Financing

[okimgone]

Hey guys, I am very new to these forums but I hope to be a very active user.
At the moment I am 18 years of age and I have had this idea of starting a business in Kenya for 2 years, a clothing business in fact.
You may say I am a tad young to be thinking about starting a business, but infact since I was 12 I have travelled to Kenya coast (Mombasa) around 7 times.
3 times in the past 1 and a half years.

I have made all of my contacts & connections (import, export), local licenses, taxes, prices, freight costs etc...
I have a business plan of how I am going to be able to do this and the costing.

Now here comes the tricky part.
I have saved £1,000 so far, but my cost for this business is £6,000.
Would you suggest I get some sort of loan or partnership or an investor?
If I was to get a loan I can guarantee that I can make that figure back within 5 months.


Thank you,
Leo Corleone.

 

[Jet72]

I suggest that you find a partner who can finance your business. £6,000 is really a "small" amount compared to funding requirements of many start ups, which are in the millions of dollars or pounds.

You said you already have a business plan on how to go about everything. But that means nothing if you don't put it in writing. A lot of so-called angel investors will need one to evaluate your proposal, or just to see if you have the right data; or if the business truly has a demand or can stand in the competition well into the future. All investors will normally ask, "what's in it for me?" Or, "how much return or profit will I get?" So you should be able to present them with all the "needed" info, with supporting facts and figures - in print, not just in words.

There's nothing wrong with starting out young at 18. It's like asking whether one should stop falling in love at age 70. The only requirement is that "you know" what you are doing and "what" you are getting into. Plus, of course, and most important, that you have the resources or money to implement and carry out your plans, from start to finish.

So, start looking for that "right" co-venturer, okimgone.