funding for business?

B

Bambo

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I have a business idea which will initially start up online, but to make maximum sales needs a retail lease.

I have been looking at leases in my area and for the size I need it would cost approx 35,000 per anum. My initial staff costs would only be 20,000 per anum. Obviously there are other costs involved such as retail fit-out and bills for light and heat etc...but im just wondering what do I have to do to go about obtaining this lease? What do I need for a bank to approve me a business loan? Does one need a lot of savings? Can you use the equity on your house?
 
I could be wrong but I'm sure I've read before that banks are reluctant to offer new business loans secured on private homes. If you have savings it will definitely help but I'd imagine the key to getting any type of business funding (bank loans or venture capital) is a very good business plan.

Pay a little for help in putting one together if needs be, but just make sure it's as watertight as possible and that will give you the best chance.

Best of luck!
 
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