Startup advice needed

[paulho]

Have realised that, at 30, it's time to change my life. I'm looking to quit my job and become my own boss. My thought process is this... at my age with no mortgage and earning only 14k, what have I got to lose? The trouble is, with no savings (you try saving money on that salary!!) and in rented accomodation, I need ideas for low/no cost start up. Will save a fortune in childcare costs working from home so turnover wouldn't have to be huge to begin with as long as there was scope to grow.
Putting in the long hours isn't a problem, but capital to start is. So basically something labour intensive but with low start up costs. Also, being as the people on these forums are endlessly more clued up with financial matters, would you say, get mortgage and house first, whilst employed and start business second, or vice versa, once business was established.
Also (sorry, last one!), a massive investment opportunity has arisen locally, in the form of a 6-bedroom detatched property with prime location for 180,000 pounds that needs a lot of rejuvinating, but could earn me a hell of a lot of money. Question is this - Would a bank manager laugh me out of the bank if I approached him for the capital? And is there anywhere else (apart from loan-sharks) that would consider it, or is this a pie-in-the-sky idea. House regeneration has long been a hobby, so with funding it would be an ideal business for me to get stuck into. Sorry to ramble and ask in one post what should probably have been split into half a dozen, but have had to re-evaluate my life over the last couple of days, and I'm getting off my backside right now.
Your thoughts would be very much appreciated

 

[Anonymous]

Paul, your married with kids (as you mention childcare) you will qualify for about £5,000 or more in working families tax credit. If you start up on a Princes trust grant you can get another £5000 this means that your shortfall could be only £80 or so a week.

 

[nickjb]

On the last note, I don't want to put a downer on that idea but consider carefully the state of the local and national property market. Have a look at www.housepricecrash.co.uk, it's bearish but it may be better than being in negative equity in 3-4 years time.
Best of luck
Nick

Have realised that, at 30, it's time to change my life. I'm looking to quit my job and become my own boss. My thought process is this... at my age with no mortgage and earning only 14k, what have I got to lose? The trouble is, with no savings (you try saving money on that salary!!) and in rented accomodation, I need ideas for low/no cost start up. Will save a fortune in childcare costs working from home so turnover wouldn't have to be huge to begin with as long as there was scope to grow.
Putting in the long hours isn't a problem, but capital to start is. So basically something labour intensive but with low start up costs. Also, being as the people on these forums are endlessly more clued up with financial matters, would you say, get mortgage and house first, whilst employed and start business second, or vice versa, once business was established.
Also (sorry, last one!), a massive investment opportunity has arisen locally, in the form of a 6-bedroom detatched property with prime location for 180,000 pounds that needs a lot of rejuvinating, but could earn me a hell of a lot of money. Question is this - Would a bank manager laugh me out of the bank if I approached him for the capital? And is there anywhere else (apart from loan-sharks) that would consider it, or is this a pie-in-the-sky idea. House regeneration has long been a hobby, so with funding it would be an ideal business for me to get stuck into. Sorry to ramble and ask in one post what should probably have been split into half a dozen, but have had to re-evaluate my life over the last couple of days, and I'm getting off my backside right now.
Your thoughts would be very much appreciated