Anyone successfully got a business loan? Change needed!

[Ghost91]

I want a career change, but the problem is I'm not qualified for anything so it's rather difficult without cutting my wages by about 3 quarters.

Looking through job websites for alternitive careers is depressing - I would actually have to be a pharmacist or junior doctor, chartered accountant or basically a seasoned and very well educated professional of some sort to earn near the sort of money I earn now. I have bills so couldn't really afford to drop much in wages to train for something new.

I've come to the conclusion my only option is to start a new business and work for myself, however any of my ideals would cost a bomb to get off the ground so a business loan is perhaps the only option.

I have a limited company through which I provide my contracting services to teams/companies I work for, so maybe this is a good starting point to ask for business finance.

does anyone have experience of gaining a business loan successfully for a new venture? How comprehensive does your business plan need to be? Do you need provisional orders or concrete deals or contracts, or can you simply present your ideas to the bank with some financial forecasts?

I appreciate this may not be the best forum to ask these questions on but there does seem to be plenty of company director types on here who may have some advice

Thanks

Ghost.

Edited by Ghost91 on Saturday 12th September 15:08

[Ghost91]

I've just noticed there's a section of pie & piston for business so will post in there too.

Admin please delete if not appropriate.

[jonah35]

Ghost91 said:

I want a career change, but the problem is I'm not qualified for anything so it's rather difficult without cutting my wages by about 3 quarters.

Looking through job websites for alternitive careers is depressing - I would actually have to be a pharmacist or junior doctor, chartered accountant or basically a seasoned and very well educated professional of some sort to earn near the sort of money I earn now. I have bills so couldn't really afford to drop much in wages to train for something new.

I've come to the conclusion my only option is to start a new business and work for myself, however any of my ideals would cost a bomb to get off the ground so a business loan is perhaps the only option.

I have a limited company through which I provide my contracting services to teams/companies I work for, so maybe this is a good starting point to ask for business finance.

does anyone have experience of gaining a business loan successfully for a new venture? How comprehensive does your business plan need to be? Do you need provisional orders or concrete deals or contracts, or can you simply present your ideas to the bank with some financial forecasts?

I appreciate this may not be the best forum to ask these questions on but there does seem to be plenty of company director types on here who may have some advice

Thanks

Ghost.

Edited by Ghost91 on Saturday 12th September 15:08

You're earning doctor/chartered accountant levels of income yet couldn't afford a drop in salary?

You want to quit and start a business from the off?

Hats off to your bravery but it would be easier to cut bills whilst working and save up some money as a slush fund first.

Chances are you will go bankrupt but you may do very well.

Good luck.

Ps it's easier borrowing money when employed/contracting than borrowing it when you've quit work.

[Ghost91]

jonah35 said:

You're earning doctor/chartered accountant levels of income yet couldn't afford a drop in salary?

You want to quit and start a business from the off?

Hats off to your bravery but it would be easier to cut bills whilst working and save up some money as a slush fund first.

Chances are you will go bankrupt but you may do very well.

Good luck.

Ps it's easier borrowing money when employed/contracting than borrowing it when you've quit work.

Sorry, just to clarify I will still be working as a contractor while things get started and will use my current ltd company in order to obtain said finance.
I can afford a drop in salary but not the drop required in order to retrain in something new.
Personally I don't think that the chances are I will go bankrupt! Thanks for your reply though I suppose!