Some more Plan B questions...

[quackhandle]

I'd try and self-fund for as long as possible and not have the distraction of outside influences wondering when they're going to get a ROI.

Yep, that's the kicker! TBH not sure if my idea(s) are a goer, but then again you don't know if you don't try. But you would want to give it 100% to make it work not a half assed effort.

qh

[oliverson]

Been down this route before. You can pretty much forget about getting any kind of grants or other assistance from the government. Banks are risk averse and would want you to stump up a large % of the required funds anyhow. Business angels want your entire company for minimal input. You don't really want to borrow from friends/family because if the start up fails, so does your relationship!

As a contractor, you should be able to fund your start up idea to the point where you have something that is at least showing signs of promise. I'd try and self-fund for as long as possible and not have the distraction of outside influences wondering when they're going to get a ROI.

[NickNick]

I went down the grant route once, had market ready software and a good set up. I think it was when the Regional Enterprise Boards were in control of the handouts. We jumped through hoop after hoop and got absolutely nowhere and when we checked at the end of the process after about 6 months I think, money had been give to things like Burmese National Dance Studios and the like.

Never again.

To be fair though, the Burmese National Dance Studios are very good.

[tractor]

...

I went down the grant route once, had market ready software and a good set up. I think it was when the Regional Enterprise Boards were in control of the handouts. We jumped through hoop after hoop and got absolutely nowhere and when we checked at the end of the process after about 6 months I think, money had been give to things like Burmese National Dance Studios and the like.

Never again.

[quackhandle]

Nice one chaps, I shall have a gander at those sites.

qh

[v8gaz]

Funding can come from grants, loans, or investments. Grants are obviously the best, as they don't need to be repaid, but there's usually a strict process to go through to get them, and they're usually not worth much. Look for your local enterprise company or development organisation, they may be able to help. Loans are ok if you think you can get the business up and running to pay them back, which is a gamble. Investments are a good source of cash, but you're going to have to give away some equity in future profits. That may not be a problem if you're going to bring in gazillions, but in most cases you might have to give up significant interest in the business. Also, don't just look for money from investors, look for skills and networks that they can bring to the table as well.

I've been through this with a couple of startups, bear in mind that startups eat more money than you expect, and that most people really won't get your idea, if its radically innovative. Also, get an NDA and don't discuss details with anyone who hasn't signed it.

Happy to discuss more by PM.

[northernladuk]

Why not look at crowd funding for businesses websites?
e.g.
Online investing, equity crowdfunding, business finance : Crowdcube

[quackhandle]

Just wondering if anyone has gone and asked Dave, Nick & Vince for a new biz startup loan to get their Plan B up and running.

I looked into this a few years back (when the NWDA quango still existed) and you could send your business plan to them for possible funding. Can banks provide funding, or is that just another overdraft?

Say you have a Plan B for (eg an App/software) you would need some money for loads of stuff, website, branding, logos, advertising, etc. Anyone gone down this route, what were the costs involved? Another question, how do you get people to sign NDA's to stop people nicking your idea? What if they say no? Just use someone else?

Funny the things you think of in the drive in to clientco.

qh