So for years I have had a goal, a dream, whatever you wanna call it, to open my own business doing something I am passionate about. I know exactly what I want, how I want it, the layout, the colours, the seating, the business name.. You name it. I have folders and folders and folders of photos and ideas dedicated to this business on my laptop. There is nothing like it where I live, and there's a huge demand for it, so I know it will succeed.
The problem is, while I am employed, its only casually as they dont have more hours to give me. I am also studying (to continue and increase my skills in this business area) and am on a single parent pension. This means that the money I do get is spent on necessities, not luxuries, and there is little to no room for savings.
I am in a relatively new relationship, and we dont live together yet as it is early days, but he will move in when my lease is up for renewal in a few months because we have just found out we are expecting. This will help a little as he will contribute to rent, food etc. but at the same time, the chances of work increasing are slim, and I will need time off when bub comes.
It drives me so freaking mad having a goal that I am 1000% sure will thrive and succeed, knowing that I will be able to provide for my family and live more comfortably, but not having the means or finances to open a business.
What's worse is my Brother has just purchased his first home AND business, because my Mum paid his house deposit and whatever money he needed to open his business. She's an absolute bitch. She told me he found a deposit free home loan and saved for his business, but his wife let slip that Mum paid for it all. She has never offered to help me with my goal, knowing how bad and how long I have wanted this. He's set up for life and was handed it on a silver platter, meanwhile im struggling big time as a single Mum of two on a pension, working casually and going to uni. Not that I would ever accept a single cent from her though. She's always viewed me as a failure considering my circumstances (failed marriage, two kids, no full time job, no qualification yet) and of course it hurts, but I will get more satisfaction out of doing it without her and her money.
How do I kick start my dream when I cant save? How do business loans work? Is there any point of me looking into this or should I just give up? Can anyone help point me in the right direction?
I am desperate to get out of this rut I am in. I want to make something of myself and give my babies a better life!
4 Replies
Your best bet is to speak to someone at your local small business centre!
It's fantastic to have a dream, sometimes we just need more steps in that dream to get us there. Don't give up, but start looking at the steps you need to get to the point of saving or getting the funds.
A loan does not sound like a good idea. Most business take at least 12 months to get any kind of profit. So usually its recommended you can live for that period of time. Is there a low overhead way of starting the business before upgrading to your dream?
Thank you for your help! There is definately a way to start it before upgrading and I have looked at that as an option. I could start from home, but would need an extra room. I am already paying $400 a week rent on my own. Most freak out when they hear of a single Mum paying that, but its actually cheap for this area. Hence why im already having financial difficulties and couldnt afford an even bigger place :(
You could look in to a business partner who could find the business and you run it with the idea of you paying them out eventually. I think they are called angel investors. Maybe google it??
I'm a bit like you, but no partner and I have recently discovered peer to peer lending. If you have a good credit rating, you can join, put up what type of loan you want, amount, term etc. and people bid for it. They can then give you a counter offer if they want different terms and you negotiate. I'm not as confident as you about my business, I have a really good school hours job, close to my son's school so I am a little reluctant to try. If you do it, please let me know how it goes and good luck with it, I am sure you will be a success.