Reply to: Plan C funding

[The Clown Beater]

You might have cost yourself £15K per day in profit because you wanted to buy property rather than use everything you had to create a business?

But that's a whole other thread (or six).

The risk of buying the property was lower than the risk of starting a business.

[milanbenes]

very nice

Milan.

[VectraMan]

The £20k comes from the fact I have SFA cash as I just bought a flat and am ripping it out. Equity release is impossible as there is pretty much nothing to release at the moment.

You might have cost yourself £15K per day in profit because you wanted to buy property rather than use everything you had to create a business?

But that's a whole other thread (or six).

[The Clown Beater]

"The idea was designed to generate up to £15k clear profit a day.",

why _only_ up to 15k gbp clear profit a day ?

Aren't you limiting yourself a bit there ?

Milan.

No - that's plenty. Anything else would involve employing more than the 2 projected monkeys to procure and pack, therefore leading to a company that will snowball out of control. Keep it small, keep it lean, keep it profitable.

[milanbenes]

"The idea was designed to generate up to £15k clear profit a day.",

why _only_ up to 15k gbp clear profit a day ?

Aren't you limiting yourself a bit there ?

Milan.

[The Clown Beater]

Does this Plan C involve lots of Z80s & 6502s?

No - that's plan D...

http://home.micros.users.btopenworld.com/zx80/zx80.html

6502s are for plan E

[The Clown Beater]

The most important thing in your business plan is the market research.

What is your potential market, how do you plan to reach them i.e. advertising etc, and who are your competitors ?

If you're a local business, Plumber etc this is fairly easy, i.e. you stick yourself in the yellow pages and away you go.

As an internet company this could be tricky, especially providing a "radically new service", because no-one is aware of it. You really need to think that through. Maybe engage a spam e-mailing company.

...oh and before you start get some sort of response from potential customers. What you personally think is a fantastic idea might not be.

Oh and by the way you can't patent a legal loophole, and you can't patent a business concept. The only thing that will be protected is the company name and any literature you publish. Your idea will be copied.

Something sensible at last!

Market = everyone. Advertising = TV prime time and brand partnerships. I have approached 3 well known vendors (who I have funny handshake tea tray wink wink histories with) who shift the class of brand and 2 are willing to enter a partnership when they see something working..

You can't patent a business concept but you can patent a device. This is a device.

The lead time for the idea is quite long so I'd be well in pocket before anyone appeared doing the same. The idea was designed to generate up to £15k clear profit a day. Another company would have a lead time of 6 months.

The £20k comes from the fact I have SFA cash as I just bought a flat and am ripping it out. Equity release is impossible as there is pretty much nothing to release at the moment.

[DimPrawn]

I've got £20K down the back of the sofa!

Anyway, equity release from your house is the easiest way to raise the money. No bank manager needed.

[bobhope]

FFS 20k, this is a contractor's board

[stackpole]

all of the arm chair experts crawl out of their shells
to give their impersonations of John Harvey Jones

Not that you've ever done that, eh milan! Its more helpful than an arm chair tape changer giving his impersonation of Harvey Smith!

Your right though, 20K is fook all. Why not ask for 100K?

[milanbenes]

lol

look at this folks,

all of the arm chair experts crawl out of their shells
to give their impersonations of John Harvey Jones


simple fact is, if you are stuck for 20k (which let's face is it
feck all thse days) then the bank will offer you two solutions,

either a,
. release 20k of equity from your mortgage

or b,
. feck orf


Milan.

[BlasterBates]

The most important thing in your business plan is the market research.

What is your potential market, how do you plan to reach them i.e. advertising etc, and who are your competitors ?

If you're a local business, Plumber etc this is fairly easy, i.e. you stick yourself in the yellow pages and away you go.

As an internet company this could be tricky, especially providing a "radically new service", because no-one is aware of it. You really need to think that through. Maybe engage a spam e-mailing company.

...oh and before you start get some sort of response from potential customers. What you personally think is a fantastic idea might not be.

Oh and by the way you can't patent a legal loophole, and you can't patent a business concept. The only thing that will be protected is the company name and any literature you publish. Your idea will be copied.

[DaveB]

Most banks have a small business advisor who will tell you what the bank will want to see before stumping up a business loan. Generally they will want a well put together business plan showing at least 1st year costs, income, profit/loss etc.

[milanbenes]

feck's sake you don't have 20k !!!

sounds like you need to concentrate on plan A before going for plan C

Milan.

[BlasterBates]

Seeing as I'm permie scum (plan A failed miserably), Plan B was shot out of the sky by a BIG competitor with a good reputation, I have devised plan C in my commuter sandwich time on First Crapital Disconnect.

Plan C is a short term money spinner relying on the idiocy of middle to lower class England and some large well known and unimportant legal loop holes. Unfortunately it requires some funding to buy some infrastructure, get some legal eagles on the idea, do patent search and applications and some peons to fulfill the administrative portion of the idea (this is not an on-line shop by the way).

Consequentially, has anyone ever approached a bank with a business plan, particularly relying on about £20k of funding? How do you even approach this? Is the bank just going to feck orf with my idea?

20K isn't a lot, I would have thought you could get that by subscribing to about ten credit cards


You need to approach the bank with a business plan.

i.e. where your funding is coming from, and projected income, and costs That's the first step.

You'll probably find a book on how to prepare one.

The question here is, how long can you survive on 20K ? sounds like a about 2-3 months.