Twiggy
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Registered: 15th Oct 04
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i think me and the mrs would need 100k to buy an established buisness....
what do banks look for?
i know a buisness plan is needed etc....
whats the chance of getting this sort of mula?
[Edited on 19-06-2007 by Twiggy]
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ed
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Registered: 10th Sep 03
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If you have a plan and can answer the questions they will ask you, they will back your business.
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Twiggy
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Registered: 15th Oct 04
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quote:
Originally posted by ed
If you have a plan and can answer the questions they will ask you, they will back your business.
that simple?
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ed
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Registered: 10th Sep 03
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Well, it sounds it doesn't it. But it's a bit harder than that.
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Cosmo
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Registered: 29th Mar 01
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if its an existing business you could probably get away without a full business plan aslong as you've around 3yrs of past accounts (they will certainly want to see some past accounts).
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Twiggy
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Registered: 15th Oct 04
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quote:
Originally posted by Cosmo
if its an existing business you could probably get away without a full business plan aslong as you've around 3yrs of past accounts (they will certainly want to see some past accounts).
bit of the buisness were looking to take over is 6mths old ish...
making £200 on a bad day
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Cosmo
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Registered: 29th Mar 01
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making as in turnover, or profit? What are their costs like?
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Twiggy
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Registered: 15th Oct 04
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quote:
Originally posted by Cosmo
making as in turnover, or profit? What are their costs like?
proffit....
costs are around £250 - £350 a day and the £200 proffit on a bad day...
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Cosmo
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Registered: 29th Mar 01
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not too bad then, so turning over around £500 on a bad day. £2500 on a bad week?
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Twiggy
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Registered: 15th Oct 04
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quote:
Originally posted by Cosmo
not too bad then, so turning over around £500 on a bad day. £2500 on a bad week?
yeh
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Twiggy
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Registered: 15th Oct 04
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would a bank laugh at us going in and asking "where the fuck do we start, and will you lend us £100k"
LMAO!
[Edited on 19-06-2007 by Twiggy]
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Hammer
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Registered: 11th Feb 04
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I this to buy the business outright?
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Cosmo
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Registered: 29th Mar 01
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plenty of good sites on the net for initial advice....
http://www.startups.co.uk/
http://www.businesslink.gov.uk
Can also make a meeting to speak with an advisor with Business Link for free, very helpful.
Just a case of showing the bank you know what your on about, the business is and can be profitable with you in the future and you can pay back the loan!
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Twiggy
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Registered: 15th Oct 04
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cool, my mrs works for the company since it branched out into current market...
thanks for help guys!
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ali-corsa
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Registered: 21st Jan 07
Location: Tamworth
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business plan include stuff like where the company is now..
where you want it to be (like the companys objectives)
how are you going to achieve these objectives
review and evaluate these see if they are being met or not
they will consider stuff like past profit, turn over of the company, forecasted profit for next year
the moast obvious one is that they want to know when they will get there money out so if you come up with some sort of deadline from going on pervious company data and forcasted profits, so you could come up with a possible year
they will judge the business on past sales to see if its established or not..
they may take into account youre credit rateing, they may not let u borrow as much due to high interest rates its the opposite if interest rates are low they may let you borrow more
i dont know if thats any help to you
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Twiggy
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Registered: 15th Oct 04
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liking this grant thing!
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ali-corsa
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Registered: 21st Jan 07
Location: Tamworth
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would you still get it though, even though you are buying an established business, i thought it was to encourge new business to be set up, but could be wrong
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linz
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Registered: 18th Jun 04
Location: Co Durham
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ali-corsa is right, its to encourage new business's.
My brother ran a business and it really took off, made loads, he went to the bank with his business plan etc etc showed how much money he was making and asked for a little bit of money to help him open a new outlet and they said NO.
Even though he prooved how well the current one was doing, but they would give the money to someone opening a NEW business straight away, even though something stupid like 2 in 3 close within the 1st year
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linz
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Registered: 18th Jun 04
Location: Co Durham
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see this thread that dave a made...
http://www.corsasport.co.uk/board/viewthread.php?tid=313553
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Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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as you said business plan, all figures are correct, forecasts
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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Small business service is also good, google it. Barclays website is also very good got a massive section for SME's 
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