the way.

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