O.K I have a business idea but not too sure where to start. I have two numbers (business link and Senta) has anyone else delt with these?

I am also in two minds wether or not to go ahed, one part of me says yes go on little ideas can lead to big things, the other says run away you are way in over your head!

I will have some cash to invest and some interest with friends, can anyone share their experiences and advice?

I have dealt with them and found them quite a good resource for funding knowledge.

They also help you to streamline your thoughts and get them into some order so that you can start on the right track.

They are a good place to start for some basic help.

Hi,ive got a great business idea,but no cash:(
I,m convinced i am on to a winner, is there any funding available out there?
As for business link and senta my girlfriend used them,(senta)they helped her build a business plan,helped with marketing strategies ect,they also helped convince the bank (they work in parnership with hsbc) to lend her the cash to start up as a photographer,all in all she found them very helpful.
Just thought,maybe i should try them,trouble is im working full time so dont think they would have me.:(

Originally posted by deano
Hi,ive got a great business idea,but no cash:(
I,m convinced i am on to a winner, is there any funding available out there?
As for business link and senta my girlfriend used them,(senta)they helped her build a business plan,helped with marketing strategies ect,they also helped convince the bank (they work in parnership with hsbc) to lend her the cash to start up as a photographer,all in all she found them very helpful.
Just thought,maybe i should try them,trouble is im working full time so dont think they would have me.:(

I am also working full time. However, I am told that Senta take you through your business plan etc on a 4 week course but it is one day a week and you have the choice of day or night class. Just hope you don't have the same idea as me:D

Originally posted by duffman
I am also working full time. However, I am told that Senta take you through your business plan etc on a 4 week course but it is one day a week and you have the choice of day or night class. Just hope you don't have the same idea as me:D
Ihope not too:o
Didnt know they,d have me if i worked full time,thanks for that,have been looking through my girlfriends old stuff alot of it is basic stuff,but if it helps focus your ideas its got to be a good thing:thumbsup:
This time next year,we will be millionaires:D

I did the course with them a few years ago. At the time I couldn't go in to their office to do it as I had just had a baby (breast feeding so couldn't leave him with anyone).

They gave me the cd-rom to use at home. When it didn't like my PC they actually delivered me one of theirs and installed it in my house for me!

Top marks for Senta as far as i am concerned.

Originally posted by deano
Ihope not too:o
Didnt know they,d have me if i worked full time,thanks for that,have been looking through my girlfriends old stuff alot of it is basic stuff,but if it helps focus your ideas its got to be a good thing:thumbsup:
This time next year,we will be millionaires:D

Oh I hope so, it's that or we will be rivals;)

I did the course with them a few years ago. At the time I couldn't go in to their office to do it as I had just had a baby (breast feeding so couldn't leave him with anyone).

They gave me the cd-rom to use at home. When it didn't like my PC they actually delivered me one of theirs and installed it in my house for me!

Top marks for Senta as far as i am concerned.

Nice, they sound great. Will at least make enquiries into it anyway.

How much is the course?
My girlfriend got it for free,cause she was at college at the time.
Have already done projections and loads of research,just need some $$ to get going.

I think it is a £25 fee that is refunded once you have completed it.

I've never used any of the services offered by Government / Business Link or whatever to help you get in to business, so I can't comment. However, having been in business for more years than I care to think about - and having had ups and downs, I offer the following for your consideration.

Cash is king. Assume that everyone will take longer to pay you than you think. If you have 28 day payment terms assume that people will take 56 days.

If you're ditching the day job to go full time in to your own business, then downsize as much as you can. Clear your credit cards, get used to living more frugally, etc.

Take a look at this book - http://www.amazon.co.uk/exec/obidos/ASIN/0273659294/202-0547004-0145423

The Beermat Entrepreneur is really cool, and the book that Amazon suggest as a partner for it - "A Good Hard Kick in the Ass" is also an excellent book.

Borrow as little as possible, and watch the terms if you do borrow. Even if you go as a Limited Company, some banks will insist on a 'personal guarantee' for overdrafts and loans. This means that they can take your house and everything else you have, even if you are a Limited Company. So, avoid the 'personal guarantee'. And overdrafts are repayable ON DEMAND - watch it!

Get a couple of customers lined up before you quit the day job, and if possible get the work for them underway before you leave the day job - that way you'll reduce the lead time to your first cheques.

Don't forget to stash the tax away from the payments you receive - the inland Revenue are not the source of cheap financing they used to be!

Hope this helps!

Joe

not having been in business myself full time, but having seen it done successfully and unsuccessfully -
joe is right - cash is king

profit and loss accounts may show splendid growth over the year, but a good cash flow forecast may reveal that you actually go bust in August

Depending on the type of business you are in, get as much cash up front as possible. Chasing bills is time (money) consuming and a royal pain in the arse.

Treat your customers well, even to the point of taking a minute to phone them and just being a friend. This pays off in spades!

