Hi Im nervous. Approaching bank for funding tommorow! need advice

[lovechildcare1]

Hello Forumites,

I have a meeting with a bank manager tommorow about getting a small business loan to cover startup costs for equipment, licences oftsed etc etc
and have a business plan but what else can I do to ensure that i secure the small loan i need?

I think most of you will think I am bonkers for even thinking of approaching a bank but I see no other option :panic:. I cant even get any funding from so called enterprise agencies!

Any help or advice is much appreciated! I wish it was so much simpler to setup childminding but NO there is so much to think about and to do :eek:

[VeggieSausage]

What do you need to start up? I got stuff from charity shops/car boots.....don't spend lots of money until you have some coming in...

[caz3007]

What do you need to start up? I got stuff from charity shops/car boots.....don't spend lots of money until you have some coming in...

:thumbsup: I agree, we arent expected to have tons of stuff when starting out and its no point buying toys and equipment until you know the ages of the children.

Ok you can have some general bits, but find I tailor to the childs age

[sarah707]

I wonder how much you want to borrow...

Ofsted fee - £35

Doctors fee - £60 average

Course - £250 if you do it online

Licences - not sure what you need. There is ICO registration £35 but you don't need that until you are working

Insurance - £44 with Morton Michel again you can use deposit money from your first child to pay

Paperwork - ask for support from other childminders / buy a little as you go along / find some online - not much really

The rest you can build up as you go. Please don't buy equipment you might not want or need once you start working!

I hope this helps put it in perspective. Good luck tomorrow :D

[littleones]

I wonder how much you want to borrow...

Ofsted fee - £35

Doctors fee - £60 average

Course - £250 if you do it online

Licences - not sure what you need. There is ICO registration £35 but you don't need that until you are working

Insurance - £44 with Morton Michel again you can use deposit money from your first child to pay

Paperwork - ask for support from other childminders / buy a little as you go along / find some online - not much really

The rest you can build up as you go. Please don't buy equipment you might not want or need once you start working!

I hope this helps put it in perspective. Good luck tomorrow :D

You only need ico registration if you store data on a computer (all types of computer) so you don't need it if you store information on paper

[sarah707]

You only need ico registration if you store data on a computer (all types of computer) so you don't need it if you store information on paper

Or if you take digital photos... which most of us do for Learning Journeys, displaying round the playroom etc! :thumbsup:

See the ICO website for more information - www.ico.gov.uk :D