RobsyUK

iTrader: (2)

What is the minimum about of information a company needs to make the investment.

The wife says I need a business plan, data protection and many various other things in place but do you?

I really know nothing of it, I have a business idea I think will work but other than the house that I don't really want to risk losing I don't have the capital.

Anyone have any dummies guys to starting a business.

andy97

iTrader: (1)

If you have only an idea, no one and I mean No one will invest.

You need to have belief and started the business yourself. Invest your own money, time. If its a good idea or product then it should be successful. to what extent nobody knows. Several years of trading, with growth would help in acquiring further investment. Banks will want you to place your home or other equity as guarantees incase the business fails
If you're not prepared to take a risk, why should others be convinced of your idea?

I invested a 5 digit in a startup business, knowing that I was likely to lose it all. Good fortune and lots of hard work by the partnership now realises 8 digit turnover with substantial profits

The partners put their house on the line by mortgaging to the hilt to match our investment

BMWhere?

It depends on the business and the amount of investment/credit you need.

To start a business as a legal entity, you only need the registration fee for companies house. Cost me about £100 20-odd years ago, not sure what it cost these days, but probably not more than £500 including fees from an accountant or agency for doing the registration. Also to open a company bank account you only need the company details and probably a small opening balance, but you won't get any overdraft facility, although it may depend a bit on the bank and the type of business.

If you want an overdraft, credit from a bank or investements, then thats where things like business plans are needed.

With my business, I had all the capital I needed in advance, so never had credit or overdraft and never produced a business plan!

mrtheedge2u2

One thing that a lot of people who set up consulting-type businesses forget about is legal coverage. If that is your type of business then make sure you have it.

MrRtm

Startups.co.uk will give you all the information you need, costs less than 20 quid to set up a limited company which means your not personally viable hence the limited. Insurance is a must, Best to have a complete plan but it's not a requirement unless you want someone to invest or get a bank loan or whatever as you won't without a solid plan. You need to either be proficient in doing your own accounts or make enough money to hire one. I would recommend having some kind of plan as you need an idea of costs and sales to see if its even viable and it'll quickly get on top of you come tax time if you don't know what you should be keeping track of etc. The website I mentioned covers all the basics tbh

harry007

No matter what, starting up business has risk. You can have business plan, next 5 years forecast etc. Depending on the nature of business, the slightest unbalance or shift in economy can start to test any business.

The initial investment and risk should come from you.

Start small. Test the waters and build the business up gradually. Once you have consistency in turnover, one can then look for expansion and additional lending to help build the business further.

Always better to have tried than to have never had.

Lastly if you see an accountant. They will help with the start up and compliance area of things.

WRXrowdy

iTrader: (2)

Depends what business it is, do you need a business premises, do you need investors or business loan. If you don’t have your own capital and need to borrow then yes you need a business plan/projection. You need a good accountant, they will save you money in the long run. And if there are contracts to be signed it is wise to have a good solicitor, as you need to be very careful with wording in contracts.
You also need to be savvy when it comes to the Hmrc and what they government might sting you for.