Raising Capital for new business

waiting

Hi there

I am looking for a way to raise capital for my business. I have already asked the banks to no avail due to not enough income, yet i have proved it is possible to pay 130 per month off the 5000 initial loan I will be needing to start out.

I have already invested my own time and money on researching the product and getting packaging designed. The product will be sold online and I am currently doing the website myself. The real cost is buying the product in and getting the packaging printed.

I know we are in hard times at the moment and there is not alot of support for businesses , but i would be very grateful if anyone has any ideas of any bodies which support and can provide grants for start up businesses. Thank you

antoinolachtnai

Is your product for export?

Is there any way you can get credit from the product supplier?

waiting

Hi there

Thanks for the reply. It would not be possible for me to get credit as I am a new business and have no track record so this is something I would be looking at once established.

I will be importing my product but all the filling and packaging will be done in Ireland. I will be marketing my product in the uk and ireland to start, with potential to sell worldwide. I will be selling online and to retail outlets.

Thanks again

TheCostumeShop.ie: Ronan

Make the sales before you start making the packaging. Get plain boxes and print stickers on your home printer. Don't be tying money up in packaging before you know if you can sell, save this expenditure for marketing. Self building a decent e-com store is extremely complex and you need to be sure you can make the sales first.

If you are importing make sure you have money aside for import duty and customs if from outside the EU.

If the banks won't give you a personal loan or car loan, just take out a credit card but make sure you only spend what you can afford to pay back by the end of the month as the interest will be absurd.

helen1

Have you approached enterprise Ireland they have a number of different funding programmes especially if your are able to show you will be able to export the product

waiting

Hi there

Thank you for the reply.Without having to write and essay!! I have tested similar products in the Irish market before and have managed to sell into pharmacy chains with 24 stores nationwide and other retail outlets(these were seasonal products). I have stored all these customers details on a database as they are all potential customers for my new product.

Also I do realise about the import cost thats why I have decided to import from the uk.

I will be doing the ecommerce website myself and because i am starting with just 1 product it makes it a little less complex.

Because of the industry im entering it is not an option to skimp on the packaging(speaking from experience and advice). Saying that the packaging is not at all that expensive.

I have kept my costs as low as possible and my orders to a minimun so no unnecessary spending need be.

Thanks for your advice.