Cheers for that, much appreciated:thumbsup:

I wont give up the day job ( whatever that is:D ) and that is why I have a few good friends interested aswell who can run it when i'm not able to.

Ahhhh it's all about the money!!!

Go for it man.
If you have an idea and the investment you have to lay out is minimal/zero then you have little to lose other than time.

If the investment is bigger I'd suggest some market research to make sure the idea is sound and the investment worthwhile.

Senta are ok and funding is available but it's in the form of loans (not grants). If you need a loan then you'll need a good business plan (which Senta can help with) before anyone will look at you.

I suggest taking the 'starting a business' course offered by the chamber of commerce (in association with Senta) if you need help with the putting together a business plan.

It's not as easy as it looks running a business. Accountants, keeping track of cash flow, tax, national insurance etc.
If you've had a poor credit history you can more or less kiss your chances of getting a business account from any bank (even if you become limited).

Is it a web based business or something that requires a stock of certain things? Importing perhaps? Then you're talking about import duty and VAT etc. Also having a solicitor to handle the legal side of things, and then there's insurance too.

Just dropping some things to think about... however it does depend on the industry and area you'll be trading. Competition is a big factor too. What makes your business stand out from others doing the same/similar?

Good luck with it tho mate. And keep us posted.

Aye carumba!!:o My pencil is starting to burn with all the note taking!

Cheers for that DaBouncer. Someone I know has drawn up a plan for a catering service and are hoping to open a cafe. They were like myself, not sure where to start etc. They went through Business link who put them through to Senta and they worked with them and the Chamber of commerce. Now they are just trying to get the money together.

Thanks chaps,great advice,i dont envisage giving up the day job just yet (tempting tho it is) just so frustrated at the moment,i know im on to a winner,think my best bet,when im up and running is to treat what i earn as a bonus and take it from there,of course not forgetting the tax man.
any advice is greatfully recieved.

Originally posted by JoePritchard
get used to living more frugally, etc.

No trouble there, you'll not have the time to spend your money.

On a serious note. I have managed to get 3K funding for FREE from Rotherham chambers. It was some Objective One funding by the EU. The fund was used for our marketting. You have to have a large turn over to qualify for that within the first 2 years of starting a business.

My biggest regret is not having a website designed before starting. Even after 3 years starting from freelance to Limited company with 2 other friends. We still haven't got a website for our computer business. :loopy: Still, that is a good sign if I can't find the time.

Get a good accountant! They do know the trick of the trade. DON'T get a business account if you can help it. It does depends on the business but it is perfectly legal and normal to take out a personal account for business use. Banks turn a blind eye if you do not do more than 10 transactions per month. This saves on bank charges that you get on a business account.

I found that word of mouth is your biggest asset so exploit that to the full.

Phan is right about saying taking a minute to phone. It cost virtually nothing.

Originally posted by DaBouncer
Go for it man.
If you have an idea and the investment you have to lay out is minimal/zero then you have little to lose other than time.

If the investment is bigger I'd suggest some market research to make sure the idea is sound and the investment worthwhile.

Senta are ok and funding is available but it's in the form of loans (not grants). If you need a loan then you'll need a good business plan (which Senta can help with) before anyone will look at you.

I suggest taking the 'starting a business' course offered by the chamber of commerce (in association with Senta) if you need help with the putting together a business plan.

It's not as easy as it looks running a business. Accountants, keeping track of cash flow, tax, national insurance etc.
If you've had a poor credit history you can more or less kiss your chances of getting a business account from any bank (even if you become limited).

Is it a web based business or something that requires a stock of certain things? Importing perhaps? Then you're talking about import duty and VAT etc. Also having a solicitor to handle the legal side of things, and then there's insurance too.

Just dropping some things to think about... however it does depend on the industry and area you'll be trading. Competition is a big factor too. What makes your business stand out from others doing the same/similar?

Good luck with it tho mate. And keep us posted.


Senta do work with grants too. Some are dependant on age some on postal district etc. There are quite a few grants available and they will help you egt the funds too.

Have you done a SWOT analysis? List your strengths, then look at your weaknesses (which also includes the strengths of your competitors), list your opportunities and then look at the threats.

Don't just look at the good side - take a lot of time to look at the down side and don't under-estimate it - having a recovery plan if things go wrong is paramount. Don't expect things to take off straight away - I've been running my own business now for 5 years and its just starting to get to the place I'd like it to be. I'm now planning for the next stage.

John is right about two other things - bank accounts and websites. You need a presence on the web, and unless you are going to either be a limited company or pass lots of transactions through a bank account, open a second personal account to use for the business. It still keeps personal and business expenditure separate so your accountant can easily (and therefore more cost effectively) prepare your year end account for the Inland Revenue.

Originally posted by bonny
Senta do work with grants too. Some are dependant on age some on postal district etc. There are quite a few grants available and they will help you egt the funds too.
Oh don't get me wrong, I'm not saything grants aren't available but it's virtually impossible to get at them.

