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violator · #1 20-02-10, 23:35

ok, i need help with this, i want to start my own business again i hate working for people and love beng my own boss.

i have seen the business i want to buy (tyres and exhausts place in glasgow) it is already up and running, but this is where the problems start - the last business i owned i bought lock stock and barrel and that was it away i went.

but this time i dont have the cash to do that (the business is 60k) so i take it i will need to draw up a business plan and go down that road but i really dont have a clue about all that stuff, does anyone have any advice that would help ?

thanks a lot !

Leeky · #2 20-02-10, 23:49

Unless your credit status is absolutely A1 right now your going to struggle financing that sort of money, as bank just don't want to lend right now.

You should be allowed copies of the accounts. You need to have an accountant look at these and they can give realistic vaulation to the business (e.g. whether its worth the investment) and your likely returns on that money too.

Then you need a very good business plan as well. If you search them online using google you can find inspiration. I just did that, then fully researched everything and then wrote my own business plan that went down a storm. Don't just write crap though, as the bank will want you to explain many things in it, and if you don't understand what you've written you be looking silly. lol.

A good business plan, good accounts (which prove the business is solid and you can afford repayments of your loan), coupled with a bloody good credit rating should see you through.

Its by no means a guarantee though; and you'd be expected to have some experience in either management (to run the garage) or experience of the trade of the business to develop it further.

I'm sure there is a lot more to consider, but thats what comes to mind.

Good luck!

violator · #3 21-02-10, 00:34

thanks a LOT lee, but this may sound stupid as i say i have no idea about doin it this way...how would i go about getting the accounts ??

Leeky · #4 21-02-10, 10:45

If the business is for sale for a genuine reason then you should be able to ask for them. Nobody would be prepared to purchase a company without seeing them first.

Tom · #5 21-02-10, 13:33

Contact the prince's trust and ask for help & advice. That's where I'm headed for training and funding (as a first port of call) at the moment, although it helped that there was a local business adviser I could approach first for advice.

Really not sure about £60k from them though- At a guess, I'd say a high-street bank is the only place you'd get that sort of dosh from, but as Leeky said.

busby330 · #6 22-02-10, 16:10

As banks may not be lending to much mate

when i set up in swansea first place i tried was princes trust (yes they do give loans to new business, and they can also help with the business plan.) there are a few interviews with people in charge of the funds but its pretty much straight forward. the other option is scottish development agency/trust (cant member what they call them selves now).

give me a shout if you need any help i am sure my business plan is around somewhere if you want to have a gander etc.

Tom · #7 22-02-10, 16:28

Foundation east- another place you can try for funding, but as said- I'm not sure they'd help with that sort of figure. Maybe worth a shot though

Tom · #8 22-02-10, 16:30

hmm.. they do upto £50k loan for businesses- Business Loans - Foundation East

violator · #9 22-02-10, 17:58

thanks a lot guys, and il be onto u very soon for that copy of your business plan will, will help me alot as ive never seen one before...god the last business was so much easier, buy an ice cream van, buy a run fill the van learn the run and...make money...this way baffles me entirely

violator · #10 22-02-10, 18:01

if u want i will post the business details i have here ( no names obv) and see if you think its a good idea...does anyone on here own there own business that doesnt run from home ??