Large start-up costs

[Jay_Music]

A friend of mine and I recently decided we would like to start a business we have a real love for....music. Similar businesses exist and from research are very popular, but we have a twist that we hope will give us the edge. Without going into too much detail it comes down to us renting out space, so after inital costs there are very little outgoings. We have already began looking into how to set-up, including writing our business plan and getting the funding. Unfortunately we have estimated the costs to be around £150,000. We really need an idea of whether there is any chance of getting the funding and whether there is anything we can do to improve those chances. We are both 21 and worked in retail (about 10 years experience between us) we have GCSE's amd 'A' levels but nothing in business. If we have a strong business plan and it's a sound business idea, what do you think the chances are?

[Statler]

Hi,

A strong business plan, sound idea, plenty of enthusiasm and a love for what you want to do is a good start - these are all things that investors like to see. Obviously, £150,000 is alot of money, so your financial assistance options are somewhat limited compared to, say, if you wanted £15,000. Probably the best route to take would be to explore the option of venture capital.

If you register online with Shell LiveWIRE at www.shell-livewire.org, you can access all of the information within the Be Your Own Boss section. You should then take a look at Finance and Funding / Sources of Business Funding: http://www.shell-livewire.org/beyourownboss/main.php?catid=1&subcatid=19&artid=1058521316.267

To register at www.shell-livewire.org, choose 'Click to Register' below the briefcase on the left-hand side of the homepage.

Lee