funding/finance??

[crombie13]

2 months ago I started up my own business as a sole trader. I have bought the necessary equipment and a small van and had it sign written and now I offer a mobile car and van ECU remap service.

I am based in Scotland (South Lanarkshire) and I have been travelling all over the country doing this. There is more equipment I can buy that would potentially bring me more customers as the equipment I have doesn't work on every car. The trouble is that I would require to rent premises (workshop) to use the new equipment as its not viable to use it on a mobile basis.

I also have a full time job as a mechanic and my business is slotted in when I have mornings and afternoons off.

Does anyone know of any grants or funding solutions I can look at to help with the purchase of the new equipment (around £1500) and with rent?

Will I automatically be declined as I also work full time?

My end goal is to open a workshop to do the ECU tuning and then also start servicing, repairs etc so that I can then give up my full time job for this.

 

[TotallySport]

might be worth talking to these people if they are in your area:

http://www.blueorchid.co.uk/

 

[crombie13]

Thanks for that. Although just had a look and I think they only offer their services south of the border

 

[Billmccallum]

have a chat with http://www.southlanarkshire.gov.uk/business-trade

 

[The Wholesale Forums]

Take a look at the options posted in the blog below, you could pick and choose from a number of funding options that was provided in the blog:

http://www.thewholesaleforums.co.uk/blog/alternative-funding-options-for-small-businesses/

Hope that helps,
Erik

 

[alice_p]

Have you heard of a business cash advance? Might be an option http://www.unitedkapital.co.uk/ have a section dedicated to car gargages/mot centres/vehicle related

 

[holidaysplease]

It's so difficult to get bank loans for small businesses, things need to change and we as businesses need to change and support the growth of industry.

I work for a small business and our founder has highlighted how different it would be for us to get a business loan. He has written an open letter to HSBC about the banking policy towards small businesses:

holidaysplease.co.uk/news/hsbc-open-letter

We need to get the word out their about small businesses and their struggle. If you can please tweet or link to the post to get the attention of policy makers who can change this!

 

[PrestonLad]

If it made a big difference, could you look to use one of these fantastic deals on credit card balance transfers.

Went into the Halifax today (other cards are available!)... they have a 25 month interest free period on balance transfers. I think there's a one off fee of about 3%. But if you have (or can build up) 2000 quid on credit card, and transfer it across, that could be an option for an interest free 2yr loan to buy the equipment.

 

[businessfunding]

It was the negligent packaging of consumer mortgage products compounded by a Libor scandal which damaged the banking system and produced the credit squeeze. The blame lies at the feet of the banks, not business. We have just been getting on with things, forging on through the headwinds that the banks have created.


Therein lies the flaw in Mr Duncombe's argument - the events he have highlighted are respectively an outcome and a diversion from the fundamental problem - namely irresponsible lending.

Whilst your business is a joyful success, simple stats show that you are the exception, not the rule. So called 'personality lending' is hugely unreliable and was actually a big factor in the banking crisis

As on who sees proposals on an almost daily basis my view is that effort should be put into lending proposals before lending criteria

 

[crombie13]

If it made a big difference, could you look to use one of these fantastic deals on credit card balance transfers.

Went into the Halifax today (other cards are available!)... they have a 25 month interest free period on balance transfers. I think there's a one off fee of about 3%. But if you have (or can build up) 2000 quid on credit card, and transfer it across, that could be an option for an interest free 2yr loan to buy the equipment.

I hadn't thought of that!

I have now identified the exact premises I want and at a great rental price as they are desperate for tenants. They are prepared to waive any form of deposit and it is through a letting agent. My next question is, will I need to change to a limited company in order to secure the lease (I already have a mortgage and car loan although I will still be working a full time job also)?

My plan is to speak to all family and friends with a proposal:

If every person gives me £100 to go towards my equipment they will all get their next car or van service for free with an added bonus of 20% off any further work required within 1 year. Its a good deal so if I can sell it to 20 or more people it should get me off and running!

 

[Ian J]

I hadn't thought of that!

My next question is, will I need to change to a limited company in order to secure the lease

In a word - no

 

[PrestonLad]

I hadn't thought of that!

I have now identified the exact premises I want and at a great rental price as they are desperate for tenants. They are prepared to waive any form of deposit and it is through a letting agent. My next question is, will I need to change to a limited company in order to secure the lease (I already have a mortgage and car loan although I will still be working a full time job also)?

My plan is to speak to all family and friends with a proposal:

If every person gives me £100 to go towards my equipment they will all get their next car or van service for free with an added bonus of 20% off any further work required within 1 year. Its a good deal so if I can sell it to 20 or more people it should get me off and running!

Honestly, that might be a good deal, but if a friend proposed that to me, I don't think I'd perceive it as "a good deal". I'd see it as you asking for a free loan. Which would be OK if you were my brother, but might be seen as a bit cheeky by some with slightly lesser connection.

It's the unquantified nature of the offer you're suggesting.

I think I would react better if I was asked.... if you give me £100, I'll give you a one-hundred pound voucher for work in the garage for each of the next 2 (or maybe 3) years.

I suspect that that won't actually cost you any more (partly because I bet that not all the vouchers get cashed... and it ties them into your garage for other work.) But it just seems a more tangible offer to me.

Crowd funding on the internet is something else you might look into.