Business concept but of course no cash ?

benp

I have attraction/experience type concept that could be run from a retail unit in my mind looking for around 20/25 K to start up. I've no cash or asset's to speak of due to renting my house, have tried self employment before but did n't work out made some losses.

Now I have got this good solid idea which is a untapped market in Ireland, so whats my chances
of raising cash with the banks ??

no hope or Bob Hope

thanks
benp

scwazrh

No assets , no cash will mean no hope with banks at the moment.

modmuffin

You could try crowd funding?

tf2

First thing set up a Private Limited Company. Won't cost the earth. Open a business bank account. Apply for a start-up loan. Without cash or assets to begin with expect a refusal. At this point go to your local Enterprise Board. They'll entertain the possibility of funding which has been refused by a bank.

If that doesn't work out and if you feel you do have a good concept then try crowd funding - getting more and more popular!

househero

benp wrote: »

I have attraction/experience type concept that could be run from a retail unit in my mind looking for around 20/25 K to start up. I've no cash or asset's to speak of due to renting my house, have tried self employment before but did n't work out made some losses.

Now I have got this good solid idea which is a untapped market in Ireland, so whats my chances
of raising cash with the banks ??

no hope or Bob Hope

thanks
benp

Ditch the retail unit, cut costs until you can set it up. Build it up IF it becomes successful.

benp

Thanks for reply's

Bank refusal looks pretty sure so I'm just testing the water for now

I'm aware for crowd funding but not sure if it works on a service type business, its not a manufactured product so would be hard to offer rewards to investors.

Local Enterprise boards are pretty useless, my wife got involved with them when she was out of work and set up an PA-office assistant business. All they told her was to network and do sign up for their courses at her cost, I think they are very old school and only focus on certain types of business.

On the retail unit I don't think it could done without a base, Ideally I would like a concession in a bowling ally or go kart,air-soft centre were people go for entertainment.

benp

househero

benp wrote: »

Thanks for reply's

Bank refusal looks pretty sure so I'm just testing the water for now

I'm aware for crowd funding but not sure if it works on a service type business, its not a manufactured product so would be hard to offer rewards to investors.

Local Enterprise boards are pretty useless, my wife got involved with them when she was out of work and set up an PA-office assistant business. All they told her was to network and do sign up for their courses at her cost, I think they are very old school and only focus on certain types of business.

On the retail unit I don't think it could done without a base, Ideally I would like a concession in a bowling ally or go kart,air-soft centre were people go for entertainment.

benp

There are significant cost implications for having a premises.

It sounds like you don't have a developed business plan.

Its really impossible to help you without knowing what your experience is. But you are probably paranoid about somebody taking your idea. Which is fine.

Typically, successful experience based business DO NOT SELL THEIR OWN SERVICES. so you have to give 50% to a retailer or online reseller that has an established customer base for you to benefit from volumes early in the business cycle.

If your business is based on undercutting a current service provider, this hidden cost and tax implications may explain the perceived disparity of costs.

I am a professional marketing manager, if you would like to chat about how to develop your idea in to a market driven business, feel free to drop me a message.

benp

househero wrote: »

There are significant cost implications for having a premises.

It sounds like you don't have a developed business plan.

Its really impossible to help you without knowing what your experience is. But you are probably paranoid about somebody taking your idea. Which is fine.

Typically, successful experience based business DO NOT SELL THEIR OWN SERVICES. so you have to give 50% to a retailer or online reseller that has an established customer base for you to benefit from volumes early in the business cycle.

If your business is based on undercutting a current service provider, this hidden cost and tax implications may explain the perceived disparity of costs.

I am a professional marketing manager, if you would like to chat about how to develop your idea in to a market driven business, feel free to drop me a message.

I'm fully aware that a premises has it cost's, and yes I would need the bulk of the cash for equipment & software from providers.

I'm just putting some feelers out testing today's market, I did crash & burn when the tiger run away with it's tail between it's legs. The media says there's upturn but is it really happening in the real world ?

So what I have done the past few years is rethink why I made some classic business mistakes, like not understanding the service nor the customer. With this new idea I have passion & interest as before it was trying to make a living as others were doing it .