It all depends on the sector you're going into and the guy I saw basically said I didn't have a prayer.
The basic rule of thumb is, if your business is for profit you'll not get a grant. If it's a charity etc (i.e. not for profit) then you stand a lot better chance.

I'm assuming (maybe I shouldn't assume) but Gez and co are on about a business that they'll start up and make a living off, generate profit etc and as such they'll probably find that they cannot get a grant for start up costs.

Like John said earlier, there are projects that will give you funding which doesn't have to be paid back... but you have to have a high turnover and already be in business.
www.20m4u.com are currently giving away chunks of £20million worth of funding to businesses in South Yorkshire which has been granted from theb European Commission or somewhere like that. However this grant is purley for training staff... which you must already have... otherwise you've no chance.

And John... IMO it's sometimes more worthwhile to have a business account. For example sending cheques looks more proffesional if it's from a business name rather than just from Mr Joe Bloggs. And if you're trading over the web (unless you use an expensive 3rd party merchant company like Worldpay) you NEED to have a merchant number to accept credit card payments online. You can't get the merchant number with an ordinary current account I promise you.

There are low cost/free business accounts available out there... you just have to know where to look (and have a clean credit history :P )

whatever you do, and however you do it, make sure you get your book keeping right, it's been the downfall of many businesses, start ups and established.

If you are under 30 then you qualify for a Princes trust grant. Dependant on where you live or where your company will be based you could qualify for a grant that it designed to generate new businesses in areas that need them. That is two that I know of.

When I saw them the first time my business was to make a profit, as I would have thought that all businesses are, and I wasn't refused.

Perhaps it all depends on who you see at Senta as to what info they will give you.

IIRC the Princes Trust only give grants to those who are 25 and under.

Am I wrong? Have they changed the goal posts on that one?

Princes Trust.... found out some info:
Can be found on this (http://www.fastlinksolutions.co.uk/princest.htm) site
PRINCES Trust Questions Answered

How can the Prince's Trust help me build a business?

Want to work for yourself, but can't get the money you need to start your own business? Turned down because of your age, your credit record or because you're out of work? You can start a business, with help from The Prince's Trust.

If you're 18 to 30 and unemployed or 'underemployed' (in an unfulfilling part-time or temporary job) they can offer:

A low interest loan of up to £5,000.

Test marketing grants of up to £250.

Grants of up to £1,500 in special circumstances

Advice from a volunteer 'Business Mentor' during your first three years of trading

Extra support including discounted exhibition space and specialist advice
As far as this info goes, low grants of up to £1500 are availabe under special circumstances. And you have to be either unemployed or working in a low paid part time job.

When does a hobby turn into a business? For example selling on Ebay? I was looking into selling items on the site, but is there a limit where the income I would receive is classed as a business??

If you are selling your own items, it is not a business.

If you are buying items to re-sell, ie at a profit, then irrespective of the income/profit, 1p or £1m, it is a business and the Inland Revenue will be interested

Originally posted by duffman
Cheers for that, much appreciated:thumbsup:

I wont give up the day job ( whatever that is:D ) and that is why I have a few good friends interested aswell who can run it when i'm not able to.

Ahhhh it's all about the money!!!
Probably last thing you need in business is 'a few good friends to run it when youre not able' Things get very strange when profits start to be made - 'friends' can get greedy and unreasonable. Make sure it's all legal and binding!:huh:

I have been thinking of starting my own business for many years now- and would like to go ahead with the idea I've got. Trouble is - I've got literally no cash to start the business and I mean zero!!
Where do I start??

Is there any sort of financial help out there to help me start my own business? Even a way of finding someone to go into the business with me and help financially??

Sony, take my advice if you have a job that's any good stick to it! being self employed is certainly no bed of roses, it means long often unpaid hours, lot's of worry and for a long time, small returns.
You only have to look around you at the ones who have retired early, they are the profesionals like the Police or armed forces who have had salaried work with pensions guaranteed at the end of them.

Then there are the other set backs you can encounter like the mongrels at the Inland Revenue who will be on your case, they won't believe that you worked an 80 hour week and only earned a hundred quid, they will assess you and slap you with what they "think" you should have earned. There is sod all you can do about their heavy handed and unfair tactics. I was once told by their chief inquisitor that "he wasn't there to be fair he was there to win" that sums up the attitude of these jobs worths. **** you jack I am alright. You will need every bit of luck going just to survive the first year.

I hope this is of some help....sorry for making it sound so bad, but if it keeps you from going skint and ruining your health then it is worth it.

On the other side of the coin, I went self-employed about 6 years ago. I'd never go back to working for someone else!!

Originally posted by Saxon
On the other side of the coin, I went self-employed about 6 years ago. I'd never go back to working for someone else!!
Same goes for me, Saxon:thumbsup:

that's very helpful