Starting out

Hey investors!

I've been in the retail (and hospitality) trade for many years now and would like to follow the passion of owning my own retail business. I've read other threads about the likelihood of bank finance for start-up business owners like myself and I'm a little worried I don't meet any criteria.

How can I change that? I have no PPOR, or substantial assets in which to secure a loan to, and no certification to my name to prove I can run a business.

I considered a Diploma of Business - perhaps that would improve my application for a business loan... ?
But that still ignores the fact that I have no way to secure the loan ... is there anything I can do in the short-term to make myself a better candidate in this department?

Thanks to all advice

 

Hate to be pessimitic, but short answer is no, not much. Debt finance for unsecured is very hard for business IMO at the moment and retail is looking difficult too.

If you had a unique idea and could demonstrate profitability with well documented plans, budgets forecasts that may help.

 

How's it going?

Hey, I know this thread is a month or so old, but I was wondering if you found a solution yet.

Also, what have you done to prepare for business in retail. Do you have a detailed budget? Have you costed everything from rental, fitting out your shop, stocking it etc? Do you know exactly how much you need to borrow?

Just curious