raising finance

[gucciman]

i dream of opening my own business, either a bodybuilding gym or a gas showroom selling cookers, fires etc.
i do not own a house that i can raise finance against and have no savings so how would i go about raising the money i need (i estimate about 100k)
would i be wasting time trying?

[Oneeyedvic]

You would need at least �10,000 to even contemplate starting. If you have that kind of money (preferably �20k) then answer back and I will go into more details about how you can start

[Twenty20]

You can borrow money to start a business but the lender will always look to how they will get their money back. The usual way is that you guarantee it by offering a charge of your property etc.

If you have no way of raising the money yourself or of offering security to the lender then I'm not sure what youre contemplating is feasible.

Isn't it possible to start in a smaller way, without an outlay of �100k? Have you done a business plan to show that your enterprises would work and be profitable? I'm not an expert by any means on either of the markets you mention, but in both of these you would be up against some seriously big competition.

[Markandshez]

I would be more concerned about "would I be wasting time trying". If you are npt passionate enough about it to spend time saving and investigating it fully (including loads of Market Research) then it will not work.

You need more than money to start a business (and I actually believe money is the least important thing you need) and unless you have the "burn" I would suggest you keep dreaming. It's very safe in dreamworld and you won't lose anything. If you are serious, save, save and save whilst doing your Market Research.