Hello, Jow Forums. This will be the rare thread that isn't cryptonigger shilling. Hopefully not everyone that actually has experience or is involved in business migrated this shit board yet.
I'm going to start a clothing business. The business plan is basically >get loan of £5000 >order samples from many Chinese manufacturers > finally pick one and roll with it
My question is, though, is it acceptable for part of the loan to cover my living expenses while my business is not profitable in the beginning? I am going to quit my full time job and I still need to make rent and eat. Nothing beyond that, as I am not a big spender and don't need the newest iGucci phone.
have you tried saving money at all in anticipating of this?
Josiah Campbell
You should either: A. Buy samples show the bank prospective clients.
B. Put a house or something of value as collateral for the loan.
Otherwise you're not gonna get funding
Elijah Powell
I've had to spend money on driving lessons, exams and a car. It'll take fucking months on months until I save up £5000.
Juan Smith
>A. Buy samples show the bank prospective clients.
The thing is, you have to spend quite a bit of money on samples (not all of them send you free samples, and you always have to pay for shipping) before I can show anything.
Will a bank really be this reluctant to such a business idea?
Jacob Campbell
Just meant for living expenses while you do this. I dont think you even need to quit your job to run a business like this. Also, Ive never heard of anyone getting a business loan easily or without years of an existing track record running the business you are getting a loan for. Is it just going to be a personal loan or line of credit?
Jaxson Sanders
Ok mate since you are in the UK, I'll take some time to chat you through this if you want since I feel like I can give you genuine advice. I borrowed around £50k loan to start my biz, plus £15k of my own money and then a further £15k of short term repayments to keep the business floating.
The short answer is, use your own fucking money for the samples. It's not going to be £5k worth of samples so use your own money until you know exactly what product you are going to be selling. Doing this will also help you be actually taken seriously since lending authorities like to see that you: >a)have skin in the game >b)have a business in mind not an idea
That last one is particularly important, it may seem like they are the same but they are not. Additionally, it's not acceptable for a loan to cover your living expenses you should be able to support that yourself, you might have to put more money to make the business work initially not the other way round otherwise you are just starving your business and it will fail and you'll be stuck with the loan on top of being jobless.
I can help a lot more, don't want to see you make a stupid mistake.
Ayden Hughes
Where is his computer?
Christian Phillips
5k for living and starting up a UK based clothing brand? What is this a CLOTHING LINE FOR ANTS? (oh and the bank don't really give two fucks what you do with the money, so long as you have the collateral / means for them to fuck their money, plus interest, back out of you. If you walk in saying "duuur quit jib sel cloths duuur"..... Well, it's not really like in the adverts; where they say they are there to help you fulfill your dreams, that's just an advert. Like everyone else, they're there to fuck you).
Bentley Baker
$5k is not enough money to start a company.
No bank will loan you any money unless you have income, collateral (skin in the game), and a solid business plan. Your business plan is the same one millions of pajeets are doing right now, on Ebay. In other words, you don't have one. Most businesses require 2 years to show profit, if they're lucky. 5k to start a business, and all of the requirements, AND money to live on? How old are you, 12? Have you even penciled in the basic costs of business, and the monthly nut just to exist as a company, let alone living expenses?
Go tell a bank your business plan is to take their money, and quit your job. Tell us to the second how long it takes to laugh your retarded ass out of the branch.
Alexander Jackson
>line of credit I was thinking of providing an extensive business plan and a few sketches of what exactly I want to make, along with ranges of production costs at different scales etc. I'm not a complete idiot and understand how to get a loan (even though I haven't done it).
I'm just purely interested if this is something I could include in my expenses or whether I should keep my mouth shut about it altogether.
I want to go all in on this, user. There is much work to do. I expect to work 100-120 hours a week.
Grayson King
You have no money at all to invest in this yourself?
Yeah, 30 second for them to laugh your happy retarded ass out of the bank. Banks don't loan to people without collateral, dummy. You don't even know that, and you're going to start a company?
Blake Anderson
The business expenses of this are minimal. I only have to pay for the production and shipping of the clothing and the online store. Of course, later on I will go from subtly shilling my brand for free by actually paying for marketing.
Worst case scenario, I end up with a bunch of boxes of clothing in my room. If that happens, I just reduce the price somewhat and still make the money back, although it will take longer. The profit margin is quite high on this shit.
Bentley Clark
Like I said, you're just an Ebay reseller. You have no real business plan.
Stop larping, and get back to work, stop wasting your company's bandwidth, retard.
Samuel Sanchez
>reseller Gee, I wonder where your keyboard and mouse came from. Probably made from scratch by American workers out of American materials.
The reason I will be more than a Pajeet eBayer (and yes, I've seen countless of that shit) is because I will legitimately put effort into proper quality clothing and tasteful design.
