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Business, Business Loans and Banking

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By *ig_time_Charlie OP   Man
over a year ago

Cambridge and London

Well here's a topic that I bet has never been posted on here!

There must be people that have their own businesses on here though or maybe even people who work or have worked at banks?

Here goes...

Thinking of starting my own business but need some funding also, Any bank that people can recommend?

And what does it all hinge on, a great business plan, the person behind it all or a combination of the two?

Any help would be appreciated.

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By *ex HolesMan
over a year ago

Up North

This is exactly the place to discuss business cause everyone knows everybody’s business on here

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By (user no longer on site)
over a year ago

Most businesses fail because they don't have a credible plan. The rest is marketing. If noone knows how amazing your product is, they won't buy it!

Start small...reminds me of something else

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By (user no longer on site)
over a year ago

Send them dick pics.

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By *heGateKeeperMan
over a year ago

Stratford


"Well here's a topic that I bet has never been posted on here!

There must be people that have their own businesses on here though or maybe even people who work or have worked at banks?

Here goes...

Thinking of starting my own business but need some funding also, Any bank that people can recommend?

And what does it all hinge on, a great business plan, the person behind it all or a combination of the two?

Any help would be appreciated. "

A combination of the two but also what you’re asking for in return for the funding/investment and how well you know yourself, the product(a) and the market

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By *acey_RedWoman
over a year ago

Liverpool

My business bank account is with clydesdale bank. I've never taken out a business loan though.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"Well here's a topic that I bet has never been posted on here!

There must be people that have their own businesses on here though or maybe even people who work or have worked at banks?

Here goes...

Thinking of starting my own business but need some funding also, Any bank that people can recommend?

And what does it all hinge on, a great business plan, the person behind it all or a combination of the two?

Any help would be appreciated. "

How much are you looking to raise ? Barclays premier do up to 50k instant loan via the app at 5.5% you can pay back within 30 days and not pay a penny interest or payback up to 60 months, I use for bridging or small capital loans short term.

You can also use credit cards with 20+ months interest free for purchases up to 12k per card, Sainsbury’s bank and Barclays are the best

If your credit isn’t good you can try private investors , look forward meet-ups. like first Tuesday and others on Meet-up , but we will want a big chunk of a viable business, tbh most people asking for money dont have a viable business because raising capital is the easy part, if you can’t do that yourself it shows a bad business plan.

You can also do the above without losing shares but pay higher interest through P2P loan apps. The government backed one was Funding Circle but unfortunately they closed the secondary market during COVID making it hard to sell loans or buy new ones but there are other apps just search P2P

But by far your best option is to fund it yourself. If you really believe in your idea and have a solid plan you will find the capital somewhere, re mortgage , take 3 jobs and save etc

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By (user no longer on site)
over a year ago

Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?"

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

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By *0shadesOfFilthMan
over a year ago

nearby

Would be great to hear what your proposed business is, and you’d get some feedback.

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By (user no longer on site)
over a year ago


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard "

Depends how you quantify "not many". I've worked/work with plenty of startup that are funded by investors. Investors look for good ideas/products, a return and of course an exit. I'm stating the obvious here, but I don't think it's quite right to say that there aren't many investors in startups: it depends on the business. Walk around the Cambridge area for example and there's plenty of investment in startups. If the horse is worth backing, they will provided they can get a return. The attitude across the pond is better still.

IS

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

Depends how you quantify "not many". I've worked/work with plenty of startup that are funded by investors. Investors look for good ideas/products, a return and of course an exit. I'm stating the obvious here, but I don't think it's quite right to say that there aren't many investors in startups: it depends on the business. Walk around the Cambridge area for example and there's plenty of investment in startups. If the horse is worth backing, they will provided they can get a return. The attitude across the pond is better still.

IS"

I actually work with several startups in the Cambridge science park ,no ones turns up empty handed with just an idea, they would be laughed at. Everyone has great ideas, if you aren’t prepared to invest your own money in it, it’s not that good an idea.

The company I am working for now listed on NYSE , and was a startup!

The attitude in the US is different because people have much more money , we raise phenomenal amounts of capital over 10-20 year via issuing bonds , but in the early days it was self funded

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By *ercuryMan
over a year ago

Grantham

Go on The Apprentice, show not one iota of common sense, fail at most things and hey presto, Alan Sugar will give you £250k for a wacko idea

Seriously, echo all the above. Be willing to invest yourself, have a credible and serious business plan, and be prepared for a few knockbacks.

There is still plenty of money out there for investment. Look for grants and alternatives, such as Funding Circle.

Good luck!

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By (user no longer on site)
over a year ago


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

Depends how you quantify "not many". I've worked/work with plenty of startup that are funded by investors. Investors look for good ideas/products, a return and of course an exit. I'm stating the obvious here, but I don't think it's quite right to say that there aren't many investors in startups: it depends on the business. Walk around the Cambridge area for example and there's plenty of investment in startups. If the horse is worth backing, they will provided they can get a return. The attitude across the pond is better still.

IS

I actually work with several startups in the Cambridge science park ,no ones turns up empty handed with just an idea, they would be laughed at. Everyone has great ideas, if you aren’t prepared to invest your own money in it, it’s not that good an idea.

