My 1st Post

[thomp1983]

hello, im new to this forum but would like to ask for some advice,
basically im 20 and have what i believe to be a solid idea for a business, i have conducted research into the relevent fields and actually have people who would like me to take on work for them, the problem is due to some mistakes in the past i have a poor financial history meaning i am having problems raising funding for my business as i need £5000 to startup. in total my outstanding debts with financial institutions(ie. bank/credit companies) is around £2000 and i owe about another £7000 to family members but have been unemployed for a few months now meaning i have missed some repayments, so i am unsure if any of the conventional lending companies will be willing to help me fund my business startup. can any of you suggest alternative sources i could approach to help me fund my business idea?

cheers
chris

[hollyyetmore]

Hiya,

This is so common I know and we've all struggled at times believe me but all is not lost. As you are unemployed I would seriously look into the Princes Trust who offer loans and help to people like yourself with a solid business plan http://www.princes-trust.org.uk/Main%20Site%20v2/14-30%20and%20need%20help/start%20up%20in%20business.asp Also, you've probably done this I don't want to seem patronising, but if you can speak to your lenders and explain whats happened and try and make temporary arrangements it can at least help stop things getting worse. Best of luck

[thomp1983]

thankyou for that holly nice to hear someone be supportive as opposed to the the whole, 'you've got this and that problem now what you going to do about it' attitude.

i think my business plan is quite solid although i think i shall call into my local bank and talk it over with them aswell. also any tips on what a good business plan should show and convey to other people?

cheers
chris

[hollyyetmore]

that's okay, good luck with it all. Best to follow a set business plan layout and follow all the normal conventions about length, order, tone etc... I think there are examples on this site but also business link have a template and lots of banks give away free programs to build your own. I know Business Plan Pro software comes highly recommended too (I've used it myself). It definitely helps to get some feedback on your business plan and again business link is top at this.

Besides, money problems don't have to equal no chance at business, a staggering amount of self-made millionaires have been bankrupt more than once after all!