I just asked a simple question regarding the living expenses thing (akin to paying your own salary I guess), faggots. With all due respect, I did not ask about whether you think my business will work or not. I am not interested in your opinion regarding that.
Aaron Butler
> I expect to work 100-120 hours a week You do this bit not, capisc? As in there is no point quitting your job, if your job is 40hr a week then this leaves you 60-80hr a week to focus on the business. You then quit your job when you need more than that, that's how it works.
As for the loan, banks won't give a fuck about your financials. They will only give you: >A secured loan against hard assets (house) >Unsecured if you have a source of income
When they ask you the simple question, which they will, of: >How are you going to pay back the loan if the business doesn't take off as you planned? You are going to really struggle to give a real answer.
If you are serious, follow my advice and use your own money for the samples. As for the loan, forget about the bank but look into "StartupLoans" it's a government scheme and the hoops that they will make you jump through should help you get a more concrete structure for your plan. And they will give you an unsecured loan at a super reasonable repayments scheme.
Grayson Sullivan
sorry i meant to say "you do this bit now"
Anthony Myers
>StartupLoans Yeah, they are my primary consideration
Juan Ross
>I will legitimately put effort into proper quality clothing and tasteful design.
So, you're just a faggot Ebay reseller. And I think you're actually a pajeet, because only pajeets are this retarded and arrogant at the same time.
Nobody is going to loan you money for a bullshit "company" like this, when your fellow pajeets do it every day on Ebay and craigslist without bank loans.
But please, go waste the bank's time. Share with us how long, and how hard they laugh at you.
Isaac Price
>spend all money on samples >no one to buy samples >no job >zero dollars
Jacob Walker
I work more than 40 hours a week. Couple that shit with commute and getting ready for work and I have nothing left in the day. 2 hours of "leisure" time which I use to eat, shower etc.
Speaking of that, I will go to sleep. Will read thread in the morning.
David Jones
Go look at the shitty, cheap looking clothing they sell. You can buy that garbage on Aliexpress
Blake Gomez
Samples are for me to assess quality, not to sell. Many offer free samples, some have a fee. But you always pay for shipping. When you're searching for chinks that aren't dogshit, you need to ask like 20+ producers until you find a few that aren't shit
Nicholas Sullivan
You'll be selling the same shit, pajeet. The quality clothing manufacturers won't sell to you, eitehr because you can't afford the minimum order size they require, or you're just piecemealing a couple at a time in the online equivalent of some dude selling stolen dress shirts from the trunk of his car in an alley. You can't afford the good stuff. You can't reach the right number of clients to sell enough of the good stuff, which has thin margins, because retail will outsell you - if you can even get access to their lines.
You're selling Ali-express knock offs. No bank is going to take you seriously, trying to go into competition with the legit clothing retail space, with $5000. You're just waving your pajeet tin cup at them, and they're going to walk right past you. You don't even know who the real clothing manufacturers are, you admit it by talking to 20 chink factories. Dummy, they're selling knock off. You're not only just another pajeet reseller, you're selling fake shit. The good brands don't sell to filthy little pajeets like you, unless you order thousands at a time. IF they are willing to let you resell them - most won't, because they have agreements with legit retail for exclusives.
Just face it, you're an ignorant little pajeet who thinks he can compete with the big dogs. You have no clue what you're doing, but your pumped up little pajeet ego makes you think you know more than anyone else - and you have to ask on 4can off all places about what you can do with money loaned from a bank. You're ignorant, and a child. Get back to work, faggot, come back when you've saved at least 10k of your own money. If that's even possible, slinging curry or stocking shelves or fucking people's computers up as "tech support"
Ian Wright
If it is only 5k you are borrowing don't say it's for business then you don't need to get them to support your idea. Run your costs and work out how much you would need to live off of and for how long you can sustain it, how much your going to invest and then your estimated profit. Incidentally nice pic OP
Ok so here is your action plan: >keep working this job, save as much as you can >order the samples >once you are happy with the product you find another that gives you loads of time, pay doesn't matter it just needs to be a job that doesn't wear you out too much and has the smallest commute time possible >use this time to write out detailed business plan and start going through StartupLoans >5k is is nothing, like £100/pcm over 3 years to kickstart it all
This way you still have a job to survive and you can use all the profits to reinvest back into the business without worrying about your survival.
Anthony King
Well, that's all and good, but I suspect this is just a pajeet who wants free ugly patterned dress shirts and knock off dress slacks, like they all wear. He wants samples to "assess their quality", not show clients, in other words, he wants free shit, and he's probably stealing someone's identity to get the bank loan, he probably thinks since it's only 5k, they won't go after him when he flees back to Streetshitistan when then loan is in default.
Nolan King
haha man, i was justry tryna let a pajeet padream.
Also i could see pajeetcore become a trend for 2019, so maybe OP migtht be onto something desu