The company I am working for now listed on NYSE , and was a startup!

The attitude in the US is different because people have much more money , we raise phenomenal amounts of capital over 10-20 year via issuing bonds , but in the early days it was self funded

"

I never said anyone turns up with just an idea and a smile. However, there is money out there for investment is my point and I don't really think it's in that short supply. Some people risk their own capital, others want to share the risk. As you probably know, some endeavours require lots of cash to start due to the nature of the business.

All big companies were a startup at some point! Can we avoid a pissing contest please, because I don't really want to list all my clients on here and on what stock markets they are or are not listed?

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By (user no longer on site)
over a year ago


"My business bank account is with clydesdale bank. I've never taken out a business loan though. "

I didn't need a loan or investment. It's interesting reading what others have said though. I use Coconut Bank (online only) and do my invoices via there as well. Very happy with it.

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By *affeine DuskMan
over a year ago

Caerphilly

I just really love saying this thread title out loud to confused and concerned colleagues, thanks OP

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By (user no longer on site)
over a year ago

From my experience, a detailed business plan is critical to success. Not just for lending purposes to potential investors but it will help you ensure you've thought about all aspects of your venture; competition, marketing, cashflow, risk management, etc etc

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By (user no longer on site)
over a year ago


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard "

I know plenty of people that invest in start ups

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By (user no longer on site)
over a year ago


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

I know plenty of people that invest in start ups "

Thank you.

IS

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

I know plenty of people that invest in start ups "

You’ve been watching too much Dragons den , it’s not real you know, most of the deals on TV subsequent don’t close.

I invest , I also raise capital, I was at the original pubcon in 1999 at Ciittie of York pub, I know all the investors and we have heard every killer app for the last 23 years …. Yawn

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By (user no longer on site)
over a year ago


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

I know plenty of people that invest in start ups

You’ve been watching too much Dragons den , it’s not real you know, most of the deals on TV subsequent don’t close.

I invest , I also raise capital, I was at the original pubcon in 1999 at Ciittie of York pub, I know all the investors and we have heard every killer app for the last 23 years …. Yawn

"

If you say so. If only you knew what I did for a living

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By (user no longer on site)
over a year ago

at the Willy waving

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By (user no longer on site)
over a year ago


"Business plan is the most important and emphasis on ROI

Have you thought about looking for investors rather than a bank loan?

Not many people will invest in startup , it’s the highest risk. People will invest in growth when someone has proven they have a good idea , can generate revenue and run a business. Ideas are easy, capital is easy , idea to revenue is hard

I know plenty of people that invest in start ups

You’ve been watching too much Dragons den , it’s not real you know, most of the deals on TV subsequent don’t close.

I invest , I also raise capital, I was at the original pubcon in 1999 at Ciittie of York pub, I know all the investors and we have heard every killer app for the last 23 years …. Yawn

"

I could tell you exactly what goes on there, but that would be a little too much information on here.

Cittie of Yorke, Holborn? If so, what's so special about that place?

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By *ilfCrumpet9Man
over a year ago

Wirral

What ever your idea is, firstly do your research on the market and idea you are going to set the business up with.

Check your competitors out see if its similar to theirs and add or do something different to them.

Just make sure the area you are aiming for isn't too saturated. Do a trial if possible and see the response.

Look at the avenues of advertising you have and what and how it can be used.

Make a record of costings and suppliers that you will need, delivery costs and methods.

Your final product at cost and retail, profit margins and your projections for the future.

Do a business plan on the above and then think about how to finance it making sure the bulk of it is your money.

This is my opinion only on how to go about it. Good luck

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By *adyJayneWoman
over a year ago

Burnleyish (She/They)


"What ever your idea is, firstly do your research on the market and idea you are going to set the business up with.

Check your competitors out see if its similar to theirs and add or do something different to them.

Just make sure the area you are aiming for isn't too saturated. Do a trial if possible and see the response.

Look at the avenues of advertising you have and what and how it can be used.

Make a record of costings and suppliers that you will need, delivery costs and methods.

Your final product at cost and retail, profit margins and your projections for the future.

Do a business plan on the above and then think about how to finance it making sure the bulk of it is your money.

This is my opinion only on how to go about it. Good luck "

This ^^

Getting a business loan without your business having any credit history (especially if setting up a limited company) will be exceptionally hard...

Can you find the funding yourself?

For business account I use starling, but then I'm a contractor so happy to do pretty much everything through my phone

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By *imi_RougeWoman
over a year ago

Portsmouth

Become a Tinder swindler

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By (user no longer on site)
over a year ago

I took out a personal loan. Easy and simple and didn't need to convince the bank of anything. Obviously it meant I was personally liable but seemed a reasonable risk - though I may have been less certain had I known Covid was 3 months away. Worked out alright in the end though. Didn't need to borrow a huge amount, just enough to pay myself a wage for a few months plus buy things like a laptop. I used a bounce back loan to buy the software I now use - I had a computer from my previous job with a licence on that they allowed me to keep while I got started prior to that.

Mr

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By *elshkinkyMan
over a year ago

south wales

If you borrow then the interest is offset against your tax liabilities so even if you have personal capital it’s worth borrowing if you can. But clearly not something to take lightly

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