Business Plan

[Bobby B]

Hi, i'm going to see the business manager for a loan to start up on tuesday and shes asked me to bring a business plan, i've done one already from a barclays template but it seems a bit general. does anybody know how important this will be whilst being considered for a loan?

Any tips on what to put on the sodding thing would be much appreciated.

Thanks bob

 

[ezzzekiel]

depends on the bank guy some may not be interested others will want a fully blown one depends on how much you wish to borrow etc

 

[Bobby B]

i'm after 10k but my credit rating aint amazing, squeaky bum time

 

[DurhamSparky]

i also ways find it useful to go in with a sawn off as collatoral!!! if he dont give you any money just ask him again with your trump card!!!


the worst that can happen is you get 25 years!!! but hey might get the loan!!


what bank you heading for!! barclays seem to be flush with cash!!

 

[ezzzekiel]

not a large ammount normally would not be a prob even with bad credit score, but due to recent developments banks are tight on lending money, dont want to dampen your hopes but i would expect a outstanding performance by you to get the cash you need.

if you dont get it try and reduce start up costs and maybe use credit card, higher interest but usually easier to get

 

[dufjax]

Your telling me banks are tight...

Been in business 15 years not doin too bad, also got other ventures bringing in the money.

Wanted to borrow £50k for a BTL mortgage and the lender wanted a business plan!!

1. Buy house
2. get tenant
3 .get rent from tenant
4. pay mortgage

Jim

 

[Bobby B]

I'm goin to Natwest, i know the manager,the thing is i have the work i need to make it work just not the cash, i bought my house two years ago and i'm doin it alone so things have been tight.

<y credit rating is in the top 38% of the country which is classed as fair i think, Most of the business plan i don't think really applies to a primarily domestic company, it just feels like an extended c.v.

I could cut costs down to around 7k i reckon because i wanted a decent van (aint got a car and don't want to run around all day in a piece of crap)

I searched all over this site and google for a template that could be adjusted to suit but no luck so far,
anyone know if a guarantee of work from builders/contract managers would hold any weight with the bank?

ThaNKS to all

 

[dufjax]

I'm goin to Natwest, i know the manager,the thing is i have the work i need to make it work just not the cash, i bought my house two years ago and i'm doin it alone so things have been tight.

<y credit rating is in the top 38% of the country which is classed as fair i think, Most of the business plan i don't think really applies to a primarily domestic company, it just feels like an extended c.v.

I could cut costs down to around 7k i reckon because i wanted a decent van (aint got a car and don't want to run around all day in a piece of crap)

I searched all over this site and google for a template that could be adjusted to suit but no luck so far,
anyone know if a guarantee of work from builders/contract managers would hold any weight with the bank?

ThaNKS to all

I thought Natwest had their own business plan and basic (not bad for a startup) accounts software.

NatWest - Business software


Jim

 

[acat]

If the natwest one dont do the job try the lloyds bank business plan its actually sage that do it for lloyds covers everything.


Good luck



Chris

 

[Bobby B]

Thanks cat, been thinking about a business link course i seen you'd mentioned in another post, wish i had a bit more time to plan this better but if i stay at my current job any longer i'm gonna go ape£$%*

Keep your fingers crossed boys, I'll post when i know how i've got on if anyone is interested. If my business plan is sucsessful i might upload it as i could be useful to others in my position

 

[robsparky1975]

Thanks cat, been thinking about a business link course i seen you'd mentioned in another post, wish i had a bit more time to plan this better but if i stay at my current job any longer i'm gonna go ape£$%*

Keep your fingers crossed boys, I'll post when i know how i've got on if anyone is interested. If my business plan is sucsessful i might upload it as i could be useful to others in my position

hey bob just wondering how you got on im thinking of doing something similar.

 

[bugsy]

Your business plan will be important, even if you know the manager the desicion won't be his,
you hav'ent mentioned if this is going to be a secured loan or not.

Basically you business plan should include projected turnover and how your income will be generated, overheads , projected operating profit and projected nett profit.
I would be wary of getting a secured loan unless your 150% sure that you can manage the repayments

 

[Bobby B]

i got declined but fortunately i have an investor who owns a damp profing company that has saved my arse, it was because my credit history isn't perfect, its not bad by a long shot but still not good enough.

she was impressed with my business plan which i adopted from a barclays template.

i jacked my job in yesterday so i'm well committed now but the work appears to be pouring in which i put down to being part of a small rather wealthy community. I also have a contract with BG 3 days a week which is consistent and more than covers my re-payments to my investor

 

[DurhamSparky]

good to hear!

nice one!