How can I Get Finance Backing

[ijstattooing]

Hi i have started a business that mainly grew on ebay over the last few months i trade in tatoo equipment basically in my spare time. The thing is i am now reglarly hitting sales of £1000 a week not only on ebay but through my own website too. \with the right backingi know this would take off well but i really dont have a clue where to go. I know my credit score is below average as it took two years to gain a ank account with a debit card attatched. Can anyone offer some advice on who to see or who to speak to.
Best regards
Ian

[no1youknowz]

Most here would probably say, go see business link.

I gave them a call and told me what I already knew, just by going on google. They are pretty useless, IMO.

I would give them a call, they might be of help to you. :rolls-eyes:

There are several ways you can get funding:

1) Bank

Best option, although you have credit problems. I would still give them a try.

2) Venture Captialist

Probably wouldnt invest, as they prefer high investment and high revenue.

3) Business Angel

Will require 40-60% of your business. They want alot of involvment in any company they invest in.

4) Grant

Could take years to get the funding. Alot of people are going for them and its tough to get a grant.

Have a look on the forums here, for better explanations to them.

As for me, I have applied to here as I am in London : http://www.gle.co.uk/onelondon/loans/startup.htm

Would you believe that business link didnt mention them? Yeah total waste of time.

[Ian J]

How much are you looking for and for what purpose ?

[DavidT]

Most avenues you look at for financial backing will want to see a fair bit of information from you. Certainly reports from previously years, and if you have management accounts those can help too.

A business plan will probably be very valuable too, with financial projections possibly covering the next 3 years... it will depend on who you are asking, but don't expect to get easy finance without any preparation and walking in showing you've made some money.

It can also help knowing what amount of money you are thinking about, and what it is for.

David Toohey

[Funding Solutions]

Business Link may indeed be a good port of call. However, they will typically look towards traditional bank lenders who may not be sympathetic to a poor credit score.

If you are selling to other businesses on credit terms you may be in a position to use a factoring facility to assist in growth. However, I suspect if the business is built on e-bay you will use paypal to take payments upfront.

[misch.chief]

Hello,

I would agree, it's still worth trying the bank first. Are you looking for more finance for the tatoo equipment? If so go to an equipment leasing company. I have experience with a few, but the one I go with now, and I swear by them ,mainly because of the service they have given me the whole way through and the good deals, is IQ Finance.

Go to their website at http://www.iqfinance.co.uk, and request a quote or register for useful help documents etc

Cheers

[Ian J]

Originally Posted by misch.chief

the one I go with now, and I swear by them ,mainly because of the service they have given me the whole way through and the good deals, is IQ Finance.

It seems that they've given you such good service that you now have a permanent link to their website in your signature here

[Mike Boss]

Next week, how to post a testimonial for yourself ! ;-)

[misch.chief]

He he - it wasn't a mile off the truth actually, as they have provided my company with an excellent finance in the past, but ended up being one of my clients!!

It perhaps is a conflict of interests!!!

They are genuinely worth a shout though!

Many thanks,

Misch

[Ian J]

Originally Posted by misch.chief

It perhaps is a conflict of interests!!!

I think that the conflict of interests lies with recommending a company in which you have an undeclared interest. In view of the fact that this isn't your company I have removed the hyperlink from your signature otherwise people might think that this forum is a link farm