Small Business - Cash Advice
Discussion
After 2 years of fighting i've finally just about got my personal finances under control, so now trying to make my "side hustle" work more effectively.
I have a current account with Starling which handles day-to-day stuff. It never really has more than £3k in it. Day-To-Day trading turns over about £8-10k a year.
As part of my side hustle I buy and sell light aircraft. Good money but very cash intensive (Think £15k out, £20k in 3 months later - built from my last £500). I do 3-4 "units" a year as and when I see something worth buying.
At the minute as soon as the sale transacts and any accounts are cleared I tend to lump the whole lot into a savings account at cira. 5% (easy access as I move quickly when I want to buy). Money never sits in my current account.
1. There must be a more efficient way of doing what i'm doing?
2. Am currently sat on around £20k (give or take) but i'm being slightly hamstrung by lack of available funds. I've seen revolving credit limits in my professional world but this is generally around millions, not thousands. Is there a small business equivalent?
Bit clueless about this; I do hairy a8sed spanner monkeying not juggling money around.
I have a current account with Starling which handles day-to-day stuff. It never really has more than £3k in it. Day-To-Day trading turns over about £8-10k a year.
As part of my side hustle I buy and sell light aircraft. Good money but very cash intensive (Think £15k out, £20k in 3 months later - built from my last £500). I do 3-4 "units" a year as and when I see something worth buying.
At the minute as soon as the sale transacts and any accounts are cleared I tend to lump the whole lot into a savings account at cira. 5% (easy access as I move quickly when I want to buy). Money never sits in my current account.
1. There must be a more efficient way of doing what i'm doing?
2. Am currently sat on around £20k (give or take) but i'm being slightly hamstrung by lack of available funds. I've seen revolving credit limits in my professional world but this is generally around millions, not thousands. Is there a small business equivalent?
Bit clueless about this; I do hairy a8sed spanner monkeying not juggling money around.
Day job is telling people what helicopters cost...only in Pistonheads.
Thanks - I use spaces for hiving off stuff like tax/insurance/etc. It's more that I don't tend to carry stock aircraft for too long - I could end up with £15-£25k that I don't know if I need in three days time or three months time.
Basically imagine a car garage but with really low stock turnover...
Thanks - I use spaces for hiving off stuff like tax/insurance/etc. It's more that I don't tend to carry stock aircraft for too long - I could end up with £15-£25k that I don't know if I need in three days time or three months time.
Basically imagine a car garage but with really low stock turnover...
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