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itischriso13-Jul-11 16:15
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After you have answered the 'Why am I going in to business' questions, consulted the lawyer, appointed the accountant and all the other pre-implementation i dotting and t crossing, you're going to realise you need money. Lots of it. Quickly. That means customers and/or a financier.

Startups are tricky - having no track record, bank managers look to statistics to see who to lend money to. They have lots of experience, and will look at how much collateral you have, levels of debt, what your business plan says, who your target market is, what your budgets will be, and to a degree, how quickly you can start repaying them.

It is possible to create a business, without recourse to a bank (loans and overdraght and revolving credit and wot not)

It's in some ways harder - raising the capital yourself, and will require a good marketing apparatus. Also if you go this route - you will also need an even better sales apparatus. Look up Direct Response Advertising, and look toward talking to a wordsmith, or other sales consultant. If you're new to business, you may have to learn the hard way, the difference between branding, and selling. Are telemarketing campaigns legal, fax, flyers, etc in your area. No one will buy from you if they don't know you exist.

That said, those 'services' the banks offer are candy with a horrible side effect - they expect you to pay for the money you spend, and they can at their whim choose to make life difficult.

So, talk to people that are self employed - regadless of the field they are in. You will get a better perspective about business, in general. Those you talk to in your own industry have their own interests to protect, and may not give a balanced view of how to create a business, and the pitfalls.

Also, look up a man called Jim Camp. He writes a book on negotiation - called 'Start with no'

Most importantly - don't rush this decision, and good luck.

Chris
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itischriso14-Jul-11 4:12
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