Getting Money Off A Bank

iwanna · Post by **iwanna** » Sun Feb 27, 2011 2:49 pm

I need to get a chunk of money off the bank to go self employed (yeah I know not a great start, but needs must) have a business plan showing forecast, how much kit i have, planned out goings etc

Any tips to help?

GadgetBoy · Post by **GadgetBoy** » Sun Feb 27, 2011 5:44 pm

I hate to be the bearer of bad tidings but you haven't a hope in hell. The banks just aren't lending to startups at the moment.

Your best bet is a personal loan and say diddly about going self-employed. Apply while "employed" and show your recent earnings history.

Eddy · Post by **Eddy** » Mon Feb 28, 2011 11:14 am

x2

sorry

iwanna · Post by **iwanna** » Mon Feb 28, 2011 3:10 pm

Always a way, and if I gave up that easy then wouldnt be worth trying to start a business

eveshamsteve · Post by **eveshamsteve** » Mon Feb 28, 2011 6:38 pm

iwanna wrote:Always a way, and if I gave up that easy then wouldnt be worth trying to start a business

Determination! Never take "no" for an answer.

If your business proposition makes sense, and the banks can see a profit they will loan. They just won't take silly risks any longer. Those days have gone. It comes down to your business plan and whether it makes sense or not.

http://www.bytestart.co.uk/content/fina ... loan.shtml

iwanna · Post by **iwanna** » Mon Feb 28, 2011 7:45 pm

Yeah I am getting help with the business plan, it needs to be perfect to stand a chance.

I have sourced a £5k loan at 0% for two years so thats good

Also i have researched my market and its a stable market with growth easly achievable if you put in the hard work.

I know I will need to work 12hr days (if not longer) 7 days a week to make this work, and am more than willing to do that.

Fingers crossed I hope to have paid all loans off within two years even if it means doing pizza delivery during the night

eveshamsteve · Post by **eveshamsteve** » Mon Feb 28, 2011 8:00 pm

iwanna wrote:
I know I will need to work 12hr days (if not longer) 7 days a week to make this work, and am more than willing to do that.

You've got the right attitude. Working for yourself is not easy and not predictable. But can be very rewarding. And once you become self employed you become "unemployable". You always have to work for yourself after that. It's well worth it in the long run with many benefits not just financial.

Good luck with it.

GadgetBoy · Post by **GadgetBoy** » Mon Feb 28, 2011 8:00 pm

What are you thinking of doing?