help starting a new businesss

[andyp123]

hi there,
i have an internet business idea that im sure would be a success. i have done my research and there is nothing the same. i am unemployed at the moment as i had to stop working two years ago due to my partner being seriously ill. she is getting better now so i am looking to get going again. the trouble is my credit rating is poor. i have aproached the bank about a loan but they have refused me. i wondered if anyone knows where i could get financial backing and maybe somin support/guidance.

i would appreciate any advice you can give

thank you in advance

andy

[fisicx]

Morning Andy,

It's really difficult to get funding for a internet business because the risk is so high.

Do you have a business plan you can take to the bank? Have you researched to make sure your idea is unique? Will you be administering the site yourself or will you have to pay someone to do it? Have you had a quote from a developer? Do you have a marketing buget?

There are a million other questions I could ask but your priority is to turn your idea into a proper business plan with a financial breakdown. At least then you will have something to show an investor.

Business plans are available at the top of this page.

[andyp123]

hi fisicx,

yes there is obviously a hell of a lot to think about. i have never run a business before so its completely alien to me. i do however have the time on my hands to learn from people like yourself. i start a business plan course tomorrow with teneric so thats the first step.

thanks very much for your advice. i see your ID pop up quite frequently and you seem to have very good knowledge of this stuff.

thanks again

andy

[fisicx]

If was really good I'd be sitting on a beach somewhere drinking cocktails!

I just read a lot and filter out most of the garbage so all I'm left with is the nuggets of gold.

Setting up an internet business is not difficult but it is hard work. It's unlikely that you will make a profit for 6-12 months unless you have money to invest in ebay or PPC or some other marketing method.

Even then there is no guarantee. A bespoke ecommerce shop cam cost you a couple of grand (although TWD Tony here can set you up a shop for a lot less).

If you are in a competitive field then your PPC bill can run into hundreds of pounds each month again wil no guarantee of success.

Whatever you set up will require the same amount of effort to make it a success as an offline business, it's not something you can fire and forget.

[peterjhale]

Hi Andy and welcome - I hope the course helps you out with your ideas

For your plan, it's best to get out either some blank A4 paper or a note book and jot down all your ideas.

Getting traffic that want your products is another massive area - it can be easy and it can be hard depending on how you approach it

Let us know how you get on

[joshwcw]

Hi,

Have you spoken to business link? They have lots of advice and can point you in the right direction, where to start, who to speak to etc. Good luck with your project.

[Rhyemba]

Hi Andy,

I would reccommend the following sites to begin with, they have quite a bit of information available and you can always give them a call if you need more advice and support,

hmrc.gov.uk

businesslink.gov.uk

Hope this helps a little

Good luck

Rhyemba

[lori99]

This may sound far fetched, but have you ever considered borrowing from friends and family for low interest?

[dependx]

You can make serious money on the net and do it quick. But, if you have to depend on a good credit rating than I would say that you don't have the best model for business.

It's easy to think about selling online using a Visa bank advance -- however, you aren't too smart (aren't we all a little shortsited). You can start a biz online with $25. USA WITHOUT a bank loan or credit. So forget credit from this point on -- if you would change your THOUGHTS! AND IDEAS!

And I cannot advise you with such vague details -- postive -- but vague thread!

[superb8effect]

Try to joint-partner with reliable close friends/relatives first, rather than borrowing from them.