new business

DAIR

DAIR

DAIR

Soldato
Joined
23 Jul 2009
Posts
8,920
Location
Cayman Islands
My partner and I are looking into starting a business.

We need advice on how and where to seek grant to fund the start up.

Anyone here own a business? If so, did you need to seek funding from an external party to kick things off?

Thanks in advance
 
What sort of amount do you need? To actually start a company is next to nothing and can be done via an accountant (can do it all yourself technically).
 
depends on the business, but quite a lot you can start with very small capital and build it slowly

can you give more info ?
 
DAIR said:
My partner and I are looking into starting a business.

We need advice on how and where to seek grant to fund the start up.

Anyone here own a business? If so, did you need to seek funding from an external party to kick things off?

Thanks in advance
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It really depends on the nature of the business that you wish to set up as to whether it requires some capital from an outside source and whether anyone would be interested in investing.

A loan using a house as security is a way of getting money for a business start-up if there are no other alternatives, but obviously it has its risks.
 
Write up a business plan and go to the bank?

There is also that one website, that i forgot the name of now, where you can make a proposal and people can invest in your idea for a share of the business. I read about it the paper.
 
Duke said:
What sort of amount do you need? To actually start a company is next to nothing and can be done via an accountant (can do it all yourself technically).
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Sorry perhaps I should've been more clear. Starting it up isn't so much of an issue.

Funding would go towards getting the initial stock.

How for how much I'd need.... Probably around the 5k mark (I'm using this weekend to add all potential costs up).
 
Paul11 said:
depends on the business, but quite a lot you can start with very small capital and build it slowly

can you give more info ?
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Online retail store.

Setting up the site won't be an issue. Fingers crossed hosting it will be easy too (mate of mine has his own host co.)
 
Glaucus said:
If it's 5k you don't need investment. Just save some money from job, get a part time job or sell some belongings.
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That is one option I'm looking into however, unsure how feasible itll be as I have other commitments.

Worse comes to worse I'll go to a bank. Ideally I'd like to sign up to one of these start up schemes.
 
Selling what?

I started 2 years ago, with just £1500. It was difficult to trade for the first 6 months, always having to watch cash flow, a lot of equipment was paid for out of my own pocket. Its doing quite well now, and have more than made my money back. I work full time as well, you do need to be aware that it is a LOT of work. I mean a hell of a lot. More than you realise :).
How do you plan on financing yourselves, since it will not turn a decent profit to live on for a long time. If you want specifics, then give me a shout, my email is in trust, I can give you some useful links to software, some info on a variety of day to day mundane stuff as well.
 
You will be extremely lucky (read impossible) to secure funding for stock! Do you want someone to come and run the business for free too while you sit on your yacht? As suggested above, get a loan from the bank or for such a small amount put it on a credit card.
 
PhillyDee said:
Selling what?

I started 2 years ago, with just £1500. It was difficult to trade for the first 6 months, always having to watch cash flow, a lot of equipment was paid for out of my own pocket. Its doing quite well now, and have more than made my money back. I work full time as well, you do need to be aware that it is a LOT of work. I mean a hell of a lot. More than you realise :).
How do you plan on financing yourselves, since it will not turn a decent profit to live on for a long time. If you want specifics, then give me a shout, my email is in trust, I can give you some useful links to software, some info on a variety of day to day mundane stuff as well.
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You could be of some use. I'll no doubt be in touch.

As I mentioned before 5k was just an estimate... I may be able to kick things off with far less. In the last 3 days I've been contacting suppliers to find out whether I can start a trade account. Around 3 of the 6 or so companies I've contacted have responded.

One of them has provided me with a price list and I'm scheduled to speak with another contact today.

Soon as I have some solid figures in my head I'll know how much I really need.
 
Nobody is going to give you a grant to set up an online from-home retailer, so thats out of the window. You'll need to fund it yourself.
 
how are you going to market yourself so people find your site?

this costs money, have you budgeted for this ? and how did you plan to do it

how crowded is the market place you are in, are lots of people doing the same thing?

why should someone buy from you and not someone else?

i would say these are the two most important questions you need to have answered for yourself
 
Paul11 said:
how are you going to market yourself so people find your site?

this costs money, have you budgeted for this ? and how did you plan to do it

how crowded is the market place you are in, are lots of people doing the same thing?

why should someone buy from you and not someone else?
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Advertise via overclockers of course...... Joke.

Shall use social networking sits and probably Groupon (I've been looking into their pricing structure).

As for why people would by from me.... I'd rather wait till the site is up and running before telling you this.
 
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